A Subsidiary Wing of Japan’s SBI Holdings Announces Dividends in XRP Tokens

Japan is always known for its crypto-friendly approach. But this time we are likely to see something new, never seen before in the financial space.

MorningStar Japan ,a subsidiary of Japan’s SBI Holdings, the investment arm of the financial giant SBI Group, has decided that it will pay out the dividends to its investors in the form of XRP tokens, which is also the world’s third-largest cryptocurrency by market cap.

MorningStar released a statement on Wednesday, August 28, saying that investors holding 100 or more shares of the company will receive 30 XRP as dividend pay out. At present XRP is trading at a price of $0.25 in the crypto market.

MorningStar, which has a joint venture with SBI Holdings, said that this move comes amidst the company planning to raise the interim dividend for its shareholders.

In the official statement, the company said: “Virtual currency (cryptographic assets) is already used globally in various situations such as settlement, remittance, and operation, and in particular, the practicality of virtual currency XRP, which is used for efficient global remittance, will further increase in the future. As a result, we believe it will be one of the important asset classes in asset management. We would like to provide our shareholders with the opportunity to use the virtual currency XRP. 

However, to receive the crypto-dividends, investors will have to open the VC Trade account that is operated by the company itself. The company has put the deadline of March 31, 2020 for shareholders to apply to this special offer.

Last year in 2018, SBI Holdings had collaborated with FinTech giant Ripple by forming a new partnership company named SBI Ripple Asia. SBI Holdings also plan to integrate the use of XRP token in its popular application MoneyTap.

Besides, the financial giant is also planning to leverage the use of XRP tokens in its upcoming R3 project.