Cryptocurrency wallet provider Tangem has unveiled a new wallet that integrates Visa for secure and easy payments.
Tangem, known for its self-custodial wallets, has teamed up with Visa to create a hardware wallet that combines crypto storage with Visa payment functionality. This new product is expected to launch by the end of the year.
The wallet, branded under Tangem, introduces Tangem Pay, a payment feature that lets users spend cryptocurrency directly from their wallet at merchants’ payment terminals or online. This payment technology was certified by Visa in February 2022.
According to Tangem’s Chief Technology Officer, Andrey Lazutkin, “We received Visa certification and a patent for this technology, and now we have a product ready to introduce to the market.”
Tangem co-founder Andrey Kurennykh added, “This wallet provides a two-in-one solution—combining the convenience of a regular bank card with the capabilities of a self-custodial crypto wallet. It’s a big step towards merging traditional banking with digital assets, making it easier for users to benefit from both.”
Tangem’s wallet can function with or without a seed phrase, and Tangem Pay operates through a smart contract, with one card provided without a seed phrase.
Tangem Pay to Support All Self-Custodial Wallets
Tangem plans to make Tangem Pay available as a “standard Web3 service” for users of any self-custodial wallet, not just Tangem’s. The company is developing a platform to allow any wallet to issue branded cards and enable banks to integrate crypto solutions into their offerings.
Lazutkin mentioned that Tangem Pay will support various wallets like MetaMask, Ledger, and Trust Wallet. If a Tangem Pay card is lost or damaged, users can still access their accounts through their main wallet interface.
Initially, Tangem plans to support Tether (USDT) on the Polygon network, but the wallet will eventually accommodate a wide range of cryptocurrencies. Tangem currently supports at least 59 networks, including Bitcoin and Ethereum.
Visa’s Head of Crypto, Cuy Sheffield, highlighted the importance of this partnership, saying, “Our collaboration with Tangem is key to advancing next-gen payment solutions. We’re excited to work together to enable seamless payments with digital currencies designed with security in mind.”
Launched in 2021, the Tangem Wallet is a card-shaped, self-custodial cold wallet that supports both seed and seedless activation. According to a Tangem spokesperson, “80% of our users have activated their wallets without seed phrases using our smart backup technology.”
Summary Review: Tangem’s new Visa-integrated crypto wallet represents a significant advancement in bridging traditional financial systems with digital assets. By combining the security of self–custodial wallets with the ease of Visa payments, Tangem is setting the stage for more seamless and secure transactions in the cryptocurrency space. The collaboration with Visa aims to enhance user experience by allowing direct crypto payments at merchants and online. As the wallet supports various cryptocurrencies and is compatible with multiple self-custodial wallets, it could pave the way for broader adoption and integration of digital currencies in everyday transactions.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
