SBI Holdings through its crypto venture has added XRP lending service for the coin holders.
This move complements Ripple’s grand plans to boost the utility of XRP.

SBI Holdings, a prominent player in the financial services sector, has recently unveiled an exciting opportunity for cryptocurrency enthusiasts to leverage their XRP holdings. Through its crypto exchange platform, SBI VC Trade, users can now participate in Ripple’s XRP lending and earn interest in return. 

SBI VC Trade’s XRP lending service offers users the chance to lend their XRP holdings for a specified period, with the lending period set at 84 days. This program is targeted at cryptocurrency enthusiasts who want to get the most out of their XRP holdings. 

To participate, users must provide a minimum loan amount of 1,000 XRP, which is currently worth around $497. A maximum loan amount of 100,000 XRP and equivalent of $49,700 has been established for anyone seeking to make a larger commitment.

One of the key highlights of this XRP lending program is the competitive interest rate offered to participants. The interest earned is referred to as a “usage fee” and is set at an 0.1% per annum, inclusive of taxes. This rate makes XRP lending an appealing option for those looking to generate passive income from their cryptocurrency holdings.

SBI VC Trade’s History in Crypto Lending

It is worth mentioning that SBI VC Trade’s push into crypto lending is not a new endeavor. The platform had previously introduced a similar lending service in November 2020, which allowed users to loan Bitcoin at a 1% interest rate. The addition of XRP to SBI’s lending portfolio showcases its commitment to expanding its cryptocurrency offerings and providing a variety of avenues for crypto enthusiasts to interact with their assets. 

The launch of XRP lending services by SBI VC Trade is part of a broader trend in which traditional financial institutions are increasingly recognizing the potential of cryptocurrencies. As the crypto market matures and gains wider acceptance, such services offer an attractive means for both institutions and individuals to capitalize on the benefits of digital assets. 

Whether for investment purposes or lending opportunities, crypto-related offerings are becoming more integrated into the traditional financial landscape. This move by SBI Holdings highlights the growing synergy between traditional finance and the crypto space. As more established financial institutions venture into the crypto ecosystem, it is expected that additional services and opportunities will emerge, further bridging the gap between traditional and digital finance.

Meanwhile, a recent report reveals that Ripple is having a change of direction. The company now appears to be looking beyond the idea of XRP as a reserve currency and is instead focusing on areas that can provide more practical utility for its cryptocurrency ecosystem.

One of the key areas of interest for Ripple is the integration of its On-Demand Liquidity (ODL) services with Decentralized Exchanges (DEXs). Ripple’s CTO, David Schwartz, has stated that the business is actively engaged in conversations with banks and significant financial institutions about the inclusion of stablecoins in its planned proprietary DEX.

---

Filed under: Bitcoin - @ September 19, 2023 8:19 am