A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. 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.
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Bitcoin Banknotes Debut in Singapore
Digital asset banknote manufacturer Tangem announced the launch of smart bitcoin banknotes at the Megafash Suntec City store in Singapore on Thursday.
Megafash 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 cryptocurrencies 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 smartphone to be 100% sure it has valid assets.”
Illustration of how the banknotes work.
Transferring ownership of the notes is anonymous and instant, Tangem claims. “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.” Moreover, the company says that its banknotes are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”
Competitor Opendime has long offered a
