SBI Holdings, the Japanese Banking giant and a key Ripple strategic partner announced the start of XRP leading service in an official announcement today. The new lending services would allow businesses to borrow XRP held by the firm from customers and in return get a usage fee based on the lent amount and period. The official announcement read,
Today, we have started handling XRP in the rental crypto-asset “VCTRADE LENDING” service. By lending the XRP owned by the customer to us, you can receive the usage fee according to the quantity and period of the loan. Please use all means.
This would allow XRP holders in Japan to lend their XRP tokens and earn an interest rate based on their lent amount.
The key requirement for XRP lending include,
- Brands handled: XRP (XRP).
- Usage fee: 0.1% per annum (tax included).
- Lending period: 84 days.
- Minimum lending quantity: 1,000 XRP.
- Maximum lending quantity: 100,000 XRP.
SBI Holdings Adds XRP to Its Lending Services Amid SEC lawsuit woes
The addition of XRP to its lending service platform launched back in 2020 would come as a great boost for the cryptocurrency amid SEC lawsuits turmoil. The only other asset on the list include bitcoin, the platform offers a 1% interest rate on Bitcoin lending while the interest rate for XRP has been set to 1/10th of that which is comparatively quite low.
SBI Holdings has stood firmly with its key fintech technology partner and even reassured full support when the lawsuit news broke and many platforms started delisting XRP token. The launch of the XRP lending service is another sign that the financial giant is looking to continue and further expand its partnership with Ripple.
The price of XRP is currently trading at $0.38 having reached $0.66 levels a couple of days ago allegedly owing to Reddit and Telegram group pump. However, many in the XRP community called it a natural pump owing to Ripple’s formal reply to SEC allegations. However, the current announcement which is quite big in the context of Ripple’s ongoing legal troubles has not moved the price at the time of writing.