Business

Dennis Wafula

Tangem gets funding from Japan-based SBI Group

Tangem, Switzerland based crypto smart card wallet, has received funding from SBI Group. The company designed a hardware wallet that works as a smart banknote for digital assets.

Tangem launched the wallet in last year in June. The hardware allows clients to use it similar to a bank card, by using an NFC enabled smartphone. Customers can load their crypto assets and use them for payments.

This accomplishment and many more have attracted funding from SBI Group, a financial giant in Japan. The company has invested $15 million in supporting Tangem operations. The funding was made through SBI Crypto Investment, which is a subsidiary of SBI Group.

While commentating on the matter, SBI Holdings director, president and CEO said:

“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.”

While making the announcement, Tangem stated that the new funding would help it expand its product offering to other areas such as stablecoins, tokenized assets, initial coin offerings (ICOs), and digital.

The company hopes the new funding will also help them develop products that are spendable, like conventional smart cards, which are often used in loyalty programs and transport industry. In addition, it is looking to create anti-counterfeit and digital identity products.

In the press release, Tangen co-founder Andrey Kurennykh stated:

“We take the next big step on our mission to bring blockchain to people everyday life. With this additional investment in 2019, we will be able to extend our product offering to other industries and provide better support to companies.”

While this might be big news for Tangem, SBI Group has been making investments in several blockchain and crypto companies. SBI Group is working to create a crypto ecosystem through its investments and partnerships with entities in the crypto space.

It is barely a month into the year, and SBI Group has already made two investments. Last week, SBI invested an undisclosed amount of funds to Breadwinner AG, a Swiss company that develops crypto products. Breadwinner is responsible for launching the BRD mobile wallet.

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