SBI VC Trade Launches Cryptocurrency Lending Service

SBI VC Trade, a subsidiary of SBI Group, has begun accepting applications for its new cryptocurrency lending service.

Users can deposit a variety of cryptocurrencies, including Bitcoin (BTC), Ripple-affiliated coins, and the meme-inspired Shiba Inu (SHIB), with a total of 37 cryptocurrencies supported.

This service allows users to earn interest on their crypto holdings instead of leaving them idle.

Interest rates vary based on the cryptocurrency, with Polkadot (DOT) offering a rate of 20%. Rates also depend on the lending duration and current market conditions.

SBI Holdings entered the lending market in November 2020 and has been gradually expanding its cryptocurrency offerings, adding XRP in 2021.