SBI VC Trade, the cryptocurrency division of SBI Japan, has launched an application process for a staking service that generates passive income for Shiba Inu and other selected cryptocurrencies. The popular Japanese trading platform announced this offering through its official X account and provided details of the program on its blog. The lending service, known as “Rent Coin,” is the main focus of SBI VC Trade’s offering. The recent announcement specifically highlights holders of Shiba Inu (SHIB), Bitcoin (BTC), and Bitcoin Cash (BCH).
The exchange explains that the service allows cryptocurrency holders to lend out their unused crypto assets in order to earn rental fees during the lending period. SBI VC Trade emphasizes that this service is intended for investors who have no immediate plans to sell their crypto assets but would like to earn passive income from them. During the lending period, participants are only required to commit their crypto assets, with no other obligations.
The lending rates for crypto assets on SBI VC Trade depend on factors such as the specific asset, lending duration, and the timing of enlistment. The exchange offers this lending service for 20 supported cryptocurrencies, including Litecoin (LTC), Polkadot (DOT), Cardano (ADA), Chainlink (LINK), Solana (SOL), and Avalanche (AVAX).
However, the application window for participants to commit their crypto assets is currently open for seven specific cryptocurrencies: XRP, Stellar (XLM), Dogecoin (DOGE), Shiba Inu, Bitcoin, Bitcoin Cash, and DAI stablecoin. The deadline to apply is April 25.
It is important to note that SBI VC Trade is offering a lending period of 28 days for Shiba Inu, Bitcoin, and Bitcoin Cash. SHIB and BTC holders can earn an annual rate of 2%, while BCH holders can earn 5%.
Participants have the option to opt-out during the application period, but cancellations may not be possible after the deadline. Additionally, the exchange has stated that if the number of applications exceeds the upper limit or the trading capacity falls below the desired loan amount, approval for the loan may not be granted.
The recent application window coincided with a period of market downturn for Shiba Inu and the rest of the cryptocurrency market. Despite this, investors continue to show confidence in the long-term holding (HODL) strategy, anticipating a price rebound in the near future.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.