SBI VC Trade, the crypto-related arm of financial giant SBI Group, is launching a new platform that allows customers to lend their crypto assets and earn usage fees.
The Tokyo-based firm says the new platform, dubbed VC Trade Lending, is initially supporting Bitcoin (BTC).
Users can lend a minimum of 0.1 BTC and a maximum of 5 BTC over an 84-day lending period to earn usage fees at an annual rate of 1.0%, tax included.
The firm says it is currently preparing to support other cryptocurrencies, including Ethereum (ETH) and XRP, and offer other lending periods.
SBI notes that VC Trade Lending will not deduct account management fees or annual management fees. The lending platform will also not charge deposits in Japanese yen or crypto but it will take a fee whenever a user withdraws Japanese yen.
SBI, one of the world’s largest public companies, has a strong interest in blockchain and cryptocurrency.
The company is a partner of payments settlement firm Ripple, which owns more than half of the XRP on the market. Ripple and SBI collaborated to develop MoneyTap, an application that allows users to send money using phone-generated QR codes.
Featured Image: Shutterstock/Roschetzky Photography