SBI Holdings, the crypto-friendly financial institution, is set to provide its shareholders with an option of receiving their benefits in form of XRP.
On Friday, SBI Holding announced that shareholders will have the option of receiving their benefits in XRP as well as any other product provided by its SBI Alapromo, a subsidiary of the company that deals with cosmetics and health food.
According to the new scheme, fresh shareholders who are not one year old in the firm’s registry will have the option of receiving XRP worth 2,000 yen (about $18). Additionally, shareholders who have held the company’s stock for more than one year can receive XRP worth 8,000 yen or $73.50.
Alapromo also provides alternatives to the shareholders where they can receive health supplements, cosmetics as well as brown rice powder. All the shareholders will have the advantage of a 50% discount on all the cosmetics and supplements produced by the subsidiary.
SBI also gave out conditions on those who would prefer to get their benefits as XRP. the shareholders must be Japanese residents and own an account with VC Trade, SBI owned crypto exchange. VC Trade was started in 2018 boasting as the maiden crypto exchange supported by a major global bank.
SBI Holdings has been a key supporter for the mainstream adoption of crypto as well as usage of blockchain to offer business solutions. Apart from the crypto exchange platform, SBI also has a crypto mining firm which is reportedly developing arguably the global’s largest Bitcoin mining farm in Texas.
SBI Holdings has also teamed up with Ripple to form a joint blockchain venture that is actively developing XRP. the two firms have also come up with Money Tap which allows people to easily transfer money. The project has seen endorsement from various Japanese banks.
SBI Holdings has previously offered its shareholders an option to receive their benefits in XRM. last year in August, MorningStar Japan, an SBI subsidiary, gave out its dividends using XRP.