Morningstar, a financial information services subsidiary of Japanese financial giant SBI Group, will continue its XRP shareholder benefit program.
According to an official announcement on Friday, Morningstar approved the year-end shareholder benefits in the form of XRP.
The new option to pay dividends is part of the company’s year-end incentive program to thank its shareholders for their continued support as well as for the temporary benefit to shareholders. According to the program Morningstar will be delivering XRP awards of 2,500 Japanese yen ($ 23) for every 100 shares owned by shareholders as of March 31, 2021.
The exact amount of XRP offered to shareholders will be determined based on an XRP market price determined on June 30, 2021, according to SBI. As part of the initiative, Morningstar will ask shareholders to open crypto accounts through the SBI Group’s crypto subsidiary SBI VC Trade.
As previously reported, Morningstar began paying dividends in XRP in 2019, offering 30 XRP per 100 shares. The Tokyo-based company focuses on providing financial information and investment research services. At the time of writing, the company’s stock is trading at 493 yen ($ 4.5). That’s an increase of more than 2% over the past 24 hours on a market cap of 44.2 billion yen ($ 407,000).
Morningstar’s parent company, The SBI Group has also intervened in the payment of dividends in the cryptocurrency XRP and is considering launching such a program in 2020. The company was actively involved in the development of XRP-based products across its ecosystem and was able to loan XRP to the crypto platform SBI VC Trade in February.
SBI has supported Ripple in ongoing legal proceedings against the company in the USA. Yoshitaka Kitao, CEO of SBI, said Japan is the country Ripple is most likely to move to if it is forced to leave the US.