Victor Ugochukwu · Dec 14, 2020 . 5min read
Japan’s SBI Group launches crypto lending service
SBI Group launches a crypto lending service, VC Trade Lending, starting with Bitcoin. It will be accessible on the SBI VC Trade platform.
By Komal Joshi · Nov 24, 2020 . 5min read
SBI Group, the popular financial services company in Japan, launches a crypto lending service called VC Trade Lending. It is offering Bitcoin services initially accompanied by other leading digital currencies. It involves Ether (ETH) and Ripple (XRP). The Japanese financial services giant stated in the statement that the crypto lending service would also highlight optimal trading opportunities.
SBI’s VC Trade Lending Service is accessible on SBI VC Trade
In accordance with the announcement, the lending service is made accessible on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the VC Trade Lending service debuted with Bitcoin, the consumers can give out their Bitcoin to the crypto company, which would draw interest for them after the said lending term lapses. The operations are related to other digital currency lending platforms. It allows a minimum of 0.1 BTC and 5 BTC as the highest lending quantity.
According to the reports, for a lending period of 84 days, consumers will receive 1% (tax included) yearly of the deposited coins yearly. Moreover, there is no account management fees, annual membership fees, Japanese yen deposit fees, cryptocurrency receipt or sending fees. Nevertheless, a fee will be credited for the withdrawal of the Japanese Yen. It plans to expand the services to incorporate Ether and Ripple, and the other sorts of lending periods.
Moreover, Ripple and SBI Holdings are leading associates who have already set a joint venture called SBI Ripple Asia in 2016. Earlier, Ripple funded MoneyTap, a subsidiary of SBI Holdings. It employs Ripple’s blockchain technology to process cross-border payments quickly and cost-efficiently.
Furthermore, its foreign exchange and derivatives arm SBI Liquidity Market acquired TaoTao crypto exchange. SBI Liquidity Market’s foreign exchange and derivatives arm got a 100% stake in TaoTao from its previous owner. The acquisition deal hit comes only a day after reports revealed a collaboration between TaoTao and Binance has abandoned.
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