Cryptocurrency self-custody, where the owner has exclusive control over their crypto holdings, is gaining traction with the introduction of a new wearable cold wallet.
On July 17, hardware wallet firm Tangem announced the Tangem Ring, a self-custodial crypto wallet designed as a ring.
Tangem’s chief technology officer, Andrey Lazutkin, explained that the Tangem Ring combines self-custody with wearables to promote daily cryptocurrency use. He said:
“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.”
The Tangem Ring raises questions about the security of carrying such a wallet in public.
Lazutkin assured that the ring has protections similar to Tangem’s Visa-integrated hardware wallet in card form.
He stated, “The ring, like the Tangem wallet in card form, is protected by an access code. Even if stolen, access to cryptocurrency will be blocked.”
He emphasized the ring’s security, noting it contains an EAL6+ secure element, making it nearly impossible to hack.
Alex Gomez, founder of CyberScrilla, highlighted the need for mobile wallets like the crypto ring, as crypto owners can’t always manage their holdings from their desks.
He added, “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, a research analyst at KasMedia journal, supported the concept, mentioning other wearable self-custody wallets such as Ledger’s necklace pendants and keychains.
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She said, “I love the idea of having an inconspicuous way to carry your crypto with you, so you will be able to sell or trade when traveling.”
Regarding regulation, the Tangem Ring will initially launch without payment capabilities.
A Tangem spokesperson stated, “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 operates, including Europe and the UK. European regulators have shown concern about self-custodial solutions and related payments.
However, a proposed $1,100 limit on crypto payments from self-custodial wallets was ultimately scrapped by the European Parliament.
This development coincides with major crypto payment firms embracing self-custody, launching solutions that combine self-custodial ownership with day-to-day payments.
Industry executives believe self-custody will drive the adoption of crypto payments.
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