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Tangem and Visa launch new crypto wallet for secure payments
Visa and cryptocurrency wallet startup Tangem are partnering to integrate self-custody and traditional payment methods with the introduction of hardware wallet technology.
As announced on July 4, their partnership is aimed at introducing a new hardware wallet technology for cryptocurrencies. This cutting-edge device combines Visa’s payment network with Tangem’s self-custodial wallet.
According to Andrey Lazutkin, Tangem’s Chief Technology Officer (CTO), the new business-to-consumer (B2C) product will be sold under the Tangem name and is expected to be available by the end of the year. Lazutkin added: “We have 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 new crypto wallet, Tangem Pay, introduces cutting-edge payment technology that allows users to spend cryptocurrency directly from their self-custodial wallet via merchant payment terminals or online payment tools.
Tangem co-founder Andrey Kurennykh emphasized the transformative nature of their new product, saying, “Our users will get a two-in-one solution: the convenience of a regular credit card and the functionality of a self-custodial crypto wallet, all in one card.”
He stressed that this development is a key step in bridging the gap between traditional banking and digital assets, simplifying the process to allow ordinary users to benefit from both financial worlds.
Future developments and market expansion
Initially, 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, according to its website.
Impact on the cryptocurrency and finance industry
This partnership has the potential to have a major impact on both traditional financial systems and the broader cryptocurrency industry by making cryptocurrency payments easier and more secure. The adoption and use of digital currencies in regular transactions could increase as a result of this integration.
A Tangem Wallet set includes up to three identical cards, allowing for multiple access points to a wallet, according to a Tangem spokesperson. Notably, 80% of users have activated their wallets without seed phrases, using Tangem’s smart backup technology for added security and convenience.
Cuy Sheffield, Head of Cryptocurrency at Visa, said: “Building on our partnership with Tangem to drive the creation of next-generation payment solutions, we are excited to collaborate with Tangem to enable simple payments with digital currencies designed with security in mind.”
This collaboration between Tangem and Visa represents a significant advancement in the financial sector, positioning Tangem as a key player in the union of traditional and digital financial systems.
Read also: Ether.fi Introduces New Mobile Wallet and Visa Card