Japanese holding company SoftBank is making a big break in the blockchain payment area with its new debit card featuring a built-in crypto wallet, the firm announced in a press release on Sunday.
According to the press release, the new SBC Wallet Card can not only be used as a basic debit card, but can also store cryptocurrency thanks to its built-in blockchain wallet. The wallet can be used for both hot and cold digital currency storage, and to check balance-related information in real-time.
The firm further stated that the new card can be managed through a special application, which allows users to handle their fiat, digital currencies, electronic payment service, and credit card function.
SoftBank’s SBC Project Leader stated:
“We are not doing simple cards, but are creating a flexible and faster life of the application scene and the future of payment integration. The SBC we built does not close to other encryption cards. You’ll know the black technology only after you used it.”
For now, the card will be available exclusively in Japan, through a recently opened payment system for 10,000 stores. SoftBank further plans to roll out the product to Southeast Asia, South Korea, the United States and Dubai in the future.
This is not the first time that SoftBank participated in a blockchain-related projects. Last month, the firm participated in a series B funding round for Lagos-based fintech company Opay, which was able to raise $120 million.
In October, the company partnered up with IBM and blockchain platform TBCASoft in order to adopt a cross-carrier telecommunications blockchain payment solution.
The aim of the partnership was to enable carriers to leverage blockchain technology through the Carrier Blockchain Study Group (CBSG) Consortium, a global carrier blockchain consortium co-founded by TBCASoft and SoftBank.