Japan`s financial services giant SBI Holdings is trialing a crypto token that can be used to make retail purchases with users’ smartphones. This was officially confirmed in a news release publishedSeptember 25.
The news release presents the trial as a key litmus test for blockchain’s possibilities and usefulness. SBI also alludes to the pseudonymous developer behind Bitcoin (BTC) Satoshi Nakamoto, claiming that the company aims to “improve” upon the “convenience of [Nakamoto’s]’ vision.
The announcement – made jointly with tech startup Orb and fintech company Glory – indicates that SBI it is now set to test its new blockchain-based “S coin” token, which it characterizes as a “settlement coin” allowing for “charging and settlement” using a smartphone.
The trial will reportedly entail SBI Group employees using the S Coin platform to complete cash-free purchases at cafes and eateries around the premises of the SBI headquarters.