Japanese Giant SBI Group Launched A Crypto Lending Service For Bitcoin

  • Founded in 1999, SBI Group is a financial services company based in Tokyo, Japan. Apart from offering numerous traditional financial services, the SoftBank Group subsidiary announced today a new cryptocurrency-related endeavor.
  • SBI Group has introduced a digital asset lending service through its cryptocurrency arm – SBI VC Trade.
  • The statement informed that the platform, dubbed VC Trade Lending, will initially support only Bitcoin. However, plans include adding support for Ether (ETH), Ripple (XRP), and more cryptocurrency assets. 
  • Clients’ deposits can vary from a minimum of 0.1 BTC to a maximum of 5 BTC. After lending their bitcoin holdings on the platform, the customers will earn an interest rate of 1% with taxes included.
  • The announcement further explained that VC Trade Lending will charge fees only for withdrawals in the Japanese yen. Cryptocurrency and yen deposits, as well as account management or annual memberships, will not be subject to fees. 
  • It’s worth noting that SBI Group has been involved with other cryptocurrency-related projects before. A few years ago, the financial giant launched Japan’s first bank-backed cryptocurrency exchange. More recently, SBI Group hired two professional e-sports players and paid them in XRP. 
Publication date: 
11/26/2020 - 05:00
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.