SBI Holding’s Crypto Subsidiary Invest $15 Million in Operations of Blockchain Platform Tangem.

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

blockchain

SBI Holding’s Crypto Subsidiary Invest $15 Million in Operations of Blockchain Platform Tangem.

January 21, 2019

tangemSBI Crypto Investments Ltd., a subsidiary of SBI Holdings Inc., has invested $15 million in operations of Tangem, a banknote platform and producer smart card wallet. The investment was done with an objective for a breakthrough in mass adoption of the blockchain technology.

The investment into Tangem will help the company to accelerate its deployment of the new technology in new industries which has a high potential for secure storage and circulation of blockchain assets. The industries which are outlined by Tangem are cryptocurrencies and stable coins, initial coin offerings (ICO), tokenised asset offering (TAO) distribution, ticketing, digital identity, anti-counterfeit and other more industries. 

The investment by SBI Crypto is made post eight months after Tangem launched pilot sales of physical Bitcoin (BTC) notes. Such notes are available in denominations of 0.01 and 0.05 BTC, that helps to improve the security of owning and circulating cryptocurrencies. 

Andrey Kurennykh, 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 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 the physical distribution of blockchain asset.”

Yoshitaka Kitao, the Representative Director, President and Chief Executive Officer of SBI Holdings Inc commented:

“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 the physical distribution of blockchain assets. The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote the mass adoption of digital assets and blockchain. We believe utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.”

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