Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Japan’s SBI set to launch a 10 billion yen on-chain bond offering XRP incentives for individual investors.
The SBI START Bonds provide a fixed interest rate, blockchain settlement, and XRP rewards for qualifying investors registered on the firm’s exchange.
(Yashowardhan Singh/Unsplash/Modified by CoinDesk)
Key details:
- SBI Holdings is introducing a 10 billion yen blockchain-based bond tailored for individual investors.
- The SBI START Bonds feature a fixed interest rate, blockchain settlement, and XRP rewards for eligible investors registered on the firm’s exchange.
- SBI Holdings has a long-standing association with XRP, owning 9% of Ripple Labs, as stated by its Chairman and CEO Yoshitaka Kitao.
SBI Holdings, one of the largest financial conglomerates in Japan, is launching its inaugural blockchain-based bond for individual investors, a 10 billion yen (~$64.5 million) issuance that merges traditional fixed-income characteristics with blockchain settlement and cryptocurrency incentives.
Named the SBI START Bonds, these securities are entirely managed on-chain utilizing the “ibet for Fin” platform from BOOSTRY, which specializes in enterprise blockchain solutions for security token issuance.
STORY CONTINUES BELOWStay informed on the latest news.Subscribe to the Crypto Daybook Americas Newsletter today. See all newslettersSign me up
Related Posts
These bonds, with a duration of three years, offer an indicative annual interest rate ranging from 1.85% to 2.45%, disbursed semiannually.
XRP Rewards
Investors in these bonds are also eligible to receive rewards in XRP tokens, as indicated by SBI.
Domestic retail investors and companies that acquire more than 100,000 yen (approximately $650) and maintain an account with SBI VC Trade can earn XRP rewards in “an amount corresponding to their subscription amount.”
These bonuses, specified on the product page as 200 yen in XRP per 100,000 yen invested, will be issued at the time of issuance and on each interest payment date until 2029.
The bonds are anticipated to commence secondary trading on March 25 via the Osaka Digital Exchange’s proprietary “START” trading system.
SBI Holdings has notably partnered with Ripple since 2016, continuously supporting XRP. A subsidiary has even distributed XRP directly to shareholders and facilitated XRP-powered remittances between Japan and the Philippines.
Kitao established SBI Holdings in 1999 as a subsidiary of SoftBank (which later became independent in 2006) and has since developed it into a financial powerhouse, generating over $8 billion in yearly revenue. The company first engaged with blockchain technology through its collaboration with Ripple, resulting in the formation of SBI Ripple Asia.
Since then, the company has embraced stablecoins, partnering with Circle to introduce USDC in Japan and signing a memorandum of understanding with Ripple to distribute its RLUSD stablecoin.
