One of the Leading Japanese Financial Companies, SBI Group has determined to invest $15 million USD in Tangem, a "smart card" cryptocurrency wallet manufacturer. With the latest investment, Tandem will redistribute its business to another country. Most probably, the firm will transfer to Zug, Switzerland, which is the head of the Crypto Valley, the biggest crypto hub in the country.
From Zug, Tangem wants to build a new use case for its physical smart cards, the main product of the firm. As per the report, each of the smart cards will hold some amount of cryptocurrency. They can be acquired by the people who don't want to hold crypto for a long time but just use it for quick payments.
From this, we can say that the service is almost the same as the hardware wallet version of bank notes. Using this card, people will be able to make a quick crypto payment without internet.
Andrey Kurennykh, CEO of Tangem said,
“It is the main mission of Tangem to bring the application of blockchain technology to people’s everyday lives. Our technology can help many industries really benefit from blockchain tech and make the life of individuals safer and better through financial inclusion and access to decentralized payment solutions”.
Anselm Schmucki, Co-founder of Tangem was basically the former head of UBS and he determined to join skillful people from Russian as well as Swiss Industries in this project. The firm currently employees 13 people in four countries: Russia, Switzerland, Singapore and Hong Kong.
Later, the startup was able to solve more than 25,000 wallets, particularly to firms such as Cardano and RSK. The first sale was made in 2018 and from then the company is growing bigger and better. Later in January 2019, Tangem finally came to the agreement with the government of the Marshall Islands to provide physical banknotes for the sovereign (SOV), the state digital currency of the Marshal Islands.