Corporate Finance News, Hybrid Finance, DeFi

Mercredi 24 Avril 2019

Tangem Receives USD 15 Million Funding and Is Returning to the Crypto Valley

The Swiss company Tangem’s promising blockchain technology is now operational and ready for market-entry and everyday life.

The hardware wallet in the NFC smartcard allows to physically distribute and store cryptocurrencies and other digital assets. Through blockchain technology, the decentralized data is stored securely and is forgery-proof. A user-friendly app allows easy and fast access to the data from a smartphone. The renowned Japanese investor SBI is supporting Tangem with an investment of USD 15 million.

An interesting new resident for the Crypto Valley, Tangem, is moving its headquarters back to Zug. And the startup isn’t coming empty handed: The Blockchain company is bringing a promising new technology to Zug and to the market. The specialists of Tangem have successfully developed a solution that gets storing and securing data and information on the blockchain ready for mass adoption. Tangem is producing a physical smartcard and a smart tag under the same name, which allow safe and unforgeable storage of digital assets such as cryptocurrencies, contracts or certificates on a blockchain. With the Tangem technology, which has been tested and approved by the Kudelski Group, the validity of a Tangem Smartcard, and the assets its carrying, can easily be checked with NFC in an app on a smartphone. The technology allows to store and carry digital assets on physical plastic cards with a chip, NFC antenna and Private Key inside.

Tangem specialists are currently working on the concrete application of the technology, so Tangem Notes can be used as affordable hardware wallets for crypto assets. The Tangem notes are already available to purchase online through the Tangem store and offline in Singapore through partners. Additionally, the startup has produced and sold over 25,000 wallets for individuals and companies such as Cardano and RSK.

More Applications

• Another application of Tangem Smartcards is the acceptance of crypto payments in everyday life through existing payments infrastructure. Unlike debit crypto cards, an individual using a Tangem Smartcard will not have to give his cryptos to the blockchain custody of a bank.

• Additionally, Tangem provides another smartcard application, named Smart ID, which can be used in humanitarian emergencies and refugee crises: People deserving protection will receive cost-efficient and forgery-proof identities, based on the Tangem technology.

• Tangem technology in a new form-factor – Smart tag – provides also a cost-efficient and easy to use solution for securing ownership and provenence of physical goods of all kinds: from drugs to luxury.

Andrey Kurennykh, CEO of Tangem is looking forward to returning to the Crypto Valley: “It is the big 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 life of individuals safer and better through financial inclusion and access to the decentralized payment solutions.” As part of the Crypto Valley community as well as through local resources and partnerships, Tangem is getting one step closer to that goal.
Mathias Ruch, CEO of the investment firm CV VC recognizes the added value that Tangem is adding to the Crypto Valley ecosystem: “Tangem is a globally operating company and is bringing an impressive network from Asia to Zug, which can also be seen in the contribution from SBI.”

About Tangem
Tangem is a new smart card technology based on a breakthrough in microelectronics achieved in 2017. The technology allows to store and carry cryptocurrencies on physical plastic cards with a chip and NFC antenna inside, which will further drive the mass adoption of crypto assets. The Swiss startup, which is counting 20 employees, was founded with the expertise from Swiss finance professionals and Russian IT experts. Tangem is operating in Switzerland, Russia, Singapore, Hongkong.

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