SBI Group Puts $15 Million USD Into Tangem, the “Smart Card” Wallet Manufacturer

    One of the largest Japanese financial companies, the SBI Group, has decided to invest $15 Million USD in Tangem, a “smart card” cryptocurrency wallet manufacturer. With this new investment, Tangem will relocate its business to another country. Now the company will move to Zug, Switzerland, home of the so-called Crypto Valley, the largest crypto hub in the country.

    The goal os Tangem is to create new use cases for physical smart cards, the main product of the company. According to the press release, each of these smart cards will have some crypto in it. They will be able to be acquired by people that are not interested in holding cryptos for too long and just want to make quick payments with them.

    In this regard, the service will be very similar to the hardware wallet version of banknotes. With them, people will have easy ways to make quick crypto payments even outside of the internet.

    The CEO of Tangem, Andrey Kurennykh, has affirmed that the main mission of the company is to make the blockchain technology really closer to people’s lives. With the help of this technology, many industries will finally be able to benefit from having a more decentralized way to receive and to payments.

    Tangem’s co-founder, Anselm Schmucki, was the former head of UBS and he decided to combine the expertise of both the Russian and Swiss industries in this project. The company currently employs 13 people in four countries: Russia, Switzerland, Singapore and Hong Kong.

    So far, the startup was responsible for selling over 25,000 wallets, especially to companies such as Cardano and RSK. The first sale was made in 2018 and the company has been keeping its business busy since then.

    About The SBI Group

    Also known as Strategic Business Innovator Group, the SBI Group is a Japanese company founded in 1999 with the name of SoftBank. The holding company is publicly listed on the Hong Kong Stock Exchange and it launched the first cryptocurrency exchange owned by a bank in Japan last year.

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    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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