Financial Services Giant SBI Holdings Offering XRP Benefit to Shareholders
According to an announcement made Friday, the crypto-friendly financial institution is allowing shareholders to take their benefit in XRP or a different product offered by subsidiary group SBI Alapromo.
Shareholders with 100 to 1,000 shares in the registry as of March 31, 2020, or shareholders with over 1,000 shares for less than one year will be eligible to choose a benefit of 2,000 yen in XRP ($18) or a selection of health products. Holders who have been on the registry for longer than one year with more than 1,000 shares will be eligible for 8,000 yen in XRP ($74).
The XRP benefit is restricted to shareholders who reside in Japan. Holders are also required to have an account with SBI’s cryptocurrency exchange VC Trade, which opened in 2018 as the world’s first bank-backed trading platform.
SBI has a long history of interacting in the crypto space, including forming a joint venture with San Francisco-based Ripple to create a cash transfer app called Money Tap.