It has been reported that SBI Shinsei Bank, operating in Japan, is preparing to launch a service that will offer cryptocurrency exchange coupons to its deposit customers based on their account balance. According to Nikkei, customers will receive coupons equivalent to 20% of interest income in addition to interest payments in yen. These coupons can be exchanged for Bitcoin, Ether or XRP within a certain period of time.
Coupons will be used through SBI VC Trade account
The news stated that in order to use the coupons in question, customers will need to open an account on SBI Group’s cryptocurrency platform SBI VC Trade. Thus, a traditional savings product becomes a new channel to digital assets. The system can allow customers to indirectly acquire crypto assets without having to make direct purchases.
SBI Shinsei Bank, a bank within the Japanese financial group SBI Holdings, offers individual and corporate banking services. SBI VC Trade operates as the group’s licensed cryptocurrency trading platform.
It was stated that in addition to the interest payment in yen, deposit customers are planned to be given cryptocurrency coupons equal to 20% of the interest income, and these coupons can be converted into BTC, ETH or XRP within a certain period of time.
It was stated that before the permanent implementation, the bank will run a three-month campaign that will start on Wednesday. It was noted that the campaign will cover demand deposits as well as term deposit products between three months and five years.
SBI Group expands its steps in the cryptocurrency space
The deposit-linked coupon model stood out as the final link in SBI Group’s preparations to expand the use of digital assets in Japan more broadly. The group has recently taken a series of interconnected steps in the field of deposits, lending and investment products.
On March 18, SBI VC Trade launched its USDC lending service for retail investors. In this model, users can earn returns by lending their stablecoin USDCs to the platform in exchange for fixed-term contracts. However, it is stated that the product is designed as a loan structure given directly to the stock exchange, not a bank deposit, and therefore the users bear the counterparty risk.
Mini dictionary: Counterparty risk refers to the possibility that the other party of a financial transaction will not be able to fulfill its obligation. In stablecoin lending products, this risk may be reflected directly to the user if the platform or institution where the asset is held cannot make the payment.
It is considered that SBI Group is trying to create access points to crypto assets within regulated channels through banking, stock exchange services, securities products and stablecoin-focused solutions.
The group is also trying to expand its position in the local cryptocurrency exchange market. On May 1, SBI announced that it was considering acquiring a stake in the Bitbank platform and examining making the company a subsidiary. This development comes after SBI VC Trade acquired Bitpoint Japan a month ago.
Mutual funds and ETF plans are also on the agenda
SBI’s securities unit is also making preparations for investment products based on crypto assets. According to the news, SBI Securities plans to offer customers investment trusts and exchange-traded funds developed by SBI Global Asset Management and focusing on assets such as BTC and ETH.
These steps show that the group is not limited to trading services only, but is trying to expand access to digital assets in different areas, from banking products to investment funds. The latest chart points to a broader strategy to expand cryptocurrency use through regulated financial channels in Japan.
