SBI Group Introduces Crypto Lending Service Through Its Subsidiary
SBI Group Introduces Crypto Lending Service Through Its Subsidiary
November 26, 2020
SBI Group Introduces Crypto Lending Service Through Its Subsidiary
SBI Group Introduces Crypto Lending Service Through Its Subsidiary
November 26, 2020

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.

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.

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Thus, the firm is also running its own crypto business through its subsidiary SBI VC Trade.

Source: Cointelegraph | Image: The Market Periodical


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.