Peer to peer telecommunications payments company Telx Technologies, has developed the first cryptocurrency SIM card wallet – which will allow Telx customers to send cryptocurrency transactions via SMS to any phone number around the world. Telx does this by providing the customer with a SIM card and a phone number that have cryptocurrency wallets linked to them.
“Our goal at Telx is to natively embed peer to peer transactions into the world’s most widely used communication method, SMS messaging,” stated founder & CEO, Mark Penovich.
The founder continued:
“All of us in the cryptocurrency community want mass adoption. With Telx we aim to bring this technology to the masses by not relying on the end-user having significant technical knowledge. Integrating cryptocurrency transactions natively into the SMS interface and tying your crypto identity to a phone number will simplify the process and bring in new participants from around the world.”
Telx SIM cards work in over 180 countries and can be used with any phone having an open SIM card slot. The company has a catalog of worldwide enabled phone numbers from which the customer will choose and use as their new wallet identity. This replaces long, confusing public keys.
Telx customers will be able to send cryptocurrency transactions to Telx phone numbers, regular phone numbers or cryptocurrency addresses themselves.
Because the Telx SIM card works over telecommunication networks instead of internet networks, there is no need for an internet connection, smartphone or application. This allows users who are in parts of the world with an unreliable internet connection to participate in the fast-growing blockchain industry.
A similar service for fiat currency exists called “M-Pesa” which allows users to send money to other phone numbers via SMS. Since the launch of this product, it has grown quickly at becoming the most widely used phone-based peer to peer money transfer system. Telx aims to be the cryptocurrency version of this service but with global unfettered access.
Telx SIM cards use industry-standard security protocols including multi-sig wallets. Because the SIM card is a hardware product, Telx is able to ensure only transactions being sent by the users specific SIM will be accepted. Transactions are also secured by a confirmation pin number.