Japanese used vehicle exporter SBI Motor Japan has announced that it is now taking cryptocurrency payments on its e-commerce site.
SBI Motor Japan said it will only accept Bitcoin and XRP for the time being. They said they’d expand their list of accepted currencies in the future “in anticipation of increased demand for transfers utilising crypto assets.”
According to reports, SBI Motor Japan has apparently become the first Japanese cross-border e-commerce site to provide cryptocurrency alternatives to its customers. To settle digital assets, the firm uses SBI VCTrade Co. Ltd., a subsidiary of the SBI Group, a crypto exchange.
There are roughly 5,000 autos sent each year via SBI’s e-commerce site to nations such as Africa (Tanzania), Europe (Ireland), Caribbean (Cayman Islands), and the Cayman Islands (Bahamas). Coinciding with a surge in interest in virtual assets, the firm has decided to accept crypto payments.
After SBI Motor Japan and other firms, parent company SBI Holdings intends to extend its cryptocurrency settlement alternatives.
An SBI Group subsidiary, Morningstar, is said to provide XRP to shareholders as part of their compensation.
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. It seems that SBI Group [Strategic Business Innovator Group] is ready to offer XRP with a platform for its projects notwithstanding the current case between the SEC and Ripple.
SBI Holdings acquired the Japanese exchange TaoTao in September 2021 and relisted XRP there. The SBI Cryptocurrency Asset Fund was formed by the banking giant last year to invest directly in cryptocurrency assets, including Bitcoin, XRP, Ethereum, Bitcoin Cash, Litecoin, Chainlink, and Polkadot.
The CEO of SBI Holdings, Yoshitaka Kitao, was also a member of Ripple’s Board of Directors until 2021, making the corporation a business partner with Ripple Labs.
Before, SBI had declared that XRP is a “cryptographic asset” under Japanese law, not a “security” as referred to by the US Securities and Exchange Commission (SEC).
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