As part of a new campaign that runs from August 10 to October 31, 2022, renowned Japanese financial services firm Shinsei Bank will begin giving incentives to customers in either XRP or BTC. The maximum rewards in the campaign are worth 8,000 Japanese Yen, which are currently worth about $60.
According to a local news report, these prizes will be given to customers who fulfill certain requirements, such as those who create new accounts with the financial institution and those who carry out particular transactions.
The offering comes under a recent partnership with SBI VC Trade, SBI’s platform for trading cryptocurrencies. A lottery technique is being used by the bank to pick 1,300 customers who made deposits during the campaign period as winners of “crypto asset exchange vouchers” valued at up to 10,000 yen.
A 500 yen coupon worth around $3.7 will be given to customers who create a new account with Shinsei Bank, while customers who deposit their salaries of at least 30,000 yen ($225) would receive coupons worth up to 2,500 yen ($18), the report reveals. The coupons can be redeemed via email and paid out in either BTC or XRP.
SBI’s support to XRP
Notably, SBI is a well-known proponent of XRP and this year offered shareholders the chance to get XRP as a reward for the third year in a row, further demonstrating the company’s backing for the seventh largest cryptocurrency in the world.
Notably, last year, SBI Holdings announced a new crypto lending platform with plans to add support for ETH and XRP that lets users earn an annual interest rate of 1% on their holdings of bitcoin.
Over the last several years, cryptocurrency popularity has skyrocketed in Japan. According to a May post by TheCoinRise, Japanese cryptocurrency exchange platform Bitbank teamed up with Sumitomo Mitsui Trust Holdings to get institutional access to the regional markets. Additionally, in the same month, SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., announced the adoption of BTC and XRP payments.