Japan’s SBI Crypto Investment Co., Ltd. has invested 15 million U.S dollar in Tangem, a smart card wallet maker. Tangem is developed by Smart Cash, a Swiss manufacturer of crypto ‘smart banknotes’. The investment was announced in a press release published on January 21.
The press report notes that Tangem is a thin cold wallet which is expected to be delivered at a low price. Tangem is established in producing cryptocurrencies that are similar to cash also the wallet is simple to use as cash.
Andrew Pantyukhin, Co-founder at Tangem, posted on Twitter that Tangem raised $ 15 million from SBI Holdings.
Tangem presently draws additional financing to accelerate the deployment of its technology in other industries, where the secure storage and circulation of blockchain assets have the highest potential in the following areas:
- Cryptocurrencies and stable coins
- Initial Coin Offering (ICO) / Tokenized Asset Offering (TAO) token distribution
- Retail loyalty and promotions
- Digital identity
Andrey Kurennykh, the co-founder of Tangem stated in a press release that
“We take the next big step on our mission to bring blockchain to people’s everyday life. In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for cryptocurrencies and tokens.”
Andrey further explained about the company’s upcoming investments in 2019 and will be capable of extending the company’s product offering in other industries. With the investment, the company can provide better support to companies which include the idea of the physical distribution of blockchain assets.
As per the press release, Yoshitaka Kitao President & CEO of SBI Holdings Inc. stated “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.”
The SBI Group also published a notice stating that it is expanding its capital and collaboration with crypto asset-related venture companies to develop crypto asset-based ecosystems.
As per the notice, the company will advance to concentrate on funding and tie-ups with crypto asset-related companies with high technical abilities, while seeking synergies with existing crypto asset-related companies within the SBI group.
It is also worth reviving that SBI Holdings recently launched its ‘Money Tap’ mobile application in October 2018. The wallet has been designed in accordance with Ripple to include its xCurrent protocol. xCurrent is a payment module which provides swift and streamlined bank-to-bank transfers across the globe.
Will SBI Holdings invest more in crypto related business this year? Share your thoughts in the comments.