Japanese Bank Offers $XRP or $BTC Rewards


Popular Japanese bank Shinsei Bank will begin awarding clients prizes in $XRP or $BTC starting on August 10 and lasting through October 31. Rewards in the campaign may reach up to 8,000 Japanese Yen, equivalent to around $60.

According to a local news source, these incentives are scheduled to be handed to consumers who match particular criteria, such as those who create new accounts with the financial institution and do specific activities.

Shinsei Bank customers who create a new account will get a 500 yen coupon worth around $3.7, while those who allocate their wages of 30,000 yen or more to the bank will receive a coupon worth up to 2,500 yen ($18). The vouchers may be redeemed through email and paid out for either $XRP or $BTC.

On a page advertising the campaign, it is written (roughly): All participants who meet the campaign participation requirements will get a crypto asset exchange voucher (equal to up to 8,000 yen) redeemable at SBIVC Trade for Bitcoin (BTC) or XRP (XRP).

The offering results from a new relationship with SBI VC Trade, the platform for trading cryptocurrencies operated by the Japanese financial services firm SBI. The bank is also conducting a lottery promotion in which 1,300 clients who deposit during the campaign time will get a “crypto asset exchange ticket” worth up to 10,000 yen.

Shiba Inu ($SHIB), maybe the most famous meme-inspired cryptocurrency in the world, and XRP, an immensely popular cryptocurrency that improves cross-border payments, were recently introduced as payment options at over 60 million retailers.

Notably, SBI is a well-known XRP backer. This year, the company gave its shareholders the option of receiving XRP as a perk for the third consecutive year, demonstrating its support for the troubled cryptocurrency.

According to CryptoGlobe, SBI developed a crypto asset fund that invests in XRP and four other significant cryptocurrencies last year: BTC, ETH, BCH, and LTC. Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K., said at the time that the fund would demand a minimum investment of 1 million yen ($8,400).

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