SBI Holdings Subsidiary to Pay Out Dividends in XRP

A subsidiary of SBI Holdings, the investment arm of Japanese financial mammoth SBI Group, will pay out shareholder dividends in the third biggest cryptocurrency by market capitalization, XRP.

As per a company statement published August 28, MorningStar Japan, a publicly traded joint venture with SBI Holdings, will give 30 XRP to shareholders with 100 and above shares. This intermediary shareholder benefit program will be applicable to those with shares held as of September 30 this year.

This move comes during a company plan to extend the interim shareholder dividend. The current value of one XRP at the time of writing is $.25.

Eligible beneficiaries will need to open a VC Trade account operated by the company to receive the crypto-dividends. The due date for applying for this “shareholder special offer” is scheduled on March 31, 2020.

Fintech company Ripple and SBI previously collaborated on the blockchain-based payments application MoneyTap last year, through a collaboration named SBI Ripple Asia. The platform propelled with a focus on trading XRP, the native token from the XRP ledger.

SBI said in the release that worldwide remittance tool XRP “will be one of the important asset classes in resource management.”

In July, e-commerce mammoth Overstock revealed it would pay shareholder dividends in a digital security listed on its affiliate company tZero’s trading platform.