Crypto card access doesn’t match global demand, Tangem says
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Tangem, a Swiss crypto wallet provider, revealed that more than 40% of its Tangem Pay card payments come from Latin America and over 30% from the US, despite limited physical card availability in some markets. The company explained that card access depends not only on demand but also on regulation, banking infrastructure, and card-issuing requirements, which do not always align globally. Tangem recently launched its first physical Visa card with an initial release of 5,000 cards and offers cashback in USDC stablecoin through Circle.
Why it matters
The source highlights that the global demand for crypto cards is constrained by regulatory and infrastructural factors rather than mere consumer interest. This distinction underscores the complexity of expanding crypto card access within regulated financial networks, affecting where and how users globally can engage with crypto-linked payment solutions.
Key context
Tangem delivers its cards to nearly 200 countries but excludes about 20, including China, Russia, North Korea, and Palestine, due to factors like sanctions, KYC rules, and local card-issuing compliance. The company emphasizes that restrictions on card issuance do not always align with the regulatory environment for cryptocurrencies themselves, illustrating differing challenges between crypto custody and regulated payment networks.
Key numbers and entities
Tangem, a Swiss crypto wallet provider, is the primary entity involved. Over 40% of Tangem Pay payments come from Latin America, and over 30% originate from the US. Initial physical Visa card release is limited to 5,000 cards. Cashback rates introduced are 1% for Basic users and 2% for Plus users in USDC stablecoin (Circle’s USDC). Cards are delivered to nearly 200 countries, excluding around 20.
What remains unclear
The source does not specify which markets beyond the named exclusions face restricted card availability or detailed plans for expanding card issuance in these areas. The long-term strategy for scaling physical card distribution and how regulatory barriers might be addressed over time are also not addressed.