Tangem introduced a new hardware wallet shaped like a ring to make daily cryptocurrency transactions easier and promote self-custody.
One ring
Tangem, a hardware wallet company announced the launch of the Tangem Ring, the new self-custodial crypto wallet is designed to be worn as a ring, combining the security of self-custody with the convenience of wearables.
Tangem’s Chief Technology Officer, Andrey Lazutkin shared that the goal is to make cryptocurrency simple for everyday use, not just something stored in a bank vault.
The precious
With the Tangem Ring making self-custody more accessible for daily life, some might worry about the security of carrying such a wallet in public.
Lazutkin assured that the ring has similar protections to Tangem’s Visa-integrated hardware wallet in card form.
The ring is protected by an access code, and even if stolen, the cryptocurrency remains inaccessible.
Inside the ring is an EAL6+ secure element, which is highly resistant to hacking. Wearing the ring on the finger also makes it harder to steal. We still don’t think it’s a really good idea.
CyberScrilla founder Alex Gomez noted that security measures ensure that even if the ring is lost, no one can access the crypto.
He told the need for mobile wallets like the crypto ring is evident, as many crypto owners can’t always manage their crypto from their desks.
Jennifer Ghelardini, a research analyst at Kaspa, praised the idea of carrying crypto inconspicuously, allowing for trading or selling while traveling.
Self-custody is back on menu
While combining self-custody and daily transactions like payments might have regulatory implications, the Tangem Ring will initially launch without payment capabilities, to not making much noise.
A spokesperson for Tangem stated that the ring will be available for pre-order now and shipping will begin at the end of October.
The ring is expected to integrate with the Visa payment chip in 2025.
Lazutkin mentioned that the Tangem Ring will be available in all countries where Tangem Pay operates now, including Europe and the United Kingdom.
By the way, European regulators were concerned about self-custodial solutions and related payments, and the European Parliament considered but eventually scrapped a proposal to limit crypto payments from self-custodial wallets to $1,100.
