SBI Shinsei Bank, the banking arm of Japan's SBI Group, will launch a crypto rewards program this fall that provides depositors with cryptocurrency vouchers based on their account balances. The bank will hold a three-month trial campaign starting June 10, offering vouchers redeemable for Bitcoin, Ethereum, or XRP equal to 20% of deposit interest payments. The initiative aims to attract new customers to SBI VC Trade, the group's crypto exchange platform, using traditional bank deposits as an entry point into digital assets services.
SBI Shinsei Bank Announces Three-Month Trial Campaign Starting June 10
The trial campaign will apply to fixed-term deposits and savings accounts with maturities ranging from three months to five years. Deposits of 300,000 yen will receive a voucher worth approximately 500 yen, while deposits of 30 million yen or more will earn roughly 20,000 yen in vouchers. Vouchers are redeemable for Bitcoin, Ethereum, or XRP within a certain period, with conversion based on market rates at the time of execution.
Customers will be required to open an SBI VC Trade account to exchange their vouchers. The bank currently holds approximately 4.33 million individual deposit accounts. SBI Shinsei will evaluate customer feedback, account openings, and usage during the trial period before deciding on a permanent rollout this fall.
In February, SBI Shinsei Bank and SBI VC Trade ran a campaign offering up to 20,000 yen in XRP exchange vouchers based on the total amount deposited in Power Direct yen time deposits.
SBI Group Expands Crypto Product Portfolio Across Multiple Services
SBI Group has rolled out multiple crypto products and services in recent months. In March, SBI VC Trade introduced a retail USDC lending service, allowing users to lend stablecoins under fixed-term agreements in exchange for returns.
In May, SBI VC Trade, APLUS, and Visa Worldwide Japan introduced the SBI Visa Crypto Card, which converts spending rewards into Bitcoin, Ethereum, or XRP. The card integrates with SBI Securities' investment services, enabling automated crypto accumulation tied to monthly investment activity.
SBI Securities, alongside Rakuten Securities, is developing crypto investment trusts for direct sale to individual investors. SBI has partnered with Startale Group to build a blockchain for tokenized stocks and launched JPYSC, a yen-backed stablecoin.
The group has formally submitted a letter of intent to acquire a stake in Bitbank, one of Japan's top regulated exchanges, to make it a consolidated subsidiary. This follows the integration of Bitpoint Japan into SBI VC Trade.
SBI has outlined plans to launch crypto-based exchange-traded funds, filing for a combined Bitcoin and XRP ETF on the Tokyo Stock Exchange, targeting $32 billion in assets within three years, and a Digital Gold Crypto ETF that would allocate 51% to gold and 49% to digital assets.
FAQ
What did SBI Shinsei Bank announce on June 10?
SBI Shinsei Bank announced a three-month trial campaign starting June 10 that offers depositors cryptocurrency vouchers equal to 20% of their deposit interest payments, redeemable for Bitcoin, Ethereum, or XRP.
How much are the crypto vouchers worth for different deposit amounts?
Deposits of 300,000 yen will receive a voucher worth approximately 500 yen, while deposits of 30 million yen or more will earn roughly 20,000 yen in vouchers. Vouchers are converted based on market rates at the time of execution.
What crypto products has SBI Group launched in recent months?
SBI Group launched a retail USDC lending service in March, introduced the SBI Visa Crypto Card in May, and filed for Bitcoin and XRP ETFs on the Tokyo Stock Exchange. The group also launched JPYSC, a yen-backed stablecoin, and submitted a letter of intent to acquire a stake in Bitbank.
