SBI Group Japan Launches Crypto Lending Service For BTC

SBI Group Japan has just launched crypto lending services for Bitcoin and it will offer BTC lending initially while XRP and ETH will be added soon so let’s read some more in today’s Bitcoin news.

Founded back in 1999, SBI Group Japan is a financial services company that is based in Tokyo, Japan. Apart from offering multiple traditional financial services, SoftBank Group subsidiary announced a new crypto-related endeavor. SBI Group introduced a new crypto asset lending service via its crypto branch SBI VC trade. The statement informed that the platform VC Trade Lending will initially support only Bitcoin but has more plans of adding support for ETH, XRP, and more crypto assets.

Clients’ deposits can vary from a minimum of 0.1 BTC to a maximum of 5 BTC so after lending the BTC holdings on the platform, the customers will earn an interest rate of 1% with all taxes included. The announcement further explained that VC trade lending will charge fees only for withdrawals in the Japanese yen. Crypto and yen deposits as well as account management or annual memberships will not be subjected to fees.

It’s worth noting that the SBI Group Japanese Giant was involved with other crypto-related projects ever before. A few years ago, the financial giant launched Japan’s first-bank-backed crypto exchange by hiring two professional e-sports players and even paid them in Ripple’s XRP.

As previously reported, The SBI Group takes over the TaoTao exchange after it finished negotiating with Binance. TaoTao explained how SBI Group takes over and the change in shareholders with Yahoo Japan’s shares. The company continued to say that they formed a partnership with the SBILM subsidiary which is a newly launched branch from the financial giant that is set to use the R3 blockchain consortium that is developed to power the foreign exchange solutions. Earlier this week the exchange announced that it ended talks with binance on their strategic partnership discussions which was a deal that could have allowed Binance back on the Japanese market.

SBI operates a crypto exchange in Japan already, the SBI VC Trade as well as a crypto mining subsidiary named SBI crypto. The bank runs the SBI-Ripple Asia blockchain network along with the San-Francisco based company Ripple. Yahoo Japan is the leading search engine in the country, all while being backed by SoftBank which owns 48% stakes in the company. Yahoo Japan is also set to merge with Line which is a branch of South Korea’s internet giant Naver.