Crypto executives disagree over whether self-custody was designed for beginners. Onramp CEO Michael Tanguma said it was not; Safe Labs CEO Rahul Rumalla said it was meant for everyone but should not require everyone to become a security expert. Recent Ledger implants and a Coldcard firmware bug also exposed risks in hardware wallets, despite their offline storage of private keys.
Multisignature wallets require multiple keys to approve a transaction, but can be hard to manage, and several signers can still approve a malicious transaction if they are deceived by the same interface. Tangem says its seedless wallets remove the need to manage a recovery phrase, but users who lose every device permanently lose access to their funds. Foundation CEO Zach Herbert warned that Tangem’s lack of a built-in screen leaves users relying on smartphones to check transaction details.
