SBI Crypto Investment injects $15m in Swiss blockchain wallet Tangem

Swiss blockchain smart card wallet producer Tangem announced it has raised a fresh funding of $15 million from SBI Crypto Investment.

The company said it will continue to accelerate the deployment of its technology in other industries, where the secure storage and circulation of blockchain assets has the highest potential, including cryptocurrencies and stable coins, ICO/TAO token distribution, ticketing, anti-counterfeit, digital identity and retail loyalty and promotions.

“In 2018, our technology was proven by the markets after we launched the mass production of Tangem cards for crypto currencies and tokens,” said Andrey Kurennykh, co-founder of Tangem.

Prior to Tangem, SBI Crypto Investment, a subsidiary of Japan’s financial service giant SBI Holdings, has invested in another Switzerland-based crypto wallet BRD – a company that has been present in 170 countries with 1.8 million downloads by Android and iOS users.

“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 utilising Tangem will help stipulate the demand for other blockchain services provided by SBI,” said Yoshitaka Kitao, representative director, President and CEO of SBI Holdings.

Tangem has operational in Asia, covering Singapore, Hong Kong, Taiwan and several cities in China.

This is not the first time SBI Holdings has invested in the crypto space. In August 2018, it announced a second investment in cryptocurrency exchange LastRoots. Two months earlier, SBI had launched VCTRADE as the world’s first bank-backed cryptocurrency exchange.

SBI Savings Bank, a South Korea-based affiliate of the Japanese giant, has also reached a partnership with AI and blockchain firm Dayli Intelligence.