In a press statement published on August 10, Shinsei noted that it had opted to administer the rewards in either Ripple (XRP) or Bitcoin (BTC) in a partnership with SBI VC Trade. According to the bank, new and existing customers can earn up to 8,000 Japanese Yen ($60) worth of XRP or Bitcoin for carrying out the stipulated services, and it will run from August 10 to October 31, 2022. Under the plan, new users will be rewarded upon opening an account, while current customers have room to be rewarded with crypto exchange coupons. Customers selected through a lottery system will need an SBI VC account to redeem the coupons.
Attracting new customers through crypto
Notably, this is the first the facility is opting to offer crypto rewards for its program that has run for years. The incorporation of cryptocurrencies is viewed as a bid to attract more customers considering the rising popularity of digital assets. It is worth noting that the lender opted for XRP despite the token’s parent company Ripple being embroiled in a legal tussle with the United States Securities Exchange Commission (SEC). However, Ripple has established a reputation in Japan and across Asia as it pushes to have its technology power cross-border payments. For instance, Ripple’s expansion in Asia has seen the company partner with Japanese financial giant SBI Holdings. Additionally, the incorporation of XRP in the rewards program comes as Ripple revealed that more financial institutions are expected to incorporate crypto into their services. As reported by Finbold, Ripple noted that about 76% of worldwide financial institutions intend to utilize cryptocurrencies over the next three years. However, the incorporation will be based on the outcome of regulatory frameworks. Overall, financial institutions are guided by the benefits of cryptocurrencies.
