- Shiba Inu’s cold storage partner showcases the card-shaped SHIB wallet.
- Tangem hints at a ring-shaped cold storage product coming up next.
- Shiba Inu (SHIB) has traded in phased consolidation since last week.
The Swiss blockchain hardware manufacturer Tangem showcased Shiba Inu’s card-shaped cold storage wallet in this year’s edition of Token 2049 in Singapore. The demand for cold crypto alternative wallets has significantly risen since FTX’s downfall, while hard wallet provider Ledger enraged users over security and privacy concerns.
Previously, Tangem dished out the first Shiba Inu NFC chip card-shaped wallets on July 24th, 2023, for around $77.7 each. Besides storing all three tokens in the Shiba Inu Trifecta, the card supports around 6,000 cryptocurrencies for storing, swapping, and staking. The company’s unique technology utilizes a randomly generated private via the NFC card ship and advises against using seed phrases for backups.
Shiba Inu NFC Ring: Safer Than Physical Wallets?
Following the global crypto conference on September 13-14, 2023, Shiba Inu’s hardware partner aims to take crypto custody to the next level with an NFC-powered smart ring. Certainly, Tangem answered the crypto community’s call.
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Podcaster Joshuwa Roomsburg came up with a similar idea last Friday, describing it on Twitter: “Take a smart ring with NFC capabilities and store a private key inside the ring. The NFC #ColdStorage card concept is really cool.”
In response, Tangem assured that the firm is making a ring-shaped wallet, among “other wallet form factors,” which will likely include keyrings, fobs, and other casual devices. It’s fair to say that a seedless cold storage mechanism adds an extra layer of security, as the private key is generated for single use only.
However, a self-custodial physical wallet weighs more responsibility on the user’s side than the regular centralized major crypto exchange. Whether the offline cold wallet is seedless or backed up with a 12-word seed phrase, the customer has the obligation not to lose the physical device or gadget.
On the Flipside
- Hardware wallets have been in high demand after last year’s FTX liquidity crunch, resulting in a lack of trust in centralized exchanges from retail customers.
- In response to rising hacks, many crypto communities initiated a decentralized push for offline crypto storage, including Shiba Inu and Dogecoin.
Why This Matters
Wearable crypto storage devices are a promising niche that could tackle several ongoing security issues and prevent hacking.
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