SBI Shinsei Bank plans Crypto Vouchers for depositors
SBI Shinsei Bank is reportedly set to launch a service that rewards depositors with cryptocurrency exchange vouchers based on their account balances.
According to Nikkei, customers will receive 20% interest payment vouchers in addition to yen-denominated interest. The vouchers can be exchanged for Bitcoin (BTC), Ether (ETH) or XRP within a certain period of time.
To redeem vouchers, customers need to open a business account with SBI's crypto exchange arm SBI VC.
The release transforms a standard savings product into a crypto on-ramp, potentially exposing mainstream bank customers to digital assets without requiring them to make direct purchases.
Ahead of his permanent job, SBI Shinsei will reportedly go on a three-month campaign starting Wednesday.
SBI expands crypto push in deposits, loans and investment products
The deposit voucher service follows several crypto moves by SBI Group as the financial giant prepares for Japan's widespread adoption of digital assets.
On March 18, SBI VCTrade launched its retail USDC lending service, which allows users to lend stablecoins to the platform under fixed-term agreements to earn returns. The product is structured as a loan to the exchange rather than a bank deposit, which means users take on direct counterparty risk.
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SBI has been expanding its position in the local crypto exchange market. On May 1, the group said it was considering acquiring shares in Bitbank's trading platform and making it a consolidated subsidiary, a month after SBI VC acquired Bitpoint Japan.
Top crypto exchanges in Japan. Source: CoinGecko
The group's securities arm is also developing crypto investment products. SBI Securities plans to sell funds created by SBI Global Asset Management, including investment trusts and exchange-traded funds (ETFs) focused on crypto assets such as BTC and ETH.
The moves show that the group is working to build access points for crypto across integrated channels, from bank deposits and currency exchange services to collateral products and stablecoin lending.
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