- Companies will combine Visa card with hardware wallet.
- Users can make payments from crypto balance at Visa-accepting merchants.
Tangem, a provider of secure hardware wallet solutions, has partnered with Visa on a self-custodial payment solution for hardware wallets, it said in a news release.
The two companies plan to introduce a Visa payment card combined with a hardware wallet, which will enable Tangem users to make payments using their crypto or stablecoin balance at Visa-accepting merchant locations.
This technology will be accessible via a Tangem Visa card across Europe.
Unlike custodial solutions that depend on third-party entities to handle user funds, Tangem’s card embeds a private key within the chip and requires the physical card’s use in every transaction, helping 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 bank card and the capabilities 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 leverage the benefits of both worlds.”
Tangem will also make this technology available to other issuers that may be interested in leveraging it for their customers.
Cuy Sheffield, vice president and head of crypto at Visa, said: “At Visa, our commitment to security is ingrained in our pursuit to help evolve the crypto ecosystem.”
Tokenising
In another such effort, Visa joined with JPMorgan Chase in May in a project to test the feasibility of tokenising cash and other assets, DL News reported at the time.
Tokenising various assets on a distributed digital ledger and recording them in a single record of account could improve settlement times and costs, which holds promise for the world of payments processing in which Visa is a major player.
The project is also looking at how such a system might fit in the financial regulatory regime that governs the markets and the global payment systems.
Crypto market movers
- Bitcoin is up 2.10% today at $57,698.33.
- Ethereum is up 0.80% today at $3,031.78.