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Blog

Date:
25th Nov 2020
Author:
CryptoAltum Research Team

Ripple’s Partner Rolls out A New Service For Lending XRP, ETH, and BTC


SBI Holding, a leading financial institution and a Ripple partner, has launched a new crypto lending service dubbed VC Trade Lending via its crypto-focused wing, SBI VC Trade. The new service allows coin holders to loan out BTC for a maximum of 84 days. At later stages, XRP and ETH will follow. A minimum amount of 0.1 BTC can be lent out while borrowers can take out a maximum of 5 BTC.


Details: 

Ripple may be a firm providing payment rails for financial institutions. However, its coin, XRP, has diverse use. Their partners, especially, SBI Holdings and Yoshitaka Kitao are keen on expanding use cases beyond liquidity provision. Through the SBI VC Trade, gamers can receive their salary in XRP. With this development, the launch of a lending service enabling holders to earn more income streams will encourage a HODLing culture for holders with supported coins including XRP.


Impact on the XRP Price: 

Bullish. With more income-generating avenues, XRP holders are incentivized to hold on to their coins rather than liquidate. It is particularly timely now that the digital asset has been rampant, more than doubling in the last 14 days as analysts are confident of a price rally above $1.


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