SBI VC Trade, the digital asset division of the prominent Japanese financial conglomerate SBI Group, has unveiled a new lending service, “Rent Coin.” The Japanese banking giant announced the recent development on X and shared the details in its blog.
According to the available details, this service allows investors to earn passive income from their Shiba Inu (SHIB) and other selected cryptocurrencies.
The Lending Service: “Rent Coin”
The core offering of this initiative is SBI VC Trade’s “Rent Coin” lending service. This enables cryptocurrency holders to lend out their idle digital assets and earn rental fees during the lending period.
This service is similar to the traditional lending banking system. It is mainly for investors with no immediate plans to sell their crypto holdings but are interested in generating additional returns.
SBI VC Trade’s lending service currently supports 20 cryptocurrencies, including popular ones such as Litecoin (LTC), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), Cardano (ADA), and Solana (SOL).
However, according to details, the current “Recruitment” window, which lasts until April 25, is open specifically for seven cryptocurrencies. This includes XRP, Stellar (XLM), Dogecoin (DOGE), Shiba Inu (SHIB), Bitcoin (BTC), Bitcoin Cash (BCH), and the DAI stablecoin.
The lending rates for these cryptocurrencies vary based on factors such as the asset, lending duration, and application time.
For example, those lending Shiba Inu, Bitcoin, and Bitcoin Cash have only a 28-day lending period. This will have an annual return rate of 2% for SHIB and BTC and 5% for BCH.
Interested investors can apply to participate in the lending service during the current “Recruitment” window, which is open until April 25. However, it’s important to note that once the application deadline has passed, cancellations may not be possible.
Additionally, SBI VC Trade has highlighted that if the number of applications exceeds the upper limit, the exchange may not be able to approve the loan.
Timing and Market Conditions For Shiba Inu
The launch of this lending service comes at a time when the cryptocurrency market, including Shiba Inu, has been experiencing a downturn. Currently, Shiba Inu is trading at $0.00002253 and has been down 18% in the last seven days.
However, investors have been maintaining a long-term “HODL” (hold) culture with the hope of a possible price recovery. Also, with the Bitcoin Halving event in two days, the general crypto market is anticipating a price rally in the coming week.
The Shiba Inu team has also pushed for a spot in the top 10 crypto by market capitalization. A recent tweet from the head of marketing, Lucie, suggested ongoing efforts to reach its place in the top 10 soon.
So, this lending service by a prominent Japanese financial institution such as SBI Group is a significant development for the meme coin and the entire cryptocurrency space.
This showcases the growing mainstream adoption and integration of digital assets into traditional financial services. The application window for SBI VC Trade’s “Rent Coin” lending service remains open until April 25.
Shiba Inu holders can explore this new avenue for generating passive income from their holdings.
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