SBI Holdings has recently announced an investment made for $15 million into the blockchain smart card wallet developer Tangem, through its subsidiary SBI Crypto Investment Ltd.
Swiss-based fintech company Tangem originally introduced their blockchain wallet for cryptocurrency during May of 2018. Coined as the world’s first physical manifestation for cryptocurrency, Tangem states that it allows users to carry crypto or any other kind of cryptocurrency by allowing an off-chain physical transaction to give crypto a cash-like quality. Similar to cash, a note is controlled by the person who’s currently holding on to it. By utilizing the card, transactions are immediately validated and complete no not extra fees.
The very first million Tangem Notes were introduced into circulation during 2018, and plans for a larger rollout have been made this year with the help of ATMs, money exchanges, vending machines, and retail outlets.
President and CEO of SBI, Yoshitaka Kitao, had this to say:
“The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote mass adoption of digital assets and blockchain. We believe utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.“
Smart card wallets are on the rise and soon will become a everyday asset with companies like Tangem making big splash around the globe. Having a handy card that can allow you to use the hard earned digital assets can definitely come in handy and with it’s plans of expansion for more available options of accessing said crypto coins can entice many new comers to the card.