Japan’s financial giant SBI Group has started offering lending services through XRP. SBI VC Trade users will earn passive income through the XRP they will invest in the company.
SBI Group, which backed Ripple in the SEC lawsuit, has opened up a new scope of use to XRP owners. XRP users will be able to invest in the company and earn interest on XRP.
Limit up to 100 thousand XRP
According to a press release published on February 4, users will be able to deposit up to 100 thousand XRP. SBI announced the minimum lending amount at 1,000 XRP. Users will be able to use the lending service for 84 days.
VC Trade, which is affiliated with SBI Group, launched lending transactions on Bitcoin in November last year. Founded in 2016, VC Trade aims to grow lending services through XRP.
SBI backs Ripple in SEC case
SBI Group has sent several support messages to Ripple, who is accused of selling unregistered securities by the SEC. Explaining that XRP is not considered security in Japan, SBI Group defended its partner against this policy, which the SEC followed.