SBI, a top Japanese financial institution has introduced a cryptocurrency lending service.
The Japanese financial giant introduced the cryptocurrency lending service via its crypto-related subsidiary, SBI VC Trade.
An official announcement was made by SBI on November 24. Users of the cryptocurrency lending platform will be able to lend their Bitcoin and earn 1% annually with taxes included. SBI plans to add support for Ether (ETH) and Ripple (XRP) lending soon.
Users of the cryptocurrency lending service will be able to lend a minimum amount of 0.1 BTC and a maximum amount of 5 BTC. The crypto lending service is referred to as VC Trade Lending.
VC Trade Lending will not have annual membership fees or account management fees. Users will not also be charged fees for deposits made in crypto or Japanese yen although the service will charge fees for yen withdrawals.
SBI has been a major financial institution involved in the cryptocurrency industry. The financial giant recently acquired Japanese crypto exchange TaoTao and are also a top partner of United States Blockchain firm Ripple.