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SBI Trade VC, a crypto exchange founded by Japanese financial giant SBI Group has spread the word about launching a new round of crypto lending today. The platform thus allows users not only to borrow crypto from it but also to lend it to others through staking.
According to the tweet, SBI Trade VC now allows users to stake seven coins, including Bitcoin, XRP, DOGE and XLM.
Since December, SBI Trade VC has already announced several such lending rounds.
Japanese SBI exchange extends its crypto lending services
The subsidiary of SBI Group, SBI Trade VC, has announced that today at 8:00 p.m. local time, it begins a new round of staking to accept the following cryptocurrencies from its users for further lending: BTC, BCH, XRP, DOGE, XLM, DAI and ZPG — seven coins in total.
Lenders will be entitled to receive “rental fees” regularly, depending on the asset they lend.
SBI Trade VC has launched the lending service despite the current bloodbath on the global cryptocurrency market, allowing those who hold on to their cryptos to make some additional passive income through DeFi.
Binance completes conversion of its SAFU fund into Bitcoin
While the crypto market is bleeding after Bitcoin crashed from $90,000 to the $60,000 level and then managed to pare some of its losses, the world’s largest crypto exchange, Binance, has made a bullish announcement to its global community.
At the end of January, Binance stepped forward with a decision to fully convert its $1 billion SAFU fund, formed in case of hacker attacks to compensate users’ losses, into the world’s largest cryptocurrency, Bitcoin.
Over the past two weeks, it has made regular Bitcoin purchases, adding more BTC to its corporate stash. The final tranche conducted today contained 4,545 BTC worth approximately $309,288,522 at the time of writing. Binance published a report to share this news with the community.
Now, the SAFU fund holds 15,000 Bitcoin valued at $1,005,000,000 at the time of completion (at a Bitcoin price of $67,000). Binance has stressed that it fully trusts in Bitcoin as its long-term reserve asset: “With SAFU Fund now fully in Bitcoin, we reinforce our belief in BTC as the premier long-term reserve asset.”
Vladislav Sopov
Dan Burgin