Telx Technologies have developed what could be the worlds first cryptocurrency SIM card wallet. Mark Penovich, CEO said, “Our goal at Telx is to natively embed peer to peer transactions into the world’s most widely used communication method, SMS messaging.”
Telx does this by providing SIM cards to customers which have cryptocurrency wallets linked to them giving the capability to trade Bitcoin, Ethereum, Litecoin, Ripple, Dash and Zcash via SMS messages. Telx SIM cards reportedly work in over 180 countries with new users being provided with a north American style number which removes the need for sharing QR codes and public keys. Although best used in a dual SIM card phone, as the SIM is a 3 in 1 card, it can work in any cellular device. Therefore, phones no longer used following an upgrade can be brought back to life. The actual keys for the wallets are held by Bitgo, so in theory (after a very stringent KYC process) any lost devices can have their data restored to a new SIM.
Telx believes that tying a users crypto identity to a phone number will simplify the process of using digital currencies, thereby drawing in new users previously wary of engaging with the technology. Interestingly as the Telx SIM card uses the telecom networks rather than the internet and in fact needs no applications or smartphone capability the potential for use in emerging markets is a tempting proposition. This is yet another example of how innovation is rich in the blockchain industry, as Telx are making steps forward, so are Dragon by introducing the chat functionality to the Dragon Social Wallet. Click here to see how transactions work and then pop over to Facebookor Twitter to let us know your thoughts on this interesting concept.