- SBI VC Trade, a subsidiary of SBI Group, unveils a coin-lending program primarily featuring XRP alongside four other notable cryptos.
- Aimed at long-term crypto investors, the initiative promises usage or rental fees, with an application deadline set for August 31.
Lending Cryptos for Profits: SBI VC Trade’s Latest Initiative
In a strategic move designed to benefit long-standing crypto holders, SBI VC Trade, the cryptocurrency lending subsidiary of the renowned SBI Group, beckons the Japanese crypto community to capitalize on their accumulated XRP assets.
／#貸コイン 本日20:00～募集開始📣
BTC/XRP/DOGE/XLM/DAI 対象5銘柄✨
＼詳細はこちら🔻https://t.co/BlUfm32aL8
スマホの方はアプリから📱#SBI #SBIVC #VCトレード #暗号資産(#仮想通貨) #レンディング pic.twitter.com/xNipFWnCCD
— SBI VC Trade (SBI VCトレード） (@sbivc_official) August 17, 2023
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Coin Lending: How It Works
At its core, the coin-lending recruitment program is an invitation for crypto investors to lend their assets in return for potential profits. This is not a peer-to-peer arrangement but rather an endeavor where the investors lend directly to SBI VC Trade. Tailoring the service specifically for those who’ve held onto their digital assets over extended periods, the firm plans to remunerate lenders with usage or rental fees. These fees vary depending on the specific cryptocurrency and the duration of the lending agreement.
While SBI VC Trade typically extends lending opportunities for a broader range of 18 cryptocurrencies, this particular initiative narrows its focus to five key assets: XRP, Bitcoin (BTC), the popular meme coin DOGE, Stellar Lumens (XLM) which positions itself as a rival to Ripple, and the stablecoin DAI. Those eager to participate should mark their calendars; the application portal activates at 8:00 PM Japan Time today and concludes on August 31. Subsequently, the lending arrangement spans until September 28.
A noteworthy detail for potential lenders is the application of a 0.1% tax on all lendable assets within this scheme.
XRP and SBI VC Trade: A Continued Alliance
It’s imperative to understand that this recruitment drive isn’t SBI VC Trade’s inaugural campaign spotlighting XRP. Delving into the annals of The Crypto Basic, we discover that the platform had previously engineered a midsummer festival exclusively to amplify XRP’s visibility within the Japanese markets. This initiative spanned various market modalities including spot, futures, and even the contract for difference (CFD) trading spectrum. Engaging in XRP-centric leveraged trades, participants stood a chance to clinch up to 100 XRP as rewards.
Reiterating the platform’s sustained confidence in XRP, SBI’s Chairman, Yoshitaka Kitao, has in past discourses alluded to the potential windfall that XRP investors could reap, especially if the digital asset emerges victorious in its ongoing litigation.
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