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Japanese Crypto Exchange SBI VC Trade Offers New Customers Free XRP

Exchange Ripple SBI Group

XRP

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 25, 2023

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Japan’s newest crypto players are getting increasingly aggressive in their marketing efforts – with financial giant SBI now offering all new crypto customers handouts of the XRP token.

SBI operates the SBI VC Trade crypto exchange, and per an official tweet, anybody opening an account between June 1 and September 30 will receive XRP 50 (currently worth around USD 10).

SBI is one of Ripple’s closest partners, and the Japanese company uses Ripple’s MoneyTap solution in its own e-pay platform. Earlier this month, the company announced it wanted to roll out a solution that makes use of MoneyTap in hundreds of Japanese ATMs.

Its CEO Yoshitaka Kitao is a member of the Ripple board, and the company has made multiple XRP payouts to shareholders of its Morningstar subsidiary.

SBI VC Trade also says it has launched an e-KYC (Know-Your-Customer) authentication platform that allows new customers to conduct the entire registration process using their smartphones.

The move comes hot on the heels of another crypto giveaway from a major new player on the Japanese crypto scene. As previously reported, e-commerce giant Rakuten has embarked on a month-long Bitcoin Pizza Day-themed promotion. Its Rakuten Delivery subsidiary is offering pizza delivery customers bitcoin (BTC) handouts of up to around USD 9 – providing they have or open accounts on the business group’s Rakuten Wallet exchange.

Japanese business experts have opined that new crypto regulations, which came into force on May 1, have given the industry more legitimacy – and emboldened marketers, particularly at larger, cash-rich players.
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Learn more: Ripple’s XRP Sales Drop Sharply, ODL Gets Traction