News
Tangem Plans Crypto Visa Payment Card With Hardware Wallet – DL News
- Companies will combine the Visa card with the hardware wallet.
- Users can make payments with their cryptocurrency balance at merchants that accept Visa.
Tangem, a secure hardware wallet solution provider, has partnered with Visa for a self-custodial payment solution for hardware wallets, it said in a Press release.
The two companies plan to launch a Visa payment card paired with a hardware wallet, which will allow Tangem users to make payments using their cryptocurrency or stablecoin balances at merchants that accept Visa.
This technology will be accessible throughout Europe via the Tangem Visa card.
Unlike custodial solutions that rely on third-party entities to manage users’ funds, the Tangem card embeds a private key in the chip and requires the use of the physical card in every transaction, helping to ensure that users maintain exclusive control over their assets.
Andrey Kurennykh, co-founder and CEO of Tangem, said: “Our users will get a two-in-one solution: the convenience of a regular credit card and the functionality of a self-custodial crypto wallet.”
He added: “This is a significant step towards bridging the gap between traditional banking and digital assets, making it easier for everyday users to navigate and enjoy the benefits of both worlds.”
Tangem will also make this technology available to other issuers who may be interested in using it for their customers.
Cuy Sheffield, vice president and head of cryptocurrency at Visa, said, “At Visa, our commitment to security is rooted in our goal to help evolve the cryptocurrency ecosystem.”
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Tokenization
In another such effort, Visa joined JPMorgan Chase in May in a project to test the feasibility of tokenizing cash and other assets, DL News reported at the moment.
Tokenizing multiple assets on a distributed digital ledger and recording them in a single accounting ledger could improve settlement times and costs, which is promising for the payment processing world where Visa is a major player.
The project also examines how such a system could fit into the financial regulatory regime governing global markets and payments systems.
The drivers of the cryptocurrency market
- Bitcoin rose 2.10% to $57,698.33 today.
- Ethereum rose 0.80% today to $3,031.78.