- Japan’s SBI VC Trade announces a gift of 50 XRP (about $10) for each new account opened on the platform, starting June 1st.
- The gift of 50 XRP will be given to all users with new accounts until Wednesday 30 September 2020.
In a press release on May 29, the Japan-based SBI VC Trade made an important announcement to all its new users. From June 1 to September 30 of this year, users who register a new account will receive a gift of 50 XRP. This is equivalent to about $10, at the time of publication.
Who can receive the reward in XRP?
According to the statement, all users who complete the process to open a new account in the referred period will be able to receive their reward in XRP. Although SBI VC Trade may refuse to open an account, if the user does not pass the review. The period to open an account can be extended up to 10 days, according to the announcement. The company warns that spoofing and identity lending or theft is prohibited under the company’s policies.
In addition, SBI VC Trade announced that the gift will be granted according to the May 27, 2020 conversion. At that time, 50 XRPs were equivalent to 1,055 yen or about $10. The gift will be sent to users’ VC Trade accounts by mid-month after the account is opened. Only corporate accounts will not be eligible for the gift. SBI VC Trade said that it may invalidate the gift if any illegal activity related to the funds is detected.
SBI VC Trade is a subsidiary of one of Ripple’s partners, SBI Holdings. The connection between the two companies extends so far that Yoshitaka Kitao, CEO of SBI Holdings, is a member of Ripple’s board of directors. Both companies have done several projects and have a strong interest in driving the adoption of cryptocurrencies in the Asian region.
One of the company’s projects is the MoneyTap application. Based on Ripple’s Distributed Ledger technology, the application allows banks in the Japanese banking consortium to process transactions immediately without time constraints. The application was launched in 2018 with three banking institutions and will gradually be extended to the Japanese banking consortium led by SBI Ripple Asia, which consists of 61 banks covering more than 80% of all banking assets in Japan.
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