May 28, 2019

Crypto payments soon to be accepted in Sweden through Tangem Smartcards

Bakyt Azimkanov

Global PR, Communications and Marketing Director

Cardano Foundation

Everyday retail payments in cryptocurrencies will soon be possible in Sweden through Tangem Smartcards. These cards, built on Tangem’s blockchain technology, are set for the market entry and user adoption. The solution—developed by the Swiss company—enables a mass use of storing and securing data, and information on the blockchain on a physical card with a chip – akin to everyday bank cards.

This technology allows Tangem Smartcards to easily accept crypto payments through existing infrastructures. As such, cardholders can soon be able to use their cryptocurrencies—like ada—for everyday retail payments through more than 200,000 POS terminals within Cyclebit network in Sweden following the global partnership agreement.

Unlike debit crypto cards, Tangem Smartcard holder will not have to give up cryptos to a bank’s blockchain custody.

Tangem Smartcards and Smart Tags safely host digital assets, such as cryptocurrencies like ada, contracts or blockchain certificates, and eliminates the risk of forgery. A simple NFC-enabled smartphone can be used to check the validity and the assets of a Tangem Smartcard, which also houses the Private Key.

The Private Key – the cornerstone of the modern hardware wallets – is generated by and permanently embedded into the chip on Tangem Smartcards during a secure process to which nobody has access to eliminating any manipulation of the key.

Furthermore, Smart ID – another Tangem application for smartcards – can be used in humanitarian emergencies and crises. One practical use, for instance, is issuance of cost-efficient and forgery-proof identities to people displaced by natural disasters and conflicts. And Tangem Smart Tag, a new form-factor, provides cost-efficient and easy to use solution for securing ownership and provenance of physical goods—from medicines to luxury items.

The security and correctness of Tangem technology are audited by the Kudelski Group, a listed Swiss security company. After the audit completion, the chip firmware cannot be modified even by Tangem and its intactness can be verified by an end-user in the smartphone app. The latter goes in open source along with the NFC communication protocol of the Smartcard.

About Tangem:
Tangem is a new smartcard technology based on a breakthrough in microelectronics achieved in 2017. The technology allows to store and carry cryptocurrencies on physical plastic cards with a chip and NFC antenna inside, which will further drive the mass adoption of crypto assets. The Swiss start-up was founded with the expertise from Swiss finance professionals and Russian IT experts. Tangem is operating in Switzerland, Russia, Singapore, Hong Kong. More about Tangem: https://tangem.com