Crypto Wallet Vows to Make Transferring Funds as Simple as 'Sending a Text'

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.

SovereignWallet says that its service could prove quicker than conventional methods of sending remittance, with users enjoying "Relatively low fees" by comparison.

As well as offering considerable improvements when it comes to smart contracts, scalability, interoperability and sustainability, SovereignWallet claims this latest generation helps eliminate pitfalls, such as slow transaction speeds, huge energy requirements, programming errors and security flaws in smart contracts.

Its ecosystem is underpinned by a new ERC-20-compliant token known as MUI. SovereignWallet says it is designed to try to eliminate the volatility that's seen in many cryptocurrencies - effectively meaning they are unsuitable to store value and impractical to use for everyday purchases.

The company has also warned that centralized exchanges are a "Time bomb waiting to blow." Not only have some of them already been blighted by major attacks because of their "Dangerously flawed security," but SovereignWallet says that these institutions continue to hold the majority of cryptocurrencies.

An ecosystem for the futureThe company has recently added support for AirSwap, 0x Protocol and OmiseGo tokens to the wallet.

Now these tokens can be transferred via the SovereignWallet interface.

The company is holding a token sale, which is designed to fund the completion of its app.

A total of 50 million MUI tokens are being sold, with an exchange rate of 1 ETH to 5,000 MUI.Seokgu Yun is the founder and CTO of SovereignWallet, while his co-founder Frances Kim serves as COO.The company was established in 2015, and the team hopes it will be able to reach out to the hundreds of millions of people who have a smartphone but no access to basic financial services - creating new opportunities and fueling economic growth.