Wallet maker Tangem doubles annual revenue to more than $60 million as self-custody shifts toward 'active' use

Tangem reported more than $60 million in revenue for 2025, marking a 102% year-over-year increase, as the hardware wallet maker leans into a model it calls “active self-custody.”

The Switzerland-based firm said growth was driven less by one-off device sales and more by recurring engagement, with users increasingly transacting through its mobile app after purchasing hardware wallets.

Tangem attributes much of that engagement to its mobile-first design, which replaces traditional hardware wallet interfaces — often reliant on cables and screens — with NFC-enabled cards and rings that connect directly to a smartphone app.

Total revenue reached $61.3 million, while monthly active users for in-app services rose 50%, the company told The Block.

From standard custody to daily DeFi

According to Tangem, there’s an ongoing change in how self-custody tools are being used.

Rather than simply acting as dormant storage during periods of market stress, hardware wallets are becoming daily financial interfaces, blending cold storage security with access to decentralized finance.

"Historically, the cold storage market has been cyclical — driven largely by market panic and black swan events — but we broke that cycle by turning passive into active daily finance," said Andrey Kurennykh, CEO and co-founder.

Research commissioned by Tangem and conducted by Protocol Theory points to declining demand for rigid "hot" versus "cold" wallet distinctions, with users instead seeking hybrid models that combine security with onchain utility.

Kurennykh explained that the Tangem team reassessed its product to include crucial financial tools embedded directly into its app. The goal, he said, was to field a "comprehensive ecosystem where users can store, grow, and spend without compromising on security."

Product expansion has reinforced that strategy. Tangem integrated Aave in November, allowing users to earn yield on stablecoins without relinquishing custody. Kurennykh’s team also began rolling out Tangem Pay in December, a non-custodial payments feature tied to a Visa card supporting USDC transactions. A broader public release is expected later in the first quarter.

Rising demand for so-called hybrid storage options is also shaping onboarding. Earlier this year, Tangem introduced a mobile wallet that allows users to create a self-custodial account in seconds, with the option to add hardware protection as holdings grow.

Tangem said it plans to further expand its hardware lineup, with new products expected in 2026.