The company is taking direct aim at one of the biggest challenges in cryptocurrency – real world commerce. Founder and CEO Danny Tamez says that the ilmatic wallet’s hardware is critical to unlocking true cryptocurrency payments in physical spaces.
“Secure hardware is the key to putting virtual currency into the hands of everyday people. Software alone will always be less secure and leave you more exposed to hackers.” The device contains a NFC chip to make wireless transactions and a secure element microcontroller to protect the user’s private keys.
While other crypto payment ideas have launched as mobile apps or credit cards, ilmatic delivers an innovative solution by combining contactless payments with various cryptocurrency protocols. The engineering team has been quietly working on connected devices for the last two years and brings experience from the technology research center EURECAT, consumer electronics in Silicon Valley, the LoRaWAN project, and the U.S. Department of Defense. Now, ilmatic looks like the first wearable crypto wallet to arrive in the blockchain space.
Last year Ledger sold 1 million units of a cold storage hardware wallet that looks like a USB stick. ilmatic delivers similar storage, plus a spending wallet, which may present a more well-rounded product. The company says it will support cryptocurrencies that deliver fast and inexpensive transactions and named Bitcoin on the Lightning Network, Bitcoin Cash, Litecoin, and Ripple as possible integrations. The team is also working on its own coin protocol designed specifically for its ilmatic wallet.
Tamez finished by saying: “We are making cryptocurrency tangible. When people can hold an object that represents their money, then it becomes easier to understand and use. We want to change the way that people experience money.”
The San Francisco based technology startup is now taking Tesla-like reservations for the ilmatic wallet, which costs $20, gives you priority in the queue, and guarantees a special early bird price.