SBI Holdings Considering XRP Shareholder Benefit Program

Michael LaVere
  • Japanese financial services giant SBI Holdings is considering issuing XRP as a dividend to shareholders.
  • Morningstar, a subsidiary of SBI, began offering XRP to clients earlier in the year. 

Japanese financial services group SBI Holdings is considering paying shareholder dividends in XRP. 

Earlier in the year MorningStar Japan, a subsidiary of SBI, began offering shareholders the option of receiving dividends in XRP. Now the Tokyo-based parent company is considering doing the same in an effort to boost adoption for cryptocurrency. 

According to a report by CoinTelegraph Japan, SBI CEO Yoshitaka Kitao said the financial services group is open to the possibility of an XRP shareholder benefit program. Speaking at a meeting for shareholders on Dec. 2, Kitao said the program would begin during the fiscal year ending in March 2020, and would be an opt-in for clients willing to accept crypto dividends. 

Kitao revealed the number of applications for the SBI VC Trade digital currency exchange has increased following Morningstar’s decision to offer XRP benefits. 

SBI Holdings has a history of working with Ripple, the parent company behind XRP, including their joint venture SBI Ripple Asia in 2016 to promote the use of XRP. According to a financial report released in Oct. 2019, SBI highlighted the importance of Ripple’s technology for use in its remittance division. 

Featured Image Credit: Photo via Pixabay.com

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.