SBI Shinsei Bank is set to launch a new program that rewards customers with cryptocurrency vouchers based on their deposit balances, further deepening parent company SBI Group’s push into digital assets.
According to a Nikkei report, eligible customers will receive vouchers worth 20% of their interest payments in addition to the interest earned on their yen deposits. The vouchers can be redeemed for Bitcoin, Ether or XRP through SBI VC Trade, the group’s cryptocurrency exchange.
To use the rewards, customers will need to open an account with SBI VC Trade, creating a direct link between traditional banking services and cryptocurrency investing.
The initiative effectively turns a standard savings account into a crypto gateway, giving bank customers exposure to digital assets without requiring them to buy crypto directly.
Before the full rollout, SBI Shinsei plans to run a three-month promotional campaign beginning Wednesday. The program will apply to both regular savings accounts and fixed-term deposits ranging from three months to five years.
SBI Builds Out Crypto Ecosystem
The deposit rewards program is the latest step in SBI Group’s broader strategy to expand its crypto business as Japan moves toward wider digital asset adoption.
In March, SBI VC Trade launched a lending service for USDC, allowing customers to earn returns by lending the stablecoin to the exchange under fixed-term agreements.
The group has also been expanding its presence in Japan’s crypto exchange market. In May, SBI said it was considering acquiring a stake in crypto exchange Bitbank after completing the integration of Bitpoint Japan into SBI VC Trade earlier this year.
Meanwhile, SBI Securities is preparing to offer crypto-focused investment products, including funds and exchange-traded funds (ETFs) tied to digital assets such as Bitcoin and Ether.
The latest move highlights SBI’s effort to build a full crypto ecosystem across banking, trading, lending and investment services, giving customers multiple regulated ways to access digital assets.
Featured image from: cointelegraph.com