Tangem, a Swiss crypto wallet provider, has observed a significant disparity between global demand for crypto cards and their actual availability. Over 40% of Tangem Pay transactions originate from Latin America, with another 30% coming from the US. However, the company notes that regulatory, banking, and compliance hurdles limit where these cards can be issued and used.
Andrey Ilinskiy, head of Tangem Pay, highlighted that the availability of crypto cards depends on the alignment of demand, regulation, and banking infrastructure. This misalignment means that regions with high demand may not always have access to these financial tools. Tangem recently launched its first physical Visa card, allowing users to make purchases and withdraw cash from ATMs, but only 5,000 cards are initially available.
The company emphasized the benefits of self-custody, allowing users to fund their cards directly from their wallets and move funds back if the card is suspended. However, when these assets enter a regulated payment network, additional boundaries emerge. Tangem cannot currently deliver its physical cards to approximately 20 countries, including China, Russia, North Korea, and Palestine, due to KYC requirements, sanctions, and local banking rules.
Tangem is also introducing cashback rewards in Circle’s USDC stablecoin, offering 1% for Basic users and 2% for Plus users on eligible purchases. The company plans to showcase its first physical Tangem Pay cards at the Token2049 event in Singapore.