SBI VC Trade, a subsidiary of the Japanese company SBI Holding, has decided to add XRP to its cryptocurrency loan offering. The company will offer an annual interest – known as a “user fee” – of 0.1% for each XRP loan agreed upon.
According to its most recent press release, the loan platform will initiate the XRP operations from this week of February. Loans will be enabled between clients for a period of 84 days, as well as they will only be able to lend a minimum of 1,000 XRP; 400 US dollars, by the time this note is written. The maximum to be paid will be 100,000 XRP, which represents more than 40 thousand US dollars.
It is striking that SBI VC Trade is offering XRP loans for such a low rate (0.1%) , while its bitcoin loans launched in November last year have a 1% usage fee. Of course, bitcoin is the most valuable cryptocurrency on the market, as well as Ripple (the company behind XRP) has had a difficult season in recent months.
The company received a lawsuit from the Commission of United States Securities (SEC) for the alleged sale of unregistered securities. Because of this, a significant group of exchanges , including Coinbase, Bitstamp and OkCoin, turned their backs on the asset until further notice, fearing retaliation for trading. with an asset under investigation. This negatively affected the price of XRP, which is currently valued at 0.44 cents.
Japan and SBI Holding recognize XRP as a cryptocurrency
In this regard, it is an unusual move that SBI VC Trade has decided to expand its operations with XRP in mind. It should also be taken into account that both the subsidiary and SBI Holding have had a business relationship with Ripple for a few years. And it is that the platform of commercialization and loan of digital assets is working with XRP, in terms of purchase and sale, since 2018.
As if that were not enough, the company has defended Ripple against the accusations of the US government, stating that XRP is a cryptocurrency . In this sense, SBI Holding argues that, in Japan, the commercialization of this asset is not subject to any financial products law. These accolades to Ripple confirm that the alliance between both companies is solid and has no intention of giving up, for the moment.