Tangem and Visa Unveil Innovative Crypto Wallet-Payment Card Hybrid
Tangem AG, a leading provider of secure hardware wallet solutions, has announced a partnership with Visa to introduce a novel self-custodial payment solution that combines a cryptocurrency hardware wallet with a Visa payment card. This innovative product, set to launch by the end of 2024, aims to bridge the gap between traditional banking and digital assets.
The new Tangem Visa card will allow users to make seamless payments using their crypto or stablecoin balances at Visa-accepting merchants across Europe. Unlike traditional custodial solutions, Tangem’s card embeds a private key within the chip and requires the physical card’s use for every transaction, ensuring users maintain full control over their assets.
Andrey Kurennykh, co-founder and CEO of Tangem, emphasized the significance of this development: “Our users will get a two-in-one solution – the convenience of a regular bank card and the capabilities of a self-custodial crypto wallet, all in one card. This is a significant step towards bridging the gap between traditional banking and digital assets.”
The technology, which received Visa certification in February 2022, introduces Tangem Pay, a payment system allowing users to spend crypto directly from their self-custodial wallet through merchants’ payment terminals or online payment tools. Initially, the system will support Tether (USDT) on the Polygon network, with plans to expand to other cryptocurrencies in the future.
Cuy Sheffield, Vice President and Head of Crypto at Visa, expressed enthusiasm for the partnership: “We are excited to work with Tangem to help enable effortless payments with digital currencies designed with security in mind.”
Tangem plans to make this technology available to other issuers interested in leveraging it for their customers. The company is also developing a software-as-a-service solution that will allow any wallet to issue cards under their own brand, potentially enabling banks to add crypto solutions to their product lines.
Since its launch in 2021, Tangem has produced over one million cards, with 80% of users activating wallets without seed phrases using the company’s smart backup technology. The wallet is currently available in more than 160 countries, with plans for further expansion.
