Tangem, a self-custodial crypto wallet provider, has announced a partnership with Visa to introduce a new hardware wallet technology that integrates direct payments through Visa. The collaboration aims to bridge the gap between traditional banking and digital assets, offering users a seamless and secure payment experience.
New Hardware Wallet Technology
On July 4, Tangem revealed its plans to launch a new business-to-consumer (B2C) product by the end of the year. This product, developed under the Tangem brand, will incorporate Tangem Pay, a technology that enables users to spend cryptocurrency directly from their self-custodial wallets at merchants’ payment terminals or online. Tangem Pay received Visa certification in February 2022, ensuring its compliance and reliability.
Source: Visa Digital Partner Services
“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,” said Andrey Kurennykh, Tangem co-founder. This innovation is seen as a significant step toward integrating traditional financial services with digital assets.
Self-Custodial Wallet Integration
Tangem’s wallet solution, which can operate with or without a seed phrase, will initially be available as a B2C solution for users of any wallet, not just Tangem’s. The company is also working on a software-as-a-service (SaaS) platform that will allow any wallet to issue cards under its own brand. This technology aims to enable banks to incorporate crypto solutions into their product lines and facilitate blockchain-based payments.
“Tangem Pay can be connected to any wallet like MetaMask, Ledger, or Trust Wallet,” said Andrey Lazutkin, Tangem CTO.
The new wallet will initially support Tether on the Polygon network, with plans to expand to other cryptocurrencies. At present, Tangem supports at least 59 networks, including Bitcoin and Ethereum.
Future of Payments
Visa’s head of crypto, Cuy Sheffield, emphasized the importance of the partnership in driving the creation of next-generation payment solutions. “We are excited to work with Tangem to help enable effortless payments with digital currencies designed with security in mind,” he stated.
Source: Tangem
Since its launch in 2021, Tangem Wallet has produced over one million cards and is available in 160 countries, with plans for further expansion. Tangem’s approach to self-custodial wallets provides users with direct control over their crypto assets, enhancing security and user autonomy in digital finance.
