Tangem
Tangem

Crypto users have crossed the 500 million milestone and are now heading towards the massive 1 billion figure in the coming years. 2024 has especially been a major year for this sector as Bitcoin Exchange Traded Funds (ETFs) were approved in the United States.

Also, the incoming Donald Trump presidency is set to unveil a new strategic Bitcoin reserve in the country.

All of these encouraging developments resulted in impressive growth for the digital currency scene with BTC itself posting a new All-Time High Above $105k and many altcoins posting healthy price appreciations of their own. Because of the overall positive outlook for digital currency, wallets are in high demand and users are demanding more options from the market. However, the threat of cyber attacks remains unresolved, and only the most secure wallets are expected to thrive in this challenging climate.

The Demand for Cold Storage Wallets

While the rest of the digital currency space has witnessed impressive growth over the last few years, the Bitcoin cold storage wallets aka offline wallets have remained on the sidelines. They do promise you more security but this off-the-grid crypto ownership is not a popular choice. This is because of the following key issues associated with legacy cold wallets:

  • Cumbersome user interfaces, which are often focused on advanced users only.
  • Lack of functionality and slow inconvenient design.
  • Poor security record with multiple failings over the years.

Instead, users simply chose to hold their digital currencies on top crypto exchange platforms and online wallets like Binance, Coinbase, Bitget, Bitfinex, etc. Currently, only 2% of all crypto users have a cold wallet option.

However, the demand for these offline wallets is increasing with time as companies and individuals renew efforts to improve the security of their precious digital tokens. More than $3.8 billion worth of crypto was lost because of hacked seed phrases, and centralized exchange failures. This is not a sustainable figure for a serious sector to operate with and investors need a safer option.

The adoption of cold wallets was challenging in the past because not many users saw these hardware-focused wallets as viable options.

Why the Demand for Cold Storage Wallets is Increasing

General crypto users have suffered a considerable number of multi-billion dollar hacks, frauds, and scams in the digital currency space, and having a safer storage and transaction option just makes plain sense.

There is a direct correlation between the level of crypto knowledge of an individual and the usage of offline wallets. Experts and elite users have up to 12% tendency to use these options. As crypto knowledge becomes more common, the demand for safer wallets is expected to increase exponentially.

But, not all cold wallets are experiencing the same kind of growth as many have faded into oblivion. The best possible solution here would be to have a hardware wallet from a brand users can trust, an impeccable track record on security, a seamless user interface, excellent customer support, and effortless integration with other platforms.

Introducing Tangem-A Cold Wallet that Works For You

Tangem is a cutting-edge offline storage wallet that has witnessed a 5x surge in new users in November 2024 alone. The company has been around since 2017. However, Tangem Wallet as a B2C product was born in late 2021.

Notably, there has been massive interest regarding it in countries like the USA, Canada, Mexico, the UK, France, Germany, and Australia. It already boasts over half a million (500k) users and is expected to hit further major milestones in the near future.

Tangem's Crypto Wallet Revolution

Newcomers are especially interested in the product being offered by Tangem. Older users are sick of the shady workings of centralized exchanges, particularly their complicated UX and lack of functionality. This has driven Tangem to offer a new all-inclusive wallet that works for users of all backgrounds. Even a newbie can set up a hardware wallet in 3 minutes. It is that easy.

A typical Tangem wallet setup consists of up to 3 encrypted cards, each of them acting as an identical key to access a user's crypto. It also includes a ring form factor, allowing users to manage cryptocurrency while on the go.

Private Key Storage

The Tangem cold wallet technology generates a random, non-extractable key which is then stored on a chip located inside its cards or ring.

Launched in 2021, the crypto wallet has over 500k users and released 2.5 million cards in this relatively short span of time. The reason is that the wallet is useful, simple to use, and secure. Also, it addresses major issues associated with conventional wallets. Tangem doesn't compromise the safety of user funds and that is the single most important issue in the digital currency world. The hardware wallet option is secure and super user-friendly.

Removing the Middle Man from the Equation

The best bit of using a progressive cold wallet like Tangem is that there is no middleman involved and the user is in complete control over his funds. Serious investors will always prefer security over faster transactions and this is why on-chain existence and transfers are the way to go.