SBI VC Trade Launches Staking Service for Shiba Inu, Other Crypto Assets

SBI VC Trade, the crypto division of SBI Japan, has launched a staking service named "Rent Coin" that enables users to earn passive income by lending out select cryptocurrencies, including Shiba Inu (SHIB), Bitcoin (BTC), and Bitcoin Cash (BCH). The service offers competitive lending rates and a 28-day lending period for SHIB, BTC, and BCH, allowing holders to generate steady income while holding onto their crypto assets.

SBI VC Trade Launches Staking Service for Shiba Inu and Other Cryptocurrencies

Tokyo, Japan - April 18, 2024 - SBI VC Trade, the cryptocurrency division of SBI Holdings, has announced the launch of a new staking service that will allow users to earn passive income on their Shiba Inu (SHIB) and other select cryptocurrencies.

Details of the Lending Service

The staking service, known as "Rent Coin," enables cryptocurrency holders to lend out their idle assets to earn rental fees during the lending period. SBI VC Trade emphasizes that this service is ideal for investors who do not intend to sell their cryptocurrencies in the near future but wish to earn additional income on them.

During the lending period, participants are not required to take any action other than committing their crypto assets to the program. The lending rates for each cryptocurrency vary and are determined by factors such as the asset itself, the lending duration, and the time of enlistment.

SBI VC Trade currently supports lending for 20 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Polkadot (DOT), Cardano (ADA), Chainlink (LINK), Solana (SOL), and Avalanche (AVAX).

Current Application Window

The application window for the staking service is currently open for seven cryptocurrencies: XRP, Stellar (XLM), Dogecoin (DOGE), Shiba Inu, Bitcoin, BCH, and the DAI stablecoin. The deadline for applications is April 25, 2024.

Specifics for Shiba Inu and Other Assets

For Shiba Inu, Bitcoin, and BCH, the lending period is 28 days. Holders of SHIB and BTC can earn an annualized rate of 2%, while BCH holders can earn 5%.

Participants can opt out of the program during the application period, but cancellations may not be possible after the deadline.

Market Context

The launch of SBI VC Trade's staking service comes at a time when cryptocurrency markets, including Shiba Inu, are experiencing a downturn. However, many investors maintain a long-term outlook, anticipating a future price rebound.

About SBI VC Trade

SBI VC Trade is a leading cryptocurrency trading platform in Japan, offering a wide range of digital assets and services to individual and institutional clients.

Disclaimer

This press release is for informational purposes only and should not be construed as financial advice.