SBI Group Now Offers Crypto Lending Services
- Thanks to the new service, users can now lend their crypto holdings to SBI, and earn an annual interest rate of 1%.
- The minimum lending amount is set to 0.1 BTC, while the maximum is capped at 5 BTC.
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Customers of the crypto-focused subsidiary of Japanese financial giant SBI Group, SBI VC Trade, can now make use of the firm’s new cryptocurrency lending service, the company said in a press release on 24 November.
Called VC Trade Lending, the service will allow users to lend their crypto holdings to the company, and earn an annual interest rate of 1%. The new platform will initially only support the top crypto asset, Bitcoin (BTC), though the firm has stated its intention to add support for Ethereum (ETH) and Ripple (XRP) in the future.
According to the announcement, the firm will not charge its customers with deposit, account management, or annual membership fees for using the service, but will only charge for yen withdrawals. The new platform will also have lending limits, starting with 0.1 BTC for the minimum amount, and capping at 5 BTC for the maximum.
The firm also assured its customers that the destination of their cryptocurrencies are all SBI Group-related companies, that are “proud of their high reliability.” SBI also pointed out that its know-how and extensive track record will help to create new products and provide more trading options.
Earlier this year, SBI expanded its reach in the crypto industry through its acquisition of cryptocurrency exchange TaoTao. The deal was made through SBI’s foreign exchange and derivatives arm SBI Liquidity Market on 7 October. The firm also has an active partnership with Ripple, and its CEO, Yoshitaka Kitao, went as far as to claim that if Ripple ever decided to leave the United States, it would most likely relocate to Japan.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Bankrupt crypto lender Genesis is trying to recover around $500 million from DCG, and another 4,550.5 BTC from DCGI, which it had loaned to the two companies in 2022.
- Both DCG and DCGI requested that the debts were converted to open loans on 9 May, but Genesis declined both offers and demanded the repayment of the loans with interest.
- The Japanese exchange has adopted new AML measures in order to comply with the Japanese governments implementation of FATF’s Travel Rule.
- Transaction restrictions will be applied to 21 countries that follow the Travel Rule, though transfers to countries not on the list will still be supported.