SoftBank, a Japanese telecom and internet company, released the SBC Wallet Card. This card incorporates multiple features, including its encryption system and a cryptocurrency wallet.
On Dec. 1, Softbank announced in a press release the official launch of its SBC Wallet Cards (Softbank Card 3.0). The new card has all the basic features of a common bank card. But, it is set to disrupt the current cards in the market by integrating a new set of functions that puts it at the forefront of the industry.
SBC Wallet Cards provide better security and access than traditional wallets by relying on Softbank’s encryption system. With this cipher mechanism, users can chose between hot and cold wallets functions. It all depends on whether they enable the Wi-Fi functionality. This would help eliminate payment confirmation times allowing almost immediate settlements.
Softbank SBC Project Leader affirmed:
“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.”
The Future of Things
The battery-powered card also integrates Softbank’s Internet of Things (IoT) chips that enable it to connect with smart home appliances. SBC noted that this is the “first time that the Softbank card technology has come into life.” Users would be able to control their smart home devices using the card by “ by password, lender, debit, credit payment, etc.”
Softbank Card 3.0 can be managed through different bottoms on the card and a mobile application. With these, users can switch between fiat currencies and cryptocurrencies as well as handle their electronic payments and credit card functions.
Over 10,000 stores in Japan support the SBC Wallet Cards. And, it will become available in the United States, Southeast Asia, South Korea, and Dubai later on.
Softbank is the second largest company in Japan, and its endorsement of blockchain technology could push its adoption further. The Japanese multinational conglomerate holds stakes across different companies such as Arm Holdings, Alibaba, and Uber, among others.
Other Banks are in the Crypto Business Too
A Switzerland crypto-focused bank, SEBA Bank AG, formerly SEBA Crypto AG has announced that it is extending service to “clients from selected foreign jurisdictions” in December. A spokesperson for the bank stated that the selected jurisdictions are the U.K., Italy, Germany, France, Austria, Portugal, Netherlands, Singapore, and Hong Kong.
The bank recently became fully operational and started onboarding Swiss clients after obtaining a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA).
SEBA Bank aims to build a bridge between the traditional banking world and the crypto world. Its services include custody storage, trading and liquidity management, asset and wealth management, transaction banking, and tokenization.
The bank launched its investment business on Tuesday along with its index for crypto assets called the SEBA Crypto Asset Select Index (SEBAX). The bank has selected MV Index Solutions Gmbh (MVIS) to maintain the index and act as its administrator.