SBI’s Japanese E-Commerce Site Will Accept Bitcoin, XRP, and Other Crypto
It has been reported that Japanese used vehicle importers SBI Motor Japan have begun taking cryptocurrency payments on their e-commerce site.
SBI Motor Japan is now only accepting Bitcoin and XRP, according to a corporate statement. “In anticipation of the increasing demands for transfers using crypto assets, we want to enhance the number of currencies that may be used for settlement in the future,” the business said.
It has been announced that SBI Motor Japan has become Japan’s first international e-commerce site that accepts cryptocurrency. SBI VCTrade Co. Ltd., the group’s crypto exchange, is being used for digital asset settlements by the corporation.
According to SBI, the e-commerce site gives information about used autos in nations such as Tanzania, Kenya, Zambia and other African countries, Ireland, the Cayman Islands, the Bahamas and the Caribbean and exports roughly 5,000 vehicles each year. At a time when interest in virtual assets is surging throughout the world, the company’s move to handle crypto payments is timely.
In the future, the holding company hopes to make crypto settlements available to companies other than SBI Motor Japan.
The link between SBI and Ripple
It has been claimed that Morningstar, a subsidiary of the SBI Group, enables its stockholders to be paid in XRP.
A Morningstar study said that stockholders with at least 100 shares might participate. In addition, each batch of 100 shares comes with 2,500 Japanese yen ($21.12) worth of XRP tokens.
Since 2020, the Securities and Exchange Commission has been keeping an eye on Ripple, the firm behind XRP. SBI Group [Strategic Business Innovator Group], despite the current SEC and Ripple case, seems to be ready to give XRP a platform for its endeavours. SBI Holdings bought TaoTao in September 2021 and relisted XRP on the market.
The SBI Cryptocurrency Asset Fund was formed by the banking giant at the end of last year to invest directly in cryptocurrency assets, including Bitcoin, XRP, Ethereum, Bitcoin Cash, Litecoin, Chainlink, and Polkadot, among other cryptocurrencies.
A commercial partnership between SBI Holdings and Ripple Labs has been in place since CEO Yoshitaka Kitao was also a member of Ripple’s Board of Directors until 2021.
As previously stated in defence of XRP, under Japanese law, XRP is a “cryptographic asset,” not a “security,” as the SEC of the United States refers.