The company behind “one of the world’s most secure mobile cryptocurrency wallets” says its platform offers banking-grade features to protect tokens, while ensuring that completing transactions is as simple as “sending a text.”
SovereignWallet says one of its main motivations is promoting financial inclusion and enabling the unbanked to create accounts for crypto directly from their smartphones. Through its wallet, Ethereum and its own utility token can be sent to recipients easily — and users receive notifications when transactions are completed. It plans to support other cryptocurrencies in the future.
According to its white paper, the platform is hoping to tackle the high costs associated with sending remittances around the world. It cited research from the World Bank that showed 250 million migrants sent $583 billion to their families in 2014, yet often faced “exorbitantly high” fees. SovereignWallet says that its service could prove quicker than conventional methods of sending remittance, with users enjoying “relatively low fees” by comparison.
Other features of the SovereignWallet app include a secure chat. Through end-to-end encryption, the platform says one-to-one and group conversations are “guaranteed to stay private.” Chat histories are not stored on its server, and messages which are sent in error can be deleted quickly.