SBI VC Trade, the crypto-related arm of financial giant SBI Group, is launching a new platform that allows customers to lend their crypto assets and earn usage fees.

The Tokyo-based firm says the new platform, dubbed VC Trade Lending, is initially supporting Bitcoin (BTC).

Users can lend a minimum of 0.1 BTC and a maximum of 5 BTC over an 84-day lending period to earn usage fees at an annual rate of 1.0%, tax included.

The firm says it is currently preparing to support other cryptocurrencies, including Ethereum (ETH) and XRP, and offer other lending periods.

SBI notes that VC Trade Lending will not deduct account management fees or annual management fees. The lending platform will also not charge deposits in Japanese yen or crypto but it will take a fee whenever a user withdraws Japanese yen.

Read Also:   How this family survived 40 countries living solely off bitcoin for four years | by Mark Sheppard | The Capital | Dec, 2020

SBI, one of the world’s largest public companies, has a strong interest in blockchain and cryptocurrency.

The company is a partner of payments settlement firm Ripple, which owns more than half of the XRP on the market. Ripple and SBI collaborated to develop MoneyTap, an application that allows users to send money using phone-generated QR codes.

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Read Also:   Billion-Dollar Asset Management Firm Skybridge Capital Invests $182,000,000 in Bitcoin

Follow Us on Twitter Facebook Telegram

Featured Image: Shutterstock/Roschetzky Photography

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

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

by Garland K. Clancy
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Upload your own images to make custom memes
Youtube, Vimeo or Vine Embeds
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format