In Japan, the leading financial services company, SBI Holdings, announced that it launched a cryptocurrency lending service on Tuesday. The service will be implemented later to include other popular digital currencies, including Ethereum and Ripple, starting with Bitcoin. They also announced that the crypto lending service would feature optimal trading opportunities.
SBI Holdings introduces Bitcoin lending service
According to the announcement, the lending service is made available on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the service debuted with bitcoin, the customers may lend out their bitcoin to the crypto company, and it would attract interest for them after the stated lending duration expires. The works have been similar to other digital currency lending platforms. SBI Holdings accepts a minimum of 0.1 BTC and 5 BTC as the maximum lending quantity.
For 84 days, customers will earn 1.0% with (tax) of the deposited coins annually. SBI Holdings aims to expand the services to include Ether and Ripple and the types of lending periods. After recent reports, the development comes after Cred, a crypto lending platform, filed for bankruptcy, with many sources citing mismanagement of funds as a cause.
Reliability is one factor.
“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender,” the SBI Holdings’ translated page says. “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.”
The company also revealed its intentions to launch more market-suited trading opportunities.
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