SBI Holdings to Pay Dividends in XRP Tokens

Must Read

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client...

Ethereum (ETH) Price Analysis: Bulls May Fade Away If ETH Continues Under $275

Since the starting of the month, ETH has been making failed attempts to cross the major mark of...

Coinbase Suffers EOS Network Delay, But Block validators See None

Coinbase is a global platform that enables users to buy, sell, transfer and store digital assets such as...
0 (2)
Prerna Sengupta
Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.

SBI Holdings to Pay Dividends in XRP Tokens

  • SBI Holdings CEO Yoshitaka Kitao reveals that the Japanese financial services giant has been considering paying shareholder dividends in the form of XRP tokens.
  • The opt-in program is expected to launch during the fiscal year ending in March 2020.
  • This latest move provides substantial credibility to Ripple and its overall ecosystem.

SBI Holdings CEO Yoshitaka Kitao reveals that the Japanese financial services giant has been considering paying shareholder dividends in the form of XRP tokens. They have decided to do this after their subsidiary, Morning Star began offering their shareholders dividends in XRP earlier this August. The opt-in program is expected to launch during the fiscal year ending in March 2020.

SBI Holdings, also known as the Strategic Business Innovator Group, is a publicly-traded company based in Tokyo, Japan. They engage in securities, banking, and insurance and provide a wide range of financial services. The SBI Holdings Group has already partnered with Ripple to develop and bring about more fintech distributed ledger solutions for its banking consortium. 

This latest move by a company with such stature, in the distribution of XRP dividends for SBI Holdings stockholders, will provide substantial credibility to Ripple and its overall ecosystem.

As per reports, those who hold 100 shares of SBI Holdings will receive dividends, i.e., 30 XRP tokens within the SBI VC Trade wallets. Morning Star will conduct the XRP dividend payout process.

Morning Star says that virtual currency already has a massive global presence, especially in the settlement, remittance, and operation. Specifically, the practicality of virtual currency XRP will further increase in the future. Therefore, they believe it will be one of the crucial asset classes in asset management.

This is the first time a traditional finance firm is using XRP as a dividend offering for its shareholders. This event is notable for its innovation and ingenuity, but it is not the first time a company will distribute tokens as dividends to shareholders of a specific entity. Overstock recently promised tzerop tokens (tokens of its subsidiary Tzero) for those who hold at least 10 Overstock shares.

The two firms, SBI Holdings and Ripple have worked in the past, especially closely on their joint venture SBI Ripple Asia, which was formed to promote XRP usage in Asian financial markets in 2016.

According to the financial report from October 2019, SBI emphasized the growing importance of Ripple’s technology in its remittance division SBI Remit and also in the development of Ripple’s xCurrent-based remittances.

Hot News

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative for customer satisfaction and client security. The UAE government introduced...

Ethereum (ETH) Price Analysis: Bulls May Fade Away If ETH Continues Under $275

Since the starting of the month, ETH has been making failed attempts to cross the major mark of $300 If it continues to...

Coinbase Suffers EOS Network Delay, But Block validators See None

Coinbase is a global platform that enables users to buy, sell, transfer and store digital assets such as cryptocurrencies based on the U.S. ...

EOS In A Route Of Losing Its Governance: Reports

Analysis by Binance Research, the governance of EOS fades with the benefits of decentralization. Raised from the global leader in high-performance software, the...

Whale Alert shows newly minted 60,000,000 USDT at Tether treasury

Whale Alert is known to be a service that enables users to live track and analyze millions of transactions happens in the blockchain. ...

Stellar (XLM) Price Analysis: XLM/USD Is Setting Steps For Price Recovery

The altcoin is facing multi-hurdles between $0.070 and $0.075 It must surge above $0.735 or $0.0750 to build a bullish momentum in the...

Ethereum (ETH) Price Analysis: Bulls May Fade Away If ETH Continues Under $275

Since the starting of the month, ETH has been making failed attempts to cross the major mark of $300 If it continues to...

Coinbase Suffers EOS Network Delay, But Block validators See None

Coinbase is a global platform that enables users to buy, sell, transfer and store digital assets such as cryptocurrencies based on the U.S. ...

EOS In A Route Of Losing Its Governance: Reports

Analysis by Binance Research, the governance of EOS fades with the benefits of decentralization. Raised from the global leader in high-performance software, the...

Whale Alert shows newly minted 60,000,000 USDT at Tether treasury

Whale Alert is known to be a service that enables users to live track and analyze millions of transactions happens in the blockchain. ...

RELATED NEWS

UAE’s Mashreq Bank All Set To Adopt Blockchain Technology

The UAE’s oldest private bank Mashreq Bank sets out a new blockchain initiative...

Ethereum (ETH) Price Analysis: Bulls May Fade Away If...

Since the starting of the month, ETH has been making failed attempts to...

Coinbase Suffers EOS Network Delay, But Block validators See...

Coinbase is a global platform that enables users to buy, sell, transfer and...