Swiss crypto wallet maker Tangem raises $8 million

Tangema startup that offers a hardware crypto wallet taking the form of a smart cardhas just collected 8 million dollars from Shima Capital and SBI Group.

Founded in the Swiss Crypto Valley in 2017, Tangem has developed a hardware wallet presented as a non-depository cold storage solution. The portfolio, which takes the form of smart cards and a mobile app, allows you to buy, sell and hold crypto-currencies but also access DeFi services.

“When you activate Tangem WalletThe card’s chip generates a random private key. Neither Tangem nor anyone else knows this. The card is used whenever you need to make transactions […] Unlike the seed phrase, your card key is never exposed – so it’s impossible to steal it or cheat you out of your funds “says the manufacturer on its website.

On Tuesday, the Zug-based startup announced that it had closed a 8 million funding round led by American VC Shima Capital.

The fundraising also includes the participation of SBI Digital Asset Holdings. The crypto arm of the Japanese financial services group SBI had already backed Tangem in its first round of funding in 2019 ($15M).

We see great potential for our technologies to evolve as self-service storage experiences increased demand and more users choose to own their funds. The support of Shima Capital and SBI Group will enable us to accelerate our growth,” commented Andrey Kurennykh, Tangem’s CEO.

The company now plans to expand its product offering. According to Fernando Vazquez, head of SBI Digital, the Tangem technology is “very promising “.

“We are delighted to lead this round of financing for Tangem […] We see Tangem as a major player in the field of crypto hardware wallets “Yida Gao of Shima Capital said.

In March, the French hardware wallet specialist Ledger raised another 100 million euros. Last fall, two other physical wallet manufacturers, Ngrave and Foundation Devices, also raised funds.

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