Japan’s SBI Holdings Invests $20 Million in OpenLegacy Technologies, Shareholders Get Option of Receiving XRP

Japan-headquartered SBI Holdings, a major financial services company, has reportedly invested $20 million in OpenLegacy Technologies, a US-based software development company that streamlines the API integration process of core banking systems.

Citi, FIS and BNP Paribas-Cardif are notably among the major clients for OpenLegacy’s platform, which assists them in developing microservices-based APIs in order to enhance and offer their core banking platforms to digital consumers. The core banking systems are available for several different interfaces and environments including the web, mobile and cloud.

The platforms allow firms to use APIs without having to cover typical costs, or having to hire additional staff. The platforms also help save time and reduce risk, as they are able to pass complex middleware and link directly to the core banking system, automatically generating the APIs, and providing a wide range of installation options via the cloud or on-premises.

SBI’s management noted that it will be recommending using OpenLegacy’s API platform to local banks and other financial institutions as part of its plans for “regional revitalization.”

In addition to investing in the latest Fintech, SBI will be giving its company shareholders the option to take XRP, the world’s third-largest digital asset by market cap, as a benefit.

SBI’s shareholders will be able to get around 8,000 yen ($74) worth of XRP, SBI confirmed on January 31. The record date for receiving the benefit is March 31, 2020.

SBI shareholders who have between 100 to 1,000 company shares as of March 31, and those investors with 1,000+ shares and holding for less than a one-year period, may be eligible to receive 2,000 yen (appr. $18) in XRP.

To be eligible for this offer, shareholders have to be residents of Japan and maintain an account at SBI’s digital asset exchange, VC Trade.

Shareholders can also get health supplements provided by Alapromo, SBI Holdings’ subsidiary.

In August of last year, SBI’s subsidiary MorningStar Japan had paid out dividends in XRP.

SBI is notably one of the major investors in American Fintech firm Ripple. The firm recently took part in Ripple’s $200 million Series C round.

Investors holding SBI’s shares for over a year and who have 1,000+ shares as of March 31 may opt to receive 8,000 yen (appr. $74) in XRP. XRP is presently trading at about $0.25, according to available data from CoinMarketCap.

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