SBI VC Trade, a popular Japanese cryptocurrency exchange that acts as a subsidiary of financial giant SBI Group, has announced the start of applications for its cryptocurrency lending service.
Users will be able to deposit a wide range of cryptocurrencies, including Bitcoin (BTC), the Ripple-affiliated as well as meme coin Shiba Inu (SHIB). Overall, a total of 37 cryptocurrencies are supported.
By doing this, users will be able to earn interest on their cryptocurrency holdings instead of letting them sit idle.
The specific interest rate offered by SBI VC Trade varies depending on the specific cryptocurrency. For instance, it offers a 20% rate for Polkadot (DOT). The specific rate also depends on lending duration and market conditions.
SBI Holdings made a foray into the lending market back in November 2020.
It has been gradually expanding the list of available cryptocurrencies, with XRP being added in 2021.
Big in Japan
Notably, SBI VC Trade, which started operating back in 2018, was initially centered specifically around XRP trading.
SBI is, of course, one of Ripple's most high-profile partners. The two started collaborating all the way back in 2016 with the SBI Ripple Asia venture.
XRP remains popular with Japanese investors. As reported by U.Today, it has surpassed Ethereum (ETH) among cryptocurrency investors, becoming the second most widely held cryptocurrency.
SBI has also routinely offered year-end benefits to its shareholders in XRP.
Last year, SBI Holdings CEO Yoshitaka Kitao recommended that Ripple start preparing for an initial public offering.
Tomiwabold Olajide
Caroline Amosun
Dan Burgin
Godfrey Benjamin
