A subsidiary
of Japan-based financial services company SBI Holdings said Thursday it
will allow customers to lend the XRP cryptocurrency in return for
interest.
- According to an announcement from the group's crypto exchange, SBI VC Trade, XRP (+8.79%) lending is available from today with a lending period from 84 days.
- The
minimum loan amount is 1,000 XRP (around $389 at time of writing) and
the maximum 100,000 XRP ($38,900). Interest, described as a "usage fee,"
is a fairly meager 0.1% per annum, including tax. - The crypto lending service launched in November 2020, allowing users to loan bitcoin (BTC, +0.4%) at 1% interest.
- SBI VC Trade was launched in 2018 and focused
initially on the trading of XRP. SBI has a business relationship with
Ripple, the blockchain payments firm closely associated with XRP. - XRP
saw its value fall after the U.S. Securities and Exchange Commission
took Ripple to court in late December alleging the firm broke securities
laws with retail sales of the cryptocurrency. - A number of U.S. exchanges, including Coinbase and Binance US, have since delisted XRP, but SBI has said it is not considered a security in Japan. source link : https://www.coindesk.com/japans-sbi-adds-xrp-to-cryptocurrency-lending-service
