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SoftBank has introduced a new debit card that comprises a built-in hot and cold crypto wallet known as SBC Wallet Card enabling users to check balances instantly and easily switch from fiat to crypto.
The current roller-coaster that has hit the crypto space does not seem to prevent new investments in the industry. In that connection, Tokyo-based telecommunications conglomerate SoftBank has introduced a new bank card. The firm says that it can be used either as a traditional debit card or blockchain wallet.
According to a December 1 press release, SoftBank has come up with a debit card that has a built-in blockchain wallet functions. This milestone development was made in partnership with United States-based wallet card developer company, Dynamics. According to the announcement, the new product is known as SBC Wallet Cards.
Storage and Other Features
From now henceforth, consumers can effectively use the integrated blockchain wallet as both hot and cold cryptocurrency storage. Additionally, they can check their balance-related information and data in real-time. Currently, this card is available only in Japan. Nonetheless, SoftBank confirmed that it plans to spread the services of this product to Dubai, South Korea, Southeast Asia, and the United States in the future.
The surfacing of SBC significantly minimizes the preparation time before card issuance. Also, it reduces the issuance cost of many cards which, in turn, majorly improves the relationship between users/merchants and issuers. In the case of theft via electronic black technology, the issuer can quickly respond and replace this card.
This marks the first time that the SoftBank card technology has surfaced together with basic bank card functions. It lets users control smart home appliances by a lender, password, credit, debit payments, etc. Moreover, the user’s private assets are secure. The new SBC Wallet Cards have already got strong support from popular local agents.
Additionally, a payment network for 10,000 stores in Japan has been opened recently. The SoftBank team is making a huge break into the blockchain arena with these SBC Wallet Cards. With this card, users can switch between crypto and fiat by just pressing a button found on the SBC Wallet Cards app. According to an unnamed Softbank SBC Project Leader:
“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.”
SoftBank has keenly participated in a variety of blockchain-related projects in recent months. Furthermore, it has invested in different projects in this industry. In November, SoftBank partnered with several other industry players and participated in a Series B financing round of Lagos-headquartered fintech Opay. In that instance, the fintech raised a total of $120 million.
OneConnect, a SoftBank-backed Chinese fintech company, filed for an IPO with the United States Securities and Exchange Commission (SEC). According to that filing, the firm wants to raise $100 million. Besides, it is also targeting a listing on the New York Stock Exchange or even the Nasdaq Global Market, if approved.
In October, SoftBank’s blockchain platform called TBCASoft in partnership with the IBM technology giant firm introduced its partnership publicly. In that joint venture, the companies aspire to adopt a cross-carrier telecommunications blockchain payment solution.
Through the new affiliation, carriers will use blockchain via the Carrier Blockchain Study Group (CBSG) Consortium. CBSG was founded by TBCASoft and SoftBank.