Tangem introduces Visa-integrated crypto wallet for secure payments

The NFT Unicorn 4fc3452d-8562-4911-a178-93957935253a Tangem introduces Visa-integrated crypto wallet for secure payments Crypto News

Cryptocurrency wallet firm Tangem is collaborating with Visa to bring self-custody and mainstream payments together.

Tangem has partnered with Visa to introduce a new hardware wallet technology integrated with Visa payment cards, the firm announced on July 4.

The new business-to-consumer (B2C) product will be released under the Tangem brand and is expected to be launched by year end, Tangem chief technology officer (CTO) Andrey Lazutkin told Cointelegraph.

Tangem’s hardware wallet payment technology is certified by Visa

Tangem’s upcoming new crypto wallet introduces Tangem Pay, a payment technology that allows users to spend crypto directly from the self-custodial wallet through merchants’ payment terminals or online payment tools. Tangem received certification from Visa for this payment technology in February 2022.

Source: Visa Digital Partner Services

“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,” Lazutkin said.

“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,” Tangem co-founder Andrey Kurennykh said, adding:

“This is a significant step towards bridging the gap between traditional banking and digital assets, making it easier for everyday users to navigate and leverage the benefits of both worlds.”

While Tangem’s wallet solution is self-custodial and can function with or without a seed phrase, Tangem Pay is based on a smart contract and comes with one card without a seed phrase, Lazutkin told Cointelegraph.

Tangem Pay will be available for any self-custodial wallet

Tangem initially plans to launch a B2C solution available to users of any wallet, not just Tangem, as a “standard Web3 service,” Lazutkin noted.

The firm aims to develop a platform and is now working on a software-as-a-service solution that will “let any wallet issue cards under their own brand.” The technology is designed to enable banks to add crypto solutions to their product lines and allow blockchains to become “platforms for payments,” the exec added.

“Tangem Pay can be connected to any wallet like MetaMask, Ledger, Trust Wallet,” Lazutkin said, adding that users can still access their accounts through the main wallet interface if the Tangem Pay card is lost or damaged.

He also mentioned that there are no limitations to what cryptocurrencies would be supported on the new Tangem wallet, but the firm plans to start out with Tether (USDT) on the Polygon network.

At the time of writing, Tangem supports at least 59 networks, including Bitcoin and Ethereum, according to its website.

Visa’s head of crypto Cuy Sheffield emphasized that the company’s collaboration with Tangem is crucial for the future of payments. He stated:

“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.”

Launched in 2021, Tangem Wallet is a card-shaped self-custodial cold wallet allowing users to store cryptocurrencies like Bitcoin using both seed and seedless wallet activation.

“80% of our users activated wallets without seed phrases using our smart backup technology,” a spokesperson for Tangem told Cointelegraph.

Related: No, Denmark did not propose banning self-custody wallets

A Tangem Wallet set can contain up to three Tangem cards. “You get three equal cards to one wallet, just like having three identical keys to your room door,” the representative added.

The NFT Unicorn 2876ebcb-341e-4b93-b404-793cc29fa61d Tangem introduces Visa-integrated crypto wallet for secure payments Crypto News
Source: Tangem

Since its launch, Tangem has produced more than one million cards. The wallet is currently available in at least 160 countries and will expand to new jurisdictions in the future.

A self-custodial wallet is a type of wallet that is designed to store cryptocurrencies like Bitcoin without any intermediary. This means that a user directly holds crypto assets and has full control over the cryptocurrency stored.

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Source: Cointelegraph