SBI VC Trade, the crypto division of SBI Japan, has opened an application window for a staking service that generates passive income for Shiba Inu and other select cryptocurrencies.
The prominent Japanese trading platform announced this offering via its official X account, posting details of the program on its blog. In particular, the SBI VC Trade offering is the lending service dubbed “Rent Coin.” The recent disclosure spotlights holders of Shiba Inu (SHIB), Bitcoin (BTC), and Bitcoin Cash (BCH).
／#貸コイン 本日20:00～募集開始📣
BTC/BCH/SHIB 対象3銘柄✨
＼詳細はこちら🔻https://t.co/BlUfm32IAG
スマホの方はアプリから📱#SBI #SBIVC #VCトレード #暗号資産(#仮想通貨) #レンディング pic.twitter.com/GPbzirqc0v— SBI VC Trade (SBI VCトレード） (@sbivc_official) April 18, 2024
Details of the Lending Service
The exchange noted that the service allows cryptocurrency holders to lend out their idle crypto assets to earn rental fees during the lending period.
SBI VC Trade emphasized that the service is for investors who have no plans to sell their crypto assets for a while but would fancy committing them to earning passive income. Notably, during the lending period, participants have no obligation other than to commit their crypto assets.
The lending rates for crypto assets at SBI VC Trade are contingent upon factors such as the asset, lending duration, and enlistment timing.
SBI VC Trade offers this lending service for 20 supported cryptocurrencies. This includes Litecoin (LTC), Polkadot (DOT), Cardano (ADA), Chainlink (LINK), Solana (SOL), and Avalanche (AVAX).
However, the “Recruitment” window for intending participants to commit their crypto assets is open for seven crypto assets: XRP, Stellar (XLM), Dogecoin (DOGE), Shiba Inu, Bitcoin, BCH, and DAI stablecoin. The application deadline is April 25.
Notably, SBI VC Trade is offering a lending period of 28 days for Shiba Inu, Bitcoin, and BCH. Holders of SHIB and BTC can earn at an annual rate of 2%, while BCH holders can earn 5%.
Participants can opt-out during the application period, but cancellations may not be possible after the deadline.
Furthermore, the exchange has highlighted that if the number of applications surpasses the upper limit or the trading capacity falls below the desired loan amount, approval for the loan may not be granted.
The recent application window came up at a time when Shiba Inu was down with the rest of the crypto market. Notably, as Shiba Inu currently trades for $0.000022, investors have continued to favor a long-term HODL culture, anticipating an imminent price rebound.
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