The Japanese financial giant The SBI Group is launching a crypto credit service through its subsidiary SBI VC Trade.
According to an official announcement dated November 24th With the new platform for lending cryptocurrencies, users can borrow their cryptocurrencies to SBI and earn 1% interest including tax.
The new service is called VC Trade Lending will initially support the popular cryptocurrency Bitcoin (BTC), and SBI plans to add support for Ether (ETH) and XRP as well. The minimum loan amount is 0.1 BTCor $ 1,840 at press time, while the maximum amount is capped at 5 BTC or $ 92,000.
SBI said that There are no account management fees or annual membership fees for VC Trade Lending. The service also does not charge a fee for deposits in Japanese yen or cryptocurrencies, but a fee for withdrawals in yen.
SBI is one of the leading Japanese financial institutions in the crypto industry. In early October 2020, Scotiabank’s currency and derivatives division acquired Inverlat TaoTao, a crypto exchange previously 40% owned by Yahoo Japan YJFX. The company also operates its own cryptocurrency business through its subsidiary SBI VC Trade.
SBI is also an important partner of Ripple, A company that builds financial products on XRP, the fourth largest cryptocurrency by market capitalization at the time of going to press. In late October 2020, SBI CEO Yoshitaka Kitao stated that if it decides to leave the US, Ripple will most likely move to Japan.
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