The concept of cryptocurrency self-custody is undergoing a transformation with the introduction of wearable technology. Tangem, a hardware wallet company, has announced the launch of the Tangem Ring on July 17. This innovative device integrates the security of self-custody with the convenience of a wearable accessory, allowing users to manage their crypto assets on the go.
A Fusion of Style and Security
The Tangem Ring is designed to combine the traditional security features of a cold wallet with the everyday usability of wearable technology. According to Tangem’s Chief Technology Officer, Andrey Lazutkin, the ring is aimed at making cryptocurrencies a part of daily transactions, moving beyond the concept of cryptocurrencies being locked away in secure storage.
- Secure Element: The ring houses an EAL6+ secure element, providing top-level security that is challenging to hack.
- Access Code Protection: Similar to Tangem’s card-form hardware wallet, the ring is secured with an access code, ensuring that the assets remain safe even if the ring is stolen.
- Wearable Convenience: Being worn on the finger makes the ring less susceptible to theft, as noted by Lazutkin.
Public Reaction
- Alex Gomez of CyberScrilla: Highlighted the need for mobile wallets that cater to crypto owners who are not always desk-bound. He pointed out the security measures that protect the crypto assets even if the ring is lost.
- Jennifer Ghelardini from KasMedia journal: Praised the inconspicuous nature of wearable wallets like the Tangem Ring, emphasizing the practicality of carrying crypto securely, especially when traveling.
While the Tangem Ring introduces an innovative way to handle cryptocurrencies, it also navigates a complex regulatory environment. Initially, the ring will not feature payment capabilities, with plans to integrate a Visa payment chip in 2025. This strategic rollout aligns with regulatory developments, such as those in Europe where there has been significant scrutiny over self-custodial solutions.
- Launch and Pre-orders: The Tangem Ring is set for a pre-order phase and is expected to start shipping to users by the end of October.
- Future Payment Integration: Integration with Visa for payment functionalities is planned for 2025.
- Global Availability: The ring will be available in all regions where Tangem Pay is operational, including Europe and the United Kingdom.
| Feature | Description |
|---|---|
| Security Level | EAL6+ secure element |
| Access Method | Protected by an access code |
| Wearability | Designed as a ring, enhancing security and convenience |
| Regulatory Compliance | Complies with current regulations, with payment features pending |
| Availability | Shipping starts end of October; global availability |
The Tangem Ring represents a significant step forward in the practical use of cryptocurrencies, merging security with the ease of daily wearability. As the landscape of cryptocurrency ownership continues to evolve, innovations like the Tangem Ring play a crucial role in shaping how people interact with and manage their digital assets securely and conveniently.
Featured image credit: DALL-E by ChatGPT
Follow us for more breaking news on DMR