SBI Crypto Investment Ltd Invests $15 Mln in Tangem

SBI Crypto Investment Ltd, the digital asset venture investment company, wholly owned by SBI Holdings Inc., is to invest $15 mln in Tangem, a smart banknote platform, and producer of smart and wallets.

According to a Tangem statement, the investments made by SBI Crypto Investment will contribute to a breakthrough in the massive blockchain adoption. In particular, it will help Tangem in accelerating the introduction of technologies to the industries, where there is a high blockchain implementation potential as well as the interest in safe storage and assets’ turnover. Tangem refers to cryptocurrencies and stablecoins, ICO and tokenized assets (TAO), ticket sales, digital identification and much more.

Andrei KURENNYKH, the co-founder of Tangem, stated:

“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 physical distribution of blockchain assets.”

Previously, Tangem launched pilot sales of physical bitcoin notes. The issued notes were in denominations of 0.01 and 0.05 BTC. They were designed to increase the security of possession and exchange of cryptocurrencies, as well as to simplify the process of user interaction.

“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,”

— noted Yoshitaka KITAO, the Representative Director, President, and CEO of SBI Holdings Inc.

Image courtesy of Finder.com