Violet Vallaya
SBI VC Trade, the cryptocurrency division of SBI Japan, has initiated an application phase for a staking service that promises passive income opportunities for Shiba Inu and several other cryptocurrencies.
The announcement, made through its official X account and detailed on its blog, introduces the “Rent Coin” lending service. The service is tailored for holders of Shiba Inu (SHIB), Bitcoin (BTC), and Bitcoin Cash (BCH).
The lending service enables cryptocurrency holders to loan out their dormant assets and earn rental fees throughout the lending period. SBI VC Trade clarified that this service targets investors looking to generate passive income without selling their crypto assets in the short term.
During the lending period, participants are only required to commit their crypto assets.
Lending rates for crypto assets on SBI VC Trade are determined by factors such as the asset type, lending duration, and timing of enlistment. Currently, the platform supports lending for 20 cryptocurrencies.
However, the application window for participants is open for specific crypto assets including, Shiba Inu, Bitcoin, and Bitcoin Cash. Interested parties must submit their applications before the deadline on April 25.
For Shiba Inu, Bitcoin, and Bitcoin Cash, SBI VC Trade offers a lending period of 28 days. Holders of SHIB and BTC can earn an annual rate of 2%, while BCH holders stand to earn 5% annually.
Participants can opt out during the application period, but after the deadline, cancellations may not be feasible.
SBI VC Trade has also cautioned that if the number of applications exceeds the upper limit or the trading capacity falls below the desired loan amount, approval for the loan may not be guaranteed.
The initiation of this staking service by SBI VC Trade reflects a growing trend in the cryptocurrency market, where investors seek alternative ways to maximize their holdings. As the crypto space continues to evolve, such initiatives provide avenues for investors to explore passive income opportunities while holding onto their assets.
