SBI VC Commerce, a subsidiary of the Japanese monetary large SBI Group, has introduced a brand new cryptocurrency lending service referred to as “VC Commerce Lending.”
The service permits customers to deposit their cryptocurrencies in alternate for an annual curiosity of just one%. The service is presently targeted on Bitcoin (BTC) lending, and different belongings like ETH and XRP will likely be added in a while.
In keeping with the announcement, customers can lend a minimal of 0.1 BTC (~$1,900) and a most restrict of 5 BTC (~$95,000).
SBI Japan Assures Reliability
The launch comes when Cred, one of many main crypto lending corporations, not too long ago filed for chapter as a consequence of mismanagement of funds. The Japanese agency hopes to keep away from this pitfall, stating that buyer belongings will solely be inside the SBI Group household of firms.
“One of many dangers of cryptocurrency lending service is the danger of chapter of the lender. All of our prospects’ lending locations for our cryptocurrency lending service are SBI Group firms that boast excessive reliability so to use it with confidence,” mentioned SBI VC within the press launch.
SBI isn’t the one giant Japanese agency transferring into the lending and borrowing area. Earlier in October, Japan’s messaging large Line additionally rolled out its crypto lending product.