Tangem and Visa Partner for Crypto Wallet Cards
In A Nutshell
Tangem, a notable cryptocurrency wallet firm, has recently announced a groundbreaking partnership with Visa. This collaboration is set to bring about a new era in hardware wallet technology, integrating direct payment capabilities through Visa. Slated for release under the Tangem brand by the end of this year, this innovative product aims to merge the functionalities of a self-custodial crypto wallet with the convenience of a regular bank card. Visa has certified Tangem’s payment technology, heralding a significant move towards blending traditional banking with digital assets.
Tangem and Visa: Pioneering a New Payment Solution
In a strategic move on July 4, Tangem revealed its partnership with Visa, aiming to revolutionize how consumers utilize cryptocurrency for everyday transactions. Tangem’s Chief Technology Officer, Andrey Lazutkin, shared insights with Cointelegraph about the upcoming launch of a business-to-consumer (B2C) product, emphasizing the convenience and security it offers. Unlike conventional wallets, Tangem’s offering is distinguished by its Visa-certified payment technology, enabling users to spend cryptocurrency directly at merchants’ terminals or via online payment systems.
Introducing Tangem Pay
At the core of this novel wallet is Tangem Pay, a smart contract-based payment mechanism that allows for seamless crypto transactions without the need for a seed phrase. This feature not only enhances security but also simplifies the crypto spending process for everyday users. Tangem Co-founder, Andrey Kurennykh, highlighted the dual benefits of this integration, offering the ease of traditional card payments with the comprehensive control of a self-custodial crypto wallet.
Expanding the Ecosystem: A Platform for All Wallets
Tangem’s vision extends beyond its proprietary technology. The firm is set to launch a standard Web3 service, enabling users of any self-custodial wallet to issue cards under their own brand. This inclusive approach aims to facilitate broader adoption of crypto payments, allowing even banks and blockchain platforms to introduce cryptocurrency solutions seamlessly. Lazutin’s insights reveal plans to support a wide array of cryptocurrencies, starting with Tether (USDT) on the Polygon network, demonstrating Tangem’s commitment to versatility and user-centric innovation.
Visa’s Take on the Partnership
Visa’s Head of Crypto, Cuy Sheffield, expressed enthusiasm for the collaboration, emphasizing its potential to redefine payment methodologies. With a focus on simplicity and security, this partnership is poised to unlock new possibilities for digital currency transactions, making them more accessible to the general public.
Our Take
The alliance between Tangem and Visa represents a significant milestone in the quest to bridge the gap between the fiat and crypto economies. By combining the security and autonomy of a self-custodial wallet with the ease of use associated with traditional banking cards, this initiative paves the way for broader acceptance and use of digital currencies in everyday transactions. While the success of this venture will hinge on execution and user adoption, the potential it holds for enhancing the utility of cryptocurrencies cannot be overstated. As the landscape of digital payments continues to evolve, collaborations such as this are crucial in steering the future towards a more inclusive, efficient, and secure financial ecosystem.
