Tangem, a smart banknote platform and producer of smart card wallets, announced this Monday that SBI Crypto Investment Ltd., the digital asset venture investment company wholly owned by SBI Holdings Inc., has invested $15 million into its operations.
According to the statement released today, the investment from SBI Crypto Investment will support a breakthrough in the mass adoption of blockchain technology. Specifically, the cash injection will help Tangem accelerate the deployment of its technology in new industries, where there is a high potential for secure storage and circulation of blockchain assets.
These industries, as outlined by Tangem are cryptocurrencies and stable coins, initial coin offering (ICO)/tokenised asset offering (TAO) distribution, ticketing, digital identity, anti-counterfeit and more.
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Tangem launches physical Bitcoin notes
This investment from SBI Crypto Investment comes eight months after Tangem launched pilot sales of physical Bitcoin (BTC) notes. The notes, which are available in denominations of 0.01 and 0.05 BTC, aim to significantly improve the security of owning and circulating cryptocurrencies, as well as make the whole process easier.
Commenting on the cash injection, Andrey Kurennykh, the co-founder of Tangem said: “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 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”.
“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 Yoshitaka Kitao, the Representative Director, President and Chief Executive Officer of SBI Holdings Inc.