Financial services giant SBI Group has invested $15 million in a company which makes cryptocurrency wallets looking like regular credit and debit cards.
$15M Investment in Cryptocurrency Wallet Maker
According to an official press release, the Japanese based financial services company SBI Group has invested $15 million in a cryptocurrency wallet maker Tangem.
In an attempt to drive further widespread adoption of cryptocurrencies and to make them easier for everyday usage, Tangem develops cryptocurrency wallets which look exactly like regular cards.
That’s not SBI’s first march into the blockchain industry.
In October last year, the company teamed up with a blockchain security startup in Denmark to develop another dedicated wallet for a cryptocurrency exchange.
Cryptocurrencies For the Masses
Tangem’s mission is to accelerate blockchain adoption and the usage of cryptocurrencies in people’s everyday lives.
According to the company’s co-founder Andrey Kurennykh, the investment will enable them to improve and extend their product.
Speaking on the matter, the president & CEO of SBI Holdings Inc., Yoshitaka Kitao, said:
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.
Hardware wallets are particularly popular when it comes to storing Bitcoin and other cryptocurrencies.
They are known to provide a greater level of security for their owners compared to software (or “hot”) wallets, as they are not constantly connected to the internet.
What do you think of card-like cryptocurrency wallets? Let us know in the comments below!
Images courtesy of Tangem; Wikipedia