SBI Unveils Midsummer XRP Festival and XRP CFD Trading to Enhance XRP Adoption in Japan

The post SBI Unveils Midsummer XRP Festival and XRP CFD Trading to Enhance XRP Adoption in Japan appeared first on Coinpedia Fintech News

SBI, a prominent financial institution in Japan, has introduced new initiatives in XRP trading, garnering attention within the crypto community. The well-known pro-XRP influencer, Crypto Eri, shared these developments on Twitter.

As per Crypto Eri, SBI is actively working to enhance the visibility of XRP in the Japanese crypto market through the “Midsummer XRP Festival.” The campaign is a collaboration between SBI VC Trade and SBI FX Trade.

Spot transactions and leveraged trading campaigns

The Spot Transaction Campaign targets individual customers, offering them a chance to win XRP gifts. To participate, customers must engage in XRP spot trading at SBI VC Trade sales offices during the campaign period, which is from July 14 to August 1, 2023.

Participants will receive XRP equivalent to 0.5% of their total contract price, with a cap of 1 million yen. By the end of August 2023, the awarded XRP will be credited to the winners’ SBI VC Trade accounts.

SBI’s second initiative is the Leverage Trading Campaign, where individual customers can potentially win 100 XRP each.

A lottery will determine 50 lucky recipients, and to be eligible, participants must engage in leveraged trading of XRP on SBI VC Trade between July 14 and August 1, 2023.

Similar to the spot transaction campaign, the awarded XRP will be added to the winners’ SBI VC Trade accounts by the end of August 2023.

Crypto Eri also highlighted SBI’s decision to promote XRP on its FX trading site. SBI has recently launched a new feature on its platform, introducing crypto CFD (Contract for Difference) trading. This form of derivatives trading includes XRP trading pairs, allowing users to trade XRP against JPY (Japanese Yen) and USD (United States Dollar).

According to the official website, SBI has announced a cashback campaign for transactions involving XRP/JPY and XRP/USD, offering participants the opportunity to receive gifts up to 1 million yen.

The campaign is active from July 14 to August 1, 2023. It’s important to note that SBI customers must engage in XRP transactions equivalent to one million yen or more to qualify for the cashback.