Japanese financial giant SBI Group is now introducing a new cryptocurrency lending service via its crypto-related subsidiary, SBI VC Trade.
In line with a recent official announcement, the new crypto lending platform will permit users to lend their crypto assets to SBI and earn interest at a rate of 1% along with the taxes.
The new service, referred to as VC Trade Lending, will initially support the leading cryptocurrency Bitcoin [BTC], with SBI further getting to add support for Ethereum [ETH] and Ripple [XRP]. The min lending amount is 0.1 BTC, or $1,840 USD at the reporting time, while the utmost amount is capped at 5 BTC, or $92k.
SBI added that VC Trade Lending will have no account management fees or annual membership fees. The service will also not charge any fees for deposits made in Japanese yen or crypto assets, but still charges a fee for yen withdrawals.
SBI is a major financial institution in Japan involved in the crypto business. Earlier in October 2020, SBI’s exchange and derivatives arm SBI Liquidity Market acquired TaoTao, a crypto exchange formerly 40% owned by Yahoo Japan’s YJFX. The firm is additionally running its own cryptocurrency business via its subsidiary SBI VC Trade.
SBI is additionally an earlier partner of Ripple, a firm that builds financial products based on XRP, the 4th leading crypto asset by total market capitalization at the reporting time. Later in October 2020, SBI CEO Yoshitaka Kitao added that Ripple will presumably relocate to Japan from the United States.