Japan's SBI invests $15m in Swiss blockchain player

Tangem produces smart cards, resembling bank notes or credit cards, that serve as physical representation of users’ assets in various cryptocurrencies such as Bitcoin and Ethereum. The cards were introduced last year and are intended to be used in the same way as traditional currency, in hopes of easing the adoption of blockchain technology in everyday life.

Tangem’s smart cards are linked to individual wallets and incorporate sophisticated encryption in order to prevent replication of a wallet or its assets. They also employ wireless communication for fast validation of the user’s assets.

With the investment from SBI, Tangem plans to accelerate the deployment of its technology in a wider range of sectors beyond cryptocurrency, where the secure storage and circulation that its cards provide will be useful. Potential uses include ticketing, digital identity, and retail loyalty applications.

“The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote mass adoption of digital assets and blockchain,” said Yoshitaka Kitao, president and CEO of SBI Holdings, in a statement. “We believe utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.”

SBI recently started SBI Crypto Investment in order to identify and support potential partners to strengthen its financial technology efforts. The firm has backed a number of Asian fintech players in recent years through its other investment units, including Japan’s Origami, Singapore’s InstaRem, and Malaysia’s Jirnexu.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Europe
• Financials
• Technology
• Early-stage
• Japan
• SBI Holdings
• TMT
• blockchain