SBI VC Trade, the crypto arm of SBI Holdings, a leading Japanese conglomerate, has expanded its crypto lending service by adding XRP. The company unveiled this news on February 4 through an official announcement, noting that this service will offer XRP holders a chance to earn interest by depositing their coins on the VC Trade Lending platform. Reportedly, the platform will allow XRP deposits that range between 1,000 and 100,000 tokens.
VC Trade Lending allows interested crypto holders to lend the organisation their crypto to get usage fees based on the duration and the amount of crypto deposited.
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According to the announcement, the organisation has set the usage fee for lending XRP at 0.1% per annum, including taxes. The lending period would be 84 calendar days. Through this development, XRP has become the second token that the platform supports after BTC.
A renowned XRP proponent
This news comes after SBI VC Trade launched its lending platform in November last year. At launch, the platform supported Bitcoin (BTC) only, allowing crypto enthusiasts to lend their BTC to SBI and earn interests at a 1% rate inclusive of taxes. The minimum lending amount for BTC is 0.1 BTC (approximately £2,724), and the upper limit is 5 BTC (£136,180).
By adding support XRP in the lending platform, SBI has further displayed its trust in Ripple, especially as the project continues facing the backlash of SEC’s lawsuit. Reportedly, the organisation stepped in to offer Ripple support after rumors of losing strategic and liquidity partners emerged following SEC’s lawsuit. SBI Holdings declared that it would continue using Ripple’s technology and XRP despite the SEC’s alleging that the token is a security.
While this move might have just helped XRP from plunging further, it was not the first time the conglomerate worked with XRP and Ripple. The group previously joined hands with Ripple in a joint venture dubbed SBI Ripple Asia. Through this partnership, the two organisations merged their technologies to create the Internet of Value, allowing RippleNet participants to connect to financial institutions through a single API.
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