Cryptocurrency

SoftBank Releases SBC Wallet Cards With Fiat/Crypto Options

Japanese multinational conglomerate SoftBank has announced the launch of SBC Wallet Cards, which utilize its own encryption system, and boast multiple encryption mechanisms, as well as hot and cold wallet functions.

Released on Nov. 27, SBC is designed to shorten the time before card issuance, as well as decrease the cost of having to issue multiple cards, while improving the relationship between users/merchants and issuers. If a card is lost or stolen, it can be quickly replaced through electronic black technology. The card also comes with an app that utilizes the most current trends.

As for the card’s technology, its legal currency storage function, credit card function and electronic payment service eliminates the time for block confirmation, leading to faster redemption and payment. The Wi-Fi function, the Fiat and digital currency switching buttons, as well as the information display screen are integrated into the card. When the Wi-Fi function is turned on, the card implements a hot wallet, while a cold wallet is put into effect when the Wi-Fi is turned off. The card is embedded with a paper-thin battery that can be used for three years.

SBC Wallet Cards have received support from local agents in Japan, and a payment system for 10,000 stores in the country has already been opened. The card is also set to become available in the United States, Southeast Asia, South Korea and Dubai.

“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,” said the project leader of SoftBank SBC in a press release.

The announcement comes as SoftBank reported a $6.5 billion loss last month, its first quarterly drop-off in 14 years, and far bigger than analysts’ estimates. The $10 billion-plus WeWork bailout — an investment that CEO Masayoshi Son called an error in judgment — triggered a loss of $8.9 billion for SoftBank’s Vision Fund, as well as a smaller fund.

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