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Crypto wallet Tangem is set to take up more market share off Ledger and Trezor

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TL;DR Breakdown

  • Tangem plans a complete rebranding to accumulate more market shares from popular hardware wallets.
  • The wallet provider has seen massive traction, with a 738% spike in monthly active users since 2022.
  • Tangem will debut the “first fully self-custodial payment solution integrated with a global payment network.”

Description

Leading crypto wallet provider Tangem on Friday announced a full-scale product upgrade and rebrand to strengthen its position in the hardware wallet market. The move follows a massive user growth in Tangem Wallet, a card-shaped self-custodial cold wallet that gives users full control of their private keys.  Tangem Records 738% Increase in MAUs In a … Read more

Leading crypto wallet provider Tangem on Friday announced a full-scale product upgrade and rebrand to strengthen its position in the hardware wallet market. The move follows a massive user growth in Tangem Wallet, a card-shaped self-custodial cold wallet that gives users full control of their private keys. 

Tangem Records 738% Increase in MAUs

In a Friday announcement, Tangem said its monthly active users had grown 738% since the recent product release last year. The growth indicates “the latent capacity of Tangem to push for mass crypto adoption and better security of funds,” a spokesperson said. 

For the next growth phase, the hardware wallet provider is planning to do a full-scale rebranding of its app and products to take up some market share off more popular hardware wallets, including Ledger Wallet and Trezor.  

Per the announcement, the Tangem app will be completely redesigned and will include new functionalities to enhance the user experience, such as tokens sorting and grouping functionality, a dark theme of the app, the opportunity for users to hide their balances and a new transactions history feature.

Also, Tangem will start issuing audits of the wallet firmware to ensure transparency and for security purposes. Among other upgrades, the company intends to introduce 24/7 human support in several languages. The upgraded app is slated to launch on October 5th after a third-party firmware audit.

Tangem Set to Integrate with Visa

In addition to rebranding, Tangem is set to launch what appears to be the “first fully self-custodial payment solution integrated with a global payment network” with payment giant Visa. 

Tangem said it secured a VISA certification last year to introduce a payment solution that would allow people to conveniently pay in over 95 million VISA-accepted merchant stores. Unlike other crypto cards, users will be able to pay from their Tangem card, which is a non-custodial hardware wallet. 

To facilitate payments, the VISA payment card’s chip is integrated with the Tangem applet. The innovation enables the bank card to store both the public and private keys of a cryptocurrency wallet. When the card is used in a payment terminal, it can generate a Visa payment message, and concurrently, an OTP (one-time password) is produced to sign a transaction on the blockchain.

Tangem

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