Shensei Bank Launches Ripple (XRP) Rewards For Customers

August 12, 2022 3:04 pm Comments

Shensei Bank has announced that they will now be offering XRP rewards for all of the bank’s customers that continue to utilize their services.

This new promotion was announced on August 10 and will last until the end of October which makes it quite the major crypto promotion.

Essentially, new and existing customers will be able to earn around $60 worth of XRP by utilizing various financial services such as creating an account or making a deposit.

This is one of the first times that a major bank would offer direct crypto incentives and the bank’s choice to select XRP makes the promotion that much more appealing. reports:

For example, opening a new account with Shensei Bank will award users a 500 yen ($3.72) coupon. Performing inter-bank transfers will see the customer earn up to 2,500 yen ($18.86).

The cash coupons are redeemable in a user’s email, and are redeemable in both XRP and Bitcoin (BTC).

Ripple Labs has built a large reputation as a crypto asset in Japan and throughout Asia. The company continues to face battles with the SEC in the United States that dates back to December 2020.

However, Ripple has expanded largely in Asia, even being adopted by popular Japanese financial giant SBI Holdings.

It’s unknown if Shensei Bank will adapt any other cryptocurrency as a reward for various actions as a Shensei member.

The campaign is another step forward to making crypto a much more significant aspect of banking in Japan, with Shensei Bank being one of the biggest in the country.

With a major bank doing such a new initiative, it may not be a surprise when other major banks also follow suit with their own reward programs.

The choice of Ripple also isn’t a surprise given the fact that Ripple has been enormously popular in Asia with demand for the digital asset continuing to grow internationally.

This isn’t a first time that a financial institution has done reward programs with XRP as some fintech companies have already done partnerships that incorporate XRP as part of their card rewards program.

The latest announcement from Shensei Bank adds to this long list of companies that are choosing to utilize XRP and crypto in order to attract more customers.

FinBold reports:

It is worth noting that the lender opted for XRP despite the token’s parent company Ripple being embroiled in a legal tussle with the United States Securities Exchange Commission (SEC).

However, Ripple has established a reputation in Japan and across Asia as it pushes to have its technology power cross-border payments. For instance, Ripple’s expansion in Asia has seen the company partner with Japanese financial giant SBI Holdings.

Additionally, the incorporation of XRP in the rewards program comes as Ripple revealed that more financial institutions are expected to incorporate crypto into their services. As reported by Finbold, Ripple noted that about 76% of worldwide financial institutions intend to utilize cryptocurrencies over the next three years.

However, the incorporation will be based on the outcome of regulatory frameworks. Overall, financial institutions are guided by the benefits of cryptocurrencies.

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