SBI Group launches XRP Lending

XRP has been alleged to be a security by the United States’ Securities and Exchange Commission [SEC] and this news has had a major impact on its standing in the US market. However, one of Ripple’s largest partners in Asia, the SBI Group, and its subsidiaries have continued to back the digital asset. To strengthen support, the SBI group subsidiary, SBI VC Trade, has launched the lending of XRP.

The announcement read:

“Today, we have started handling XRP in the rental crypto asset “VCTRADE LENDING” service. By lending the XRP owned by the customer to us, you can receive the usage fee according to the quantity and period of the loan.”

This meant that the users of XRP will now be able to earn interest on their deposits of the digital asset. The deposit range is from 1,000 tokens to 100,000 tokens, while the lending period remained 84 calendar days.

XRP is the second cryptocurrency to be added to the SBI VC Trade’s lending list. It had rolled out the lending service back in November 2020 with Bitcoin. However, this addition of XRP can be considered to be a boost for the digital asset as regulators decide its fate in the United States.

SBI Holdings came out supporting XRP’s status as a “cryptocurrency asset” under Japan’s law and has now been providing various features to sustain the interest of XRP enthusiasts in the market. It had been providing a constant push for the adoption of the digital asset by making it available for its shareholders to receive their returns in XRP.

Although the XRP community in the United States was also trying to fight the lawsuit by approaching the regulators, there has been a group of traders trying to pump the value of XRP as witnessed in the past few days. On 1st February, a group of 295,000 Telegram users pushed the price of XRP by over 50% within 10 hours. However, as the price rallied at $0.7282, the market could not support this high value and ended up collapsing. At the time of writing, XRP was being traded at $0.3922 and has a market cap of over $17 billion.