Subsidiary of SBI Holdings Maintains XRP Benefit Program
Cryptocurrency Enthusiast - Max
SBI Holdings Morningstar, a division of SBI Holdings, began its Ripple’s XRP shareholder benefit in 2019. Morningstar, a financial information system affiliate of the Japanese giant SBI Group, will continue the XRP shareholder value scheme.
Per an official statement on Friday, Morningstar accepted the annual shareholder benefit in terms of XRP.
The new dividend distribution option is part of the company's year-end incentive scheme to reward its shareholders for their continuing support, in addition to the interim shareholder benefits. Under the scheme, Morningstar will grant an XRP incentive of 2,500 Japanese yen ($23) per 100 shares held by shareholders as of March 31, 2021.
The specific amount of XRP provided to shareholders will be calculated in compliance with the market price to buy XRP registered on 30 June 2021, SBI noted. As part of the program, Morningstar will invite shareholders to open crypto accounts through SBI Group's crypto subsidiary SBI VC Trade.
As previously noted, Morningstar began paying dividends back to XRP in 2019, giving 30 XRPs per 100 shares. With headquarters located in Tokyo, the company focuses on delivering financial reports and investment analysis services. At the time of writing, the company's shares are traded at 493 yen ($4.5), more than 2% over the last 24 hours, with a market capitalisation of 44.2 billion yen ($407,000).
Morningstar's parent company, SBI Group, has considered offering dividends in XRP cryptocurrency, contemplating implementing such a scheme in 2020. The organisation has been aggressively engaged in developing XRP-based products through its network, allowing XRP to borrow on its SBI VC Trade Crypto Platform in February.
SBI helped Ripple in the pending court case against the company in the United States. SBI CEO Yoshitaka Kitao said that Japan is the most likely nation to switch to Ripple if it is pressured to abandon the U.S.
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