Tangem

History

Tangem AG was incorporated in Zug, Switzerland in late 2017 by Andrey Kurennykh and Anselm Schmucki, with Andrew Pantyukhin also cited as a co‑founder. The founding vision was to bridge the gap between secure but intimidating hardware wallets and convenient but vulnerable software wallets. The solution was a credit‑card‑sized device that generates and stores private keys on a certified smart‑card chip (Common Criteria EAL6+). Users activate the card by tapping it against an NFC‑enabled smartphone, and all transaction signing occurs on‑card. The system is seedless by default, using multiple physical cards as backups instead of a 12‑word recovery phrase, though a phrase can be generated optionally.

Business Model

Tangem generates revenue through direct sales of its hardware wallet sets (one, two, or three cards) and through in‑app fees for swapping, staking, and fiat on‑/off‑ramps. The Tangem Pay payment account, launched in 2025, may also introduce transaction fees. The company’s annual recurring revenue was estimated at US$12.5 million in 2025, with a disclosed valuation of US$37.6 million. Tangem is backed by SBI Holdings, a major Japanese financial conglomerate, which holds a board seat through Kefei Lin.

Products and Platform

The main product is the Tangem Wallet – a set of NFC cards that each hold an identical copy of the private key. The accompanying Tangem App (iOS/Android) provides the user interface for buying, selling, swapping, and staking more than 14,100 tokens across over 90 blockchain networks. In 2025, the company launched Tangem Pay, a non‑custodial payment account that connects a virtual Visa card to the user’s on‑chain USDC balance, enabling spending at any merchant that accepts Visa. The app also integrates with third‑party providers for fiat on‑ramps and off‑ramps, a decentralised application browser, and real‑time market data.

Security and Audits

Tangem cards are rated IP69K (waterproof, dustproof, pressure‑resistant) and operate without batteries, with a claimed lifespan of decades. The firmware has been independently audited by Kudelski Security and Riscure. The company states that zero of the 6 million sold cards have been hacked since launch. Tangem emphasises that private keys are never exposed to the internet and that the certified secure chip (EAL6+) provides high‑level protection against physical tampering.

Market Position and Reach

As of 2026, Tangem reports having shipped more than 6 million wallets across 230 countries. The company targets both retail newcomers and advanced users, offering a mobile‑first experience that eliminates cables, screens, and batteries. It competes with other hardware wallet makers such as Ledger and Trezor, differentiating on form factor, seedless backup, and NFC convenience. Tangem also provides DeFi access, staking, and non‑custodial spending via Tangem Pay.

Leadership and Team

Tangem’s leadership is led by CEO and Technical Co‑Founder Andrey Kurennykh. Co‑founders Andrew Pantyukhin and Anselm Schmucki are documented in third‑party records but are not listed on the current company leadership page. Other leadership figures include Konstantin Shulga (fintech executive), Andrey Lazutkin (digital products and technology expert), Patrick Storchenegger (legal and tax specialist), and Kefei Lin (SBI‑appointed board director). The company claims a global team of over 250 employees across the Americas, Europe, and Asia‑Pacific, though a third‑party estimate in early 2026 placed headcount closer to 114. The company’s headquarters remain in Zug, Switzerland.