Japanese bank Shinsei provides $60 in XRP or BTC to recruit new clients

Shinsei Bank, a Japanese banking behemoth, has launched a new system that offers customers cryptocurrency exchange coupons for opening an account or establishing a yen time deposit.

Shinsei announced in a news release dated August 10 that it has partnered with SBI VC Trade to administer awards in either Ripple (XRP) or Bitcoin (BTC).

Under the concept, new users will be paid for creating an account, while existing customers will be eligible for crypto exchange coupon rewards. To redeem the vouchers, customers chosen via a lottery mechanism must have an SBI VC account.

Recruiting new clients via crypto

Notably, this is the first time the institution has chosen to give cryptocurrency prizes for its long-running program. 

Notably, the lender chose XRP even though the token’s parent firm, Ripple, is entangled in a legal dispute with the United States Securities and Exchange Commission (SEC).

Ripple has earned a reputation in Japan and Asia, striving to have its technology power international payments. For instance, Ripple has partnered with the Japanese banking behemoth SBI Holdings as part of its development in Asia.

In addition, the inclusion of XRP in the rewards program follows Ripple’s announcement that more financial institutions are likely to adopt cryptocurrencies. According to Finbold, 76% of the world’s financial institutions want to use cryptocurrencies over the next three years, as reported by Ripple.

The inclusion, however, will depend on the conclusion of regulatory frameworks. Financial institutions are often motivated by the advantages of cryptocurrencies.

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