A debit card with both the traditional features of a debit card as well as the security of a blockchain wallet?
Yes, you read it right. The Japanese banking behemoth SoftBank has announced the launch of cryptocurrency debit cards. The Japanese bank will soon start providing debit cards equipped with IoT chips, and customers can use the new product as a cryptocurrency wallet as well.
SoftBank’s new product includes an IoT chip, WiFi connectivity that allows its clients to activate hot and cold wallet versions, a battery, programmability, and a small on-card display. The screen can be used to monitor funds in real-time, whether fiat money or cryptocurrencies.
Christened as ‘SBC Wallet Cards’, the new debit card was developed by SoftBank in collaboration with US-based wallet card developer Dynamics.
The newly developed debit card, featuring a built-in blockchain wallet, is currently available in Japan only. However, SoftBank has announced plans to make the new product available in other parts of the world, including the US, Dubai, Southeast Asia, and South Korea.
Apart from the functions of a traditional debit card, the newly developed product will also have the functions of a blockchain wallet. The card can be connected to WiFi. By switching the internet on and off, users can choose whether to use it as a hot or cold wallet.
As with any regular debit card, this one will be eligible for traditional transactions using fiat money, but clients can use it to spend or store digital assets.