SBI VC Trade, a subsidiary of Japanese financial giant SBI Group, has launched a loan for the cryptocurrency XRP, according to a February 4 announcement.
From now on, holders of the fifth largest cryptocurrency will be able to deposit to earn interest.
The amount of XRP that can be stored ranges from 1,000 tokens to 100,000 tokens. The loan term is 84 calendar days.
As reported by MediaAuthority.id, SBI VC Trade launched its lending service in November. Initially, Bitcoin was the only cryptocurrency supported, with a minimum deposit amount starting at 0.1 BTC.
SBI VC Trade – which was founded in November 2016 – claims it plans to expand its services. In its announcement in November, the cryptocurrency-focused arm of SBI Group mentioned that it would also add Ethereum lending.
SBI Holdings Still Supports XRP
After Ripple, the issuer of the XRP cryptocurrency, was sued by the US Securities and Exchange Commission, SBI Holdings stepped out to support the embattled company.
The tokens that the SEC accuses of being an unregistered security are actually considered “cryptocurrency assets” under Japanese law.
Back in January 2022, SBI Holdings allowed its shareholders to receive their profits in XRP.