Japanese financial and investment banking giant, SBI Group has announced plans to reward its shareholders with end-of-the-year benefits in cryptocurrency, more specifically with XRP.
According to the official press release shared by the company, the move to pay the accrued benefits in XRP is to let the shareholders have a deeper understanding of SBI Group’s business, and also encourage them to hold their shares medium to long term.
To qualify for the reward, shareholders must hold at least a unit of the company’s shares, equivalent to 100 shares, a requirement that must be met latest by the 31st of March, 2021. The company noted that the number of crypto assets (virtual currency) XRP to be presented will be determined at the price as of 17:00 on June 30, 2021. (Rounded down to the nearest 1XRP).
XRP Finding Favor Amid Ripple-SEC Court Battle
The news from the SBI Group with respect to rewarding its shareholders through the XRP coin reveals the health of Ripple overseas partnership amidst the ongoing court battle with the United States Securities and Exchange Commission (SEC).
The lawsuit has strained Ripple’s business in the US, as the lack of regulatory clarity has caused the firm to part ways with its key ally, MoneyGram. While this may spell a bad omen for Ripple, Chief Executive Officer, Brad Garlinghouse revealed in an interview earlier this month that the company has inked 15 new deals across the globe since the SEC clampdown began, reaffirming the firm’s business is healthy, particularly in the Asia-Pacific region.
The XRP coin has also been caught in the crosshairs of the lawsuit with many investors uncertain as to the future of the coin, which has since been displaced as the third-largest cryptocurrency by market cap. The move by the SBI Group will perhaps restore the confidence in the asset, and in its acclaimed role of facilitating fast and cheap cross-border payments.
Japanese financial and investment banking giant, the SBI Group has announced plans to pay its shareholders their end-of-the-year benefits in cryptocurrency, specifically the XRP coin. According to the official press release shared by the company, the move to pay the accrued benefits in XRP is to let the shareholders have a deeper understanding of SBI Group’s business, and also encourage them to hold their shares medium to long term.
To qualify for the reward, shareholders must hold at least a unit of the company’s shares, equivalent to 100 shares, a requirement that must be met latest by the 31st of March, 2021. The company noted that the number of crypto assets (virtual currency) XRP to be presented will be determined at the price as of 17:00 on June 30, 2021. (Rounded down to the nearest 1XRP).
XRP Finding Favor amid Ripple-SEC Court Battle
The news from the SBI Group with respect to rewarding its shareholders through the XRP coin reveals the health of Ripple overseas partnership amidst the ongoing court battle with the United States Securities and Exchange Commission (SEC).
The lawsuit has strained Ripple’s business in the US, as the lack of regulatory clarity has caused the firm to part ways with its key ally, MoneyGram. While this may spell a bad omen for Ripple, Chief Executive Officer, Brad Garlinghouse revealed in an interview earlier this month that the company has inked 15 new deals across the globe since the SEC clampdown began, reaffirming the firm’s business is healthy, particularly in the Asia-Pacific region.
The XRP coin has also been caught in the crosshairs of the lawsuit with many investors uncertain as to the future of the coin, which has since been displaced as the third-largest cryptocurrency by market cap. The move by the SBI Group will perhaps restore the confidence in the asset, and in its acclaimed role of facilitating fast and cheap cross-border payments.
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