In his recent tweet, the CEO of the SBI Group, Yoshitaka Kitao, shared a press release from SBI about providing crypto holders with access to Cool X Wallet.
This would allow them to withdraw digital assets from the company's exchange, SBI VC Trade, or simply use this plastic card as a cold wallet.
Thus, SBI's crypto exchange branch is expanding crypto adoption in Japan.
Accessing the new SBI VC Trade crypto wallet
A press release published on the SBI website states that customers who hold a balance of 1,000,000 yen ($9,471) or more on the SBI VC Trade crypto exchange are eligible to access the Cool X Wallet. This wallet is the size of a plastic card that can be used both for spending crypto by withdrawing it from one's account or simply by storing one's crypto on this card as in a cold wallet.
Cool X Wallet, the press release says, meets high security standards, like encrypting the private key and managing it offline.
Access to the wallet is provided free of charge if a user meets the aforementioned condition of keeping the necessary minimum balance on his/her SBI VC Trade account.
XRP users are eligible to use the wallet
As covered by U.Today on Feb. 4, SBI VC Trade has launched a crypto lending service for users of the fourth-largest cryptocurrency, XRP.
XRP holders now can use their holdings to earn interest. Initially, the service launched in November last year worked with Bitcoin only (at a minimum deposit of 0.1 BTC), but it has now expanded to XRP.
Users of this lending service are also eligible to access the Cool X Wallet from SBI VC Trade.