SBI VC Trade Launches New Recruitment for Lending Services
SBI VC Trade, a prominent player in Japan’s cryptocurrency exchange sector and an arm of SBI Holdings, is set to initiate a new recruitment cycle for its lending services, branded as “Rent Coin.” The recruitment process kicks off tonight, December 18, at 20:00 JST.
Overview of the Lending Initiative
This lending initiative allows customers to lend out their cryptocurrencies, with support for an impressive range of 34 assets including popular options like XRP, Bitcoin, and the well-known meme coin, Dogecoin.
How the Service Works
The service functions under a framework known as a “Consumption Loan Agreement,” where users can temporarily deposit their crypto—such as XRP—into the exchange for specified durations, ranging from one week to four weeks. In exchange for this service, lenders earn a usage fee (interest) paid in the same cryptocurrency they lent.
Transforming Dormant Assets
In an era where cryptocurrencies typically do not generate returns while stored in wallets, SBI’s lending service transforms these dormant assets into potential revenue sources. It’s important for potential users to be aware that the acceptance of applications is typically done on a first-come, first-served basis; thus, high-demand cryptocurrencies like XRP and DOT may reach their lending limits quickly, often leading to waitlists.
History of SBI VC Trade’s Lending Service
SBI VC Trade debuted its cryptocurrency lending service in November 2020, originally limited to Bitcoin. At that time, the minimum loan amount started at 0.1 BTC, and offered a usage fee of 1%. Following a merger with TaoTao and enhancements to its platform, the exchange revamped its lending service, now under the user-friendly title of Rent Coin, significantly expanding its asset support to include XRP and Ethereum alongside Bitcoin.
