SBI Africa Announces Crypto Support for SBI Motor Japan Website

SBI Africa has announced that its international website has commenced accepting BTC and XRP for its ecommerce website, SBI Motor Japan, Coinpost reports. The announcement stated that with crypto support, it has become the first cross-border company supporting settlement in cryptocurrencies. It states that it is also the first ecommerce website in Japan that has initiated ripple support.

The report stated that:

 The two currencies that will be supported are Bitcoin and XRP. This will be the first cross-border e-commerce site in Japan to support XRP. (According to our research) Our e-commerce site provides information on used automobiles to emerging countries around the world.

5000 Cars for Emerging Markets Paid in Crypto

According to the release, the website is meant to serve emerging markets such as Tanzania, Kenya, Zambia, and other African countries. It also serves Ireland, the Cayman Islands, the Bahamas, and the Caribbean. These are major market destinations for the company and a market of 5000 automobiles annually.

The update stated that the move became necessary, considering that Africa and other emerging economies have a substantial number of people who do not have access to banking services. It quoted a 2017 World Bank study that reported that 1.5 billion people do not have access to this service. It stated that in 2022, the number of people using Bitcoin in Africa has increased by 15 to 25 times. The report added that with the growth and reliability of cryptocurrencies, that it is a matter of time before it increases its use by supporting more digital assets for settlement in its automobile business.

The company is also using the services of its own cryptocurrency assets exchange, SBI VCTrade Co., Ltd., which has built-in anti-money laundering features for settlements.


Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.