SBI VC Trade, the crypto lending arm of the SBI Group, is calling on the Japanese crypto community to offer their stock-piled XRP tokens in a fruitful course.
In a recent tweet, SBI VC Trade announced a coin-lending recruitment program featuring XRP and four other prominent cryptocurrencies.
— SBI VC Trade (SBI VCトレード） (@sbivc_official) August 17, 2023
SBI VC Trade Coin Recruitment
Notably, the coin recruitment program implies the exchange is recruiting crypto investors to lend their cryptocurrencies for profits. In this case, according to the firm, investors are offering their coins to SBI VC Trade itself.
Additionally, the firm noted that this service is tailored for long-term crypto holders. SBI VC Trade seeks to offer long-term crypto holders usage or rental fees based on the token given out and its duration.
While the Japanese trading platform opens lending services for over 18 cryptocurrencies, the current lending recruitment targets five assets. These are XRP, Bitcoin (BTC), meme coin DOGE, Ripple rival Stellar Lumens (XLM), and stablecoin DAI.
Per the announcement, the application window opens today at 8:00 PM Japan Time. The application is scheduled to close on August 31, with the lending service lasting until September 28.
Furthermore, the announcement highlighted that a tax of 0.1% applies to all five lendable digital assets.
SBI XRP Support
Notably, the current coin recruitment is not the first time SBI VC Trade is launching a campaign supporting XRP. As The Crypto Basic reported, the platform previously orchestrated a midsummer XRP festival to boost XRP’s presence in Japan.
According to the report, the platform offered the XRP promotion for spot and futures markets as well as its contract for difference (CFD) trading suite. Participants could win up to 100 XRP when engaged in XRP-based leveraged trading.
Interestingly, SBI Chairman Yoshitaka Kitao mentioned earlier that XRP investors could anticipate substantial profits once XRP triumphs in its lawsuit.