TLDR
- SBI Hyper Deposit automates transfers between bank and securities accounts.
- Users receive XRP gifts and enjoy lower mortgage rates when joining.
- The service offers an interest rate of 0.42% on yen deposits.
- SBI strengthens its push for XRP adoption with integrated banking features.
SBI Holdings, a major Japanese financial institution, has launched a new service called SBI Hyper Deposit, aimed at automating transfers between customers’ bank and securities accounts. This service offers enhanced convenience, allowing users to manage their banking and investment accounts more efficiently through automatic transfers. As part of the launch, SBI is offering XRP gifts and reduced mortgage rates as incentives to early adopters, highlighting its continued push for XRP adoption in Japan.
The launch of SBI Hyper Deposit aligns with the growing trend of integrating cryptocurrency with traditional financial services. This initiative is not only about improving user experience but also about promoting the utility of XRP as a reward and transaction tool in mainstream finance. By tying financial products to the XRP ecosystem, SBI reinforces its long-standing commitment to Ripple and the cryptocurrency space.
How SBI Hyper Deposit Works
SBI Hyper Deposit connects a customer’s yen deposit account to both SBI Shinsei Bank and SBI Securities accounts, making transactions more seamless. When customers sell securities, the proceeds flow directly into their deposit balance without the need for manual transfers.
Additionally, customers can set up automatic transfers from their regular accounts to Hyper Deposit on a recurring basis.
The service also offers an interest rate of 0.42% per year on deposits, slightly higher than SBI Shinsei Bank’s current maximum interest of 0.40%. This small but valuable increase in interest rate, coupled with XRP incentives, aims to attract customers who are looking for both practical banking solutions and exposure to the growing crypto space.
XRP Rewards and Mortgage Rate Reductions
As part of the promotional campaign, customers who open an account with SBI Hyper Deposit will receive XRP rewards directly into their exchange wallets. This incentive further strengthens XRP’s role as a means of broadening financial access.
Moreover, users who join the service are eligible for reduced mortgage rates, making this offering more appealing for individuals looking to lower their borrowing costs.
The XRP reward is particularly notable because it ties cryptocurrency directly into traditional banking services, encouraging users to engage with both financial systems. By connecting the XRP ecosystem with everyday banking needs like savings accounts and mortgages, SBI Holdings continues to pave the way for cryptocurrency adoption in Japan’s financial landscape.
Strengthening XRP Adoption and Partnership with Ripple
SBI’s launch of the Hyper Deposit service is the latest step in its ongoing efforts to promote XRP adoption in Japan. The financial giant has a long history with Ripple, having first invested in the company back in 2012. Since then, SBI has worked closely with Ripple to expand XRP-based remittances and blockchain solutions across the Asia-Pacific region.
SBI and Ripple have previously collaborated on several initiatives, including the launch of SBI Ripple Asia, a joint venture aimed at expanding the use of XRP in cross-border payments.
In 2021, SBI Remit launched Japan’s first international transfer service using Ripple’s On-Demand Liquidity (ODL) technology, cutting costs and improving transaction speeds.
