WISeKey International, a Swiss cybersecurity and IoT solutions firm, has launched WISeCoin wallet, a contactless hardware enabled wallet which offers security for cryptocurrency users.
The wallet provides contactless access to private key of the users and allows them to make contactless transactions and payments.
It uses a combination of Near Field Communication (NFC) technology with secure solutions provided by the WISeKey Semiconductors and is now available through the WISeWallet App.
When a bitcoin transaction is initiated, the private key is fetched from the NFC hardware storage to enable the transaction.
Users can store multiple private keys using WISeWallet App and access them while making transactions in contactless mode.
The WISeWallet App is compatible with the existing blockchain technologies and works as part of payment system using WISeKey Blockchain-as-a-Service (BaaS) technology offerings.
In the second phase, WISeKey intends to release an embedded advanced WISeWallet, which is equipped with its own security hardened operating system and wireless functionality.
When the hardware storage is lost, broken or stolen, a backup copy of all private keys is stored in the military grade bunkers in the Swiss Alps with proper Hardware Security Module and recovery mechanisms.