According to reports from Cointelegraph, SBI Shinsei Bank, the banking arm of Japan's SBI Group, has officially launched a cryptocurrency rewards program for depositors this fall. Under the program, deposit customers will receive vouchers worth 20% of their deposit interest payments, which can be redeemed for cryptocurrencies such as bitcoin (BTC), ether (ETH), and XRP (XRP). The exchange will be executed at the market rate at the time of redemption, within a defined validity period. As a roughly 1 trillion yen Japanese lender, SBI Shinsei represents a significant player in the regulated banking sector, making this move particularly noteworthy as crypto rewards cross from exchanges into regulated institutions.
As reported by local crypto news outlet Coinpost, the bank plans to run a three-month pilot starting June 10, covering ordinary savings accounts as well as time deposits with maturities ranging from three months to five years. Specifically, a 300,000 yen ($1,872) deposit would earn roughly 500 yen ($3) worth of vouchers, while those depositing 30 million yen ($187,288) or more would receive vouchers worth 20,000 yen ($125). Customers will continue to earn interest on their deposits in traditional currency while receiving the cryptocurrency vouchers as an additional benefit. The choice of three assets - Bitcoin, Ether, and XRP - rather than a single house token, lowers the odds that the program looks like a thinly veiled effort to pump one asset while giving depositors optionality in their accumulation.
According to the latest reports, the initiative aims to introduce banking customers to SBI Group's crypto exchange business, SBI VC Trade. The program is designed to bridge the gap between conventional savings products and the growing demand for exposure to digital assets while offering interest in crypto vouchers rather than direct cryptocurrency transfers. This approach allows SBI Shinsei Bank to manage regulatory compliance while still providing a novel incentive for depositors, as the Japan's Financial Services Agency (FSA) has maintained a cautious but increasingly structured regulatory framework for digital assets. Customers will be required to open an SBI VC Trade account before redeeming the vouchers, as reported by Nikkei. The scheme offers a low-risk way to gain exposure to cryptocurrencies without needing to purchase them outright on exchanges, particularly appealing to conservative investors seeking diversified returns.
The move comes as SBI Group continues expanding its crypto and blockchain initiatives. In May, the group launched the SBI Visa Crypto Card, which converts everyday card-spending points into BTC, ETH, or XRP. Last month, SBI Chairman Yoshitaka Kitao revealed that SBI Holdings had entered preliminary discussions to acquire a stake in Bitbank, one of Japan's largest crypto exchanges. Earlier this year, SBI partnered with Startale Group to develop a blockchain designed for tokenized stocks and introduced JPYSC, a Japanese yen-backed stablecoin. Meanwhile, SBI Securities and Rakuten Securities are reportedly developing crypto investment trusts aimed at retail investors. The group has also been building out infrastructure on the institutional side, developing crypto investment trusts for retail distribution and co-developing a blockchain for onchain stocks. This latest offering from SBI Shinsei Bank aligns with the group's broader strategy to weave crypto services into its traditional banking operations.
This development underscores growing institutional interest in crypto from major Japanese financial players, with SBI Holdings having long been active in the crypto space through various subsidiaries. The June 10 pilot will serve as a test for whether traditional banking customers are willing to receive part of their savings returns in cryptocurrency. If adoption proves strong, SBI Shinsei Bank plans to make the program permanent this fall, giving traditional savers a new way to gain crypto exposure without directly buying digital assets. The program could set a precedent for other banks exploring similar hybrid models globally, as integrating cryptocurrency rewards into standard deposit accounts is relatively uncommon in the banking sector. However, the 20% interest allocation is notable in a country where traditional savings account yields remain near zero, though the value of the vouchers will fluctuate with crypto market prices, introducing volatility that traditional savings products do not carry. The requirement to open an SBI VC Trade account also means users will need to complete the exchange's identity verification and onboarding process, which may be a barrier for some customers. The service is scheduled to launch in fall 2025, according to the bank's announcement, and could influence how other banks in Asia and beyond approach crypto integration.
