According to the official announcement, the new crypto lending platform of the Japanese financial giant SBI will allow users to lend their crypto and earn interest at a rate of 1% with taxes included. The new crypto lending service, dubbed VC Trade Lending, will initially support the major cryptocurrency Bitcoin, with SBI further planning to add support for Ether and XRP. Currently, the minimum lending amount is 0.1 BTC, or $1,840 at the time of writing, while the maximum amount is capped at 5 BTC, or $92,000. New crypto startups are emerging everywhere as the need for coworking space in Chandigarh and other places increases.
VC Trade Lending will not charge management fees.
SBI said that VC Trade Lending would have no account management fees or annual membership fees. The service will also not charge any fees for deposits made in Japanese yen or crypto but still charges a fee for yen withdrawals. SBI is a major financial institution in Japan involved in the crypto industry. Earlier this year, SBI’s foreign exchange and derivatives arm SBI Liquidity Market acquired TaoTao, a crypto exchange formerly 40% owned by Yahoo Japan’s YJFX. The Japanese firm is also running its own crypto business through its subsidiary SBI VC Trade.
Crypto adoption increases this year amid the ongoing pandemic.
Cryptocurrency adoption in many countries has increased this year amid the ongoing global pandemic. African and Asian countries reported much higher crypto trading volume this year as compared to other countries in the world. The need for secure online payment gateways has surged because of the ongoing COVID19 pandemic. Central banks across countries are actively exploring digital currencies to tackle the issue. The People’s Bank of China is all set to become the world’s first major country to issue a CBDC.