Softbank, one of the popular banks in Japan, has announced the introduction of a new type of debit card for its clients. Reportedly, the bank will start providing debit cards equipped with Internet of Things (IoT) chips, and it would be usable as a cryptocurrency wallet as well.
Softbank Launches Cryptocurrency Debit Card
The popular Japanese bank, Softbank, announced today a new debit card that seeks to implement cryptocurrencies into traditional market products. 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.
The statement says that it will also have the functions of a blockchain wallet. Additionally, it appears that the card could be connected to WiFi. By switching the internet on and off, users can choose whether to use it as a hot or a cold wallet.
The Japanese banking institution seems to be implementing other aspects of technology, as well. The new debit card will reportedly be “smart” due to IoT chips, as well as a battery, and a small display on top of it. The screen can be used to monitor the funds in the card in real-time, and clients can operate both regular fiat money and cryptocurrencies.
Institutional Adoption For Cryptocurrencies
Banks are not generally quite fond of cryptocurrencies. However, there are several previous examples where some of them have made steps to either enter the market themselves or use the technology.
The U.K. branch of Santander Group announced a partnership with the third-largest cryptocurrency by market cap. The bank uses Ripple in commercial services for real-time cross-border payments.
Another giant in the banking field, JP Morgan, said earlier this year that the company will create its own cryptocurrency. It will reportedly be used to instantly settle transactions between clients of its wholesale payments business.
A possible game-changer came as recently as last week from Germany. As Cryptopotato reported, banks in the country might be able to store Bitcoin and other cryptocurrencies as of 2020. If executed properly, customers will be able to purchase and invest in digital assets directly from banks, which could lead the way for more adoption in traditional markets.