Key facts
- SBI Shinsei Bank will offer cryptocurrency exchange vouchers as rewards for deposit customers.
- The vouchers will be equivalent to 20% of interest payments on deposits.
- Customers can redeem vouchers for Bitcoin, Ether, or XRP.
- An account with SBI VC Trade is required to redeem the vouchers.
- The service aims to expose mainstream bank customers to digital assets.
SBI Shinsei Bank is set to introduce a novel service that will reward its deposit customers with cryptocurrency exchange vouchers, according to a Nikkei report. This initiative aims to bridge traditional banking with the digital asset space by allowing customers to receive vouchers equivalent to 20% of their interest payments.
These vouchers can be redeemed for Bitcoin (BTC), Ether (ETH), or XRP, provided the customer holds an account with SBI's cryptocurrency exchange subsidiary, SBI VC Trade. This move effectively turns a standard savings product into a potential entry point for mainstream consumers into the crypto market, without the need for direct asset purchases.
Ahead of a permanent rollout, SBI Shinsei will conduct a three-month promotional campaign covering both ordinary and time deposits. This initiative is part of a broader strategy by SBI Group to integrate cryptocurrency services across its financial offerings, including lending and investment products. SBI VC Trade has recently introduced a retail USDC lending service and is considering acquiring shares in the Bitbank trading platform, following its absorption of Bitpoint Japan. Furthermore, SBI Securities is preparing to offer crypto-focused investment trusts and ETFs.