Investment Tech

Swiss Smart Card Maker Tangem Receives $15 Million from SBI

January 21, 2019


Swiss Smart Card Maker Tangem Receives $15 Million from SBI

Tangem, a Swiss-based cryptocurrency “smart card” wallet manufacturer, has raised $15 million in funding from Japanese financing company SBI Group. This news was confirmed by Tangem in a press release today.

Tangem first started issuing wallets in June 2018 with the aim of increasing crypto adoption by making tokens easy to spend. Their cards look just like gift cards or transportation cards (like MetroCards in New York City), so using them requires very little change in behavior from the perspective of the end user.

Tangem mentions stable coins, ICO token distribution, ticketing, anti-counterfeit, digital identity, and retail loyalty as areas where it will look to deploy its technology next, with the help of its new investment.

Said co-founder Andrey Kurennykh about the investment:

“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 crypto currencies 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”.

The investment marks yet another foray into the crypto space for the financial services giant SBI. In June of last year, the company announced it would be opening its own exchange in Japan and in September, it announced a partnership with blockchain and AI companies to accelerate its development of fintech services.SBI channels its crypto-related investments through its subsidiary, SBI Crypto Investment, which is the entity that directed the investment in Tangem. Just last week, SBI Crypto Investment announced it had invested into Swiss wallet startup, Breadwinner AG, makers of the BRD wallet, which provides a user-friendly onramp to bitcoin, ethereum, and other cryptocurrencies.