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Visa expands its cryptocurrency bet with this collaboration
Vladislav Sopov
The dominant card system Visa and Tangem, the industry’s leading hardware wallet manufacturer, have introduced a new payment instrument
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Hardware wallet giant Tangem and major card system Visa have shared details of their most advanced integration yet. The collaboration is designed to blur the lines between cryptocurrency and fiat payments, as well as between B2C Web2 and Web3 economic designs.
Visa and Tangem Announce Holistic Integration Between Hardware Wallet and Credit Card
Tangem, a manufacturer of high-end hardware wallets, has announced a new phase of cooperation with Visa card system. Tangem unveils a Web3 platform for decentralized payments, integrated with the maximum weight of payments.
As Tangem CTO Andrey Lazutkin explained, hardware wallet customers are now able to leverage their cryptocurrency deposits into seamless daily transfers:
Users of any wallet can open a decentralized account and get a non-custodial card to manage it and make transactions.
While the exact timing of the product’s release has yet to be announced, the product is expected to arrive by the end of 2024. With an active patent approved by Visa for a period until 2030, the new wallet technology will operate under the Tangem brand.
As previously reported by U.Today, starting in the fourth quarter of 2023, Visa has been ramping up its stablecoin transaction infrastructure on the Ethereum (ETH) and Solana (SOL) blockchains.
Circle’s USDC, the second-largest stablecoin by market cap, has been the cornerstone of this cross-border money transfer architecture.
Cryptocurrency payments become available at any Visa-enabled POS
Visa’s Head of Cryptocurrency, Cuy Sheffield, is excited about the importance of the new partnership with Tangem for its platform’s Web3 ambitions:
We are excited to collaborate to enable a new product that offers the convenience of a Visa card integrated into a hardware wallet that can be used to spend cryptocurrency or stablecoin balances at any merchant that accepts Visa.
Technically, payments will be facilitated through merchant infrastructure, consisting of both offline and online service points.
Therefore, holders of over 50 cryptocurrencies supported by Tangem will be able to spend their cryptocurrencies directly through specific Visa cards, just as they did previously with traditional ones issued by banks.
About the author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in IT analytics, 3+ years in blockchain.
He has worked both in independent analysis and in start-ups (Swap.online, Monoreto, Attic Lab etc.)