Cryptocurrency wallet company Tangem is joining forces with Visa to blend self-custody with mainstream payments.
Tangem and Visa are set to launch a new hardware wallet technology integrated with Visa payment cards, as announced on July 4. This new consumer-focused product, branded under Tangem, is expected to debut by the end of the year, according to Tangem’s Chief Technology Officer, Andrey Lazutkin, in an interview with Cointelegraph.
Tangem’s hardware wallet payment technology has received certification from Visa.
The forthcoming Tangem wallet will feature Tangem Pay, a payment technology that enables users to spend cryptocurrency directly from their self-custodial wallet via merchants’ payment terminals or online tools. Tangem achieved Visa certification for this technology in February 2022.
Source: Visa Digital Partner Services
“We have obtained Visa certification and a patent for the technology, and now we have developed a product that we will soon introduce to the world,” Lazutkin stated.
“Our users will enjoy a dual benefit — the convenience of a traditional bank card combined with the features of a self-custodial crypto wallet, all in one card,” added Tangem co-founder Andrey Kurennykh.
Tangem’s wallet solution is self-custodial and operates with or without a seed phrase. However, Tangem Pay, based on a smart contract, is designed to function without a seed phrase and includes just one card, Lazutkin explained to Cointelegraph.
Tangem Pay will be compatible with any self-custodial wallet.
Initially, Tangem plans to roll out a B2C solution accessible to users of any wallet, not exclusively Tangem, as a “standard Web3 service,” noted Lazutkin. The firm aims to develop a platform and is working on a software-as-a-service solution that will enable any wallet to issue cards under their brand. This technology will allow banks to incorporate crypto solutions into their offerings and enable blockchains to serve as “payment platforms,” Lazutkin added.
“Tangem Pay can integrate with any wallet like MetaMask, Ledger, Trust Wallet,” Lazutkin said, noting that users will still be able to access their accounts through the main wallet interface if the Tangem Pay card is lost or damaged.
He also mentioned that there are no restrictions on the cryptocurrencies supported by the new Tangem wallet. However, the firm plans to start with Tether (USDT) on the Polygon network.
As of now, Tangem supports at least 59 networks, including Bitcoin and Ethereum, according to its website.
Visa’s Head of Crypto, Cuy Sheffield, highlighted the importance of the partnership with Tangem for the future of payments.
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 methods.
“80% of our users activated wallets without seed phrases using our smart backup technology,” a Tangem spokesperson told Cointelegraph.
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A Tangem Wallet set can include up to three Tangem cards. “You receive three identical cards for one wallet, just like having three identical keys to your room door,” the representative added.
Source: Tangem
Since its inception, Tangem has produced over one million cards. The wallet is available in at least 160 countries and plans to expand to new regions.
A self-custodial wallet allows users to store cryptocurrencies like Bitcoin without intermediaries, granting full control over the stored assets.
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