CompoSecure Expands Arculus™ Capabilities: Launching NFT Support, Integrating WalletConnect and Adding Cryptocurrencies

Rhea-AI Summary

CompoSecure (Nasdaq: CMPO) has enhanced its Arculus Wallet™ to support NFTs, integrate WalletConnect, and add 16 new cryptocurrencies. This development allows users to send, receive, and securely store NFTs while facilitating access to the decentralized finance market. The NFT sector, projected to grow at a CAGR of 35.27%, underscores the wallet's significance amid rising NFT hacks. This expansion reflects CompoSecure's commitment to user feedback and product innovation, aiming for continuous enhancements in the crypto security space.

Positive

• Expansion of Arculus Wallet with significant new features, including NFT support and WalletConnect integration.
• Added support for 16 new cryptocurrencies, enhancing user flexibility and market reach.
• The NFT market is expected to grow at a CAGR of 35.27%, indicating potential market opportunity.

Negative

• None.

 CompoSecure’s Arculus enables users to secure their digital assets across the $44 billion NFT market volume and broader DeFi community through its advanced functionality

SOMERSET, N.J.--(BUSINESS WIRE)-- CompoSecure, Inc. (Nasdaq: CMPO), a leading provider of premium financial payment cards and cryptocurrency and digital asset storage and security solutions, today announced the expansion of its Arculus Wallet™ product capabilities, including NFT support, WalletConnect integration and support of 16 new cryptocurrencies. This significant boost in capabilities enables users to view, send and receive NFTs and connect to the growing DeFi (decentralized finance) market through the WalletConnect integration.

The Arculus Wallet™ App now supports Ethereum-based NFTs in a special “galleries” section of the app for intuitive navigation. Users can now securely view, send and receive NFTs, enabling self-custody. (Photo: Business Wire)

“We consistently monitor user feedback in an effort to ensure we deliver the strongest product offering for our customers. We have added a tremendous amount of new functionality into the Arculus Wallet, enabling it to be a secure gateway to easily and conveniently access the decentralized Web3 world,” said Jon Wilk, CEO of CompoSecure. “With the simple touch of an Arculus Key™ Card, users can unlock access to their DeFi and NFT worlds in addition to managing their cryptocurrency assets. We continuously strive to meet the needs of the market through well-designed, secure and elegant solutions that deliver peace of mind.”

User feedback plays a key role in product roadmap decisions for Arculus. The new Arculus Wallet features significantly expanded through today’s software release include:

• NFT Support: The Arculus Wallet™ App now supports Ethereum-based NFTs in a special “galleries” section of the app for intuitive navigation. Users can now securely view, send and receive NFTs, enabling self-custody. The NFT market is expected to accelerate at a CAGR of 35.27% over the next several years and that will also increase NFT hacks, which reached $52 million in the first four months of 2022, as opposed to only $7 million in 2021.
• WalletConnect Integration: Users can leverage WalletConnect to easily and seamlessly connect to any DeFi exchange or platform to access DApps (decentralized applications) exchanges for functions such as crypto-to-crypto transfers, lending and borrowing, as well as NFT marketplaces to quickly and securely purchase, send, receive or store any amount of NFTs through the multifactor authentication of the Arculus Wallet App.
• More Tokens/currencies: Arculus also recently added support for 16 more cryptocurrencies, which are all ERC20s on the Ethereum blockchain: Amp (AMP), Cronos (CRO), ApeCoin (APE), Curve DAO Token (CRV), dYdX (DYDX), Earn Finance (YFI), Fantom (FTM), Gala (GALA), Golem (GLM), HEX (HEX), Loopring (LRC), Nexo (NEXO), OKB (OKB), Quant (QNT), Ren (REN) and Wax (WAXE). In addition, the Company anticipates it will introduce support for Bitcoin Latinum (LTNM) by the end of June. Based on the Bitcoin blockchain, LTNM uses the energy efficient proof-of-stake consensus mechanism.

CompoSecure expects to introduce other enhancements to Arculus in the coming months as part of its continuous product roadmap.

Launched in 2021, the Arculus Key™ Card and Arculus Wallet App work together with a best-in-class, 3-factor authentication security solution (biometric, private 6-digit PIN and the Arculus Key Card), making it simple, safe and secure to store, buy, swap, send and receive cryptocurrency and other digital assets, such as NFTs. This solution provides intuitive controls and a familiar “tap to transact” metal payment card form factor to manage multiple digital assets in one easy-to-use solution.

Consumers can purchase the Arculus Key card at www.GetArculus.com or Amazon.com throughout the U.S., excluding Hawaii and Puerto Rico. The price for the Arculus Key card is $99 plus sales tax, which includes free shipping and handling.

For businesses looking for more information on how to leverage this security solution, please visit: www.getarculus.com/Business-Solutions/

For media wanting additional resources, please visit our online press kit.

About CompoSecure

Founded in 2000, CompoSecure is a leading provider of premium financial payment cards and cryptocurrency and digital asset storage and security solutions. The company focuses on serving the affluent customers of payment card issuers worldwide using proprietary production methods that meet the highest standards of quality and security. The company offers secure, innovative, and durable proprietary products that implement leading-edge engineering capabilities and security. CompoSecure’s mission is to increase clients’ brand equity in the marketplace by offering products and solutions which differentiate the brands they represent, thus elevating cardholder experience. For more information, please visit www.composecure.com. Arculus™ was created with the mission to promote cryptocurrency adoption by making it safe, simple and secure for the average person to store, buy, swap, send and receive cryptocurrency. With a strong background in security hardware and financial payments, the Arculus™ solution was developed to allow people to use a familiar payment card form factor to manage their cryptocurrency. For more information, please visit www.GetArculus.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of the Company’s management and are not predictions of actual performance. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. In some instances, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. You should understand that the following important factors, among others, could affect the Company’s future results and could cause those results or other outcomes to differ materially from those expressed or implied in the Company’s forward-looking statements: the ability of the Company to grow and manage growth profitably, maintain relationships with customers, compete within its industry and retain its key employees; the possibility that the Company may be adversely impacted by other economic conditions (including the rapidly evolving conflict between Russian and the Ukraine), business, and/or competitive factors; future exchange and interest rates; and other risks and uncertainties included under “Risk Factors” in the Company’s filings that have been made or will be made with the Securities and Exchange Commission from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that CompoSecure does not presently know or that CompoSecure currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. However, while CompoSecure may elect to update these forward-looking statements at some point in the future, the Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220621005365/en/

Wes Robinson

626-201-2928

wrobinson@olmsteadwilliams.com

Source: CompoSecure, Inc.

FAQ

What new features were added to CompoSecure's Arculus Wallet?

The Arculus Wallet now supports NFTs, WalletConnect integration, and 16 new cryptocurrencies.

How does the new functionality of the Arculus Wallet impact the NFT market?

The expansion allows users to securely view, send, and receive NFTs, tapping into a rapidly growing NFT market.

What cryptocurrencies are now supported by CompoSecure's Arculus Wallet?

Arculus Wallet has added support for 16 new ERC20 cryptocurrencies, enhancing user options.

What is the significance of WalletConnect integration in Arculus Wallet?

WalletConnect allows users to seamlessly connect to DeFi exchanges and access various decentralized applications.

What are the market trends regarding NFTs that may affect CompoSecure?

The NFT market is projected to grow at a CAGR of 35.27%, increasing the wallet's relevance and utility.