On March 1, the Simple Ledger Protocol (SLP) developers’ Twitter account revealed a new hardware wallet card for SLP tokens created by the Belgium-based company Satoshichip. The newly designed product is the first SLP token hardware wallet on the market and it works natively with the Electron Cash SLP wallet.
Also read: 13 Crypto Debit Cards You Can Use Right Now
A Bitcoin Cash Hardware Wallet With a Secure Chip and Low Form Factor
The Bitcoin Cash (BCH) community was pleased to hear about a new Simple Ledger Protocol (SLP) hardware wallet manufactured by satochip.io. The products developed by Satochip are hardware wallets that hold various cryptos like BTC, LTC, and BCH and they are shaped and sized like a traditional credit card. Since launching, the company has published auditable and open source code and the card’s app offers 2-factor authentication. In December 2019, a few BCH proponents wrote about the company’s Bitcoin Cash Hardware Wallet on Twitter and Reddit forums. “Works smoothly with Electron Cash,” Corentin Mercier tweeted two months ago.
The first edition Bitcoin Cash hardware wallet designed by Satochip is a limited series edition which contains three different designs. Moreover, the Satochip team explained that the BCH hardware wallet card is an “achievement of a year of hard work” for the developers. The startup’s name ‘Satochip’ stands for Secure Anonymous Trustless and Open Chip. And just like your traditional bank card or credit card, the Satoship BCH card uses a javacard applet. By leveraging a smart chip, the developers claim that it “encrypts information to increase data security when making transactions and storing keys.” The cards are weather-resistant and have a low form factor which the Satochip developers describe as:
Open and scalable standards that’s easy to customize, carry, load and share with crypto-friends.
Satochip Unveils the First SLP Token Hardware Wallet
After releasing the BCH-based card, on March 1, 2020, the Simple Ledger Protocol (SLP) development team revealed an SLP-based Satochip card. “Thanks to Satochip for creating the new hardware wallet design for the SLP community,” the developers tweeted. “We can’t wait to receive our first order.” The company’s web shop dedicated to the new SLP hardware wallet explains that the wallet is the “very first Bitcoin Cash SLP token hardware wallet.”
— Simple Ledger Protocol (@SimpleLedger) March 1, 2020
This particular version works with the Electron Cash (EC) wallet as well but utilizes the SLP version of EC. “The design was made by the SLP community. You can now safely store your Spice, Honk, Sour and preferred SLP tokens in a safe place,” explains the Satoship website. Just like Satoship’s other card products, the SLP hardware wallet card is €25 per unit. The SLP card also includes a secure chip contact but users need to obtain the chip card reader in order to use the chip.
The BCH community on Twitter and Reddit discussed the new card and one user asked if the firm could release a demo of the card in action. Satochip does have a video on Youtube which has an explainer but the video is not quite a demonstration of the card. A number of Bitcoin Cash-based SLP tokens have gathered real-world value and a hardware wallet for SLP tokens would probably come in handy to a few SLP whales.
For instance, according to Markets.Bitcoin.com’s token section, configured to show SLP tokens only, seven different SLP tokens have exchange value. The Coinflex token FLEX has a $27 million market valuation and the market cap for Gocrypto’s GOC token is $10.6 million today. The community-based SPICE has a $604,000 market cap and many other SLP tokens like HONK, ACD, SAI, and USDH can be traded on a number of exchanges. Satochip’s new SLP hardware wallet aims to keep these tokens safe up until the moment someone wants to sell their SLP stash on an exchange.
What do you think about the SLP hardware wallet created by the startup Satochip? Let us know what you think about this product in the comments section below.
Disclaimer: This article is for informational purposes only. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.