Japanese conglomerate SoftBank has published a press release on December 1st, 2019, announcing its newly-launched debit card with a built-in blockchain wallet feature developed with US partner Dynamics.
According to Cointelegraph, the debit cards are called SBC Wallet Cards and function as both a debit card and a blockchain-enabled crypto wallet.
SoftBank’s press release revealed that the product can be used as both cold and hot digital currency storage, which allows users to track balances in real-time.
At the moment, the SBC Wallet Cards are available only in Japan, with SoftBank disclosing that it will soon be introducing the debit cards in Southeast Asia, South Korea, the United States, and Dubai.
In recent months, SoftBank has embarked on several blockchain-related initiatives and has made significant investments in blockchain technology.
In November 2019, the company participated in a Series B financing round with other firms that succeeded in raising US$129 million for fintech company Opay, based in Lagos, Nigeria.
Meanwhile, fintech firm OneConnect, a Chinese company backed by SoftBank, has recently filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. If the IPO is approved, the firm could stand to raise US$100 million by listing on either the New York Stock Exchange or the Nasdaq Global Market.
SoftBank is also working with TBCASoft blockchain platform and tech giant IBM on a collaborative project to develop a cross-carrier telecommunications blockchain payment solution that will enable mobile carriers to access a blockchain platform through the Carrier Blockchain Study Group (CBSG) Consortium established by SoftBank and TBCASoft.
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