Japan SBI Group invests 15 million of dollars in acquisition of “smart card” wallet manufacturer

Tangem, the smart card cryptographic wallet maker, has received 15 million of dollars in investment from SBI Group, Japan’s leading financial services company. The new investment is said to support Tangem’s move of its headquarters to the “Cryptographic Valley” in Zug, Switzerland.

Starting with Zug, Tangem wants to develop new use cases for its physical smart cards, which It functions like a token wallet version of a banknote.in the Tokens wallet version. Each smart card stores a fixed amount of encrypted currency. The company intends to use these smart cards for daily encrypted currency payments.

“The application of blockchain technology to people’s daily lives is Tangem’s main mission,” said Andrey Kurennykh, chief executive of Tangem. Our technology can help many industries truly take advantage of blockchain technology and make personal lives safer and better through the use of financial inclusion and de-centric payment solutions. ”

Tangem was co-founded by Anselm Schmucki, a former head of ubs in Moscow, and claims to combine Swiss financial expertise with Russian IT expertise. Under chief executive Andrey Kurennykh, the company employs 13 people in Switzerland, Russia, Singapore and Hong Kong.

The startup is now working on the application of Tangem notes and has produced and sold more than 25,000 wallets for individuals and companies such as Cardano and RSK. Tangem first trial of its card wallet in the spring of 2018.

Tangem reportedly reached an agreement with the Marshall Islands government in January 2019 to issue physical banknotes for Marshall Islands’s national digital currency, the sovereign currency (SOV).