SBI VC Trade, a subsidiary of the Japanese financial conglomerate SBI Holdings, added support for the XRP token from fintech firm Ripple on its cryptocurrency lending platform.
The company launched the service in November 2020. The service enables users to earn returns by lending their crypto assets to other users. Initially, the platform supported only Bitcoin.
According to the statement, XRP holders will receive a 0.1% annual yield (tax included) for using their assets. To do this, a deposit of 1,000 XRP to 100,000 XRP is required. The minimum lending term is 84 days.
For Bitcoin deposits, the platform pays around 1% per year.
SBI Holdings and Ripple formed a partnership in 2016, creating the joint venture SBI Ripple Asia. In October 2020, the fintech company reinforced the collaboration with investments of an undisclosed amount.
In December, SBI supported a California firm after a lawsuit was filed against it by the U.S. Securities and Exchange Commission (SEC). The regulator accused Ripple of selling unregistered securities in the form of XRP worth $1.3 billion.
At SBI, they stated that the Ripple token is not a security under Japanese law, and the SEC suit will not affect XRP’s status in the country.
Against the backdrop of adding the token to the crypto-lending platform SBI VC Trade, its price over the past 24 hours rose nearly 15%, to $0.45 (per CoinGecko).
Data: CoinGecko.
Earlier in October 2020, the American fintech company launched an XRP lending program on the RippleNet network.
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