SBI Holdings, a major Japanese financial services company, announced on Friday that its subsidiary, Morningstar, will continue to offer XRP as a shareholder benefit.
The company's year-end rewards program will provide shareholders with XRP rewards of 2,500 Japanese yen ($23) units per 100 shares owned as of March 31, 2023.
The exact amount of XRP offered will be determined based on the market price of XRP recorded on the aforementioned day. As of now, the cryptocurrency is changing hands at $0.40 on the Bitstamp exchange, with its market cap surpassing $20 billion.
SBI Holdings has been offering XRP as a shareholder benefit for quite a long period of time.It started giving shareholders the option to receive XRP as part of its rewards program back in January 2020.
In order to be able to receive the XRP benefit, shareholders must be residents of Japan and have an account with SBI's cryptocurrency exchange, VC Trade. Launched in 2018, VC Trade is the first cryptocurrency exchange that has the backing of a bank.
SBI Holdings has been actively involved in the crypto and blockchain space. Together with Ripple, the company linked to the XRP cryptocurrency, it developed a cash transfer app called Money Tap that has been connected to dozens of Japanese banks.
Yoshitaka Kitao, CEO of SBI Holdings, was also on Ripple's board of directors before quietly leaving his post.