Japanese “SBI” group adds XRP to its cryptocurrency lending service

 The Japanese giant "SBI" group will include Ripple into a cryptocurrency lending service through its subsidiary "VC Trade".

The news of the announced new listing came during a period when the digital currency is going through difficult circumstances, especially in light of the lawsuit filed by the SEC against the Ripple Company.

Adding XRP to Bitcoin and Ethereum Lending List:

The Japanese "SBI" group announced that it will include the digital currency XRP in its list of lending services.

The company, which started the lending effort in November 2020, will provide customers with service through its subsidiary “SBI VC Trade”.

Regardless of what other options the group already provides from the possibility of loaning Bitcoin and Ethereum and earning interest through them, the “SBI” group has added the possibility of depositing XRP also to earn interest.

According to the announcement, holders of the fourth largest cryptocurrency can deposit XRP to earn interest, the amounts that customers can deposit range from 1,000 to 100,000 XRP, while the lending period will be 84 days.

SBI's "VC Trade" launched the Ripple Cryptocurrency Lending Endeavor in November 2020.

Initially, the company only supported Bitcoin.

At the time, SBI said that customer deposits could range from 0.1 Bitcoin to 5 Bitcoin as a minimum.

After loaning their bitcoin holdings on the platform, clients are supposed to receive a 1% interest rate with taxes included.

In addition, the SBI indicated that commercial venture capital lending will only charge fees for withdrawals in Japanese yen.

The group also indicated that cryptocurrency and yen deposits, as well as account management or annual membership, will not be subject to fees.

SBI is among the few who have not turned their back on Ripple and its cryptocurrency XRP after the lawsuit announced by the US Securities and Exchange Commission (SEC).

The “SBI” group dives more into crypto services:

The "SBI" group has been very strong in executing projects linked in one way or another with cryptocurrencies.

During the past two years, the company has shown a clear interest in the cryptocurrency environment, and several attempts have begun to support this.

In December 2019, the "SBI" group launched an experimental and internal cryptocurrency exchange, which had experienced some delays in previous years.

In addition, the holding company was able to implement another major Crypto project.

In December 2020, the company completed the acquisition of a UK-based crypto liquidity provider, B2C2.