In a pivotal development poised to reshape the financial landscape, Tangem AG, a global leader in secure hardware wallet solutions, has entered into a partnership with Visa, the world-renowned leader in digital payments. This collaboration seeks to introduce an innovative self-custodial payment solution that merges a Visa payment card with a hardware wallet. This groundbreaking initiative will enable users to make seamless and secure payments using their crypto or stablecoin balances at any merchant accepting Visa.
The introduction of the Tangem Visa card represents a significant leap forward in integrating traditional banking with digital assets. Scheduled to be available across Europe, this advanced technology will not only benefit Tangem users but will also be accessible to other issuers looking to leverage it for their customers. By embedding a private key within the card’s chip and necessitating the physical card for every transaction, Tangem ensures users maintain exclusive control over their assets, thereby eliminating the need for third-party custodial solutions and enhancing security.
Cuy Sheffield, Vice President and Head of Crypto at Visa, underscored the critical role of security in this new venture. “At Visa, our commitment to security is ingrained in our pursuit to help evolve the crypto ecosystem. Our partnership with Tangem is aimed at driving the creation of next-gen payment solutions, and we are excited to work with Tangem to help enable effortless payments with digital currencies designed with security in mind,” Sheffield noted. Traditional custodial solutions often depend on third-party entities to manage user funds, which can introduce vulnerabilities. Tangem’s approach, embedding the private key within the card’s chip, ensures that users retain full control over their assets, thereby minimizing the risk of unauthorized access and enhancing overall security.
Andrey Kurennykh, co-founder and CEO of Tangem, expressed his enthusiasm about the partnership. “We are delighted that Visa has chosen to partner with Tangem, one of the most reliable and secure solutions for personal cryptocurrency storage. 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. 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,” Kurennykh explained. The Tangem Visa card is designed to offer users a seamless blend of convenience and control. By integrating the functionalities of a traditional bank card with the advanced capabilities of a self-custodial crypto wallet, Tangem is simplifying the management of digital assets for users and facilitating seamless payments.
Tangem’s self-custodial payment solution marks a significant stride towards a decentralized financial future. By empowering users to maintain control over their assets, Tangem is promoting a more secure and user-centric approach to digital finance. This development aligns with the broader trend towards decentralization in the financial industry, where users increasingly seek solutions that offer greater control and security. The card not only simplifies everyday transactions but also reassures users of the safety and autonomy of their digital assets.
Founded in 2017, Tangem is a Swiss-based company committed to driving the mass adoption of digital assets through its unique combination of smartcard-based hardware wallets and mobile applications. The company introduced its bank card-shaped hardware wallet in 2021, offering a seedless self-custodial multi-currency wallet that allows users to store, buy, earn, transfer, and swap over 6,000 cryptocurrencies and digital assets. Since its inception, Tangem has produced over 1,000,000 cards, with none having been hacked. The Tangem wallet is currently available in over 160 countries and continues to expand into new jurisdictions.
As Tangem and Visa continue to push the boundaries of digital finance, the collaboration heralds a new era in payment solutions. Users can anticipate further updates on the release and availability of the Tangem Visa card. This partnership not only highlights the evolution of payment solutions but also brings us closer to a decentralized financial future, where users have greater control and security over their digital assets.
For more information, please contact:
Darya Karpukova, CCO
press(at)tangem.com
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