Tangem Introduces Shiba Inu’s Innovative Cold Wallet at Token 2049
Amidst rising demand for cold crypto wallets, the Swiss blockchain hardware manufacturer steps up with Shiba Inu’s card-shaped wallet.
In the recent Token 2049 event held in Singapore, Swiss blockchain hardware company Tangem unveiled Shiba Inu’s innovative card-shaped cold storage wallet. This comes at a time when the crypto community is seeking reliable alternatives to traditional hard wallets, especially in the wake of FTX’s downfall and Ledger’s privacy issues.
Tangem had previously launched the first NFC chip card-shaped wallets for Shiba Inu on July 24th, 2023, retailing at approximately $77.7 each. These wallets are capable of storing not just the three tokens of the Shiba Inu Trifecta but also support around 6,000 other cryptocurrencies for storage, swapping, and staking. The company’s proprietary technology generates a random private key via the NFC card chip and discourages the use of seed phrases for backups.
Post the global crypto conference on September 13-14, 2023, Shiba Inu’s hardware collaborator is set to revolutionize crypto custody with an NFC-enabled smart ring. Responding to the crypto community’s needs, Tangem confirmed its plans to develop a ring-shaped wallet and other casual devices like keyrings and fobs. The introduction of a seedless cold storage mechanism enhances security as it generates a private key for single use only.
However, it’s important to note that self-custodial physical wallets place more responsibility on users compared to centralized major crypto exchanges. Regardless of whether the offline cold wallet is seedless or backed up with a 12-word seed phrase, users must ensure they do not misplace their physical device or gadget.