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The Japanese Giant SBI started offering XRP lending services despite all the issues that came out from the SEC lawsuit against the company that we reported about in our Ripple news.
The bond between Ripple and SBI is now stronger than ever with the crypto exchange providing crypto lending offerings to XRP. SBI even launched a crypto lending option for BTC late last year for customers that owned SBI VC Trade that is a part of the lending offer. Today, the lending service was also rolled out to XRP customers that will be able to earn interest on deposits of XRP 100,000 as per the official release.
The minimum deposit amount is 1000 XRP and the lending period lasts 84 days. Crypto lenders using XRP deposits will also get an APR of 0.1% on their holdings including tax. The crypto exchange added that it will expand its services in the future as well and outlined its XRP lending plans for November 2020. SBI is one of the closest allies of Ripple and was quite vocal about its struggle with the US SEC who claims that XRP was traded in the United States as an unregistered security.
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The Japanese giant SBI started offering these new services while most major exchanges across the world delisted the token because of the issues with the SEC. SBI Supremo Yoshitaka Kitao who is a member of the Ripple board drew attention to the fact that regulators in Japan don’t consider XRP to be a security and he hopes that this will help the cause that ripple fights for. The American and Japanese companies that co-run the SBI Ripple Asia payments network handed out tokens to their shareholders and the new exchange customers.
Kitao claimed that Ripple considered relocating to Japan if the struggles with the American regulators become unbearable. SBI’s own crypto empire started growing as well as the company won over TaoTao and the UK Liquidity provider B2C2. At the time of writing, Ripple’s XRP Is trading at $0.387, marking a 4 percent increase on the day, 55% on the week. As previously reported, SBI claims XRP is a crypto asset in Japan and it is probably the only company that got Ripple’s back in the latest lawsuit developments. Japan-based financial giant SBI Holdings released a new statement saying that under Japanese law, Ripple is not a security, it is rather a crypto asset.
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