This year, SBI Holdings, the Japanese financial services firm has been very active in the crypto space, as they have launched new products and inked new partnerships. Now, the company is making a foray in the crypto lending space. Earlier this week, a new lending platform was introduced by the company for Bitcoin by the name of VC Trade Lending. According to the announcement, users will have the opportunity of lending their crypto tokens to the company. In return, they will be able to make non-taxable returns of 1%. The crypto subsidiary of SBI Holdings, SBI VC Trade, will be handling this product.
The firm confirmed that they were initially offering support for Bitcoin, but they did have plans of adding XRP and Ether to the platform in the future. The minimum and maximum lending amounts have also been decided for customers, which are 0.1 BTC, equal to $1863, and 5 BTC, equal to $93,210. Users have also been assured by the financial services giant that the tool will only charge a fee for withdrawals in yen. Deposits would be free of cost, whether they are made in crypto or yen, and the tool will not have any account management or membership fee applicable. It remains unclear whether users will be able to use any other fiat currency for making their deposits.
This year, SBI Holdings has made a great deal of progress in the crypto industry, as they entered into a partnership with Ripple Labs, which enabled them to pay their shareholders in the form of XRP. In January, it was reported by Coinpost that the deal had been signed by the firm to offer 8,000 yen to their shareholders in benefits. The deal had been solidified back in 2016, even though only those shareholders would qualify who own at least a 100 shares in the company.
Now, it appears that the Japanese firm wants to end 2020 the same way they started. In the last few months, they have been digging deeper into the crypto industry by taking up a lot more market share and capitalizing on its resurgence. Nikkei reported in September that SBI Holdings is planning to set up a stock exchange based on the blockchain in Kobe and Osaka. The chief executive and president of SBI Holdings, Yoshitaka Kitao announced these plans at an event. He explained that the company would be entering into a partnership with Osaka Perfecture for establishing a financial hub in the country.
The report further said that SBI was planning on attracting fintech companies globally and contribute to the financial development of the region. Kitao said that this could be the last chance for Osaka to get the status of a global financial center. He also argued that Osaka’s economy would see a boost with this development because it would help create employment. Last month, the company took another bold step by acquiring the TaoTao exchange, which will be joining their derivatives and foreign exchange arm, SBI Liquidity Market as per the announcement.