Japanese SBI Group Adds XRP To Its Crypto Lending Services Despite Lawsuit From SEC

Japan-based leading SBI group has created the latest addition to the cryptocurrency lending service of the firm via its derivative VC Trade. Aside from the popular options such as the flagship cryptocurrency Bitcoin (BTC) and Ethereum (ETH), the users will have the opportunity to deposit Ripple‘s native cryptocurrency XRP as well to get interests.

The SBI Group has announced the inclusion of XRP to the list of its crypto lending services. The firm, which began the lending program in November 2020, will be providing its customers with the lending service through its derivative SBI VC Trade.

Based on a recent announcement, every holder of XRP, one of the largest cryptocurrencies in the world, could make a deposit in a bid to get interest from the service. The range of every client’s deposit is between 1,000 – 100,000 coins with an incubation period of 84 days.

The derivative of SBI, VC Trade, has launched a new crypto lending program in November 2020. Earlier, when the program was initiated, the only accepted crypto was bitcoin. And the company said that the user’s deposit could be between the range of a minimum of 0.1 BTC to a maximum of 5 BTC.

After releasing their Bitcoin holdings for the program, supposedly, the customer would earn an interest of 1%, including taxes. Additionally, the lending service provider iterates that the VC trade lending program will be charging withdrawal fees in their local currency – The Japanese Yen. Deposits of Yen and cryptocurrencies, including annual memberships and account management, will not be subjected to fees.

SBI has been numbered among the few companies that will not turn their back to the downcast token XRP and Ripple Labs at the crucial time when the company is facing shocking charges from the United States Securities and Exchange Commission (SEC). In the company’s announcement, they pointed out that by the law in Japan, XRP is a digital asset, not security.

The crypto community has seen quite a number of projects relating to crypto implemented by the SBI group. They have shown interest in the crypto industry and has been putting up endeavors to prove that interest.