Financial giant of Japan SBI is testing its own crypto currency

The Japanese financial services giant SBI Holdings is testing a crypto currency that users can use to make retail purchases using a smartphone.

These tests are conducted to understand the capabilities and applicability of Blockchain technology. In addition, referring to Satoshi Nakamoto, the alleged Bitcoin crypto currency (BTC) developer, the company claims that it seeks to "improve" Nakamoto's vision. "

The announcement, made in conjunction with the technological startup Orb and Fintech-Glory company, indicates that SBI intends to test its new "S coin" token based on blockchain, which he describes as a "settlement coin" that allows "charge and settle" , using a smartphone.

SBI Group employees, using the S Coin platform for carrying out non-cash purchases in cafes and snack bars in SBI offices, are reportedly participating in the testing.

SBI states that access to the S Coin platform can be obtained through an ATM developed by Glory. He accepts credit cards and other means of payment for users, and issues crypto-currency to the company using the SBI proprietary mechanism.

The platform itself, according to the developers, is aimed at creating a crypto currency based on the Orb distributed register (DLT) technology, which can be adapted for specific purposes.

Recall that the previously hacked Zaif exchange received a third warning from the FSA of Japan.

Author: Olga Novikova, analyst of Freedman Club Crypto News
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