- SBI Shinsei Bank plans to launch a crypto rewards program later this year.
- Customers will receive vouchers worth 20% of their deposit interest.
- Rewards can be redeemed for bitcoin, ether, or XRP.
- Users must open an SBI VC Trade account to participate.
- The initiative is part of SBI's broader crypto expansion strategy.
Traditional Banking Meets Crypto Rewards
Japan's SBI Shinsei Bank is preparing to launch a cryptocurrency rewards program that allows deposit customers to earn digital asset vouchers linked to their savings.
According to local reports, customers will receive vouchers equal to 20% of the interest earned on eligible deposits. These vouchers can later be exchanged for cryptocurrencies including bitcoin, ether, and XRP.
The program is expected to launch this fall.
Pilot Program Begins This Month
Before the full rollout, the bank plans to conduct a three-month pilot beginning June 10.
The test will cover both standard savings accounts and fixed-term deposits ranging from three months to five years.
Examples provided in local reports show that a deposit of 300,000 yen could generate roughly 500 yen worth of crypto vouchers, while deposits above 30 million yen could earn up to 20,000 yen in rewards.
Supporting SBI's Crypto Ecosystem
To redeem rewards, customers will need an account with SBI VC Trade, the group's cryptocurrency exchange.
The initiative is designed to encourage greater participation in SBI's digital asset ecosystem while introducing traditional banking customers to cryptocurrency products in a controlled manner.
The approach mirrors a broader trend among financial institutions looking to combine conventional banking services with digital asset offerings.
SBI Continues Expanding Blockchain Initiatives
The rewards program arrives as SBI Group continues to broaden its crypto footprint.
Recent initiatives include discussions around acquiring a stake in Japanese exchange Bitbank, plans to launch crypto investment trusts, and collaboration with Startale Group on a blockchain focused on tokenized equities.
The group has also introduced JPYSC, a trust bank-backed Japanese yen stablecoin, demonstrating its commitment to expanding blockchain-based financial products across multiple sectors.
