Tangem Introduces Crypto Ring Wallet for Self-Custody and Day-to-Day Trading

• Tangem has launched the Tangem Ring, an EAL6++ CC-certified crypto wallet with self-custody and a 25-year warranty. It currently doesn't allow crypto payments (that will come in 2025).
• The ring has no external brand logos, making it inconspicuous, and you need to remove it from your finger to access your wallet.
• The Tangem Ring is functionally identical to the Tangem Card, the only difference being its form.

Crypto wallet vendor Tangem recently announced the Tangem Ring, a brand-new wallet for storing and trading crypto.

The ring is IP68-resistant, NFC compatible, EAL6++ CC-certified, with a 25-year warranty, and audited by Riscure and Kudelski Security.

The new wallet's form continues Tangem's mission to combine self-custody and day-to-day crypto use. While the ring won't allow crypto payments initially, the company will add that feature in 2025.

However, this raises three key concerns:

1. Is it wise to wear your crypto wallet in public?
2. Will self-custody wallets be regulated?
3. Does it have a worthwhile use case?

We'll try to answer these questions below and assess the Tangem Ring's potential impact on the crypto industry.

What Is the Tangem Ring?

According to the company, Tangem's ring wallet is the world's first ring-shaped hardware wallet and the future of crypto wallets.'

Wear your crypto with the Tangem Ring. Available for pre-order. The future is now!https://t.co/vjDwXQdTQN pic.twitter.com/JklexDaoMb

- Tangem (@Tangem) July 17, 2024

With no cables, chargers, or batteries, the ring is both portable and stylish - if style is something you ever considered for your crypto wallet.

To access your wallet, remove the ring from your finger,tap it on your phone (with NFC enabled), and enter the access code on the Tangem app.

You also get two backup card wallets to ensure you never lose access to your funds, even if you lose the ring.

Tangem Ring is IP68-resistant, which means it's impervious to water, scratches, dust, and extreme temperatures (-25 to 50C). For security assurances, itsEAL6+ CC certification is the second-best in the world.

It also has a Riscure and Kudelski Security audit. The two independent firmware audits have confirmed that the ring has no vulnerabilities or backdoors and that it cannot be updated.

Is It Wise to Wear Your Crypto Wallet in Public?

The Tangem Ring is inconspicuous, with no external brand logos, so it's not at all obvious you're wearing a crypto wallet.

Moreover, simply having the ring doesn't give you access to the wallet. There are additional security steps to prevent malicious access (like the passcode).

If someone finds your ring, they will be unable to enter or reset your wallet. Your access code protects the ring against unauthorized access and brute-force attacks.Tangem

Anonymity is your best defense when wearing the ring. Don't tell anyone it's a crypto wallet, and you should be safe. Even if someone steals it, they may not realize its nature.

Will the Ring Be Regulated, Like Other Self-Custody Wallets?

Self-custody and daily crypto transactions often attract unwanted regulatory attention. For example, European regulators tried before to place a $1,100 limit on self-custodial crypto payments.

However, they scrapped the law before it kicked into effect, putting many minds at ease. This came amidst significant self-custody adoption by crypto payment firms.

Pavel Matveev, co-founder of crypto payment firm Wirex, believes self-custodial solutions are the perfect addition to crypto cards.

As users demand greater control over their digital assets, non-custodial cards are becoming increasingly popular. These cards enable users to spend their cryptocurrencies without relinquishing control to third-party custodians.Pavel Matveev, Wirex Co-Founder

Despite this growing trend, countries like Indonesia don't allow crypto payments, which slows down worldwide adoption of self-custody crypto payment methods.

Considering the Tangem Ring won't launch with payment functionalities, it's safe to say it won't be regulated. However, the company plans to integrate Visa payment chips in 2025.

The Verdict - Does the Tangem Ring Have Worthwhile Use-Cases?

After all is said and done, what does the Tangem Ring offer that the Tangem Card doesn't? The company answers that in clear terms.

The Tangem Ring is functionally the same as the new Tangem Wallet cards, except for its different form factor.Tangem

While thering is more stylistic than functional, it's more inconspicuous than the Tangem Card, which has Tangem' and Tap the card to the phone' written on it.

In its current form (with no payment functionality), the ring might not be worth it for most crypto users, practically speaking.

However, with payments enabled, the added convenience of tap-to-pay could become an appealing selling point for many.

References

• EU scraps proposed $1K payment limit for self-custody crypto wallets (TradingView)
• Indonesia's Bali Bans Crypto Payments for Tourists (Binance)
• Tangem X Post About the Ring Wallet (X)

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