Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is Sugi wallet?
The Sugi wallet is a new breed of hardware wallet from the former technical lead of the popular Mycelium bitcoin wallet. It is unique in the cryptocurrency market, as an actual PIN-protected near field communication (NFC) card hardware wallet. Like other hardware wallets, it securely manages your cryptocurrency private keys – they never leave the device and are always kept offline.
It aims to let you actually spend and send your cryptocurrency as easily as using a bank card, and even more safely.
You still hold complete control of all your funds on the wallet itself. Unlike bank cards, Sugi cannot touch or block your funds even if it wants to.
However, it can assist you with funds recovery in the event of you losing your card or forgetting your PIN. It can provide this service, despite not actually having access to your funds or keys, through the use of a secret sharing scheme.
A secret sharing scheme is a system whereby information is broken down and divided among multiple parties in a way that no single party can access the whole without all the keys.
When you need to recover your private keys, such as if your card is lost or stolen, or you forget your PIN, Sugi can help you access these pieces.
You can still restore access to your funds when needed, but in a way that ensures your private keys are entirely yours and no one else’s.
Which cryptocurrencies can I store?
Sugi can hold bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and all ERC20 tokens.
The card is used alongside the Sugi mobile app, so you can authenticate payments by tapping the card on your phone. It works with both iOS and Android devices.
This gives it a considerable advantage over the more typical USB hardware wallets, which need to be used alongside a PC or laptop.
The end result is that Sugi is one of the only actually portable hardware wallets, that can be used with your phone.
This design also makes it uniquely easy to use. If you can tap a card, you can use Sugi – no real crypto experience necessary.
If you want to be able to securely carry, transfer and transact with cryptocurrency anywhere in the world, Sugi might be the card for you.
How do I make payments with my Sugi?
To make payments, open the app, enter your Sugi PIN and tap the card to your phone.
How do I add cryptocurrency to my wallet?
To add cryptocurrencies, send them to the Sugi mobile wallet app like you would with any other mobile wallet.
By going into the app, you can see your Sugi address.
Unlike other mobile wallets, the cryptocurrency private keys are securely held offline in the Sugi card, which accompanies the app and is used to sign transactions.
How safe is Sugi wallet?
Sugi offers best-in-class security equivalent to other hardware wallets, and greater security than is typically offered by mobile wallets alone. It was created by some of the team behind the popular Mycelium bitcoin wallet, which was built by some of the most experienced engineers in the cryptocurrency space, active in the industry since 2009.
Your keys are kept offline in the PIN-protected card itself. Making transactions requires both the card and the app.
As with other hardware wallets, new Sugi cards come with a backup phrase which can be used to restore access in the event of a lost card.
Sugi Wallet's website
What’s next for Sugi Wallet?
Moving forward, Sugi’s creators expect to get registered and licensed as an entirely digital neobank, which will allow more seamless integration of fiat currency options, and eventually let you use cryptocurrencies as seamlessly as you can any local fiat currency.
In the future, Sugi intends to offer fiat currency functionality in addition to cryptocurrency, by partnering with banks in Europe.
Where can I get this wallet?
You can order a Sugi through its online store to take advantage of the launch sales and get free shipping.
Pros and cons
In a nutshell
The first true NFC card as a hardware wallet
Authenticate payments by tapping the card to your phone
In-store payments and ATM withdrawals coming soon
Will enable both fiat and cryptocurrency payments
Cards will be customizable
Competitive price compared to other hardware wallets
You can pre-order your Sugi now and download the app when available.
Compare Sugi against other cryptocurrency wallets
Frequently asked questions
Sugi wallets are expected to be shipped in January 2019. In the meantime, you can pre-order Sugi.
The Sugi wallet is available on every continent (except Antarctica) but is not yet sold in some countries.
Rest of Europe:
Bosnia and Herzegovina
The United Arab Emirates
Australia & Oceania:
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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