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- SBI VC Trade is offering its digital currency lending facility to XRP tokens
- VC Trade Lending is a facility that authorizes users to lend their crypto assets to the institution
- XRP prices are fluctuating heavily on the exchange
SBI VC Trade, the primary Japanese conglomerate SBI Holdings, has decided to offer its digital currency lending facility to XRP tokens. The company made the respective declaration on Thursday.
SBI’s XRP VC Trade Lending service
The service will be provided under the framework of VC Trade Lending. It will enable XRP holders to receive interest by submitting their holdings to the platforms. SBI announced the launch of its lending services last November. The launch also highlighted the association with the support of Bitcoin.
SBI previously explained that VC Trade Lending is a facility that authorizes users to lend their crypto assets to the institution. Moreover, it allows the customers to receive usage fees following the crypto assets’ quantity and period.
With the association with XRP, the company will permit deposits ranging from 1,000 tokens to 100,000 tokens. The lending duration will sustain around 84 days. The usage charge settled for lending is 0.1% per annum.
SBI’s consistent support for XRP
SBI has embraced XRP in the very early schedules of its process. The Japanese giant also operates a joint venture with Ripple. This collaboration focuses on the promotion of the accessibility of XRP tokens in the nations of Asia.
However, in the current scenario, Ripple is facing reprisals from the United States regulator. Thus, the association with XRP of the lending services becomes ever more significant.
Recently, the Securities and Exchange Commission (SEC) filed a controversial lawsuit against Ripple. Post that, various cryptocurrency exchanges and institutions have refrained from Ripple’s association and its XRP token. However, SBI has remained consistent in its support for XRP.
SBI has made heavy investments in cryptocurrency services. The conglomerate obtained native exchange, Tao Tao, last year. This further widened its crypto portfolio. Besides, it created its debut security token offering (STO). The company allocated shares of SBI e-Sports, its e-sports games arm, to execute the respective creation.
Meanwhile, XRP prices are fluctuating heavily on the exchange. There is an instant pump and dump happening by the traders. The token prices decreased to a significant low of $0.18. The fall happened due to the SEC lawsuit announcement. However, they recently surged to $0.72, before its final settlement at around $0.38.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
