Gairika Mitra
SBI VC Trade, the cryptocurrency arm of Tokyo-based financial conglomerate SBI Holdings, recently announced its lending campaign for Shiba Inu (SHIB).
Those looking to capitalize on the second-largest meme coin can earn a 1.3% annual interest rate. Applications must be submitted by August 1 for the lending period that will run until August 29. This rate is notably higher than those offered by other cryptocurrencies such as Chainlink (LINK) and Litecoin (LTC), which are usually around 0.5%, and XRP, which normally sits at 0.1%.
Known as VC Trade Lending, the lending service offering this program made its debut in November 2020 and only supported Bitcoin when it launched initially. However, it eventually listed other cryptocurrencies like Ethereum and other altcoins.
SHIB continues to make its mark in Japan, especially with its recent initiatives showcasing its growing influence in the country. This recent move is another indication of the increased acceptance and integration of cryptocurrency within Japan’s financial sector.
Related: OpenAI Must Hand Over Millions of ChatGPT Logs in Copyright Case
Previously, SHIB was a gold sponsor of IVS 2024 in Kyoto, Japan. The highlight of the event was the first public appearance of the pseudonymous Shiba Inu project lead Shytoshi Kusama. This reinstates the fact that this is an important step for SHIB as it moves beyond its meme coin origins and builds a robust image for itself.
During the event, there were several discussions on innovative use cases and community-driven initiatives. Shiba Inu representatives participated in panel discussions and networking opportunities and showcased new initiatives.
Supporting efforts to strengthen SHIB’s presence, Tangem, a popular cryptocurrency hardware wallet, launched a Japanese Telegram channel in May to provide SHIB holders with updates in Japanese. This measure was implemented to enhance communication with SHIB’s growing Japanese-speaking audience.
Related: Sam Altman Eyes Rocket Company, Taking on Elon Musk’s SpaceX Ambitions
BITPoint was the first Japanese digital asset trading platform to list SHIB. Following BITPoint’s lead, other trading platforms have also expressed their support for SHIB.
Read More
- Shytoshi Kusama’s First Public Appearance: Shib Army Japan Floods X with Photos and Videos
- Shiba Inu: Gold Sponsor at IVS Crypto 2024 KYOTO, Japan’s Largest Web3 Conference for Startup Executives
- Tangem Launches Japanese Telegram Channel, SHIB Holders to Receive Updates in Native Language
GAIRIKA
Gairika is a cryptocurrency journalist with a focus on Bitcoin and blockchain technology.
