Tangem, a Swiss crypto wallet provider, has revealed that demand for its crypto-linked Tangem Pay card does not align with global availability. Over 40% of transactions come from Latin America, and 30% from the US, yet physical card access remains limited in some regions. Andrey Ilinskiy, head of Tangem Pay, noted that card availability depends on factors like regulation, banking infrastructure, and compliance, which often don’t match demand.
The company recently launched its first physical Visa card, allowing in-store and online purchases as well as ATM withdrawals. Only 5,000 cards are available initially. Users can fund the card directly from their self-custodial wallet and transfer funds back if the card is suspended or closed. Tangem emphasizes that self-custody eliminates intermediaries but introduces new regulatory challenges when integrating with payment networks.
Tangem cannot ship its physical cards to about 20 countries, including China, Russia, North Korea, and Palestine. These restrictions are tied to KYC requirements, sanctions, and local banking rules, rather than crypto regulations themselves. The company highlights that the same conditions driving crypto demand can complicate regulated card issuance.
Additionally, Tangem is introducing cashback rewards in Circle’s USDC stablecoin, offering 1% for Basic users and 2% for Plus users on eligible purchases. The first physical Tangem Pay cards will be showcased at the Token2049 conference in Singapore.