Japan’s Banking Giant Shinsei Attracts New Customers With $60 Giveaways In XRP Or BTC

Shinsei Bank, a Japanese banking giant, has launched a new program that rewards clients with cryptocurrency exchange coupons for opening an account or establishing a yen time deposit.

Shinsei announced in a news release dated August 10 that it had partnered with SBI VC Trade to manage awards in either Ripple (XRP) or Bitcoin (BTC).

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【邦銀初】暗号資産交換券がもらえるキャンペーンのお知らせ
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このたび、パワーダイレクト円定期預金の設定で暗号資産交換券が抽選でもらえるキャンペーンが開始しました！
BTCもしくはXRPの交換券を付与するのは、邦銀で初めての取り組みとなります。
▼詳しくはこちらhttps://t.co/ND3s86t6iC pic.twitter.com/53b2ZKhN3H

— 新生銀行 (@shinseibank_jp) August 10, 2022

According to the bank, new and existing clients can earn up to 8,000 Japanese Yen ($60) in XRP or Bitcoin for the specified tasks between August 10 and October 31, 2022.

New users will receive a reward for creating an account, while existing customers will be eligible for crypto exchange coupon rewards. To redeem the vouchers, customers selected through a lottery must have an SBI VC account.

The bank said that up to 8,000 yen in bitcoin exchange ticket reward campaign for all clients who create a new account and complete certain transactions, 

Attracting new clients through crypto

Notably, this is the first time the institution has chosen to give cryptocurrency prizes for its long-running program. Given the growing popularity of digital assets, crypto inclusion is an attempt to attract more clients.

The lender chose XRP, although the token’s parent firm, Ripple, is entangled in a legal dispute with the United States Securities and Exchange Commission (SEC).

Ripple has earned a reputation in Japan and Asia, striving to have its technology power international payments. For instance, Ripple has partnered with the Japanese banking behemoth SBI Holdings as part of its development in Asia.

In addition, the inclusion of XRP in the rewards program follows Ripple’s announcement that more financial institutions are likely to adopt cryptocurrencies. 76% of the world’s financial institutions want to use cryptocurrencies over the next three years, as reported by Ripple.

The inclusion, however, will depend on the conclusion of regulatory frameworks. Financial institutions are generally motivated by the advantages of cryptocurrencies.