SBI Group, the Japanese financial giant, is introducing a cryptocurrency lending service through SBI VC Trade, its crypto-related subsidiary.
It has been reported that the new crypto lending platform will allow users to lend their crypto to SBI and earn interest at a rate of 1% with taxes included.
However, the new service, named “VC Trade Lending” will initially support the major cryptocurrency Bitcoin (BTC), with SBI further planning to add support for Ether (ETH) and XRP.
SBI said that VC Trade Lending will have no account management fees or annual membership fees, as the service will also not charge any fees for deposits made in Japanese yen or crypto, but still charges a fee for yen withdrawals.
Who wants a crypto loan? Japanese financial company SBI is accepting BTC, ETH, and XRP deposits for a 1% interest rate. Are institutions finally getting into the DeFi game? https://t.co/SYClxfem3K — Cointelegraph (@Cointelegraph) November 24, 2020
In early October 2020, SBI’s foreign exchange and derivatives arm SBI Liquidity Market acquired TaoTao, a crypto exchange formerly 40% owned by Yahoo Japan’s YJFX.
Thus, the firm is also running its own crypto business through its subsidiary SBI VC Trade.