Japan’s SBI Shinsei Bank to Offer Crypto Vouchers Equal to 20% of Deposit Interest

SBI Shinsei Bank, a unit of Japan’s SBI Group, plans to introduce a crypto rewards program for deposit customers.

Starting this fall, the bank will offer customers vouchers worth 20% of their interest income that can be exchanged for crypto assets, Nikkei reported on June 9, citing The Block.

The vouchers can be redeemed for Bitcoin, Ether and XRP. Customers must open an account with SBI VC Trade, SBI Group’s crypto exchange, to use them.

Before the formal launch, SBI Shinsei Bank plans to run a three-month pilot beginning June 10. The program will apply to ordinary deposits and time deposits with maturities of three months to five years.

According to local media outlet CoinPost, a customer depositing 300,000 yen, or about $1,870, would receive a voucher worth about 500 yen. Customers depositing 30 million yen, or about $187,000, or more could receive vouchers worth as much as 20,000 yen.

The program is part of SBI Group’s strategy to funnel banking customers into its crypto business.

SBI Group has recently stepped up its expansion in crypto and blockchain. Last month, SBI Holdings Chairman Yoshitaka Kitao said the company was holding preliminary talks to acquire a stake in Bitbank, one of Japan’s major crypto exchanges.

SBI Securities and Rakuten Securities are also developing crypto investment trust products for retail investors. Earlier this year, SBI Holdings began work with Startale Group on a blockchain for on-chain stock trading. It also unveiled JPYSC, a yen stablecoin based on a trust bank structure.