What is Sugi wallet?
The Sugi wallet is a new type of hardware wallet developed by European fintech company, Sofitto, by the former technical lead of the Mycelium wallet. This is a unique wallet designed for crypto storage, as it is a near field communication (NFC) card hardware wallet protected by a PIN.
Like other hardware wallets, the private keys are always kept on the device which lacks any kind on internet connectivity to ensure its security against hacking attempts.
But Sugi allows you to spend and deposit crypto just as easy as you were using a bank card. But unlike other bank cards, Sugi does not have access to your funds in any way.
Sugi supports the following cryptos: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and ERC20-based tokens. The company has revealed that it intends to add more cryptocurrencies to the list in the near future. Sugi also mentioned that it plans to incorporate fiat currency functionality by establishing partnerships with banks in Europe.
The Sugi wallet looks just a regular payment card which has the wallet’s logo imprinted on it.
The card only works with mobile devices that have the Sugi app installed. The app is compatible with iOS and Android systems.
Sugi wallet price
The Sugi card wallet is available for purchase in three plans. The Newbie plan enables you to buy the Sugi card for €59,90. The Pro plan offers one Sugi Card which can be personalized by embossing a chosen name or nickname, and it comes at the price of €69,90.
The Expert plan offers two customized Sugi Cards for €119,90.
How does the Sugi wallet work?
The card is used in tandem with the Sugi mobile app, in order to authenticate payments when you tap the card on your mobile device.
From this perspective, it is more advantageous than a regular USB hardware wallet, which requires a PC or laptop to be plugged into. And seeing that most of us keep their phones near at all times, it is a convenient way of verifying and managing crypto funds on the go.
Its design makes it very easy to use for anyone. Unlike other cards that require a complex and lengthy setup, with Sugi you just need to know how to tap a card and you’re done.
Making payments using the Sugi card
In order to make a payment, you have to follow the steps presented below:
- Open the app.
- Enter your Sugi PIN.
- Tap the card to your phone.
Adding cryptocurrency to Sugi wallet
To deposit cryptocurrencies into your wallet, you first send them to the Sugi mobile wallet app like any other mobile wallet.
To view your Sugi address, access the app.
How safe is Sugi wallet?
Sugi implements top notch security which is on par with other hardware wallets, being more secure than a regular mobile wallet. Behind its development are several members from the Mycelium team, a secure bitcoin wallet that was created by the most experienced developers in the cryptocurrency industry, which have been activating since 2009.
The keys are stored offline in the PIN-protected card. To make transactions you will need to have both the card and the app. The wallet complies to the highest security standards in the European Union (ISO/IEC 14443).
Sugi cards also generate a backup phrase that can be used to restore access to funds if the card is lost or damaged.
The wallet does not actually have access to your funds or keys, but recovers them through a secret sharing scheme.
A secret sharing scheme is a system that breaks down information and divides it to multiple parties in a manner in which no single party can access the funds without having all the keys.
Pros and cons
- The only NFC card as a hardware wallet
- Transactions are authenticated just by tapping the card on the phone
- In-store payments and ATM withdrawals will be among the future implementations
- Will feature both fiat and cryptocurrency payments
- Cards can be customized
- Lower price compared to other hardware competitors
- While it is less expensive than other wallets, it still is $60 dollars.
- Can be used only on mobile apps
- Fiat functionality not incorporated
The Sugi card is an extremely easy to use crypto wallet that incorporates NFC to communicate with your mobile device. It combines the robust security of a hardware wallet with the convenience of a mobile wallet, making it ideal for traders that are always on the go but are worried about security.