Financial Giant SBI Launches XRP Lending Service

5 February 2021

in XRP

Reading Time: 2 mins read

Japanese financial services giant SBI Holdings is adding XRP to its cryptocurrency lending service.

In a new press release, SBI reveals XRP holders can now earn interest by lending their crypto assets to its VCTRADE cryptocurrency exchange platform.

“Today, we have started handling XRP in the rental crypto asset ‘VCTRADE LENDING’ service.

By lending the XRP owned by the customer to us, you can receive the usage fee according to the quantity and period of the loan.”

XRP holders can lend a minimum of 1,000 units of the crypto asset and a maximum of 100,000 for a period lasting 84 days. An interest rate or usage fee of 0.1% per year will be paid to XRP lenders.

SBI launched its crypto lending service in November of 2020, with Bitcoin as the lone supported cryptocurrency at the time.

The minimum amount of Bitcoin that users can lend is 0.1 BTC while the maximum is 5 BTC.

As is the case with XRP, the lending period for Bitcoin is 84 days. But unlike XRP’s annual rate of 0.1%, Bitcoin yields 1% per year for lenders.

Ripple and SBI are longtime partners. The Tokyo-based firm invested in the San Francisco payments company back in 2015.

The inclusion of the fifth-largest cryptocurrency by market cap to VCTRADE’s lending platform comes days after XRP creator Ripple completed an investment in blockchain payments firm MoneyTap, an SBI Holdings subsidiary.

Ripple will now control a 33% stake in MoneyTap. MoneyTap uses RippleNet (Ripple’s enterprise blockchain solution) for global money transfers.

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