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Ripple’s key partner in Japan, SBI Holdings, has been supporting and promoting the company’s cryptocurrency solutions in the nation. The most recent modification was to provide users with bonus payouts in the form of the digital asset XRP if they participated in the company’s latest security token product.
According to the official announcement:
“We are pleased to inform you that we have decided to carry out an offering (Security Token Offering, hereinafter referred to as “STO”). This STO is a self-offered form of public offering in which the Company itself solicits and allocates corporate bond-type security tokens (hereinafter referred to as the “Digital Corporate Bonds”) issued by the Company to customers.”
Yoshitaka Kitao, Chief of the SBI Company, also shared the news on Twitter, noting that this was the first time a Security Token Offering was introduced for general buyers, who were given incentives in cryptocurrency such as XRP.
The business plans to hold a STO for its digital corporate bonds on April 20th, and the tokens for the sale will be available on Ibet, a blockchain website, on Tuesday. The amount of XRP given as an incentive would be proportional to the number of digital securities bought by individual buyers.
The below is an outline of this streaming corporate bond’s STO:
This was not the first time the banking behemoth had received an XRP bonus. SBI Holdings revealed earlier this month that it would give its owners the opportunity to obtain XRP as a reward for the second year in a row. According to the agreement, owners who own 100 or more shares will get 2,500 yen in XRP. SBI launched this initiative last year, and it has contributed to the country’s XRP hype. On June 30, the exact amount of XRP to be sold will be calculated.