Japanese Shinsei Bank rewards customers in crypto
Japanese Shinsei Bank rewards customers in crypto

Japanese Shinsei Bank rewards customers in crypto

By George Michael Belardinelli - 12 Aug 2022

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Japanese lending institution Shinsei Bank has set up a system that rewards the most active customers and promotes the opening of new accounts against a cryptocurrency reward. 

Shinsei Bank’s business sector in Japan has come up with an ancient strategy with modern twists to expand its volumes

A new cryptocurrency rewards program, Shinsei Bank embraces innovation

The bank has chosen to reward its account holders insofar as they distinguish themselves through investments, savings, purchase of services, etc., and to attract new customers through a table of rewards to be given away in crypto. 

The promotional campaign adopted by Shinsei Bank will have a time limit, but this does not preclude it from being repeated in the future if it brings good results. 

The planned duration of the Japanese bank’s commercial campaign is the time frame from 10 August to 31 October, two and a half months in which Japanese people will have the opportunity to have their first (or additional) BTC or XRP in their wallets and become customers of the large Asian merchant bank. 

The prime example of this type of marketing is the opening of a new account, should a new customer decide to open one, the Japanese bank will pay out the fee of $60 (8000 yen) on the newly opened account. 

What crypto have been chosen by Shinsei Bank for the new rewards program

Ripple (XRP) and Bitcoin (BTC) were the digital currencies chosen for this endeavor by the bank. 

While Bitcoin needs no introduction, in the case of XRP, it is a currency that has enjoyed moderate success in Asia, aided by its partnership with finance giant SBI Holdings. 

Most emblematic is Ripple’s million-dollar lawsuit with the SEC (2020) which still undermines the relationship in America and creates a serious reputational problem for the currency, at least until a verdict is reached. 

Shinsei Bank, among the largest in Japan, is helping to give a big boost to the popularity of cryptocurrencies with this business move, even more so if it decides in the future to add more to its rewards system. 

Security, a rightful concern of all investors, is also a concern for the digital currencies themselves. In a recent survey, Ripple itself found that the security and data quality that the blockchain offers is demanded by 70% of financial institutions

The blockchain enables quality and speed of operation, as well as a security that has never been guaranteed before, both for those who sell the products on which it is based and for the end investor. These are precisely the features that resonate with people. 

George Michael Belardinelli

A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality

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