Crypto Telecommunication firm Telx has unveiled their Crypto SIM Card. A SIM card that functions as a wallet and allows users to send cryptocurrency transactions via SMS.
This was announced in a blog post, the SIM Card works by assigning a dedicated ‘crypto phone number’ to users which they use to send their crypto.
According to the firm, its “goal is to make transacting digital currency as easy and accessible as possible. This means creating solutions that technical and non technical people alike can adopt. We believe there is tremendous synergy between payments and messaging”
The crypto SIM works in over 180 countries, and user telecommunication towers and as such, it does not require the use of the internet or smartphones. Any phone that can send and receive SMS can be used with the SIM.
Understanding the demand this could provide, the firm offers unlimited SMS messaging and puts no limits on the amount of messages that can be sent and received in a month.
At current, the SIM supports few cryptocurrencies such as Bitcoin, Litecoin, Dash, Bitcoin cash and Zcash.
Making cryptocurrency adoption easier, Telx allows users to send and receive cryptocurrency with their Telx phone number acting as the complicated cryptocurrency addresses that cannot be memorized. A user will only have to send SMS to any phone number, whether it is a Telx customer or not, the firm said.
With the growing need to increase the security which cryptocurrency players offer users, Telx’s doesn’t allow SIM Swapping, a system which crypto thieves has exploited greatly. It also doesn’t allow phone number porting.
According to the firm, only transactions coming from a user’s sim will be accepted. Outgoing transactions are protected by a user chosen Pin number. Backups keys are provided after activation in case of loss or theft.
Telx offers unique product to boost the adoption of cryptocurrencies, however, it sacrifices user control of their keys to protect them by having backup of keys, something which the cryptocurrency community holds with great value. Users can order for their SIM on the firm’s website.
