SBI 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.”