Cryptocurrency self-custody is gaining renewed attention with Tangem’s introduction of a new wearable cold wallet, the Tangem Ring. This innovative device aims to encourage daily cryptocurrency transactions and boost the adoption of self-custody.
Tangem, a hardware wallet firm, announced the launch of the Tangem Ring on July 17. This new self-custodial crypto wallet, designed as a ring, combines the concepts of self-custody and wearables. Andrey Lazutkin, Tangem’s chief technology officer, explained the firm’s vision:
“We believe that cryptocurrency should bring daily benefits to humanity, not just sit in a bank vault. In other words, cryptocurrency should be used daily. And we in Tangem want to create a device for this daily use.”
Security and Practicality of the Tangem Ring
As the Tangem Ring brings self-custody and hardware wallets into everyday life, concerns about its security and safety in public arise. Lazutkin assured us that the ring offers similar protection to Tangem’s Visa-integrated hardware wallet in card form. He noted,
“The ring, like the Tangem wallet in card form, is protected by an access code. Even if it’s stolen, access to cryptocurrency will still be blocked.”
The Tangem Ring features an EAL6+ secure element, making it nearly impossible to hack. Lazutkin added that wearing the ring on a finger makes it harder to steal. Alex Gomez, founder of CyberScrilla, emphasized that many crypto owners need mobile wallets to manage their assets on the go, highlighting the practicality of the Tangem Ring.
Self-custodial wallets by Tangem. Source: Tangem
Regulatory Considerations and Future Plans
The integration of self-custody with daily cryptocurrency transactions might have regulatory implications. Initially, the Tangem Ring will launch without a payment capability. According to a Tangem spokesperson, “The crypto ring we are launching today will be available for pre-order and will begin shipping to users from the end of October.” Integration with the Visa payment chip is planned for 2025.
The Tangem Ring will be available in all countries where Tangem Pay currently operates, including Europe and the United Kingdom. Despite European regulators’ concerns about self-custodial solutions, the trend towards self-custody continues to grow. Industry executives believe that self-custody will play a significant role in the adoption of crypto payments.
As the popularity of self-custodial wallets like the Tangem Ring increases, it is expected to drive the adoption of cryptocurrency payments and promote the practical use of digital assets in everyday transactions.
