On Monday (May 9), SBI Africa, a wholly subsidiary of Japan-based SBI Holdings, announced that its cross-border e-commerce site “SBI Motor Japan” is now accepting Bitcoin and XRP payments.
“The SBI Group has various group firms in Japan and worldwide, mostly in the financial services area, including SBI Securities and SBI Sumishin Net Bank, the major online financial services companies,” according to SBI Africa.
SBI Africa boasts on its website that it offers “fairly priced, high quality used cars to Africa” to help its parent firm “extend its financial services to the region.”
Here’s an example of a used Japanese car now available on SBI Motor Japan’s website:
In a press release issued on May 9, SBI Africa stated that according to its research its “SBI Motor Japan” website is “the first cross-border e-commerce site in Japan to support XRP.”
It went on to explain why it is important to accept crypto payments when selling to emerging market countries:
The Press Release By SBI Africa
According to a 2017 study by the World Bank, 1.7 billion adults worldwide do not have bank accounts, with most of them concentrated in emerging economies such as the African continent. In addition, according to a study by Singapore-based exchange CooCoin, the number of transactions and users of virtual currencies, including bitcoin, in Africa surged about 15-fold and 25-fold in the year through January 2022.
“Crypto asset remittances use the blockchain (distributed ledger), so even if the banking system stops functioning, as long as the Internet is operational, remittances can continue to be used without being affected by the failure of exchange, etc.
This is also highly regarded, and is spreading as an alternative to traditional remittance methods. In anticipation of the growing demand for remittances using crypto assets, we plan to increase the number of currencies that can be used for settlement in the future.“
SBI Africa uses SBI VCTrade, a crypto exchange operated by the SBI Group, “for the settlement of crypto assets,” according to the news release.
“Crypto Eri” (“@sentosumosaba” on Twitter) — one of the most valuable members of the XRP community owing to her comprehensive great reporting and analysis of everything Ripple and XRP related news — has much more information on this new use case for XRP as well as other ways that SBI uses XRP..