- SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin.
- The service will be available on the digital currency trading platform, SBI VC Trade.
SBI Holdings, the leading financial services company in Japan, announced that it launched a cryptocurrency lending service on Tuesday. Starting with Bitcoin (BTC), the service will be rolled out later to include other popularly-traded digital currencies, including Ether (ETH) and Ripple (XRP). The Japanese financial services giant mentioned in the announcement that the crypto lending service will also feature optimal trading opportunities.
SBI Holdings debuts Bitcoin lending service
According to the announcement today, lending service is made available on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the service debuted with Bitcoin, the customers can lend out their Bitcoin to the crypto company, which would attract interest for them after the stated lending duration expires. The works are similar to other digital currency lending platforms. SBI Holdings accepts a minimum of 0.1 BTC and 5 BTC as maximum lending quantity.
For a lending period of 84 days, customers will earn 1.0 percent (tax included) annually of the deposited coins annually. As noted earlier, SBI Holdings intends to expand the services to include Ether and Ripple, as well as the types of lending periods, per the announcement. The development is coming after recent reports that a crypto lending platform, Cred, filed for bankruptcy, with many sources citing mismanagement of funds as a cause.
Reliability is a factor
“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender,” the SBI Holdings’ translated page reads. “All of our customers’ lending destinations for our cryptocurrency lending service are SBI Group companies that boast high reliability, so you can use it with confidence.”
The company further revealed its intentions to introduce more market-suited trading opportunities.