Tangem, a top producer of secure hardware wallet solutions, has announced a strategic agreement with Visa to create a self-custodial payment system for hardware wallets. This collaboration seeks to launch a Visa payment card integrated with a hardware wallet, allowing Tangem customers to pay with their cryptocurrency or stablecoin balance at any merchant location that takes Visa.
By providing a safe, self-custodial payment option, the collaboration hopes to provide customers more control and convenience in managing their digital assets.
Tangem and Visa Team Up
Tangem Visa cards will provide access to the breakthrough technology throughout Europe. Unlike typical custodial solutions, which rely on third-party corporations to maintain user funds, Tangem’s card contains a private key embedded in the chip, necessitating the usage of the physical card for each transaction. The goal is to improve user control, enhance security, and provide better results.
Andrey Kurennykh, Tangem’s co-founder and CEO, emphasized the significance of this development, saying, “Our users will get a two-in-one solution — the convenience of a regular bank card and the capabilities of a self-custodial cryptocurrency wallet.” The executive said that the teamup is a key step toward closing the gap between traditional banking and digital assets.
TradFi and DeFi Together
People will be able to gain advantage of TradFi and DeFi, a goal that has been a long part of the crypto space. Tangem aims to expand their technology to other issuers interested in providing similar solutions to their consumers.
Cuy Sheffield, Vice President and Head of Crypto at Visa, emphasized Visa’s commitment to security and its role in promoting the crypto ecosystem. “At Visa, our commitment to security is ingrained in our pursuit to help evolve the crypto ecosystem,” Sheffield told the crowd.
Visa and Crypto: A Long-Term Vision
In addition to its work with Tangem, Visa is actively looking into new ways to improve the efficiency and security of the financial ecosystem. Visa and JPMorgan Chase collaborated in May to examine the possibility of tokenizing cash and other assets, according to DL News. This project involves recording tokenized assets on a distributed digital ledger, which has the potential to greatly improve settlement times and lower payment processing costs.
The effort also intends to investigate how such a system may integrate within the current financial regulatory structure, maintaining compliance while furthering technical innovation. Visa and JPMorgan Chase seek to use tokenization to speed financial transactions and improve the overall efficiency of global payment systems.
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