What kind of crackdown by the SEC? The Japanese giant SBI is now offering XRP loans

Source: Adobe / Nasibli

The bond between Japanese securities and crypto giant SBI and Ripple remains strong – the former’s crypto exchange is expanding its crypto loan offerings to XRP.

SBI launched crypto loans for Bitcoin (BTC) late last year as part of its loan offering for customers of its wholly owned crypto trading platform SBI VC Trade. As of today, however, the lending service has also been introduced for XRP customers who, according to an official publication, can earn interest on deposits of up to 100,000 XRP (currently just under 39,000 USD).

The minimum deposit amount is XRP 1,000 and the loan period is 84 days.

Crypto lenders using XRP deposits are offered 0.1% annual interest on their holdings – a number that includes taxes.

The crypto exchange added that it will “keep building” its services in the future and first outlined its XRP loan plans in November 2020.

One of Ripple’s closest allies, SBI has vocalized in Ripple’s battle with the US Securities and Exchange Commission, which claims XRP was traded as an unregistered security in the US.

SBI chief Yoshitaka Kitao is a member of Ripple’s board of directors and has repeatedly pointed out that Japanese regulators are not viewing XRP as a security in the hopes that it will help Ripple’s cause.

The Japanese and American companies also jointly operate the SBI Ripple Asia payment network – and SBI has issued XRP tokens to the shareholders of its subsidiaries and new exchange customers.

Kitao has also claimed that Ripple could consider moving to Japan if its struggles with American regulators become insurmountable.

SBI’s own crypto empire has expanded in recent months – the company has devoured the rival platform Taotao as well as the British liquidity provider B2C2.

At the time of writing (12:02 UTC), XRP is trading at USD 0.387 and is up nearly 4% in one day and 55% in one week.
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