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Blockchain protocol Conflux Network and China’s second-largest wireless carrier China Telecom have partnered to build a “blockchain-enabled SIM card” (BSIM), the company announced in a Wednesday tweet.
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Fast facts
- The BSIM, which already has a prototype designed with help from the China Telecom Research Institute, would lower barriers of entry to Web 3.0 and the Metaverse for China Telecom’s customers, making it the largest blockchain hardware product ever seen globally, Conflux said.
- The BSIM card will manage and store a user’s blockchain private keys and digital assets, acting as “a safer, more efficient, and more compliant entrance to the Metaverse,” Conflux said in an advertisement video.
- Users of the BSIM card can also execute digital transactions from their mobile devices, trade assets with friends, and display assets across various applications. The card will also allow for encrypted storage and key retrieval.
- According to Conflux, China Telecom will launch the first BSIM pilot program in Hong Kong later this year. Hong Kong has made recent efforts to emerge as Asia’s main crypto technology hub.
- Conflux is a layer 1 blockchain that claims to be the only regulatory-compliant public blockchain in China, having collaborated with a number of global brands and government entities on blockchain and metaverse initiatives in the country.
- The Conflux native token (CFX) has surged over 20% in the hours following the announcement of the BSIM partnership with China Telecom, according to data from CoinMarketCap.
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