SBI Group, a Japanese leading financial institution, has announced the launching of its new cryptocurrency lending service called VC Trade Lending.
According to SBI, the service will be run through its crypto-related subsidiary, SBI VC Trade, and will allow users to earn 1% interest rate inclusive of taxes, yearly.
The VC Trade Lending, which will only support bitcoin at the commencing stage, is also planning to extend its services to also cater to Ethereum and XRP etc. later in the future.
Bitcoin has broken through the 18k mark to reach $19,158.41, gaining 2.97% in 24 hours. Bitcoin experienced a 24 hours’ low of $18,059.27 and $19,218.33 high, the highest this year. The trading volume of bitcoin in the last 24 hours is $39.76B. The current market capitalization of bitcoin is $354.59B. Currently, 18,548,962.5 bitcoins is in circulation.
Image Source: Coin Desk
SBI said there will be no extra fees like account management fees, annual membership fees and deposits fees made in Japanese yen, cryptocurrency receipt / sending (receipt / delivery) fees or cryptocurrencies. However, there will be “yen withdrawal fees”.
The minimum bitcoin lending amount for new service is 0.1 BTC at publishing time, while the maximum amount is 5 BTC, and users can receive usage fees based on quantity and period loaned.
The service promises high reliability, shielding lenders against the risk of bankruptcy, and the employment of SBI Group expertise to provide optimal trading opportunities by formulating appropriate products that match the market.