Shinsei Bank, Japan’s largest bank, has launched a new initiative that rewards its customers through cryptocurrency transactions when they open an account.
Shinsei Bank will reward its customers with these 2 cryptocurrencies
In its August 10 newsletter, Shinsei announced the cryptocurrency rewards in collaboration with SBI VC Trade. This mechanism is an incentive system that attracts new customers to the bank. Shinsei Bank stated that they chose to give out the rewards in Ripple (XRP) and Bitcoin (BTC).
Customers will have from August 10 to October 31, 2022, to earn 8,000 Japanese Yen ($60) in XRP or Bitcoin. According to the concept, existing customers will receive crypto exchange coupons as rewards, while new users will receive rewards for the account they create. Customers selected to redeem coupons need an SBI VC account.
The bank announced a “$60 Bitcoin bounty campaign” for all new customers who complete the required transactions.
Attracting new customers through crypto is becoming increasingly common
The bank is using cryptocurrencies for the first time for its years-long program. The inclusion of cryptocurrencies in the incentive mechanism is becoming a common method to attract more customers given the growing popularity. However, Ripple is gaining popularity in Japan and Asia as its technology gains acceptance in cross-border payments. Meanwhile, although its legal battle with the SEC continues, Shinsei Bank specifically chose XRP. The majority of Shinsei Bank customers also stated that they want to invest in cryptocurrencies through the bank.
With these, Ripple has built a solid reputation in Asia and Japan for cross-border payments using its technology. For example, as part of its expansion in Asia, Ripple announced its partnership with SBI Holdings. Additionally, the inclusion of XRP in the rewards program coincides with Ripple’s announcement that additional financial institutions will integrate the cryptocurrency into their services. According to Ripple, more than 76% of global financial institutions plan to use cryptocurrencies in the next three years.
Ripple plans to buy bankrupt crypto lending platform Celsuis
cryptocoin.com As we reported, Ripple officials recently reported that they are interested in acquiring Celsuis. Celsius froze its users’ assets in June due to “extreme market conditions”. Other crypto companies followed, such as Voyager and CoinFLEX. Celsius then hastily paid off its outstanding debts on various DeFi loans. He also got his collateral back and filed for bankruptcy a month later. It is not clear at this time whether Ripple plans to completely acquire Celsius.
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