Tangem, a hardware wallet firm, has introduced a new wearable cold wallet designed as a ring, aiming to boost the adoption of self-custody and encourage daily cryptocurrency transactions. This innovative approach seeks to merge the convenience of wearables with the security of self-custody, making it easier for users to manage and use their crypto assets on a daily basis.
Wear your crypto with the Tangem Ring. Available for pre-order. The future is now!https://t.co/vjDwXQdTQN pic.twitter.com/JklexDaoMb
— Tangem (@Tangem) July 17, 2024
Promoting Daily Use of Cryptocurrency
Tangem’s Chief Technology Officer, Andrey Lazutkin, emphasized the company’s mission to make cryptocurrency practical for everyday use. He stated, “We believe that cryptocurrency should bring daily benefits to humanity, not just sit in a bank vault. In other words, cryptocurrency should be used on a daily basis. And we in Tangem want to create a device for this daily use.”
Security Concerns and Measures
As self-custody solutions become more integrated into daily life, security remains a paramount concern. Lazutkin assured that the Tangem Ring has robust security measures similar to their Visa-integrated hardware wallet cards. The ring is protected by an access code and features an EAL6+ secure element, which is extremely difficult to hack. Even if the ring is stolen, access to the stored cryptocurrency remains blocked.
Alex Gomez, founder of CyberScrilla, noted, “Even if you lose it, there are security measures in place to ensure that no one can access your crypto, even if they discover that the ring is a crypto wallet.”
Jennifer Ghelardini, research analyst at KasMedia journal, supported the idea, highlighting the convenience of having an inconspicuous way to carry crypto, especially when traveling.
Regulatory Implications and Future Integrations
The Tangem Ring will initially launch without payment capabilities, focusing solely on self-custody. A Tangem spokesperson mentioned that the ring would be available for pre-order, with shipments starting at the end of October. The integration of a Visa payment chip is planned for 2025, expanding the ring’s functionality to include everyday payments.
The ring will be available in regions where Tangem Pay operates, including Europe and the United Kingdom. However, the increasing scrutiny from European regulators on self-custodial solutions and related payments might present future challenges. For instance, the European Parliament recently considered but did not implement a $1,100 limit on crypto payments from self-custodial wallets.
Despite these regulatory challenges, the trend towards self-custody is gaining momentum. Industry executives believe that self-custody will play a significant role in driving the adoption of crypto payments, providing users with more control and security over their assets.
The introduction of the Tangem Ring represents a significant step towards integrating cryptocurrency into daily life through secure, wearable technology. As the market evolves, such innovations are likely to become increasingly common, bridging the gap between advanced crypto security and everyday usability.
