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SBI introduces XRP Lending Service amid Ripple Lawsuit

SBI introduces XRP Lending Service amid Ripple Lawsuit
SBI Holdings (Courtesy: Twitter)

Japanese giant SBI group announced that it would start accepting XRP for its cryptocurrency lending service. Following the announcement, consumers can deposit their XRP and receive a yearly interest of 0.1%. The amounts that consumers could deposit range from 1,000 to 100,000 tokens, while the lending period would be 84 calendar days. SBI Holdings is one of Japan’s largest financial services companies, making it a comparatively trustworthy option for cryptocurrency lending.

SBI primarily launched its lending services in November 2020 with Bitcoin and signaled that it would add XRP and ETH later. Initially, the company provided and supported only Bitcoin. Earlier, the Japanese giant stated that its clients’ deposits could differ within a minimum of 0.1 BTC to 5 BTC. Following granting their BTC holdings on the platform, the clients would receive an interest rate of 1% with taxes combined. As an extension, SBI led that VC Trade Lending would impose fees just for Japanese yen withdrawals. 

Comprehensive details about Ripple’s XRP Lawsuit Fiasco

However, SBI was amongst the few organizations to not turn its back on Ripple and its native crypto asset XRP post the latest U.S. SEC charges. In a December 2020 declaration, the firm stated that Ripple’s XRP is a “cryptocurrency asset” and not security by Japanese law. Furthermore, the SBI Group CEO has publicly declared his liking of XRP.

SBI Group has been quite active in executing projects linked with crypto. During the last couple of years, the company has displayed a visible interest in the digital asset ecosystem, beginning various efforts to back that. As reported, in December 2019, SBI started its long-planned in-house crypto exchange, which had gone by some setbacks the previous years.

Furthermore, the holding succeeded in administering another prominent crypto venture. In December 2020, the company developed the acquisition deal with UK-based crypto liquidity provider B2C2. The process went via its subsidiary SBI Financial Services following a strategic alliance with B2C2 six months earlier. Moreover, a prior purchase of a $30 million minority stake at the firm as an initial leap into future cooperation.

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