Japanese financial services giant SBI has invested $15 million in Tangem, a Swiss startup, and maker of a slimline hardware wallet for crypto-currencies.
The Swiss startup describes its product as a “smart banknote for digital assets” designed to be used just like a bank card. This product allows off-chain physical transactions to be used once cryptos have been loaded onto the device via an NFC-enabled smartphone. To put it simply, the product allows you to execute simple transactions such as store payments.
Tangem announced SBI’s involvement in the project on Monday by saying that it would help expand its technology to other areas such as stable coins, tokenized asset offerings, initial coin offerings, as well as digital identity.
The news was confirmed by SBI in a separate statement. SBI’s statement disclosed that the funds invested in Tangem were made available through the SBI Crypto Investment (A fully owned subsidiary of SBI) but did not disclose the amount invested in the product.
SBI explained their interest and investment in Tangem by saying that its wallet was “inexpensive” and “robust” and could help boost demand for crypto assets, as well as its own offerings. The president and CEO of SBI holdings had this to say about Tangem;
“The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote the mass adoption of digital assets and blockchain,”
He further added;
“We believe utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.”
This partnership adds to the list of partnerships SBI has had with other wallet makers such as the one sealed October last year with Blockchain security startup, Sepior that would see the development of a wallet for its crypto exchange VCTRADE.
SBI also acquired a 40 percent stake in Taiwanese cold wallet maker CoolBitX last March.
