SBI VC Trade Introduces New Service Enabling Cryptocurrency Exchange with BTC or Japanese Yen
SBI VC Trade, a cryptocurrency division of SBI Japan, has introduced a service that allows cryptocurrency holders with various assets to exchange their holdings for BTC or Japanese yen. The proposed program, known as “Rent Coin,” aims to generate passive income, similar to interest on dormant digital assets. Responding to the service, which includes a mix of different cryptocurrencies such as Shiba Inu (SHIB), Bitcoin (BTC), and Bitcoin Cash (BCH), investors can earn income by offering rental fees corresponding to their crypto assets. It’s for the person looking to make quick gains and sell their assets soon.
Shiba Inu, a part of the cryptocurrency lending by the subsidiary
The registration deadline for this facility has not been postponed, although it lists only seven assets such as XRP, XLM (Stellar), DOGE (Dogecoin), Shiba Inu, Bitcoin, Bitcoin Cash, and the stablecoin DAO. Requests must be submitted by interested parties by April 25 for consideration. SBI VC Trade has set a lending period of 28 days for Shiba Inu, Bitcoin, and Bitcoin Cash to circumvent the inherent public credit risks in the commodity lending protocol. This means that there is an opportunity for SHIB bags and BTC holders to receive a 2% return, while this number can be maximized to 5% for BCH bags instead. Rates vary depending on several factors, such as the type of property, the duration of the loan, and, of course, the deposit schedule.
The subsidiary’s expansion to 20 cryptocurrencies in lending
Individuals registering for the “Rent Coin” program offer their cryptocurrencies according to mechanisms that require no more than providing this information during the rental period. However, this timeframe prevents them from making decisions before the final submission, as it stipulates that there will be no cancellations after submission. The fact that the service represents a way to earn extra money without using digital assets in their entirety indicates a reduced ability to bear costs.
Similarly, risks such as this exchange have also been identified. Proposals that involve a number of requests exceeding predefined limits, or in the event of a decrease in trading capabilities, there is a risk of disapproval of some loans. The lending process is characterized by transparency and full clarity, ensuring the management and stability of their lending services.
Indeed, since the initial registration process, SBVCT has expanded its scope to 20 cryptocurrencies, which were not available in the initial stage of the roadmap. Coinbase has already registered 30 million users worldwide, underscoring its ambitions in a diverse investment community in the cryptocurrency space.
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