Japan’s Leading Financial Firm Enters Crypto Lending

Major Japanese financial services company, SBI Holdings announced today that it has launched a new crypto lending service to allow users to earn an annual interest rate of 1%. At the start, the lending service only supports Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, but the company plans to expand services to include Ethereum and XRP.

Dubbed ‘VC Trade Lending’, the new service allow users to enter the program with as low as 0.1 BTC. Further, the company mentioned that the upper limit is currently capped at 5 BTC. Recently, SBI bought a Japanese cryptocurrency exchange Tao Tao to expand its crypto portfolio.

SBI added that the company will not charge any deposit fee, account management fee, or annual membership fee. However, a small fee will be charged on withdrawals in Japanese Yen.

“VC Trade Lending is a service that allows customers to rent out their crypto assets to the Company and receive usage fees according to the quantity and duration of the crypto assets. All of our customers' lending destinations for crypto-asset services are highly reliable SBI Group companies, so you can use them with peace of mind. The SBI Group's know-how and extensive track record will create appropriate products in accordance with the market and provide more trading opportunities,” the official announcement states.

Crypto Expansion

In recent months, SBI Holdings has intensified acquisitions and offerings related to Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. SBI’s Crypto-focused venture capital arm, SBI VC Trade reported strong financial results in 2019. SBI has strong business relations with Ripple as the company recently announced investments in MoneyTap, a venture jointly developed by Ripple and SBI. In October this year, Yoshitaka Kitao, CEO of SBI, said that Ripple will most likely relocate to Japan should it choose to leave the United States.

Finance Magnates earlier reported about the launch of the first Security Token Offering (STO) by SBI Holdings. SBI allocated shares of its esports games arm, SBI e-Sports, and acted as an underwriter for the issuance.