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Morningstar, a subsidiary of SBI Holdings – the investment arm of Japanese financial services giant SBI Group, will pay out dividends in XRP, Ripple’s native token, CoinDesk reported.
XRP is the third largest cryptocurrency by market capitalization and is trading at $0.25 at the time of writing.
In an announcement dated August 28, Morningstar Japan revealed its plans on the implementation of interim shareholder benefits with the digital currency. It said that it will pay out 30 XRP to shareholders with 100 or more shares as recorded in the shareholder register as of September 30, 2019.
“Virtual currency (cryptographic assets) is already used globally in various situations such as settlement, remittance, and operation, and in particular, the practicality of virtual currency XRP, which is used for efficient global remittance, will further increase in the future. As a result, we believe it will be one of the important asset classes in asset management,” Morningstar said (via online translation).
To receive dividends in XRP, eligible shareholders would need to open an account with SBI VC Trade operated by the company. The deadline for applying for this shareholder special offer is March 31, 2020, the release said.
The collaboration between SBI and Ripple dates back to 2016 when the companies established a joint venture called SBI Ripple Asia. The new venture completed its registration with the Kanto Local Finance Bureau as a licensed agent for handling electronic payments in September 2018.
In June this year, SBI Ripple Asia launched a demonstration test of its Money Tap app that allows in-store payments. Powered by Ripple’s enterprise software xCurrent, Money Tap offers a real-time settlement for domestic payments in Japan.
Last month, online retail giant Overstock also announced its plans to pay stockholders dividends in its affiliate company’s digital security.
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