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SBI Group Announces Crypto Lending Applications for XRP and Other Cryptocurrencies
In a surprising move, the Japanese financial giant SBI Group has announced its entry into the crypto lending market. The company has unveiled applications for crypto lending in XRP and other cryptocurrencies.
This development comes as a significant shift in the group’s focus from traditional banking services to digital assets. The SBI VC Trade platform, which initially focused on XRP trading, will now expand its offerings to include lending services for various cryptocurrencies.
As reported earlier, SBI has been gradually expanding its cryptocurrency offerings, starting with the addition of XRP in 2021. This move demonstrates the company’s commitment to embracing the growing demand for digital assets and decentralized finance (DeFi).
The newly introduced lending applications will allow users to lend out their cryptocurrencies, earning interest on their holdings. The specific interest rates offered by SBI VC Trade vary depending on the cryptocurrency lent and lending duration.
It remains unclear which other cryptocurrencies will be available for lending beyond XRP. However, given SBI’s previous focus on XRP, it is possible that this may not be the case initially.
The development follows SBI Holdings’ CEO Yoshitaka Kitao recommending that Ripple start preparing for an initial public offering (IPO) in 2024. This suggests a strong emphasis on furthering innovation and expansion within the financial sector.
While this move marks a significant shift in the group’s focus, it is essential to recognize the growing importance of decentralized finance and digital assets.
Source: https://u.today/sbi-group-announces-crypto-lending-applications-for-xrp-and-other-cryptocurrencies
