SBI VC Trade, the cryptocurrency arm of SBI Japan, has launched an application period for Shiba Inu token holders to participate in its ongoing staking service.
The Japanese crypto firm announced this latest lending widow on Thursday via its official X handle. Notably, this service offers a passive income stream to users who lend out their SHIB tokens.
Lending Shiba Inu on SBI VC Trade
Per the notification, the application to lend out Shiba Inu assets opened yesterday, July 18, and will close on August 1. Afterward, the lending period itself will commence, spanning 28 days and concluding on August 29.
SBI VC Trade is offering a notable incentive to participants, providing an annual rate of return of 1.3%, including tax, on the deposited SHIB tokens.
Notably, SBI VC Trade has opened this service for investors who plan to hold onto their crypto assets for an extended period and want to generate passive income in the meantime. Emphatically, the service enables crypto asset holders to monetize their idle digital assets by lending them out and earning rental fees during the designated period.
It is worth noting that SBI VC Trade has been providing this lending service for some time now. Back in April, the exchange announced a recruitment application that offered participants a 2% annual rate for committing their Shiba Inu assets.
Other Crypto Assets with Open Application
Notably, the coin lending service is open to 23 crypto assets listed on SBI VC Trade. In this latest round, applications to lend out XRP, Chainlink (LINK), Litecoin (LTC), Bitcoin (BTC), and Bitcoin Cash (BCH) are currently open.
The application window for lending BTC and BCH closes on July 25. After that, the loan period will commence and conclude on August 22. BCH offers the highest annual rate of 5% for this lending period.
Meanwhile, the registration period for individuals seeking passive income with their XRP, LTC, LINK, and SHIB holdings will close in 13 days. Notably, within this group, Shiba Inu offers the highest annual return rate of 1.3%, followed by LTC and LINK, which offer 0.5%. XRP offers only a 0.1% return.
Importantly, participants have no additional obligations or responsibilities besides depositing their crypto assets during the lending period.