SBI Group has enabled XRP lending through SBI VC Trade – its cryptocurrency-related subsidiary
According to an announcement on Feb. 4, Japanese financial services company SBI Group has authorized lending in XRP through its crypto-related subsidiary, SBI VC Trade.
＼ #貸暗号資産 サービス 「VCTRADE LENDING」 ／
— SBI VC Trade (SBI VCトレード） (@sbivc_official) February 3, 2021
SBI Group has enabled XRP lending through its cryptocurrency-related subsidiary, SBI VC Trade
SBI has emerged as a major partner of Ripple, introducing many XRP platform products. In October 2020, SBI CEO Yoshitaka Kitao stated that Japan was the country most likely for Ripple to move in if the company was forced to leave the United States.
Thus, as of today, SBI VC Trade Lending users can now make a profit by depositing XRP holdings in quantities between 1,000 and 100,000 XRP, with a loan period extending up to 84 days.
“VC Trade Lending is a service that allows customers to rent out their crypto assets to the company and receive interest rewards according to the quantity and duration of the crypto assets.”
The annual interest rate for XRP lending is up to 0.1% and tax included.
The XRP rate is significantly lower than the Bitcoin lending rate for SBI. The company officially launched its cryptocurrency lending platform in November 2020, allowing users to earn 1% interest from depositing BTC.
The new listing on SBI’s lending platform comes amid ongoing regulatory issues against altcoins. Ripple is currently facing federal lawsuits in the United States for allegedly violating US securities laws by selling unregistered securities. However, the Japanese financial regulator, the Financial Services Agency, reported that XRP is not a security.
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