Switzerland-based Tangem, a company that produces blockchain-based smart card wallets, has raised $15 million from SBI Crypto Investment Ltd. Tangem’s crypto storage product was designed just like a bank card as it allows off-chain physical transactions to be used.
Photo Credit: Tangem
With this funding, Tangem plans to accelerate the deployment of its technology in other industries where the secure storage and circulation of blockchain assets have the highest potential such as cryptocurrencies and stable coins, 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 Tangem co-founder Andrey Kurennykh in a statement. “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 Crypto Investment Ltd. is a digital asset venture investment company that is owned by Tokyo-based SBI Holdings. Through this investment arm, SBI is expanding its existing partnerships and investments to digital asset-related venture companies.
“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,” added SBI Holdings representative director, president, and CEO Yoshitaka Kitao.
