SBI Holdings, the investment arm of Japanese financial giant SBI Group, will pay out dividends in the third largest cryptocurrency by market capitalization, XRP.
According to a company statement released Wednesday, SBI shareholders will receive 30 XRP for ever 100 shares they own, as part of an intermediary shareholder benefit program. The dividends paid will coincide with shares held as of Sept. 30, 2019.
This move comes amid a company plan to increase the shareholder interim dividend. The current value of one XRP is $.25.
To receive the crypto-dividends, eligible recipients will have to open a VC Trade account operated by the company. The deadline for applying for this “shareholder special offer” is set at Mar. 31, 2020.
Fintech firm Ripple and SBI previously partnered on the blockchain-based payments application MoneyTap last year, through a joint partnership dubbed SBI Ripple Asia. The platform launched with a focus on trading XRP, the native token derived from the Ripple protocol.
SBI commented in the release that global remittance tool XRP “will be one of the important asset classes in asset management.”
In July, e-commerce giant Overstock announced it would pay shareholder dividends in a digital security listed on its affiliate company tZero’s trading platform.
SBI Holdings image via Shutterstock