Tangem built a platform enabling its clients to store their blockchain-based assets securely. With the closing of a $7 million round led by Shima Capital and other investors, the fintech startup has obtained funds to accelerate its growth and advance its solution.
Founded in 2017 in Zug with branches in North America, Eastern Europe, and APAC, Tangem is a FinTech digital asset custody solution provider that enables the secure storage of blockchain-based assets. Its offerings include hardware and software wallets, tamper-proof NFC cards, and mobile applications. Its client group in 170 countries ranges from institutions and exchanges to individuals requiring secure digital asset storage.
Following the 2019 closing of its $15m funding round led by Japan’s SBI Crypto Investment Ltd., the digital asset venture investment company wholly owned by SBI Holdings Inc, Tangem has attracted new investors: Shima Capital which led its latest round and other undisclosed investors. The investors raised $7m for the startup.
Tangem intends to use the funds to expand its product offerings, scale its operations, and strengthen its presence in the digital asset custody space. The company plans to launch new hardware products and extend its support for additional blockchains.
According to Andrey Kurennykh, co-founder and CEO of Tangem, “We are thrilled to receive this investment from Shima Capital and other investors. This funding will enable us to accelerate our growth and continue to provide our customers with best-in-class digital asset custody solutions.”
(Press release/RAN)
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