Japanese financial giant SBI Group launches crypto lending service
The Japanese financial giant SBI Group introduced the crypt currency lending service through its subsidiary SBI VC Trade.
According to a press release on 24 November, the new service called VC Trade Lending will initially support bitcoin. SBI plans to add broadcast support (ETH) and XRP in the future.
SBI is one of the largest financial conglomerates in Japan. In early October 2020, the SBI Liquidity Market division acquired the TaoTao crypt currency exchange. SBI acquired the platform shortly after it became known that nine months of TaoTao negotiations with Binance had been completed.
SBI is also a key partner of Ripple, which develops financial products based on XRP. In late October 2020, SBI CEO Yoshitaka Kitao said that Ripple would likely move to Japan if it decided to leave the US.