SBI VC Trade, a popular Japanese cryptocurrency exchange that acts as a subsidiary of financial giant SBI Group, has announced the start of applications for its cryptocurrency lending service.
Users will be able to deposit a wide range of cryptocurrencies, including Bitcoin (BTC), the Ripple-affiliated as well as meme coin Shiba Inu (SHIB). Overall, a total of 37 cryptocurrencies are supported.
By doing this, users will be able to earn interest on their cryptocurrency holdings instead of letting them sit idle.
The specific interest rate offered by SBI VC Trade varies depending on the specific cryptocurrency. For instance, it offers a 20% rate for Polkadot (DOT). The specific rate also depends on lending duration and market conditions.
SBI Holdings made a foray into the lending market back in November 2020.
It has been gradually expanding the list of available cryptocurrencies, with XRP being added in 2021.
Dan Burgin
Vladislav Sopov