Jul 6, 2024
$SOL
According to U Today. Tangem, a leading name in hardware wallet technology, and Visa, a giant in the card payment industry, have announced their most advanced collaboration to date. This integration aims to bridge the gap between cryptocurrency and traditional fiat payments, as well as the Web2 and Web3 B2C economic models.
In a major step forward, Tangem has unveiled a new Web3 platform designed for decentralized payments, now integrated with Visa's powerful payment system. Andrey Lazutkin, CTO of Tangem, explained that this development allows users of hardware wallets to utilize their crypto holdings seamlessly for everyday transactions:
"Users of any wallet can now open a decentralized account and obtain a non-custodial card for managing and making transactions," Lazutkin noted.
"Bridging traditional banking and digital assets.." https://t.co/HKrCesZi9R pic.twitter.com/JlBxAvlUaU— Chad Steingraber (@ChadSteingraber) July 5, 2024
While the exact release date for this product remains unspecified, it is anticipated to be available by the end of 2024. With an active patent approved by Visa until 2030, this innovative wallet technology will be marketed under the Tangem brand.
This development follows Visa's advancements in its stablecoin settlement infrastructure on Ethereum, starting from Q4 2023. The stablecoin USDC by Circle, which is the second-largest by market cap, has been central to Visa's cross-border money transfer architecture.
Cuy Sheffield, Visa's head of crypto, emphasized the significance of this new collaboration with Tangem for Visa's Web3 goals:
"We are thrilled to partner with Tangem to launch a new product that combines the convenience of a Visa card with the security of a hardware wallet. This integration allows users to spend their crypto or stablecoin balances at any merchant that accepts Visa," Sheffield stated.
This collaboration means that holders of over 50 cryptocurrencies supported by Tangem will be able to use their crypto assets directly at any Visa-enabled point of sale, both online and offline, just as they would with traditional bank-issued Visa cards.
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