Tangem, the Swiss-based hardware wallet company, has announced record sales of its crypto storage devices. The manufacturer, which competes with the likes of Ledger and Trezor, claims its total users have increased seve-foldd in the past year. This growth has been achieved against a backdrop of industry hacks and security scares that have compelled crypto holders to take better care of their digital assets.
The Swiss crypto company has cited enhancements to its core product lines as being instrumental in the 738% increase in monthly active users it’s recorded. Having obtained a VISA certificate, Tangem is able to offer crypto purchase options within its app that complements its hardware wallet. The app is set to launch on October 5.
Tangem Doubles Down on Digital Security
Tangem has been on a mission to better serve its existing customers while also wooing those of rival brands; users of wallets like Ledger and Trezor who are seeking optimum security and privacy solutions. Recent improvements to Tangem’s hardware wallet include an audit of its firmware and UI enhancements such as an integrated address book. Tangem now delivers its non-custodial wallet to more than 140 countries, with orders shipped directly from its warehouses in Europe, the US, and Hong Kong.
Security features aside, Tangem’s greatest strength has been its ability to provide fiat-crypto payment services while enabling users to maintain self-custody of their digital assets. This is achieved with the aid of the Visa certification in place for the Tangem applet.
By pairing a Visa card with the applet, the user’s bank card can securely store the keys to their crypto wallet. Whenever a payment is made, a one-time password is created to sign a transaction onchain, authorizing the funds to be sent from the user’s wallet. Tangem claims its Visa certified hardware wallet is the first fully self-custodial payment solution to be integrated with a global payment network.
The Evolution of Hardware Wallets
Today, Tangem is one of many manufacturers of cold storage devices, each offering distinct features and benefits to attract crypto holders. The hardware wallet industry is experiencing robust growth and is on course to become a $1.5 billion industry by 2028, with a CAGR of 32%. It’s a far cry from the early days of Bitcoin, when secure storage solutions were non-existent and hacks and human error deprived users of millions of BTC.
It’s estimated that as many as 4 million bitcoins may be lost forever, with human error the predominant factor. In the first year of the cryptocurrency’s existence, when BTC effectively had no market value, it was common for people to mint thousands of coins for fun and later jettison or lose access to the hard drives containing them, only to later regret their mistake.
As Bitcoin rose in value from 2010 and digital assets such as ETH emerged, a gap opened in the market for safe non-custodial storage. Hardware wallets, which first appeared in 2014, have met that need. Today’s models, including Tangem, provide much more than safe storage, enabling users to trade, pay, and swap between assets without relinquishing control of their private keys.
Image source: Tangem
