MorningStar Japan, a division of SBI Holdings, has announced to pay out its shareholders’ dividends in Ripple (XRP) token, according to the latest reports doing the rounds. SBI Holdings is the investment wing of the SBI Group, a financial services biggie of Japan.
As per the official announcement made by the company on 28th August 2019, it will be paying 30 XRP to all the shareholders holding at least 100 shares as of 30th September 2019. The move has come while the company was in the middle of planning to raise its interim shareholder dividends, disclosed the report.
In order to obtain dividends in this crypto-form, all the eligible shareholders are required to open an account with the SBI VC Trade, which comes under the firm’s operation. The announcement also declared 31st March 2020 as the deadline to apply for this exclusive shareholder offer.
According to MorningStar, the cryptographic assets or virtual currency has already been in use across the globe in various scenarios, such as remittance, operation, and settlement, and specifically, XRP’s practicality that is utilized for its efficient worldwide remittance is only going to rise in the days ahead. As a consequence, they believe it to be an important asset class in the space of asset management.
It must be noted that XRP is the third biggest digital currency in the world with respect to market capitalization. While composing this update, XRP was trading at 0.25 USD, as per the CoinMarketCap data.
The partnership between Ripple and SBI had begun in 2016 when the two entities formed their joint venture named SBI Ripple Asia. In the month of September 2018, this new venture got itself successfully registered as the licensed concern for doing business in electronic payments with the Kanto Local Finance Bureau.
This year in June, the firm unveiled the demo test of their application called MoneyTap, which facilitates in-store payments. Money Tap, powered by enterprise software by Ripple called xCurrent, provides real-time domestic payments settlement in Japan.
Earlier in July, Overstock, a renowned e-commerce firm, revealed its plan of paying out shareholders’ dividends in the form of digital security which is listed on its blockchain subsidiary firm tZERO’s platform.