SoftBank announces cryptocurrency payments bank card


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • New crypto bank card will contain both hot and cold digital wallets, and has been developed in partnership with a firm called Dynamics
  • Technology will enable the card to be embedded into the battery in an innovative move
  • "We are not doing simple cards, but are creating a flexible and faster life of the application scene and the future of payment integration”, says spokesperson

International financial services firm SoftBank has announced that it will be launching a new debit card designed to integrate crypto and fiat currencies.

SoftBank’s Wallet Card 3.0, as it will be known, will make the most of its own in-built encryption system to deliver a payment card with an integrated crypto wallet.

By combining a credit card service, a legal currency storage function and more, the new card will remove the need for long block confirmation timeframes.

The key function will be the elimination of other functions which is offered.

It will be possible to move seamlessly from fiat currency to cryptocurrencies, and an in-built Wi-Fi connection will power this.

The card will be physical to some extent and will be able to be embedded into a technology battery that lasts for three years.

For the end user, the benefits will be varied and vital.

Cards will be able to be issued earlier, preventing long wait times.

It will also bring down the number of occasions on which cards need to be re-issued.

In terms of security, this online money transfer card will also be able to be replaced if it is stolen.

This will be due to the existence of so-called “black technology”.

In a statement, a spokesperson for SoftBank SBC said that the new card will lead to “flexible and faster” application times.

"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", they added.

The new card has been developed in partnership with a company called Dynamics.

The cards will also be able to be used both “hot” and “cold”, which means that they can operate with and without Wi-Fi.

In a further statement quoted in the crypto press, SoftBank was quoted pointed out how many of the functions were “integrated”.

“In the version of Softbank Card 3.0, the Wi-Fi function, the fiat and digital currency switching buttons, and the information display screen are integrated”, they were quoted as saying.

“In the Wi-Fi module, the SBC implements a hot wallet when the Wi-Fi function is turned on, and a cold wallet when the Wi-Fi is turned off.”

To learn more about crypto-fuelled cross border payments innovations such as these, check out our magazine pages.

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