Japan’s SBI Introduces Cryptocurrency Lending for $XRP

by | Feb 22, 2024 | Latest News | 0 comments

Latest News

Latest News

View more

SBI VC Trade, a crypto exchange subsidiary of the prominent Japanese financial conglomerate SBI Holdings, announced on Thursday its new offering allowing users to lend their XRP cryptocurrency and earn interest in return. The service comes on the heels of the platform’s successful crypto lending launch for bitcoin in November 2020.

Starting today, the lending service offers a loan term spanning 84 days. The platform has set a minimum lending amount of 1,000 XRP, equivalent to approximately $389 at the current rate, and a cap at 100,000 XRP or $38,900. Investors will earn an annual “usage fee” or interest of 0.1%, which is inclusive of tax. For comparison, the platform’s Bitcoin lending service offers a higher interest rate of 1% annually.

https://twitter.com/realXRPwhale/status/1703457716574855333

Established in 2018, SBI VC Trade primarily centered its operations on XRP trading. Notably, SBI Holdings maintains a business partnership with Ripple, the blockchain payment entity intricately linked with the XRP token.

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in late December, accusing the firm of violating securities regulations through the retail sales of the XRP token. The legal action led to a slump in XRP’s market value. Following the lawsuit, several U.S.-based cryptocurrency exchanges, including big names like Coinbase and Binance US, opted to delist XRP from their platforms.

However, echoing the sentiment of many in the Asian markets, SBI reaffirmed that, unlike in the U.S., XRP is not classified as a security in Japan. Read all the latest XRP news on Coinography the best crypto news aggregator website.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted

Web Stories

Cardano Founder Slams Vitalik Buterin Over Crypto Security Warnings

Cardano founder Charles Hoskinson criticized Vitalik Buterin over crypto security warnings involving AI threats to lattice-based cryptography.

Read Also:  Circle Arc Mainnet: 5 Powerful Changes for Stablecoin Payments

Utility-Driven DApps Face 2026 Trial Against Web2 Competition

With mature crypto infrastructure, utility-driven DApps face a decisive 2026 test to retain everyday users and compete with Web2 scale.

Read Also:  Crypto Dusting Attacks: Protect Your Wallet Privacy

Altcoin Season Stalls as SOL, TON and XRP Plunge Amid Liquidations

Altcoin season faces a sharp halt as SOL, TON and XRP drop amid thin liquidity and over $200 million in long liquidations.

Read Also:  Stablecoin Reserve Transparency: How to Check Backing

Perpetual DEX Architecture Faces Regulatory Scrutiny as Hyperliquid Tops $1B Revenue

Hyperliquid hits $1 billion in cumulative revenue as the perpetual DEX industry navigates emerging regulatory standards and onshore rules.

Read Also:  Circle Arc Mainnet: 5 Powerful Changes for Stablecoin Payments

Ethereum Testnet Sepolia Tests 200 Million Gas Limit in Glamsterdam Upgrade Trial

Ethereum’s Sepolia testnet raised its block limit to a 200 million gas limit during the Glamsterdam upgrade trial to evaluate Layer-1 node scaling.

Read Also:  XRPL 3.4.1 Security Update: What XRP Holders Need to Know

Starknet Weighs Layer 1 Shift to Pursue Full Quantum Resistance by 2027

Starknet is evaluating a Layer 1 shift to implement independent quantum-resistant security by 2027 rather than waiting on Ethereum.

Read Also:  XRPL 3.4.1 Security Update: What XRP Holders Need to Know

Magic Eden Warns Payment Processor Exploit Leaves Dormant NFT Listings Vulnerable

A Payment Processor exploit targeted old Magic Eden EVM listings, prompting warnings to revoke permissions after thousands of NFTs were rescued.

Read Also:  XRPL 3.4.1 Security Update: What XRP Holders Need to Know

Fintech Sues Tether in New York Over Tether Stablecoin Freeze

Conduit Technology sues Tether over an unexplained $2.76 million Tether stablecoin freeze, seeking fund restoration and damages in New York federal court.

Read Also:  Stablecoin Reserve Transparency: How to Check Backing

French Hill Says US Crypto Law Remains Essential as Agency Rules Fall Short

House Financial Services Chair French Hill warned that agency rules cannot replace a permanent US crypto law as the Senate faces a 22-day lame-duck session.

Read Also:  Crypto Dusting Attacks: Protect Your Wallet Privacy

Latest News