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Cryptocurrency enthusiasts have been snapping up a new ring which allows them to carry their Bitcoin and other digital assets on their finger. The Tangem Ring, which claims to be the world's first ring-shaped hardware wallet, was launched earlier this year and has already sold over 10,000 of them.
“We have seen a lot of interest in it from all over the world,” said Ana Jacobson, Growth and Community Lead at Tangem. “Our first batch with 10,000 rings sold out quickly. Our second batch also has many sizes sold out on the website. The third batch is expected to arrive in February.”
She said that several of their customers had shared that they would use the ring to propose to their significant others. “It is really a symbol of modern commitment,” she said. “It’s functional, it’s durable and it helps to carry their digital assets in a stylish manner. Several people verbally told us that they would be using the ring to propose but they haven’t yet sent us a photo of the proposal itself.”
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Made with Zirconia ceramic, a highly durable and lightweight material, the Tangem ring is resistant to scratches, dust, water, and extreme temperatures. According to the company, it is suitable for daily wear and comes with a chip that has a 25-year warranty.
The ring set, which consists of one ring and two cards, is selling for Dh475 — which is a 20 percent discount on its market rate — at the Bitcoin Conference Mena that started in Abu Dhabi on Monday. “The smart backup technology and seed phrase option provides maximum protection for the digital assets against loss or theft,” said Daria Bystrova, marketing lead of the company. “It also gives easy access to Bitcoin, Ethereum, and other cryptocurrencies on the go with no cables, batteries, or chargers.”
During activation, the ring’s built-in chip generates a random private key, ensuring it cannot be compromised. The private key is stored on the ring and two Tangem cards with no other copies across space and time. The smart backup activation can be done just once with no further modifications.
Owners can simply tap the ring on their phone to access their wallet to send, receive, buy, transfer, and swap thousands of tokens and coins, and access DeFi, dApps, and NFTs. The ring is equipped with NFC (Near Field Communication) antennas, enabling smooth connection with compatible smartphones. However, to ensure safety, the ring has to be removed from the finger and tapped on the phone to access the wallet.
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