Singapore Now Has 'Bitcoin Banknotes' - Coindoo

Singapore Now Has ‘Bitcoin Banknotes’

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May 4, 2018
2 min reading time

Tangem, a crypto hardware wallet company has begun the pilot sale of its ‘Bitcoin banknotes’ to Singapore’s market.

Tangem, which aims to make physical transactions using cryptocurrency more familiar to noob consumers, plans to produce in mass the notes in their “millions” by the end of the year.

In Singapore, a country whose regulations are very supportive of both cryptocurrency and blockchain technology, the notes will be available for purchase at the Suntec City branch of design store chain Megafash.

The Notes, which will come in denominations of 0.01 and 0.05 BTC ($92 and $463 respectively), are actually banknote-like hardware wallets based on a recently developed S3D350A chip from Samsung Semiconductor.

“Based on a recently developed S3D350A chip from Samsung Semiconductor, Tangem Note is the first… on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”

Tangem is the first hardware storage provider on the market that has all its electronics and cryptography certified to the security standards of Common Criteria EAL6+ and EMVCo.

The company claims that the notes are cheap enough to make to be used like actual cash.

“Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users”.

After a five-year term at VISA as Senior Vice President and Head of Innovation, Vijay Sondhi joins Tangem as Senior Strategic Advisor to take the platform to new markets and heights.

Kudelski Group has concluded a thorough review of the company’s security architecture, run by Jean-Philippe Aumasson. Tangem has now disclosed the full source code of its registered chip firmware with Kudelski for a complete security audit.

The wallet manufacturer already has its first shipment of 10,000 notes being delivered to prospective “partners and distributors,” which they will use in commercial pilots.

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