Japan SBI launches XRP loan service… Firm support position
Ripple’s Asia’s largest partner, SBI Group, has stepped up to support XRP, which has been on the verge of suspicion of securities.
According to AMB Crypto on February 4, 2021 (local time), VC Trade, a subsidiary of Japanese financial giant SBI, announced that it has launched an XRP loan product.
It is a product that allows you to receive interest according to the quantity and period by borrowing the assets held by XRP. You can deposit 1,000 to 100,000. The loan period is 84 days.
XRP has been staggered by the US Securities and Exchange Commission (SEC) lawsuit. The SEC saw XRP as a security and filed a lawsuit against Ripple and its management in December 2020. A number of cryptocurrency companies, such as Coinbase, have discontinued support in succession to avoid regulatory issues.
SBI first launched its Bitcoin lending product in November 2020. The company firmly expressed its support position for Ripple, choosing XRP as the second supported cryptocurrency.
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Japan’s SBI Group, as an investor in Ripple, has long maintained a close cooperative relationship. Kitao Yoshitaka, chairman of SBI Group, is also a director of Reflaps.
Immediately after the lawsuit was filed, Chairman Yoshitaka said, “In Japan, XRP is a crypto asset, not a stock,” and said, “In Japan, transactions will proceed normally.”
In its Q4 2020 report, SBI repeatedly emphasized that “Ripple and XRP play an important role in SBI’s long-term strategy.”
In fact, the Japanese Financial Services Agency (FSA) put forward a position that XRP is classified as’cryptocurrency’, not securities, according to the Payment Service Act on January 13, 2021. This is why Japan was also mentioned as a strong candidate when Ripple considered relocating its headquarters.
XRP, which once plunged to $0.20, is making up for a significant portion of losses due to intensive purchases by individual investors and the overall market upturn. According to Token Post Market, XRP is trading at $0.38, a 2.1% increase at 6:29 pm on the 4th.
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