Japanese leading financial company SBI Holdings began providing cryptocurrency lending services. Customers will be able to deposit bitcoins and receive interest.
SBI VC Trade, a subsidiary of large Japanese financial services firm SBI Holdings, announced a new cryptocurrency lending service called VC Trade Lending. The crypto platform will allow clients to lend their cryptocurrencies and earn passive income. Clients can deposit bitcoins into their SBI VC Trade account and receive interest at an annual rate of 1% including taxes. The term for providing bitcoins on credit is 84 days. According to the company, the minimum deposit amount is 0.1 BTC and the maximum is 5.0 BTC. The firm will not charge an account management fee or membership fees for the service. The service also does not charge a fee on deposits made in Japanese yen or cryptocurrencies, but it still charges a fee for withdrawing yen.
"One of the risks of lending crypto assets is the risk of a lender going bankrupt. SBI companies are highly reliable, so you can use them with confidence."
So far, the service is provided only for bitcoins, but in the future the company plans to expand it to other cryptocurrencies, including XRP and ether (ETH).
This is not the first experience of a Japanese corporation in the cryptocurrency market. SBI is a long-term partner of Ripple, creating financial products based on XRP. In February 2020, SBI announced that it would pay shareholders a bonus in XRP at 50 XRP per share.