Japan’s SBI Group to offer shareholder benefits in XRP

Morningstar, a listed company engaged in financial information services and a subsidiary of SBI Group – Japan’s leading financial holding company – announced that it will pay its interim shareholder benefits in Ripple’s XRP crypto asset. According to the announcement, the company will pay 30 XRP (equivalent to approximately 850 yen) to shareholders with 100 or more shares, who are listed or recorded in the shareholder registry as of the end of September 2019.

The company has expressed a view that cryptocurrencies are already being used globally for various functions such as settlements, remittances, and investments. Among other crypto assets, the usefulness of XRP, which is used to make global remittances efficiently, will increase in the future, and it is expected to be an important asset class for investments.

The company provides crypto asset price information and related news through its My Virtual Currency application. The company has decided to offer the shareholder benefits in XRP to provide shareholders with the opportunity to experience Ripple in action.

The deadline to apply for the shareholder benefit is March 31, 2020. To receive the benefit, shareholders are required to open an account with SBI VC Trade, an SBI Holdings subsidiary engaged in the cryptocurrency exchange business. The company will pay XRP into shareholders’ accounts after they are opened.