Key facts
- Tangem Pay payments are predominantly from Latin America (over 40%) and the US (over 30%).
- Tangem cannot ship its physical cards to about 20 countries, including China, Russia, North Korea, and Palestine.
- The company is introducing cashback in USDC at 1% for Basic users and 2% for Plus users on eligible purchases.
- Tangem is launching with an initial release limited to 5,000 physical Visa cards.
Tangem, a Swiss crypto wallet provider, has launched its first physical Visa card, enabling in-store and online purchases and ATM withdrawals. The initial release is capped at 5,000 cards. The company noted that demand for crypto cards does not always align with regions where issuance is feasible due to regulatory and banking infrastructure challenges.
More than 40% of Tangem Pay payments originate from Latin America, with over 30% from the US. However, physical card availability is restricted in approximately 20 countries, including China, Russia, North Korea, and Palestine. These restrictions are attributed to factors such as Know Your Customer (KYC) requirements, sanctions, local banking rules, and card-issuing compliance, which differ from the regulations governing crypto itself.
Tangem Pay users can fund the card directly from their self-custodial wallet and move funds back if the card is suspended or closed. The company highlighted that while self-custody removes a barrier between users and their assets, regulated payment networks introduce new boundaries. Tangem plans to showcase the cards at Token2049 in Singapore and is introducing cashback in Circle's USDC stablecoin, offering 1% for Basic users and 2% for Plus users on eligible purchases.