Japan lends bitcoins – SBI Holdings is a major Japanese financial group, based in Tokyo. 4 years after the creation of its subsidiary crypto SBI VC Trade, the institution launches into bitcoin lending.
An interest rate never seen before
The official announcement came yesterday, November 24, and did not go unnoticed. SBI will offer its clients an interest rate of 1%, taxes included, against the loan of their Bitcoins.
SBI Holdings is the first Japanese financial group to tackle the crypto market. It has several foreign exchange platforms and even its own cryptomony, the S Coin. After acquiring the TaoTao exchange in October, its president, Yoshitaka Kitao, even encouraged Ripple to relocate to Japan.
Lots of fees waived
The group’s new crypto lending platform is called SBI VC Trade Lending. Initially, only Bitcoins (BTC) will be accepted. Customers will then be able to deposit between 0.1 and 5 BTC, and earn their interest percentage. In the future, the financial group will integrate ether (ETH) and XRP in its offer. It is one of Ripple’s leading partners.
There will be no deposit fees for yen or cryptos. Likewise, there will be no management fee. Only a commission will be charged on yen withdrawals.
This offer may well appeal to Japanese investors who are a bit cautious and who have not acquired Bitcoin Champion scam on their own, as well as HODLERS who do not have the time, or the desire, to trade with their cryptos. SBI certainly intends to generate much more interest than the 1% promised with their clients‘ Bitcoins.