Bitcoin Self-Custody with New ‘Crypto Ring’
Tangem, a leading provider of cryptocurrency security solutions, has introduced the Tangem Ring, the world’s first ring-shaped hardware wallet. This innovative device aims to encourage daily cryptocurrency transactions and boost the adoption of self-custody, where owners have exclusive control over their crypto holdings.
Tangem Ring: A New Era of Crypto Self-Custody
On July 17, Tangem officially announced the launch of the Tangem Ring, a self-custodial crypto wallet designed as a ring. This wearable cold wallet combines the concept of self-custody with daily usability, making it easier for users to manage their cryptocurrencies on the go.
“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,” said Andrey Lazutkin, Tangem’s Chief Technology Officer, in an interview with Cointelegraph.
Security and Accessibility
The Tangem Ring brings hardware wallets closer to everyday life, raising questions about its security. Lazutkin assured that the ring has protections similar to Tangem’s Visa-integrated hardware wallet in card form. “The ring, like the Tangem wallet in card form, is protected by an access code,” he explained. Even if stolen, access to cryptocurrency remains blocked due to the EAL6+ secure element within the ring, which is impossible to hack.
Alex Gomez, founder of CyberScrilla, highlighted the importance of mobile wallets for crypto owners. He stated that many cannot always be tied to their desks to manage their crypto, making a mobile wallet like the Tangem Ring essential. Jennifer Ghelardini, a research analyst at Kaspa, echoed this sentiment, praising the idea of an inconspicuous way to carry crypto.
Regulatory Considerations
Combining self-custody with daily cryptocurrency transactions might have regulatory implications. A spokesperson for Tangem stated that the Tangem Ring will initially launch without payment capabilities, with the feature expected to integrate with Visa payment chips by 2025. The ring will be available for pre-order, with shipping starting at the end of October.
Tangem’s Vision and Market Impact
Tangem aims to make hardware wallets more accessible and user-friendly, encouraging the use of secure hardware wallets over software alternatives or centralized exchanges. Andrey Kurennykh, CEO and Co-founder of Tangem, said, “Our goal with the Tangem Ring was to create a device that seamlessly integrates cryptocurrency management into users’ daily lives.”
The Tangem Ring incorporates advanced features and shares technical characteristics with the Tangem Wallet, including a CC EAL6+ certified chip and an NFC antenna encased in a hypoallergenic zirconia ceramic shell. It is highly resistant to scratches, extreme temperatures, dust, and water, making it perfect for everyday use. Users can buy, sell, swap, stake, connect to decentralized applications, and access decentralized finance with the ring, reducing the barrier to entry for new users and driving wider adoption of cryptocurrencies.
The Tangem Ring represents a significant step forward in cryptocurrency self-custody and daily usability. By offering a secure, wearable cold wallet, Tangem aims to transform how people interact with cryptocurrencies, making them more accessible and user-friendly. The Tangem Ring is now available for purchase through the official Tangem website.
For more information about the Tangem Ring and its features, please visit the Tangem website.
