Cryptocurrency

Crypto Smart Card Wallet Makers Raise $15 Million Dollar from Japan Based SBI

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Switzerland based crypto wallet manufacturers Tangem, who innovated smart card wallets, have been able to raise $15 Million in funding from SBI Crypto Investment Ltd, a financial service company based in Tokyo.

As per the Tangem’s official website, the firm was able to innovate smart banknotes called ‘Tangem Notes,’ a proprietary slimline hardware wallet for cryptocurrencies. The plastic card, reportedly, allows consumers to carry their crypto assets physically. The smart card not only provides a cold storage solution for digital assets but can also be used as a debit card issued by a regular bank. The developers aim to make blockchain part of people’s everyday life.

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In June 2018, the smart banknote had their pilot sales at the Megafash Suntec City store in Singapore. They had delivered the first shipment of 10,000 production notes of 0.01 and 0.05 BTC to prospective partners and distributors for commercial pilots. Notes are embedded with S3D350A Samsung semiconductor and contain an NFC Antenna. There are accompanying apps available in Android and iOS, allowing the users to verify the authenticity and value of Tangem Notes via NFC. Tangem Note is explained as a separate, highly secure hardware cold wallet that is fixed to a specific cryptocurrency and can hold one private key at a time. The secure element chip inside a Tangem Note creates its private key and will never disclose it under any circumstances.

“In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for cryptocurrencies and tokens. 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 the physical distribution of blockchain assets” says Andrey Kurennykh, co-founder of Tangem.

Japanese finance giants SBI Group has been showing a keen interest in the field of Blockchain for quite some time. They even have their crypto division, SBI Crypto Investment which aims to embellish their presence in various aspects of the crypto industry.

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

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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