More than 40% of Tangem Pay payments come from Latin America and over 30% from the US, while physical card availability remains restricted in some markets, the Swiss crypto wallet provider told Cointelegraph.
тАЬIt is not simply a question of where people want crypto cards,тАЭ Andrey Ilinskiy, head of Tangem Pay, told Cointelegraph, adding: тАЬIt is where demand, regulation, banking infrastructure and card-issuing requirements happen to line up тАФ and today, those maps do not always overlap.тАЭ
On Wednesday, Tangem announced its first physical Visa card for in-store and online purchases and ATM withdrawals, with an initial release limited to 5,000 cards.
The company said users can fund the card directly from their self-custodial wallet and move funds back to the wallet if the card is suspended or closed.
тАЬSelf-custody removes one major boundary: there is no custodian standing between the user and their assets. But when those assets enter a regulated payment network, another set of boundaries appears,тАЭ Tangem said.
Tangem delivers the cards in nearly 200 countries, excluding only 20
Tangem said it cannot currently deliver physical Tangem Pay cards to roughly 20 countries, including China, Russia, North Korea and Palestine.
The restrictions do not necessarily mirror rules governing crypto itself, according to the company. Know Your Customer (KYC) requirements, sanctions, local banking rules and card-issuing compliance can all determine where a crypto-linked card is available.
тАЬThe same conditions that can create demand for crypto as an alternative financial rail can make regulated card issuance more difficult,тАЭ Tangem said.
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Tangem is also introducing cashback in Circles USDC stablecoin, at rates of 1% for Basic users and 2% for Plus users on eligible purchases.
The company plans to showcase the first physical Tangem Pay cards at Token2049 in Singapore.
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