SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service
Having launched its cryptocurrency lending service in late 2020, the Japan-based financial services company – SBI Group – has announced that it will be enabling access to XRP as part of its lending service – SBI VC Trade.
This news is according to an announcement made by the company on Feb. 4. SBI VC Trade Lending will enable users will be able to earn interest by depositing their XRP on the platform – so long as it was between 1,000 and 100,000 XRP. In order to obtain an interest dividend on whatever is staked, they would need to lend it for a period of up to 84 days.
Within the statement, SBI stated the following:
“VC Trade Lending is a service that allows customers to rent out their crypto assets to the company and receive interest rewards according to the quantity and duration of the crypto assets.”
The company has added that XRP annual interest would come to 0.1% (including taxes).
As readers may have noticed, the introductory interest rate (0.1%) is much lower than the going rate for lending Bitcoin BTC 1.63% Bitcoin / USD BTCUSD $ 37,416.45
$609.891.63% Volume 68.15 b Change $609.89 Open $37,416.45 Circulating 18.62 m Market Cap 696.67 b
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While not facing domestic legal challenges in Japan, Ripple is facing a large-scale federal lawsuit within the United States – specifically for alleged violations of existing U.S. securities laws by selling unregistered securities. The decision by SBI comes from a difference in the legal definition of XRP; Japan, unlike the U.S., believes that XRP does not qualify as a security.
Since 2020, SBI has risen as one of Ripple’s large-scale partners, having brought out a few XRP-related products. In the wake of legal challenges in the United States, Yoshitaka Kitao – CEO of SBI – made it plain that Japan remains the most likely (or friendly) candidate for Ripple to move to.