Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC. A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore.
Bitcoin Banknotes Debut in Singapore
Singapore: Digital asset banknote manufacturer tangem announced the launch of smart bitcoin banknotes. Tangem, the new smart banknote platform, launches pilot sales of physical bitcoin notes at the Megafash Suntec City store in Singapore.
The announcement states:
- Available immediately in denominations of 0.01 and 0.05 BTC
- Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryprocurrencies for both sophisticated and incoming users.
With headquarters in Switzerland’s cryptovalley Zug and Hong Kong, Tangem also has offices in Singapore, Moscow, and China, according to its website.
The company says it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”
How Tangem’s Smart Banknotes Work
Tangem explains that their bitcoin smart banknotes are:
“Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” Citing their ease of use, the company says there is “No special infrastructure, no complicated applications- just touch the banknote with an NFC- capable to be 100% sure it has valid assets.”
The company says that its banknotes are based on a recently developed S3D350A chip from Samsung Semiconductor, Tangem Note is the first hardware storage solution on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards. “Physically hand over the whole wallet together with the blockchain private key No transaction fees, no need to await confirmation blockchain.”
Competitor Opendime has long offered a physical product with a similar purpose but shaped more like a USB thumb drive and without any amount printed on them.
At the time of this writing, Tangem’s only publicly available code is fro its iOS and Android apps on Github. However, the company claims that it has shared the full source code of its proprietary chip firmware with a Swiss security firm, Kudelski Group, adding that this firm has completed an in-depth review and comprehensive security audit of its product’s architecture.