Japanese financial service behemoth SBI Holdings has unveiled a cryptocurrency lending service, an official announcement revealed Tuesday. SBI launched the new service through its subsidiary, SBI VC Trade, a digital asset trading platform.
The lending service dubbed VCTRADE LENDING will allow users to lend their digital assets to SBI and, in return, earn up to 1% annual interest in the form of “usage fees” for a maximum lending period of 85 days.
The usage fee offered to a customer is determined by the quantity and period of the loan.
“VC TRADE LENDING is a service that allows customers to rent out their cryptocurrency assets to us and receive usage fees according to the quantity and period of cryptocurrency assets,” the company said.
SBI guarantees the safety of customers’ funds through the new service. Since the risk of bankruptcy is one of the dangers of crypto lending services, the company assures customers that they can use VCTRADE LENDING without fear as SBI boats of high reliability.
The company also promises to offer optimal trading opportunities to users. “We will provide more trading opportunities by formulating appropriate products that match the market based on the know-how and abundant achievements of the SBI Group,” SBI said.
However, for the time being, the lending service only supports Bitcoin (BTC). SBI notes that other crypto-assets like XRP and ETH will be added in the future. VCTRADE LENDING requires users to deposit a minimum of 0.1 BTC and a maximum of 5 BTC.
Meanwhile, SBI Holdings continues to expand its crypto services. According to previous reports, the company recently purchased the total shares of TaoTao crypto exchange
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