SBI VC Trade, the cryptocurrency exchange arm of SBI Holdings, a major Japanese financial giant, recently announced a lending campaign for the popular meme cryptocurrency Shiba Inu (SHIB). This lending campaign offers an annual interest rate of 1.5% for those who lend SHIB. The application deadline is set for August 1st, and the lending period will last until August 29th.
Compared to other cryptocurrencies available for lending, the interest rate for SHIB is significantly higher. Chainlink (LINK) and Litecoin (LTC) have an annual interest rate of 0.5%, while Ripple-affiliated XRP has a much lower rate of 0.1% on the SBI VC Trade platform.
The lending service, named VC Trade Lending, initially only supported Bitcoin when it was launched in November 2020. However, it expanded to include other cryptocurrencies such as Ethereum (ETH) and various altcoins.
Shiba Inu has a strong presence in Japan and boasts a vibrant community. The token gained prominence during the 2021 bull run and has received support from major trading platforms. SBI VC Trade listed SHIB on their platform in June 2023, following BitPoint, the first Japanese digital asset trading platform to list SHIB. Coincheck, a Tokyo-based platform, also added support for SHIB in December.
According to CoinGecko data, Shiba Inu is currently valued at $11 billion, making it the 13th largest digital asset. The lending campaign announced by SBI VC Trade showcases the growing interest and adoption of SHIB in the Japanese market.