Tangem Wallet is a cold multi-currency crypto wallet that supports over 6,000 coins and tokens. It is a safe, reliable, user-friendly and functional solution from Tangem AG, Swiss cold wallet provider.
It looks like a regular credit card and it functions without any batteries, wires, and connectors. Tangem Wallet comes in a pack of two or three identical cards.
How to use Tangem Wallet
To access crypto and conduct transactions with it, you only need:
- A pack of Tangem cards (one card is the main one for controlling crypto assets, another one or two cards are for the backup of the private key).
- Smartphone with NFC support.
- Tangem App on the phone.
The activation time is just a few minutes. To activate your Tangem:
- Install the Tangem App on your phone (available for iOS or Android).
- Tap the Tangem card to the NFC on the smartphone.
- Activate the wallet by following the detailed instructions in the app.
Once Tangem wallet is activated, you can start using it: store coins and tokens in it, receive and send cryptocurrency, connect to DeFi-applications through WalletConnect protocol, and sell, buy, swap, stake, deposit your crypto assets and much more.
Features
The main features of Tangem Wallet are the highest level of software security, card reliability, user-friendliness and functionality.
Secure and reliable
Tangem Wallet has no direct connection to the Internet, as it is an autonomous device. A powerful cryptographic chip embedded in the card stores a private key. It is a secure element made by Samsung, which is, in fact, a microcomputer, powered by NFC of the phone.
The private key is generated by Tangem’s chip at the moment of the wallet’s activation. The second and third cards back up this key. Then the key is used to sign transactions (tap a Tangem card to the phone for this). The key never leaves the card and it is not revealed to anyone, not even to its owner.
Moreover, it is also password-protected as a user sets protection during Tangem activation. It means if the card is lost or stolen, no one but the owner will be able to access the cryptocurrency.
Even the Tangem App does not have access to the private key, because it is just an interface to the wallet.
Tangem Wallet does not have a seed phrase. Seed phrase is a sequence of 12 or more random words, which different crypto wallets use to recover access in case a wallet has been damaged, lost or stolen. But having no seed phrase, Tangem Wallet is much more secure than other wallets.
Seed phrase is a vulnerability, a gap in cryptocurrency security, because there is no way to know for sure whether a seed phrase was compromised or not, whether a cyber criminal stole it and has access to the crypto in the wallet. You can buy a cold wallet with the most advanced security features, but if the backup is just a combination of random words on an unprotected piece of paper that can be accidentally destroyed, lost, copied or photographed, then such a device can hardly be assigned a high security level.
Instead of a seed phrase, Tangem Wallet offers an additional one or two cards with the same private key. All cards are equal, being identical copies. It’s just that one card is used as the primary card and the other two are for reserve, in case the first card is lost or stolen. As the additional cards have the same private key, you can quickly recover access to your crypto assets.
Tangem chip has been assigned Common Criteria EAL6+ certification level: the same level of chip protection used in diplomatic passports.
The physical security of the wallet is ensured by the IP68 level of protection. This means that the card can operate stably at temperatures from -25 to +50 °C. It is water and dust resistant. The company claims the lifetime of the chip is 25 years.
User-friendly and functional
Tangem has a very convenient credit card format: we can keep it in our wallet and carry it around. It’s compatible with all bank and discount card holders.
Having only Tangem Wallet card, a phone with NFC support and the Tangem app installed on it, we can:
- Receive and send crypto;
- Buy, sell, and swap coins and tokens;
- Make money from staking, farming and other passive income methods;
- Mint, buy and sell NFTs using NFT platforms;
- Withdraw income from mining;
- Pay for goods and services if the organizations accept crypto;
- Carry crypto around the world without restrictions.
To sum it up
| Design | Credit card |
| Set-up time | 1-3 minutes |
| Necessary equipment | Phone with NFC support |
| Battery | No |
| Backup process | 1 or 2 additional cards with key backups |
| Non extractable key | Yes |
| Hardware certification | EAL 6+ |
| Independent firmware audit | Yes |
| Components | Only Secure Element chip |
| Anti counterfeit protection | Firmware certification |
| Water and dust protection | IP68 |
| Access code protection | Yes |
| Access code recovery | Yes |
| Possibilities | For crypto storing, receiving, sending, buying, selling, swapping; For passive income and other operations |
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Source: https://thecryptobasic.com/2022/12/08/cryptocurrency-tangem-wallet/?utm_source=rss&utm_medium=rss&utm_campaign=cryptocurrency-tangem-wallet