Swiss start-up Tangem is to release its pilot Bitcoin banknotes for use in Singapore. The bitcoin banknotes will be available at the Megafash Suntec City store in Singapore.
Tangem is a cryptocurrency platform focused on bringing digital currency usage to the masses. It’s product, the Tangem Note, is reportedly the first hardware storage solution of its kind on the cryptocurrency market. The products architecture is based on the S3D350A chip developed by Samsung and is certified by Common Criteria EAL6+ and EMVCo security standards.
The company’s press release stated,
“Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users,”
The bitcoin banknotes will come in denominations of 0.01 and 0.05 BTC ($92 and $463 respectively), the ‘notes’ are in fact banknote-like hardware wallets using technology from Samsung, Tangem claiming their cost makes them cheap enough to use like actual cash.
Vijay Sondhi joins Tangem as Senior Strategic Advisor to guide the platform to new markets and verticals. Vijay comes with a unique executive network and experience after a five-year tenure at VISA as Senior Vice President and Head of Innovation.
As Singapore sets the lead, Tangem is delivering the first shipment of 10,000 production of bitcoin banknotes to prospective partners and distributors around the world for commercial pilots.
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