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…
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