Tangem, a start-up operating from Switzerland[1] and Singapore, has launched a pilot sale of physical notes of Bitcoin[2] (BTC), according to a press release[3] published May 3.
Tangem Notes, described as “smart banknotes” with a chip developed by Samsung Semiconductor, reportedly allow consumers to physically carry Bitcoin stored in denominations of 0.01 (about $96[4]) and 0.05 BTC (about $482[5]). The first pilot batch, consisting of 10,000 notes, will be shipped from Singapore[6] to potential partners and distributors around the world.
Tangem Notes at a manufacturing facility in Asia. Source: PRNewsfoto/Tangem
According to the press release, the idea behind creating physical notes of Bitcoin was in part to increase the ease of spending crypto, “improv[ing] the simplicity and security of acquiring, owning, and circulating cryptocurrencies.”
Singapore has developed a reputation as a hub for cryptocurrency[7] and blockchain development in Asia. Recently, The Singapore Fintech Association and the Fintech Association of Japan signed[8] a Memorandum of Understanding to collaborate on fintech development. Additionally, China and Singapore completed a shipment[9] of gasoline entirely using blockchain[10] technology in early April. In March of this year, Singapore’s central bank reaffirmed its commitment[11] to using blockchain for cross-border payments.
References
- ^ Switzerland (cointelegraph.com)
- ^ Bitcoin (cointelegraph.com)
- ^ press release (www.prnewswire.com)
- ^ $96 (cointelegraph.com)
- ^ $482 (cointelegraph.com)
- ^ Singapore (cointelegraph.com)
- ^ cryptocurrency (cointelegraph.com)
- ^ signed (cointelegraph.com)
- ^ completed a shipment (cointelegraph.com)
- ^ blockchain (cointelegraph.com)
- ^ reaffirmed its commitment
