SBI Holdings Announces Plans to Issue a Coin for Settlement using Blockchain Technology
SBI Holdings have conducted a demonstration experiment of a cryptocurrency used for settlement as published through their site. The token which has been dubbed the ‘S Coin’ will allow for charge and settlement on a smartphone. SBI Holdings has recently made leaps and bounds into the crypto space.
The demonstration is to test the settlement coin for the intended use of allowing consumers to purchase goods and services. Consumers who buy crypto for payments will be able to utilise the new coin as demonstrated.
The SBI Investment branch has launched a proof of concept for its settlement token exploring the usefulness of blockchain and DLT (Distributed Ledger Technology) for hopes of a cashless society. The token has been developed using the Orb blockchain platform which synchronises data and shares it with multiple nodes.
SBI Holdings has partnered with automatic cash device manufacture Glory who will be building and developing machines directly linked to the S Coin platform. Participants can use these machines to buy cryptocurrency S Coin to have them put on a ‘credit card’. These coins will be transferred to a digital wallet that is accessible through the smartphone application.
The company goes to explain there’s a need to adapt to changes in users’ payment devices and technology. Smartphones have become a popular choice for payments and further developments have seen many buying crypto to store on their phone.
With many new technological developments in the crypto space we are seeing improved applications and infrastructure. The creation of the S Coin for settlement could entice more to buy crypto as it helps commercial businesses to accept crypto with less risk.
Don’t forget to check out our platform BC Bitcoin to buy Cryptocurrency and keep up to date with the latest news in the crypto space.