SBI Holdings To Pay Shareholders Dividend in XRP

SBI Holdings of Japan has revealed its intention to pay shareholders dividends using XRP, the native crypto of ripple, for the fiscal year ending March 2020.

Tokyo based SBI Holdings is studying the feasibility of paying XRP as dividends to shareholders, as per a statement made by the company’s CEO Yoshitaka Kitao. Earlier in 2019, MorningStar, subsidiary of SBI Holdings, paid dividend to its shareholders in XRP.

Back in August 2019, financial research firm MorningStar Japan announced its intention to pay dividends to shareholders in XRP.

As per Kitao, disbursement of XRP as dividends to shareholders of MorningStar considerably assisted in boosting the use of day-to-day apps for SBI’s another subsidiary SBI VC Trade, a cryptocurrency exchange offering platform for buying and selling virtual assets.

For the past three years, SBI Holdings and Ripple Inc have been partners through their joint collaboration SBI Ripple Asia.

The firm was setup with an intention to foster Ripple’s products, including XRP adoption in Asia’s financial markets.

In the earnings report published by SBI Holdings in October 2019, the company highlights the rising significance of Ripple’s blockchain technology in its money transfer business SBI Remit and utilize Ripple’s xCurrent-based money transfer platform.

Additionally, it was recently disclosed that SBI Remit eventually rolled out the money transfer service between Vietnam and Japan using RippleNet platform, with Ripple’s ODL product that utilizes XRP may be integrated in the software in the years ahead.