SBI Group invests $15 million in crypto wallet company Tangem

24 Apr, 2019
by David Robb
News
SBI Group invests $15 million in crypto wallet company Tangem

SBI Group has invested in a crypto wallet company, as reported by CoinTelegraph. Tangem manufactures a 'smart card' crypto storage solution, and has received $15 million in funding from the Japanese financial firm.

Tangem, which was founded in Switzerland, will be using the funding partly to relocate its operations to the country's 'Crypto Valley' area in Zug. The startup was co-founded by the former head of UBS's Moscow branch, Anselm Schmucki, and employs 16 people in Switzerland, Russia, Singapore and Hong Kong.

The hardware wallets that the company develops are physical 'smart cards' that can be pre-loaded with fixed amounts of crypto, functioning much like a banknote. Tangem wants to develop further use cases for its underlying technology, with the specific identity requirements resulting from humanitarian emergencies and refugee crises being a particular area of interest.

According to Andrey Kurennykh, "The big mission of Tangem is to bring the application of blockchain technology into people's everyday lives. In this way, people who have no connection to the traditional financial system should be able to exchange values ​​easily and securely. As part of the Crypto Valley community and through the use of all resources and partnerships, Tangem is one step closer to achieving this goal".

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