SoftBank Reveals New Blockchain Wallet Card
- SoftBank’s new SBC Wallet Card can be used as a basic debit card and as a way to store cryptocurrency thanks to its built-in blockchain wallet.
- Managed through a special application, the card can be used both for hot and cold digital currency storage.
Illustration from Freepik
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.
- Coinbase has informed its customers that it will no longer provide support for Signature Bank’s Signet real-time payments network.
- The crypto exchange is now looking for an alternative payments network provider, while waiting for more clarity on the outcome of Signet.
Shutterstock
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.
- Both crypto exchange Coinbase and stablecoin issuer Paxos have stated that they will no longer accept or initiate U.S. dollar payments through Silvergate Bank.
- The two noted that cash transactions for institutional clients will now be carried out through their other banking partners, and that the move had no impact on pound and euro payments.