Good ol’ cash still rules the world, though things are becoming increasingly digital across the planet. Most of us use credit and/or debit cards to make cashless transactions, right?
Well, what would happen if a cryptocurrency would be available in a physical form? Would that help drive the adoption?
One company wants to make physical Bitcoin banknotes
A new smart banknote platform called Tangem thinks a physical cryptocurrency makes sense, and so it launched a pilot sales of bitcoin notes at the Megafash Suntec City store in Singapore.
Available in denominations of 0.01 and 0.05 BTC, Tangem Notes promise to “radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.”
Tangem Note is actually a hardware storage solution that uses Samsung’s S3D350A chip, and its entire electronics and cryptography is certified to the Common Criteria EAL6+ and EMVCo security standards. In addition, the company has also taped Kudelski Group to conduct a comprehensive security audit.
The first shipment of 10,000 production Tangem Notes are set to be delivered to prospective partners and distributors around the world for commercial pilots.
As for the Tangem company, it is operating out of Switzerland and Singapore with manufacturing in South Korea and Southern China, and R&D in Taiwan, Russia, and Israel. For what it matters, Tangem’s team includes the former Senior Vice President and Head of Innovation at VISA, Vijay Sondhi, who serves as the Senior Strategic Advisor to guide the platform to new markets and verticals.
Singapore is a great place for crypto-based companies
Singapore is one of the few places opened for crypto- and blockchain-related innovations. In fact, the city/country has developed a reputation as an Asian hub for said technologies, with its companies, banks and other institutions working to adopt decentralized computing tech as we speak. So yes, launching a physical Bitcoin in a place where many folks are familiar with cryptocurrencies makes a lot of sense. What do you think?