SBI Shinsei Bank has introduced a campaign that has linked deposit interest payments to cryptocurrency exchange vouchers worth 20% of the interest earned.
Summary
- SBI Shinsei Bank will offer crypto exchange vouchers worth 20% of deposit interest, redeemable for Bitcoin, Ether, or XRP.
- Customers must open an SBI VC Trade account to convert the vouchers into cryptocurrency during the campaign period.
- The new deposit rewards program adds to SBI Group’s growing lineup of crypto services, including lending, investment products, and crypto rewards cards.
According to a report by Nikkei, the Japanese bank will begin a three-month promotional program on Wednesday that covers both ordinary deposits and time deposits with maturities ranging from three months to five years.
Under the offer, customers will receive their regular interest in yen along with vouchers that can later be exchanged for Bitcoin, Ether, or XRP.
To redeem the rewards, customers must open an account with SBI VC Trade, the cryptocurrency exchange operated by SBI Group. Nikkei reported that the vouchers can be converted into digital assets during a designated redemption period.
By attaching crypto rewards to traditional deposit products, the bank is introducing another route for customers to gain exposure to digital assets without purchasing them directly through an exchange.
SBI adds another crypto entry point for retail customers
The latest initiative arrives as SBI Group continues to expand cryptocurrency services across multiple parts of its financial business.
Earlier this year, SBI Group partnered with Visa and Aplus on a crypto rewards credit card that allows users to earn Bitcoin, Ethereum, and XRP through everyday spending. The card connects reward points with SBI VC Trade and gives customers access to digital assets through card usage rather than direct market purchases.
Elsewhere in the group’s crypto business, SBI VC Trade launched a retail USDC lending service on March 18. Under the product, users lend stablecoins to the exchange for a fixed period in return for yield. SBI VC Trade said the arrangement is structured as a loan to the platform rather than a bank deposit, leaving customers exposed to counterparty risk.
Expansion efforts have also extended to the exchange sector. On May 1, SBI Group disclosed that it was considering acquiring shares in crypto exchange Bitbank and potentially turning the company into a consolidated subsidiary. The discussions followed SBI VC Trade’s absorption of Bitpoint Japan in April.
Investment products tied to digital assets are also under development. According to reports, SBI Securities plans to offer funds created by SBI Global Asset Management, including investment trusts and exchange-traded funds focused on cryptocurrencies such as Bitcoin and Ether.
