One of Japan’s largest financial services companies, SBI Holding, has officially announced that users can borrow XRP for a small fee.
To Report CoinDesk, an exchange SBI VC Trade subsidiary of Japanese holding company SBI, announced on Thursday that its users can now apply for XRP loans with 84-day maturities.
The minimum loan amount is 1,000 XRP units (approximately $ 415 at the time of writing) and the maximum loan is 100,000 units ($ 41,500). The interest on this loan, which is paid as a “usage fee”, is 0.1% including taxes, which is a small amount.
The exchange’s digital currency-based lending service was launched in November 2020. Users of this exchange were initially able to receive Bitcoin loans with a 1% interest rate.
The SBI exchange division started in 2018 and initially focused on XRP trading. SBI Holding has been working with Ripple for a long time.
It is worth noting that the price of Ripple fell after the complaint of the US Securities and Exchange Commission (SEC) in late December. The commission claims that Ripple violated the rules of securities by selling this digital currency.
A number of US exchanges, including Coinbase and Bainance, have since removed XRP from their list of supported currencies. The SBI has said that the token is not a security in Japan.