In a compelling vision of the future of finance, Tangem CEO Marcos Nunes proposes a significant shift away from traditional banking models toward a self-custody paradigm. Nunes, whose expertise extends to fintech experience at Teya, suggests that as digitization progresses, users will increasingly prefer to manage their own money. He asserts, “I don’t believe in custody anymore,” emphasizing that the current banking model prevents users from maximizing the utility of their funds.
Nunes explains that rather than the extinction of traditional banks, their role will diminish as blockchain technology becomes more prevalent. He believes that the contemporary banking landscape should evolve from physical branches to digital solutions that prioritize user access, a shift he believes will empower individuals by providing the flexibility to manage their finances on their own terms.
At the heart of Tangem Pay’s strategy is the concept of “composable finance,” allowing users to customize their financial services without relinquishing control. Nunes envisions a financial ecosystem capable of serving “the 8 billion people out there,” suggesting that individuals will soon seek out solutions that offer simplicity, security, and low fees. While immediate adoption is not the primary focus, Nunes underscores the inevitability of a broader shift toward composable finance, stating that users will seek platforms that offer these capabilities, whether it be through Tangem or other similar firms.
Nunes forecasts that existing banking models are fundamentally flawed as they continue to operate on outdated systems. He hopes Tangem will play a role in gradually diminishing the relevance of traditional banks, as increased user expectation challenges these institutions to evolve. Since its launch, Tangem has reportedly experienced rapid growth, exceeding several million in total payment volume shortly after its inception.
Despite the upward trajectory, Nunes is candid about the complexities still inherent in the crypto landscape, recognizing that mainstream adoption remains hindered by the fragmented user journey. Tangem aims to abstract this complexity, allowing users to deposit and spend funds seamlessly while removing direct interaction with blockchain mechanics.
Positioning itself in a collaborative rather than adversarial stance, Tangem is integrating its services with established financial systems, rather than trying to undermine them. This pragmatic approach includes utilizing stablecoins like USDC as a core settlement asset, striking a balance between decentralized finance and the practicalities of real-world economic regulation.
The company is also venturing into hardware with products like a payment ring, designed to offer users constant access to their funds without relying on traditional banking tools. Such innovations signal a shift towards frictionless financial interactions.
Nunes’ vision for Tangem diverges significantly from traditional banking, revolving around transaction volume instead of deposits. He parallels this model to Google’s ad-driven approach, advocating a low-fee structure where users scarcely notice costs associated with transactions.
Looking ahead, Nunes anticipates Tangem will evolve into a comprehensive financial platform that merges storage, investment, and payment functionalities into one unified application. He believes that, in the long term, financial optimization will become paramount as users move beyond basic concerns about wallets and security towards maximizing their capital returns.
Ultimately, Nunes posits that the traditional banking paradigm has reached its peak, suggesting that the future will require a profound rethinking of how financial services are delivered and accessed. As these developments unfold, he expresses confidence in the irreversible nature of this evolution, indicating that user expectations and technological advancements will ultimately redefine the landscape of financial interactions.
