What Crane Currency does

Crane Currency is a fully integrated banknote security solutions provider that serves central banks and governments worldwide, operating as a wholly-owned subsidiary of Crane NXT, Inc. (NYSE: CXT) following the 2023 corporate separation. Founded in 1801 in Dalton, Massachusetts, the company operates five manufacturing and R&D sites across the United States, Sweden, and Malta, employing over 1,300 people and serving more than 50 central banks globally. Its customer base spans long-tenured anchor relationships such as the U.S. Bureau of Engraving and Printing (since 1879), the Swedish Riksbank (via the 2002-acquired Tumba Bruk mill), and a growing roster of new issue programs across the Americas, Africa, and Asia Pacific.

The company's core technology is Crane Micro-Optics, a proprietary micro-lens-based security platform that produces engaging multicolor 3D animations on flat banknote surfaces, with raw materials and production equipment that exist nowhere else and have never been successfully counterfeited. The product portfolio spans micro-optic threads (RAPID Vision, RAPID HD, MOTION Switch, cBREEZE), the MOTION SURFACE patch feature for cotton, laminate, and polymer substrates, the DETECT infrared machine-readable layer co-developed with Crane Payment Innovations, and ENDURANCE durable cotton banknote paper with AST surface sizing. These are complemented by banknote design studios in Sweden, Malta, and the United States, and a state-of-the-art 14,000 square meter printing facility in Ħal Far, Malta opened in 2018.

Crane Currency monetizes through a direct enterprise sales motion targeting central banks and governments, with revenue derived from paper supply contracts, licensing and integration of micro-optic security features into third-party and proprietary banknote programs, full-service banknote printing at Malta, and professional design services. All pricing is conducted under custom multi-year contracts and tender processes, with no public price list. The business holds the highest-tier industry certifications (ISO 14298 Central Bank level, INTERGRAF 15374, BnEI accreditation) and a dense patent estate protecting the micro-optic platform.

Name

Crane Currency

Legal name

Crane & Co., Inc.

Website

https://cranecurrency.com

Company type

Private

Founded year

1801

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Crane Currency, a subsidiary of Crane NXT, Inc. (NYSE: CXT), provides proprietary micro-optic security features, durable banknote paper, design services, and printing to over 50 central banks and governments worldwide.

Ownership category

akta.pro rank

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Banknote Printing Services: Full-service banknote printing for central banks that don't have their own printing capability or choose to partner with Crane. Includes printing at state-of-the-art facility in Ħal Far, Malta opened in February 2018.
2. Security Paper Supply: Manufacturing and supply of security paper to central banks and printers, including supplying paper to U.S. Bureau of Engraving and Printing.
3. Micro-optic Security Features: Proprietary micro-optic security threads and features (MOTION, RAPID, MOTION SURFACE, cBREEZE) integrated into banknotes. Revenue from feature licensing and integration.
4. Banknote Design Services: Holistic design services for central banks including detailed drawings, 3D animations, sophisticated graphics, typography and technical production. Design teams operate across Sweden, Malta, and the United States.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Crane Currency is a fully integrated banknote solutions provider serving central banks and governments with proprietary Crane Micro-Optics security features (RAPID Vision, MOTION SURFACE, RAPID HD, MOTION Switch, cBREEZE, DETECT), ENDURANCE durable cotton banknote paper with AST surface sizing, banknote design services, and state-of-the-art commercial banknote printing at the Malta facility. The company manufactures security paper and security features, integrates them into banknotes, and offers custom design and end-to-end production from concept to final print.

Product overview

Crane Currency is a fully integrated banknote solutions provider offering a comprehensive portfolio of micro-optic security features, durable banknote paper, design services, and printing capabilities. The core product line centers on Crane Micro-Optics technology, which includes RAPID® Vision (high-contrast color movement thread), MOTION SURFACE® (large-format 3D effects), RAPID® HD (high-definition movement), MOTION® Switch (original micro-optic feature), and cBREEZE™ (for high-volume banknotes). These security features are complemented by DETECT technology for machine verification. Supporting offerings include ENDURANCE™ durable banknote paper with AST® surface sizing, comprehensive banknote design services with global teams in Sweden, Malta, and the US, and state-of-the-art printing facilities in Malta. The company also produces house notes for testing new technologies. Together, these products enable central banks to create engaging, counterfeit-resistant banknotes from initial concept through final print.

Differentiator

Problem solved

Functional benefit

Brands

• Crane Micro-Optics: Advanced micro-optic security features for banknotes including MOTION, RAPID, and MOTION SURFACE technologies
• ENDURANCE
• RAPID Vision
• MOTION SURFACE
• RAPID HD
• MOTION Switch
• cBREEZE
• Detect

Products and services

• RAPID Vision Micro-optic windowed security thread (4-6mm wide) delivering high-contrast, multicolor movement effects for instant banknote authentication, sold to central banks and integrated into currency by banknote printers. Includes Detect technology for machine-readability.
• MOTION SURFACE Highly customizable micro-optic security feature with large display area for 3D visual effects including Deep, Topo, Animate, and Shimmer, sold to central banks and applicable to cotton paper, laminates, and polymer substrates.
• RAPID HD Advanced micro-optic security thread providing high-contrast colors and sharp movement effects for both high-volume transactional and large-value store-of-value banknotes, available in widths from 3 to 6mm and sold to central banks.
• MOTION Switch First micro-optic security feature in banknotes, woven into paper with moving images framed within rectangular windows that switch and move perpendicularly when tilted, sold to central banks.
• cBREEZE Micro-optic security thread specifically engineered for low-denomination, high-demand banknotes, offering durability, security, and cost-effectiveness with Cubic, Ripple, and Stellar movement effects and Detect IR readability.
• ENDURANCE Banknote Paper Durable cotton banknote paper with AST surface sizing technology that increases banknote lifespan, provides a barrier to soiling and moisture, and maintains watermark quality, sold to central banks and banknote printers.
• Banknote Printing Services Full-service commercial banknote printing on cotton paper, laminate, and polymer substrates using advanced screen-printing and micro-optic stripe application at the ISO 14298 Central Bank-level certified Malta facility, offered to central banks.
• Banknote Design Services Holistic banknote design services spanning micro-optic design, banknote design, and technical design with teams in Sweden, Malta, and the US, provided to central banks for currency issuance and modernization projects.

Quantifiable outcome

• Over 150 denominations in 50 countries protected with Crane micro-optic technology
• +4 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Q&T Hi-Tech PolymerminorStrategic or Co-development Partner · 1 August 2023Vietnamese security printing company founded in 2016. Crane Currency signed agreement with Q&T in August 2023 for polymer currency production collaboration. Q&T won four competitive bids in 2024 and maintains working relationship with Vietnam's National Banknote Printing Plant for polymer currency production.
• Crane Payment Innovations (CPI)coreTechnology or IntegrationWorld leader in automated cash acceptance. Developed Detect machine-readable IR-based technology jointly with CPI for verification of Crane micro-optics in high-speed sorters and retail validators.
• CCL SecurecoreTechnology or IntegrationCCL Secure produces Guardian polymer substrate. Crane Currency produced The Beauty of Life house note using both ENDURANCE high-durability cotton paper and Guardian polymer substrate to demonstrate substrate-agnostic solutions for central banks.

Scale indicators11 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• De La Rue: UK-headquartered global banknote printer and security feature producer with end-to-end currency solutions (paper, security features, printing). Direct competitor in tenders for central bank currency production contracts worldwide.
• Giesecke+Devrient Currency Technology: German family-owned security technology company and one of the world's largest banknote security feature providers (RollingStar, Galaxy). Direct competitor across security threads, paper, and printing services for central banks.
• SICPA: Swiss provider of security inks, authentication solutions, and traceability technologies widely used in banknote production. Direct competitor in the security feature layer of currency manufacturing and government documents.
• CCL Secure: Manufacturer of Guardian polymer banknote substrate, partnered with Crane Currency for substrate-agnostic solutions. Direct competitor and collaborator in the polymer substrate market for high-durability banknotes.
• Orell Füssli Sicherheitsdruck: Swiss security printer producing banknotes, identity documents, and stamps. Direct competitor in banknote printing contracts and security document production for European and international central banks.
• Leonhard Kurz: German manufacturer of security foils, hot-stamping features, and optical security elements widely used in banknotes and identity documents. Direct competitor in the security feature and foil substrate category.

Broad incumbents

• Crane Payment Innovations: Sister company under Crane NXT and the world leader in automated cash acceptance. Co-developed the DETECT machine-readable verification layer for Crane micro-optics and serves as a complementary ecosystem rather than a competitor.
• IDEMIA: Global leader in identity and security solutions, including government-issued documents and authentication. Broader incumbent with adjacent rather than directly competing banknote security offerings.

Emerging players

• Authentix: Provider of authentication and brand protection solutions for currencies, excise tax goods, and consumer products. Overlapping capability in anti-counterfeiting authentication for central banks, with partial product overlap.

Others

• Brady Corporation: Manufacturer of identification solutions and specialty materials including security labels and tamper-evident features. Adjacent supplier ecosystem participant in the broader security printing industry.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/crane-ab

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crane Currency