Multi-Billion Dollar SBI Japan Launches “Reliable” Interest on Bitcoin Deposits
The financial services behemoth said customers can deposit their Bitcoin and earn an annual interest of 1%.
Key Takeaways
- SBI Group now allows customers to deposit Bitcoin and earn an annual interest.
- The lending service is focused on BTC and will later add other assets like ETH and XRP.
- SBI assured the high reliability of its lending service and said customers could use it with confidence.
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SBI VC Trade, a subsidiary of the Japanese financial giant SBI Group, has announced a new cryptocurrency lending service called “VC Trade Lending.”
The service allows users to deposit their cryptocurrencies in exchange for an annual interest of only 1%. The service is currently focused on Bitcoin (BTC) lending, and other assets like ETH and XRP will be added later on.
According to the announcement, users can lend a minimum of 0.1 BTC (~$1,900) and a maximum limit of 5 BTC (~$95,000).
SBI Japan Assures Reliability
The launch comes when Cred, one of the leading crypto lending firms, recently filed for bankruptcy due to mismanagement of funds. The Japanese firm hopes to avoid this pitfall, stating that customer assets will only be within the SBI Group family of companies.
“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender. All of our customers’ lending destinations for our cryptocurrency lending service are SBI Group companies that boast high reliability so that you can use it with confidence,” said SBI VC in the press release.
SBI is not the only large Japanese firm moving into the lending and borrowing space. Earlier in October, Japan’s messaging giant Line also rolled out its crypto lending product.
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