SBI Group Launches XRP Lending
· SBI VC Trade, the crypto subsidiary of SBI Group, launches XRP lending.
· The lending service will allow XRP holders to earn “usage fees,” says VC Trade
· deposits will range from 1000 to 100,000 tokens for a lending period of 84 days.
Japanese based institution SBI VC Trade launches its XRP lending services, providing users with the opportunity to lend up to 100,000 XRP. SBI VC is a subsidiary of the giant SBI Group, which broadly covers finance, asset management, and biotechnology. SBI VC Trade is in charge of the cryptocurrency dealings of the giant SBI Holdings.
SBI Launches Its XRP Lending Services
SBI started its lending service in November with BTC while supporting a minimum deposit of 0.1 BTC. On Thursday, SBI has expanded the reach of its trading services to include XRP lending.
A statement from SBI explained that the lending service would allow its customers to “rent out their crypto assets to the company to receive usage fees.” It further remarked that the interest would depend on the “quantity and duration of the crypto asset.”
SBI made this known in its public announcement on Feb 4. This new development will allow XRP holders to deposit their holdings and earn returns. The minimum amount deposited is 1000 tokens, while the maximum is 100,000 tokens, with a lending window of 84 days.
SBI Shows Support for XRP
For some time now, Ripple Labs, the largest issuer of XRP, has been on a challenging ride with the SEC after it was accused of unofficial fundraising. However, SBI, being an early adopter of XRP, has shown support for Ripples since it got sued, saying that under Japan’s law, the allegedly unregistered asset is indeed a “cryptocurrency asset.”
However, XRP prices on the exchange have been unstable: experiencing a series of ups and downs since the SEC lawsuit announcement was made. The prices went a low as $0.18 after the action from SEC and subsequently rose to $0.72 before dropping to $0.38, lower than they started with.