Visa and cryptocurrency wallet startup Tangem are working together to integrate self-custody and traditional payment methods with the introduction of hardware wallet technology.
As per the announcement made on July 4, their partnership is to introduce a new cryptocurrency hardware wallet technology. This cutting-edge device combines Visa’s payment network with Tangem’s self-custodial wallet.
According to Tangem Chief Technology Officer (CTO) Andrey Lazutkin, the new business-to-consumer (B2C) product will be sold under the Tangem name and should be available by year’s end. Lazutkin added, “We received certification from Visa and a patent for the technology, and now we have developed a product that we will soon be ready to present to the world.”
Tangem’s upcoming new crypto wallet, Tangem Pay, introduces a cutting-edge payment technology that enables users to spend cryptocurrency directly from their self-custodial wallet through merchants’ payment terminals or online payment tools.
Tangem’s co-founder Andrey Kurennykh highlighted the transformative nature of their new product, stating, “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.”
He emphasized that this development is a crucial step towards bridging the gap between traditional banking and digital assets, simplifying the process for everyday users to benefit from both financial worlds.
Future Developments and Market Expansion
At first, Tangem intends to introduce a B2C solution as a “standard Web3 service” accessible to users of any wallet, not just Tangem, by the end of the year.
Tangem is developing a software-as-a-service (SaaS) platform that will enable banks and blockchain platforms to issue branded cards. This platform aims to facilitate the integration of crypto solutions into banks’ product lines and transform blockchains into payment platforms.
The new Tangem wallet will initially support Tether (USDT) on the Polygon network, with plans to expand to other cryptocurrencies. Currently, Tangem supports at least 59 networks, including Bitcoin and Ethereum, as per its website.
Impact on the Crypto and Finance Industry
This partnership has the potential to have a big influence on both traditional financial systems and the larger cryptocurrency industry by making cryptocurrency payments simpler and more secure. The adoption and use of digital currencies in regular transactions may increase as a result of this integration.
A Tangem Wallet set includes up to three identical cards, allowing multiple access points to one wallet, as per a spokesperson for Tangem. Notably, 80% of users activated their wallets without seed phrases, using Tangem’s smart backup technology for enhanced security and convenience.
Visa’s head of crypto, Cuy Sheffield, highlighted, “With our partnership with Tangem aimed at driving the creation of next-gen payment solutions, we are excited to work with Tangem to help enable effortless payments with digital currencies designed with security in mind.”
This collaboration between Tangem and Visa represents a significant advancement in the financial industry, positioning Tangem as a key player in merging traditional and digital financial systems.
Also Read: Ether.fi Introduces New Mobile Wallet and Visa Card
