SBI VC Trade, the cryptocurrency arm of prominent Japanese financial institution SBI Japan, has launched a new program allowing users to earn passive income on their holdings of Shiba Inu (SHIB) and other supported cryptocurrencies.
Announced via the company’s official social media platform (X) and detailed on their blog, the program leverages a lending service called “Rent Coin.”
／#貸コイン 本日20:00～募集開始📣
BTC/BCH/SHIB 対象3銘柄✨
＼詳細はこちら🔻https://t.co/BlUfm32IAG
スマホの方はアプリから📱#SBI #SBIVC #VCトレード #暗号資産(#仮想通貨) #レンディング pic.twitter.com/GPbzirqc0v— SBI VC Trade (SBI VCトレード） (@sbivc_official) April 18, 2024
Read Also: Japan’s Prominent Financial Giant SBI Group Set to Launch Shiba Inu (SHIB) Trading on SBI VC Trade
Earning with Idle Crypto Assets
This new offering targets cryptocurrency holders who intend to hold their digital assets for a long-term investment but would also like to generate additional returns in the meantime. “Rent Coin” essentially allows users to lend out their idle cryptocurrency holdings and earn interest during the lending period. Importantly, participants are not required to take any action besides committing their crypto assets throughout the lending term.
SBI VC Trade’s lending service encompasses a total of 20 cryptocurrencies, including established players like Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and rising stars like Polkadot (DOT), Cardano (ADA), Chainlink (LINK), Solana (SOL), and Avalanche (AVAX).
However, for this initial launch, the “Recruitment” window, open until April 25th, is limited to seven specific cryptocurrencies: XRP, Stellar (XLM), Dogecoin (DOGE), Shiba Inu (SHIB), Bitcoin (BTC), Bitcoin Cash (BCH), and the DAI stablecoin.
Interest Rates and Key Considerations
The lending rates offered by SBI VC Trade are determined by a combination of factors, including the chosen cryptocurrency, the duration of the lending period, and the time of application.
For this initial offering, Shiba Inu, Bitcoin, and Bitcoin Cash holders can earn an annual interest rate of 2%. Bitcoin Cash holders are presented with a slightly higher incentive, with an annual rate of 5%.
While users can opt out during the application window, cancellations are generally not permitted after the deadline. Additionally, SBI VC Trade reserves the right to limit loan approvals if the number of applications surpasses their capacity or if trading volume falls below the desired loan amount.
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Read Also: SBI VC Trade Shares Its XRP Price Projection
Timely Offering for Long-Term SHIB Investors
The launch of this Shiba Inu staking service coincides with a period of consolidation in the broader cryptocurrency market, with SHIB currently trading around $0.000022.
This program presents an opportunity for long-term holders of SHIB and other supported cryptocurrencies who typically subscribe to a “HODL” (Hold On for Dear Life) investment strategy, to generate passive returns while waiting for a potential price increase.
With a clear application process, transparent interest rates, and a focus on long-term investors, this program could prove to be a valuable tool for those seeking to maximize their returns in the cryptocurrency market.
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