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Swiss crypto startup receives $ 15 million in investment capital

Tangem, a Swiss crypto company that developed the so-called “smart card wallet,” has secured $ 15 million in investment capital from Japanese financial group SBI Group, according to an official press release dated January 21.

The crypto-company Tangem launched the first wallets of this type in June 2018 whose goal is to increase the distribution of cryptocurrencies by using them as a means of payment similar to chip cards in ticket systems (eg BahnCard) or customer loyalty programs ( eg Payback Card)

Ticket systems and loyalty programs are explicitly among the areas in which Tangem sees great potential for using crypto-smart cards, according to the press release. In addition, the technology should also be applied to the issuing of ICO tokens (Initial Coin Offerings), to digital identity assurance and to the fight against counterfeiting.

“With this additional investment in 2019, we will be able to expand our product offerings to other industries, and we will be able to better support corporate customers who are passionate about the idea of tangible blockchain valuables,” said Tangem co-founder Andrey Krennykh.

For the SBI Group this is another investment to develop in the crypto industry.

As Cointelegraph previously reported, the group is trying to establish itself in the industry in several ways. These include, for example, a separate crypto exchange in Japan or cooperation with banks using blockchain tools.

For this purpose, SBI has set up a special subsidiary, SBI Crypto Investment, which is also responsible for the investment in Tangem. Last week, the daughter had already invested in the Swiss wallet startup Breadwinner AG.

Published inCryptocurrenciesStartups

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