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“Smart banknotes” startup Tangem secures $15M from SBI Crypto Investment

Mon, 21 Jan 2019, 07:04 am UTC

SBI Crypto Investment, a digital asset venture investment arm of Japanese financial services giant SBI Holdings, has invested $15 million in Tangem, a blockchain smart card wallet provider.

Founded in 2017, Tangem is focused on boosting the adoption of cryptocurrencies by making them “look like cash and easy to use as cash.” The company operates out of Switzerland and Singapore with manufacturing in South Korea and Southern China, and R&D in Taiwan, Russia, and Israel.

Tangem develops a hardware-software platform to foster mass adoption of blockchain technologies. In May 2018, it launched pilot sales of physical bitcoin notes at the Megafash Suntec City store in Singapore.

In an announcement, SBI Group confirmed the investment in Switzerland-based Smart Cash AG, the developer of Tangem Notes, by SBI Crypto Investment.

"The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote mass adoption of digital assets and blockchain. We believe utilizing Tangem will help stipulate the demand for other blockchain services provided by SBI," said Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings Inc.

In its official release, Tangem said that it will use the funding to accelerate the deployment of its technology in industries where the secure storage and circulation of blockchain assets have the highest potential. These include cryptocurrencies and stable coins, ICO / TAO token distribution, ticketing, anti-counterfeit, digital identity, and retail loyalty and promotions, among others.

"In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for crypto currencies and tokens,” Andrey Kurennykh, co-founder of Tangem said.

“With this additional investment in 2019, we will be able to extend our product offering in other industries and provide better support to companies which embrace the idea of physical distribution of blockchain assets".

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