Japanese financial giant SBI Group has just announced through an official statement the launch of a Bitcoin lending service through its subsidiary SBI VC Trade.
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This new service, dubbed VC Trade Lending, will allow SBI users to obtain a 1% interest rate including taxes for lending their cryptos to SBI.
It should be noted the service will initially only support Bitcoin, however, the company plans to add support for Ethereum and XRP in the future. The minimum amount of the loans is 0.1 BTCs or $1,926 per the current exchange rate. Loans cannot exceed 5 BTCs or $96,000.
According to the company, users will not have to pay anything to enjoy the service, not even account management or annual membership fees. In addition, deposits in yens or cryptos will be free, while withdrawals in yens will be subject to a fee.
SBI is one of the largest financial institutions in Japan involved in the crypto industry.