Top Ripple executive has shared some crucial recommendations on how to best store one’s crypto in cold wallets
Ripple chief technology officer and one of the XRP Ledger creators David Schwartz has taken to the X social media site to post some screenshots of the XUMM wallet he uses. Schwartz stated that this is “certainly an OG wallet,” but since XUMM was launched only in 2020, he must have somehow managed to synchronize his old XRP address with XUMM.
More importantly, the Ripple CTO gave some recommendations on storing crypto in a cold wallet to a commentator who asked Schwartz for advice.
Ripple CTO mentions SHIB partner as reliable wallet
Schwartz recommended that the commentator should have some sort of backup for his wallet key in case his phone gets stolen, lost, drowned, etc.: “It could be the key recorded on a secure machine or piece of paper.”
The Ripple CTO also mentioned another form of backup – a backup Tangem card. Tangem is a Swiss-based producer of cold cryptocurrency wallets that this year partnered with the team of the prominent canine-themed coin Shiba Inu lead by the pseudonymous developer Shytoshi Kusama.
Tangem and SHIB have together produced SHIB-branded crypto wallets shaped like bank cards. Tangem wallets come with several blank Tangem cards, which enable their users to copy their wallet keys to them, thus creating a backup.
Tangem wallet introduces new safety feature
As reported by U.Today, recently, Tangem implemented two new safety features, adding them to its SHIB-branded wallet. This is an innovative fool-proof system of key recovery and an opportunity to log in using one’s email address.
This fool-proof recovery system significantly differs from traditional methods of recovering the seed phrase for one’s wallet; however, the traditional two-factor-authentication system is also included.
This year, Tangem has already sold the first 5,000-batch of SHIB wallets, shipping them in July. At the end of September, the Swiss company announced that it had prepared another shipment of SHIB wallets for the Shiba Inu army.
These wallets allow users to store more than 6,000 various cryptos, including Bitcoin, Ethereum, Shiba Inu and others, as well as buy and sell cryptos. The wallet works by connecting it to one’s smartphone.
The launch of this wallet, along with the sponsorship of the Blockchain Futuristic Conference in Toronto in the middle of August, set SHIB on a higher level, making it close to major crypto exchanges, like Binance and Coinbase, and lifting its status from a simple meme coin close to a mainstream cryptocurrency.
About the author
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.