The Japanese financial giant SBI Group has recently announced the launch of its very own crypto lending platform called VC Trade. According to the firm, the users will be able to easily lend their crypto to the firm for which it will be offering interests at the rate of 1% to the users. The announcement was made on November 24, 2020, stating that SBI introduces the crypto lending service VC Trade. Initially, VC Trade will be supporting Bitcoin only and plans to further extend it to ETH and XRP as well. SBI Introduces Crypto Lending Service With Zero Account Management Fees SBI introduces the crypto lending service at zero account management fees, besides, there will not be any annual membership fees either. While announcing, it is specified that the minimum lending amount on the platform will be 0.1 BTC which is worth around $1,840. Along with the minimum limit, there is a maximum limit as well which will be 5 BTC, worth $92,000. Moreover, VC Trade will not charge any fees for Japanese Yen or crypto deposits. Also, any deposit done using them will be free of cost. However, every Yen withdrawal will be passed by a particular fee. SBI Having Huge Involvement With Crypto Industry SBI’s involvement with the crypto industry is great for the whole crypto sector as it is the major financial institution in the country. Moreover, it is among the major partners of Ripple, which is one of the largest crypto exchanges across the world. Yoshitaka Kitao, CEO of SBI, has said that as Ripple is planning to relocate, there are huge chances of choosing Japan as its new destination. In the case of Ripple chooses Japan for its relocation, there will be a major boost in the Japanese crypto market. This will ultimately benefit SBI due to its huge involvement with the crypto sector.
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