SBI Motor Japan, a Japanese used automobile exporting company, has announced that its e-commerce site now accepts cryptocurrency payments.
SBI Motor Japan has stated that it would only support Bitcoin and XRP for the time being. “We want to enhance the number of currencies that can be used for settlement in the future, in anticipation of the growing demand for remittances utilising crypto assets,” the company said.
Meanwhile, SBI Motor Japan is said to be the first cross-border e-commerce site in Japan to offer users cryptocurrency alternatives. For digital asset settlements, the company uses SBI VCTrade Co. Ltd., the group’s crypto exchange.
According to SBI, the e-commerce site provides information about used cars in Tanzania, Kenya, Zambia, and other African countries, as well as Ireland, the Cayman Islands, the Bahamas, and the Caribbean, and exports around 5,000 vehicles per year. And the company’s plan to accept cryptocurrency payments comes at a time when the virtual asset class is seeing unprecedented worldwide attention.
In the future, the holding company intends to expand cryptocurrency settlement alternatives for firms other than SBI Motor Japan.
Morningstar, an SBI Group subsidiary, is said to offer XRP to its shareholders as part of its advantages. Morningstar, according to reports, permitted stockholders with 100 or more shares to participate. They also get 2,500 yen ($21.12) in XRP tokens for each batch of 100 shares.
Since 2020, Ripple, the company behind XRP, has been on the Securities and Exchange Commission’s radar. Despite the ongoing SEC-Ripple case, it appears that SBI Group [Strategic Business Innovator Group] will offer XRP as a platform for its ventures.
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