Quick take:
- Tangem has announced an $8 million funding round led by Shima Capital.
- The hard wallet solutions provider wants to evolve into a self-custodial web3 storage services provider.
- The company previously raised $15 million in a round led by SBI Digital Asset Holdings.
Tangem has announced an $8 million funding round led by Shima Capital. The latest round brings the total fundraising to $23 million across two rounds.
SBI Digital Asset Holdings, a subsidiary of Tokyo-based Strategic Business Innovator Group led the previous round of $15 million.
Tangem is a digital asset management solutions provider focused on hard wallets. The company is looking to expand its ecosystem further in the self-custodial web3 storage solutions space.
In the funding round announced Tuesday, Tangem said it will use the fresh capital to ramp up its product offerings to solidify its position as a leader in the hardware wallet space.
Commenting on the fundraising, Andrey Kurennykh, CEO of Tangem expressed his excitement for a successful funding round saying: “We see great potential for our technologies to evolve as self-custodial storage experiences greater demand and more users choose to own their funds. The support from Shima Capital and the SBI Group will enable us to accelerate our growth and deliver enhanced solutions for secure digital asset management.”
Tangem is looking to increase its market share in an industry dominated by the likes of Ledger which announced a $108 million extended Series C round at the end of March.
Hard wallets are self-custodial, meaning users have total control of their digital assets while providing the highest levels of security.
Yida Gao, founder and Managing General Partner at Shima Capital expressed his enthusiasm for his company’s leading role in the funding round. “The team is poised for rapid adoption and we see Tangem as a major player in the crypto hardware wallet space,” he said.
On the other hand, Fernando Vazquez, CEO of SBI Digital Asset Holdings commented: “Tangem’s cutting-edge technology and integration with payment networks are highly promising.”
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