Tangem report: cold wallets are no longer just storage

Market context per 11:06 CEST. CoinGecko data showed the total crypto market near 2.13 trillion dollars, down 0.48 percent over 24 hours, with daily volume around 81.3 billion dollars. Bitcoin traded near 58,895 dollars and Ethereum near 1,579 dollars. USDT and USDC together represented roughly 257.75 billion dollars in market cap, which explains why stablecoin use inside wallets is no longer a side issue. Sources: CoinGecko global data, USDT data and USDC data.

Self-custody has an adoption gap

The report, From Storage to Participation: The Rise of Active Self-Custody, was commissioned by Tangem and developed by Protocol Theory. Protocol Theory’s public write-up says the research draws on more than 3,100 U.S. crypto users and examines the gap between belief and behavior.

That gap is the article. Self-custody is widely valued, but still not widely practiced through cold wallets. The report says 66% of crypto users consider self-custody important. At the same time, 88% still store assets on centralized exchanges and only 15% use cold wallets.

That is not just a security contradiction. It is a product contradiction. Users say they want control, but many still choose convenience, liquidity and familiar interfaces. Tangem’s argument is that modern hardware wallets are becoming active interfaces, not places where assets go to sleep.

Cold-wallet users are not just passive holders

The strongest finding is behavioural. The report challenges the idea that hardware wallets are mainly for long-term storage. Only 9% of cold-wallet users identify as passive holders, versus 25% of centralized-exchange users. Active traders are also more likely to use cold wallets than passive owners.

The usage data makes the same point. Among cold-wallet users, 77% buy, sell or hold crypto directly from their wallets. 46% manage stablecoins. 43% manage assets across multiple wallets and chains. 41% send crypto payments to people or businesses. 30% connect directly to Web3 applications.

That is why “active self-custody” is a useful phrase. It describes a wallet that protects assets, but also lets users deploy them. In the old model, security and activity were separated. In the new model, the wallet becomes the control layer for both.

Why this is significant for Dutch crypto users

For the Netherlands, the research matters because MiCA makes the platform question clearer, while self-custody makes the personal-responsibility question sharper. If a Dutch user keeps assets at a crypto-asset service provider, the AFM register can help check whether that provider has the right authorisation or notification. If that user moves assets into self-custody, the risk changes shape.

Self-custody removes a layer of platform dependency. It does not remove market risk, tax administration, phishing, wrong-address transfers or seed/key management risk. That distinction matters in the Dutch context, where many retail users are moving between regulated exchanges, hot wallets, cold wallets, DeFi apps and stablecoins while still having to track their own records for Box 3.

The stablecoin point is especially practical. If a wallet is used for USDT, USDC, payments and DeFi, it becomes part of everyday crypto operations. That is different from a card locked in a drawer. Dutch users need to understand whether they want custody convenience, self-custody control, or a hybrid setup where only part of the portfolio moves off-platform.

The confidence barrier is still real

The report does not pretend self-custody adoption is easy. Its own data shows why people hesitate. Among users who do not use cold wallets, the largest barrier is perceived lack of need at 32%. Knowledge and understanding gaps matter too. Cost and usability barriers are lower, but still visible.

Fear of irreversible loss is the more profound problem. The report says 70% are concerned about losing funds if a wallet is lost or damaged, 62% worry about irreversible transaction errors and 61% worry about wallet theft, hacking or tampering. Those are rational fears. A cold wallet gives control, but control includes the ability to make permanent mistakes.

Experience changes the picture. Cold-wallet users are more likely than CEX-only users to say self-custody feels safer, offers more flexibility, and provides access to apps beyond exchanges. The report’s conclusion is simple: understanding creates relevance, experience reshapes perception, and confidence determines whether users act.

Tangem’s own growth fits the thesis

Tangem says the shift is visible in its own numbers. The company reported 61.3 million dollars in 2025 revenue, up 102% year over year, and a 50% increase in monthly active users. Those are company-provided figures, but they fit the broader thesis: demand is moving from storage-only hardware toward wallets that people actually use.

This also connects to our earlier CryptoFocus interview with Tangem Pay’s Marcos Nunes. His argument at Money 20/20 Europe was that self-custody only goes mainstream when the product stops feeling like crypto homework. The new report gives that view data support.

The takeaway is not that every Dutch user should move everything into a cold wallet. That would be too simple. The better takeaway is that custody is becoming a portfolio decision. Some assets may stay on regulated platforms for liquidity and fiat access. Some may move into self-custody for control. Some may sit in wallets that are used actively for stablecoins, DeFi and payments. The important part is knowing which risk you are choosing.

This article is informational and not financial, tax or legal advice. Crypto-assets, stablecoins, DeFi applications and self-custody tools involve risk. Always verify platform status, wallet setup, recovery process, tax consequences and your own risk tolerance before moving capital.