Tangem Launches Bitcoin Banknotes In Singapore

Announcements | May 4, 2018 By:

Smart banknote platform Tangem has launched pilot sales of physical bitcoin banknotes at the Megafash Suntec City store in Singapore.

Tangem, which seeks to make cash-like transactions using cryptocurrency more familiar to entry-level consumers, claims to be the first physical manifestation of digital assets. Tangem notes are smart banknotes based on a recently developed S3D350A chip from Samsung. It allows users to carry cryptocurrencies or any other digital assets. The company claims that the banknotes will make cryptocurrency transactions the same as fiat money. Physical transactions using Tangem will be free and instant.

Tangem also claims that the chip technology is highly secure and military grade, which makes it tamper-proof. Similar chip technology is used in SIM card and credit cards. If it gets hacked by any chance, the technology restricts access to other banknotes.

“The tamper-proof chip technology that is being used in Tangem banknotes addresses all known attack vectors on hardware and software levels,” Tangem said. “This tamper-proof chip technology developed has been continuously improved for decades for various government applications like identification and access control, or for the financial services and telcom industry.”

The physical banknotes are now available for purchase in denominations of 0.01 and 0.05 BTC ($92 and $463 respectively). In addition to the launch in Singapore, Tangem has distributed over 10,000 banknotes to prospective partners and distributors around the world for commercial pilots.