The SBI Holdings Subsidiary Maintains the XRP Incentive Scheme
By Ollie H - Cryptocurrency Broker - 12-03-2021
Morningstar, an American financial services firm that’s part of the SBI Group in Japan, will be continuing the XRP shareholder benefits program.
Morningstar has now authorized year-end shareholder rewards in the form of investing in XRP, per an official announcement made on Friday. The new dividend payment option is part of the company's year-end incentive scheme, which also includes interim shareholder incentives to thank shareholders for their continuous support. Morningstar is reportedly said to be offering XRP rewards of about 2,500 Japanese yen ($23) per 100 shares held by shareholders which will be available March 31, 2021.
The exact amount of XRP provided to shareholders will be decided by the Ripple XRP share price on June 30th 2021, according to SBI. Morningstar will ask shareholders to open accounts to invest in cryptocurrency through SBI Group's crypto subsidiary SBI VC Trade as part of the initiative.
Morningstar began paying out dividends in XRP in 2019, offering 30 XRP per 100 shares, as previously announced. The company, based in Tokyo, specializes in financial information and investment analysis.
Morningstar's parent company, SBI Group, has also expressed interest in paying dividends in XRP cryptocurrency, with plans to start such a program in 2020. In February, the company allowed XRP lending on its crypto trading platform SBI VC Trade, demonstrating its commitment to the growth of XRP-based products across its ecosystem.
SBI has backed Ripple in the face of pending legal proceedings in the United States. According to SBI CEO Yoshitaka Kitao, Japan is the most likely country for Ripple to relocate to if it is forced to leave the United States.