Friday, February 26, 2021

Japanese Financial Behemoth SBI Group Launches XRP Lending

According to an announcement on 4th February 2021, SBI VC Trade, a subsidiary of Japanese financial giant, SBI Group, has launched lending for the digital token XRP.

Starting from now, XRP holders will be able to deposit the digital currency to earn interest. The amount of XRP that holders can deposit ranges from 1,000 tokens to 100,000 tokens. The report added that the lending period is 84 calendar days.

Read Also: Showtime for XRP As Appointed BIS Chief Tags Traditional Cross-Border Payments as Too Slow and Costly

Back in November 2020, SBI VC Trade unveiled its lending service. At inception, the only cryptocurrency supported is the largest digital currency, Bitcoin (BTC), with the minimum amount of deposits starting from 0.1 BTC.

SBI VC Trade — established in November 2016 — plans to expand its services. Back in November, an announcement made by the crypto-focused arm of SBI Group stated that it would also add Ethereum (ETH) lending.

SBI Holdings Throws Its Weight behind Ripple and XRP

After the United States Securities and Exchange Commission filed a lawsuit against Ripple for the sale of XRP as an unregistered security, SBI Holdings stood behind the embattled payment firm and its digital token XRP.

Read Also: Japan-Based Financial Giant Prepares to Test XRP in $6.6 Trillion Foreign Exchange Market

The digital token that is deemed as an unregistered security in the United States is considered to be a crypto asset under Japan’s law.

SBI Holdings has also implemented a means for the exposure of XRP by paying the benefits of some of its shareholders in the fifth-largest cryptocurrency by market cap.

Read Also: SBI FX Trade to Launch CFD Trading Service for BTC, ETH, XRP

XRP Price Surges past $0.4 Resistance

A few hours ago, the digital token XRP surged over 10% in less than an hour to break above the $0.4 resistance level once again. It reached a daily high of $0.429 at 4:25 P.M on Binance exchange.

Currently, XRP is the best-performing digital currency in the CoinMarketCap top 10. At the time of filing this report, XRP is trading at $0.4604, with about an 18% price increase in the last 24 hours.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

Related Articles

Latest Articles