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Reltime raises $50M to bring Web3 biometric card with cold storage to market

Reltime raises $50M to bring Web3 biometric card with cold storage to market
 

Norway-based fintech Reltime has picked up a $50 million to scale its global Layer 1 Proof of Authority Web3 financial ecosystem, which includes a biometric payment card with cold storage and digital ID.

The funds are available via a strategic investment partnership with digital asset investment firm GEM Digital Limited.

Reltime’s Web3 financial ecosystem also includes ‘Proof of Deposit’ protocol, the Reltime Decentralized Exchange and NFT Marketplace, a Web3 banking-as-a-service solution, and the company’s Metaverse SDK.

The company teased an announcement “shortly” with details on the fingerprint biometric card.

“This global investment commitment represents an enormous opportunity for Reltime to strengthen our mission and vision and gives us a major boost of confidence that we are on the right track,” says Marlene Julo, co-founder, chair, CFO and anchor investor, Reltime. “We envision a world where the power belongs in the hands of the people—regardless of income, background, gender, race, ethnicity, banked, unbanked or underbanked status.”

As part of the deal, companies in GEM’s portfolio will explore opportunities with Reltime’s blockchain and Web3 financial ecosystem.

“We warmly welcome GEM on board as our new strategic investment partner, which opens new doors and broadens our global investor base,” says Peter Michel Heilmann, CEO, Reltime. “Following years of extensive R&D and hard work, Reltime is now ready to scale up and go global, offering unique, disruptive and valuable products and services. The investment commitment will significantly boost our ability to introduce new innovative technologies and solutions to the global marketplace.”

Reltime has previously said that its biometric cards will be offered first in Europe, Japan, India, Mexico and Brazil, before a broader global expansion.

 

Updated at 13:37 EST to remove a misleading reference to a partnership.

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