Japanese SBI Group launches crypto lending service

by in Cryptocurrency News

SBI Group

Japanese financial giant SBI Group introduced a cryptocurrency lending service through its subsidiary SBI VC Trade.

According to a November 24 press release, a new service called VC Trade Lending will initially support Bitcoin. Going forward, SBI plans to add support for Ether (ETH) and XRP.

SBI is one of the largest financial conglomerates in Japan. In early October 2020, SBI's Liquidity Market division acquired the TaoTao crypto exchange. SBI acquired the platform shortly after it became known that TaoTao had completed nine months of negotiations with Binance.

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SBI is also one of the key partners of Ripple, which develops financial products based on XRP. In late October 2020, SBI CEO Yoshitaka Kitao announced that Ripple would likely move to Japan if it decides to leave the US.