Financial Giant SBI Launching Crypto Lending Platform With Bitcoin, Ethereum and XRP Among Early Offerings

A new platform is being unveiled by SBI VC Trade, the crypto-related arm of financial giant SBI Group, enabling customers to lend their crypto assets and receive usage fees.

The Tokyo-based company says Bitcoin initially supports the new platform, dubbed VC Trade Lending (BTC).

Users will lend a minimum of 0.1 BTC and a maximum of 5 BTC to receive usage fees at an annual rate of 1.0 percent, tax included, for an 84-day lending period.

SBI, Japanese Financial Giant, Launches a Bitcoin Lending Service

The firm says it is currently planning to fund and sell other lending periods for other cryptocurrencies, including Ethereum (ETH) and XRP.

SBI notices that account management fees or annual management fees will not be deducted from VC Trade Lending. The lending platform will not also charge deposits in Japanese yen or crypto, but it will take a fee when a consumer withdraws Japanese yen.

SBI, one of the largest public corporations in the world, has a keen interest in cryptocurrencies and blockchains.

The company is a partner of Ripple, a payment settlement company that controls over half of the XRP on the market. Ripple and SBI worked together to create MoneyTap, an application that allows users to use phone-generated QR codes to transfer money.

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