SBI VC Trade Expands Cryptocurrency Staking
SBI VC Trade, a crypto exchange owned by Japan’s SBI Group, is expanding its platform by introducing new cryptocurrencies for staking. This latest update includes prominent digital assets such as XRP and the widely recognized meme token, Shiba Inu.
New Staking Features
According to their announcement, shared on social media today, the exchange will now allow users to stake a variety of major cryptocurrencies starting from 8:00 p.m. JST. The available assets for this service, where users can lend their coins to the platform in return for rental fees, include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Zero Proof of God (ZPG)
- XRP
- Chainlink (LINK)
- Litecoin (LTC)
- Shiba Inu (SHIB)
This follows the recent introduction of Bitcoin and Bitcoin Cash for lending on the platform, which began a little over a week ago.
The Rise of Staking in Cryptocurrency
Staking has gained traction in the cryptocurrency sphere, primarily due to the rise of decentralized finance (DeFi) applications that allow users to earn passive income without having to liquidate their assets.
Market Trends and Legal Developments
Meanwhile, on-chain data source Santiment revealed a growing trend among XRP investors despite a slight decline of 4% in the cryptocurrency’s price since the beginning of the year. Notably, the number of wallets containing over one million XRP coins has surged for the first time since September, with an increase of 42 new ‘millionaire wallets’. This rise is viewed as a positive indication for the cryptocurrency’s future.
Additionally, Ripple, the organization behind XRP, had a significant legal victory recently when the U.S. Court of Appeals for the Ninth Circuit dismissed a lawsuit against it, originally filed in 2018. This same case questioned whether XRP should be classified as a regulated security. The ruling marks Ripple’s second legal triumph in a row, following a successful resolution of a similar case with the SEC last year.
