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Japanese financial group SBI has launched a Bitcoin lending service

Japanese financial group SBI has launched a Bitcoin lending service

Japan’s largest financial conglomerate SBI Holdings, through its SBI VC Trade division, has launched a new service — issuing loans in bitcoins.

A new service called VC Trade Lending allows users to give each other loans in bitcoins and receive 1% per annum, including taxes. Although the service currently supports only bitcoin, it is planned to add ETH and XRP in the near future. The minimum loan amount is 0.1 BTC, which is approximately $1,900 at the current exchange rate. The maximum loan amount is limited to 5 BTC ($95,000).

In a statement, SBI VC Trade says that VC Trade Lending does not provide for account management fees or annual fees. The service accepts deposits in cryptocurrencies and Japanese yen without commission, but you will have to pay a commission for the withdrawal of fiat currency.

In early October, SBI Holdings completed the acquisition of the TaoTao cryptocurrency exchange. This is the second such platform in the assets of the Japanese financial group.