Tokyo-based financial service company SBI Group has invested the sum of USD 15 million into blockchain smart card wallet producer Tangem.
— Tangem (@Tangem) November 29, 2018
Tangem has been known to be among a few in the industry pioneering the production of hardware wallets for digital assets with its proprietary “physical banknotes of bitcoin”, described as a slimline hardware wallet for digital assets. It hinted on using the funds to further accelerate the deployment of its technology in other industries that support the physical distribution of blockchain assets.
Andrey Kurennykh, co-founder of Tangem, said : “We take the next big step on our mission to bring blockchain to people’s everyday life.”
Next to the complexity of the cutting-edge cryptographic solutions provided by blockchain is the need for security and streamlined use for cryptoassets that mimic traditional money qualities such as tangibility. While Tangem may be focused on the adoption of spendable cryptocurrency notes, security and portability still remain essential virtual commodities in cryptospace.
On the subject of hardware wallets, the need for crypto asset holders to protect their holdings in a more secure way cannot be overstated. Recent exchange hacks and shutdown have driven cryptocurrency owners to re-evaluate their storage options to consider the once that provide them with more control of their private keys. Perhaps, hardware wallet providers may soon have their field day with more adoption on the horizon.
However, that trip may not be so rosy after all. As oft as hardware wallets are considered secure comparable to the alternatives, these wallet class still have issues. About two weeks ago, UAE’s Beam wallet reportedly had a critical vulnerability; this was just one of several other reports of such glitches in the history of hardware wallet, even with major providers like Trezor and Ledger.
SBI Holdings Co Ltd has been increasingly showing a keen interest in cryptocurrency wallet providers, though its overall objective remains unknown. The first was with CoolBitX Ltd in March last year, a cold wallet provider based in Taiwan, where it holds about 40% investment share.
Last week, SBI Group was also reportedly involved in a funding round of another crypto firm Breadwinner AG, a Swiss-based wallet provider currently serving 1.8 million users in 170 countries.
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