Smart card wallet producer Tangem has raised $15 million from SBI Crypto Investment for a new breakthrough in mass adoption of blockchain technology.
The Swiss startup plans to use the investment to accelerate deployment of its ‘smart banknote’ - holding digital assets on a physical card - technology in other industries where the secure storage and circulation of blockchain assets have the highest potential.
It identified these as cryptocurrencies and stable coins; Initial Coin Offerings (ICOs); ticketing; digital identity; and retail loyalty promotions.
Andrey Kurennykh, co-founder of Tangem, said that following the June 2018 launch of mass production of cards for carrying 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 physical distribution of blockchain assets”.
Yoshitaka Kitao, president and chief executive of Japanese digital venture capital firm SBI Holdings, added: “The Tangem hardware wallet is an important tool to promote mass adoption of digital assets and blockchain – we believe utilising Tangem will help stipulate the demand for other blockchain services provided by SBI.”
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