BTC $71,807
2026 Bull Run Is Building Start trading with 5% OFF all fees
Sign Up Now
BTC $71,807
Bull Run 2026 | 5% Off Fees Open your Binance account today
Sign Up

SBI Testing A Crypto Token For Retail Payments

- Advertisement -

September 25, 2018 9:51 PM

This could be a baby step toward the first cashless society.

The Japan-based financial services company SBI Group has been very active in the cryptosphere as of late. Quickly becoming a leader in the area of cryptocurrency settlements and transactions, SBI offers a wide array of financial products, including some designed to ease the transmission of money to and from countries where banking services are either severely lacking or even nonexistent.

The company is now making strides toward a cashless society by developing a “settlement coin” intended to allow consumers to purchase goods and services via an application on their smartphone.

- Advertisement -

According to a September 24 press release, SBI’s investment branch has launched a proof of concept for its settlement token dubbed the “S Coin.” The S Coin is intended to allow settlements to be completed through an app on the user’s smartphone. The new digital token was reportedly developed using the Orb blockchain platform. According to its website, Orb is a “transaction platform where data is synchronized and shared to multiple nodes.”

SBI’s announcement states that the initial trial will only be open to employees of SBI Group. During the trial, participants will be able to use machines made by automatic cash device manufacturer Glory. These machines will reportedly be linked directly to the S Coin platform. Participants in the trial will use these machines to buy S Coin and put them on a “credit card.” Once loaded onto the card, the S Coin will then be transferred to a digital wallet that is accessible through an application on the user’s smartphone.

During the trial, employees of SBI will be able to spend their S Coin at local restaurants and bars surrounding the SBI headquarters in Tokyo.

The press release also indicated that the three companies are looking to “create a cashless society by offering various settlement infrastructure[s]” and are adapting to the “changes in users’ payment devices and technological innovation accompanying the spread of smartphones in recent years.”

Additionally, according to an article in Forbes, the money transfer arm of SBI Group announced it intends to use the digital token BitPesa to offer financial services to companies in Africa, in an effort to “help jump-start African commerce with Japan on a larger scale by adding a much-needed layer of trust and transparency.”

In June of this year, it was also reported that SBI had announced the launch of a crypto-trading platform called VCTRADE, which made it the first bank in Japan to create a cryptocurrency exchange.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

Like what you read? Follow us on X @Bitnewsbot to receive the latest S Coin, SBI or other Ethereum cryptocurrencies and tokens news.



Previous Articles:

- Advertisement -
Ad
Altseason Is Loading. Don't watch from the sidelines.
SOL $90.51
DOGE $0.0963
LINK $9.02
SUI $1.00
5% off fees when you sign up
Start Trading
Ad
Pay Less on Every Trade. For Life.
$10K/mo volume Save $60/yr
$50K/mo volume Save $300/yr
$100K/mo volume Save $600/yr
5% off all trading fees when you sign up
Claim Your Discount

Latest News

Google’s New Frozen v2 Chip Aims for 2028 Launch

Google is developing a new server chip called Frozen v2, designed to optimize its...

Russia Duma approves crypto for international trade

Russia's State Duma will hold final votes on a comprehensive crypto bill on July...

Saylor breaks 2.5x mNAV promise, stock plummets 75%

Strategy sold $14.3 billion of MSTR stock below the 2.5x mNAV threshold it pledged...

Microsoft Stock Eyes $500 After Analyst Sets $540 Target

Microsoft stock (NASDAQ: MSFT) opened Monday at $393 after briefly touching $401 last week,...

FATF: 84 global PPPs fight crime, crypto under-integrated

The FATF's July 2026 report identifies 84 public-private partnerships globally, but most operate at...

Must Read

Sushiswap vs Uniswap, What are the differences between these dex?

It's no secret that the world of decentralized exchanges has exploded in recent years. Many of you are probably wondering what the difference is...
Ad
Altseason Is Loading. These 4 coins are trending right now.
SOL $92.12
DOGE $0.0950
LINK $9.02
SUI $1.02
5% off spot fees when you sign up
Start Trading