In a bid to offer a secure crypto storage system on mobile phones, VaultTel has launched a storage solution combining the security of software and hardware.
The solution combines an app called VaultTel App and a chip dubbed as VaultTel Card. Both the interface work together to create a secure and encrypted storage environment for digital assets.
To access the wallet, users have to insert the VaultTel Card inside the SIM card tray or connect it to the phone using a dongle. The software solution will then play its role as the user can easily access the stored assets on the wallet just like any other mobile wallet – only in this case, it is a cold wallet.
Commenting on this development, Isaac Daniel, CEO of VaultTel, said: “VaultTel’s multi-actor authentication security designed for cryptocurrency storage on mobile phones is the first of its kind and that really sets us apart.”
To ramp up security, the wallet system also using a mandatory biometric authentication apart from the wallet passcode.
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Moreover, the users can even lock the use of the chip to a single device and a specified geographical area.
In addition, for the purpose of security, the company is using AES 512 encryption whereas in most of the wallet platforms only up to AES 256 is used.
Crypto on Mobile
Crypto storage in mobile phones is becoming a trend recently. Samsung, in its latest flagship device S10, has integrated in-built cryptocurrency wallet. Though optimists are seeing the move as a step towards making crypto mainstream, critics are tagging it as a PR stunt.
Samsung is not alone in this league as the Taiwanese cell phone manufacturer HTC has also released a blockchain phone called Exodus last year. The trend of this blockchain-capable mobile phones, however, was started by Sirin Labs with its first blockchain-enabled phone called FINNEY.
Last month, Electronium unveiled an $80 smartphone capable of mining cryptocurrencies.