Sugi cryptocurrency card wallet – April 2021 review
Keep your crypto on a secure mobile-compatible card.
finder.com.au's rating: 2.85 / 5.0
- Great for storing major cryptos and ERC20 tokens
- Not so great for fiat functionality
Check out our full list of pros and cons or read on.
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.
Which cryptocurrencies can I store?
Sugi can hold bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and all ERC20 tokens.
How much does it cost?
The Sugi card wallet starts from Free download .
It's expected to ship in January 2019 and is available for pre-order now.
What's it like to use Sugi wallet?
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 than that typically offered by mobile wallets by themselves. 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.
What's next for Sugi Wallet?
Going forwards, 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 customisable
- Competitive price compared to other hardware wallets
- More expensive than entry-level models from Trezor and Ledger
- Requires mobile app
- Full fiat functionality not yet available
You can pre-order your Sugi now and download the app when available.
Compare Sugi against other cryptocurrency wallets
Frequently asked questions
Cryptocurrency wallet ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:
- Security: 50%
- Functionality: 40%
- Cost: 10%
These scores are aggregated and visualised as a total score out of 5 stars.