SBI Expands Crypto Lending Services Adding XRP

SBI VC Trade, the cryptocurrency unit of major Japanese conglomerate SBI Holdings, has extended its digital currency lending support to XRP tokens, the company announced on Thursday.

The service will be offered under VC Trade Lending and will allow XRP holders to earn interest by depositing their holdings with the platforms. SBI launched its lending services last November with only 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 support.

“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,” SBI earlier explained.

With XRP, the platform will allow deposits ranging from 1,000 tokens to 100,000 tokens, and the lending period will be for 84 days. The usage fee for lending has been set at 0.1 percent per annum.

A Major Partner of Ripple

SBI is an early adopter of XRP, and the Japanese giant also runs a joint venture with Ripple to promote the usage of XRP tokens in the Asian nations. The addition of XRP to the lending services is significant, especially at a time when Ripple is facing backlash from the United States regulator.

After the lawsuit by the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) against Ripple, many cryptocurrency exchanges and companies parted their ways with Ripple and its XRP token. However, SBI stood firm in its support for XRP.

SBI is heavily invested in cryptocurrency services. The conglomerate expanded its crypto portfolio by acquiring local exchange Tao Tao last year. Additionally, it launched its first security token offering (STO) by allocating shares of its esports games arm, SBI e-Sports.

Meanwhile, XRP prices are swinging a lot on the exchange with sudden pump and dump by the traders. The token prices went as low as $0.18 apiece after the SEC lawsuit announcement and recently spiked to $0.72, before settling at around $0.38.