As a seasoned researcher with extensive experience in the cryptocurrency space, I find the recent announcement from SBI VC Trade, the cryptocurrency exchange arm of Japanese financial giant SBI Holdings, particularly intriguing. The lending campaign for the Shiba Inu (SHIB) meme cryptocurrency stands out due to its competitive annual interest rate of 1.5%.
SBI VC Trade, the cryptocurrency trading platform owned by Japanese financial corporation SBI Holdings, has unveiled a funding initiative specifically for Shiba Inu (SHIB) tokens.
The annual interest rate for lending the second-biggest meme coin amounts to 1.5%.
The application deadline has been set for Aug. 1. The lending period will last until Aug. 29.
The SHIB meme coin’s interest rate is much greater than that of Chainlink (LINK) and Litecoin (LTC), which have annual rates of 0.5%. SBI VC Trade, on the other hand, offers a relatively low interest rate of only 0.1% for those lending XRP, a cryptocurrency affiliated with Ripple.
As a researcher studying the development of VC Trade Lending, I can share that this innovative lending service was introduced in November 2020. At its inception, Bitcoin, the foremost cryptocurrency, was the only digital asset supported for lending through this platform. Subsequently, the team behind VC Trade Lending broadened the scope of their offerings and started supporting Ethereum (ETH) and various other altcoins for lending as well.
The Japanese breed Shiba Inu, particularly notable during last year’s cryptocurrency surge, boasts a robust following within its homeland.
Following BitPoint’s lead as the initial Japanese exchange to include SHIB in its offerings, various notable trading platforms endorsed the digital token. For example, SBI VC Trade made its appearance on the scene by listing SHIB as early as June 2023.
According to U.Today’s report, Coincheck, a Tokyo-based cryptocurrency platform, began supporting Ethereum (the second largest cryptocurrency) back in December.
Based on information from CoinGecko, the current market value of this meme cryptocurrency stands at a staggering $11 billion, positioning it as the 13th largest digital asset in terms of market capitalization.
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2024-07-18 08:43