The relationship between the Japanese securities and crypto giant SBI and Ripple continues as strong as ever – with the former’s crypto exchange expanding its crypto lending offerings to XRP.
SBI began crypto lending for Bitcoin (BTC) late last year for clients of its wholly-owned SBI VC Trade crypto trading platform as a component of its Lending offering. As of today, the Lending service has also been rolled out to XRP customers, who will be able to earn interest on deposits of up to XRP 100,000 (currently just under USD 39,000), through an official release.
The minimum deposit amount is XRP 1,000, and the lending period is 84 days.
Crypto lenders using XRP deposits will be offered an APR of 0.1% on their holdings – a figure that includes tax.
The crypto exchange continued that it would “continue to expand its services” in the future, and first outlined its XRP lending plans in November 2020.
SBI is one of Ripple’s closest allies and has come out in vocal support of Ripple’s struggle with the US Securities and Exchange Commission, who claims XRP has been traded in the United States as an unregistered security.
SBI supremo Yoshitaka Kitao is a member of the Ripple board and has frequently attracted attention to the fact that Japanese regulators do not view XRP to be a security, hoping this will help Ripple’s cause.
The Japanese and American companies also co-run the SBI Ripple Asia payments network – and SBI has handed out XRP tokens to shareholders of its subsidiary companies and new exchange customers.
Kitao has also claimed that Ripple could consider relocating to Japan should its efforts with the American regulators become unsurmountable.
SBI’s crypto empire has grown in recent months – the firm has swallowed up rival platform Taotao, as well as UK liquidity provider B2C2.
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