Smart banknote platform Tangem has manage to secure a $15 million investment from SBI Crypto Investment, the digital asset venture investment arm of Japanese financial services giant SBI Holdings.
Tangem claims to be the first banknote for digital assets existing in the world. The company aims to resolve the issue of “physicality” of cryptocurrencies by offering the most secure and guaranteed space for users to trade their digital assets physically. The Tangem Note, which was launched in Singapore in May 2018, improves the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.
Tangem said that the investment will be used to accelerate the deployment of its technology in other industries where the secure storage and circulation of blockchain assets has the highest potential, including cryptocurrencies and stablecoins, ICO/TAO token distribution, ticketing, anti-counterfeit, digital identity, and retail loyalty and promotions.
“We take the next big step on our mission to bring blockchain to people’s everyday life,” said Andrey Kurennykh, co-founder of Tangem. “In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for crypto currencies 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 physical distribution of blockchain assets.”
SBI confirmed the investment, stating that it is expanding its capital and alliance with crypto-related venture companies to build digital asset-based ecosystems. It added that they will continue to concentrate on investing and partnerships with crypto companies with high technical capabilities, while seeking synergies with existing digital asset-related companies within the SBI group.
“The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote mass adoption of digital assets and blockchain,” said Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings Inc. “We believe utilizing Tangem will help stipulate the demand for other blockchain services provided by SBI.”
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