SBI VC Trade Launches Staking Service for Shiba Inu (SHIB) Token Holders

SBI VC Trade, the cryptocurrency arm of SBI Japan, has launched an application period for Shiba Inu token holders to participate in its ongoing staking service.

Cryptocurrency exchange SBI VC Trade, the digital asset arm of SBI Japan, has announced the opening of an application period for Shiba Inu token holders to participate in its ongoing staking service.

The Japanese crypto firm unveiled the latest lending window on Thursday through its official X handle. The service essentially offers a passive income stream to users who lend out their SHIB tokens.

Lending Shiba Inu on SBI VC Trade

As per the announcement, the application to lend out Shiba Inu assets opened on Monday and will conclude on August 1. Following the application period, the lending period itself will commence, spanning 28 days and concluding on August 29.

SBI VC Trade is offering a notable incentive to participants, providing an annual rate of return of 1.3%, including tax, on the deposited SHIB tokens.

The exchange has opened this service for investors who plan to hold onto their crypto assets for an extended period and wish to generate passive income in the meantime. The service essentially enables crypto asset holders to monetize their idle digital assets by lending them out and earning rental fees during the designated period.

It is worth noting that SBI VC Trade has been offering this lending service for some time now. Back in April, the exchange announced a recruitment application that offered participants a 2% annual rate for committing their Shiba Inu assets.

Other Crypto Assets with Open Application

Notably, the coin lending service is open to 23 crypto assets listed on SBI VC Trade. In this latest round, applications to lend out XRP, Chainlink (LINK), Litecoin (LTC), Bitcoin (BTC), and Bitcoin Cash (BCH) are currently open.

The application window for lending BTC and BCH concludes on July 25. After that, the loan period will commence and conclude on August 22. BCH offers the highest annual rate of 5% for this lending period.

Meanwhile, the registration period for individuals seeking passive income with their XRP, LTC, LINK, and SHIB holdings will close in 13 days. Notably, within this group, Shiba Inu offers the highest annual return rate of 1.3%, followed by LTC and LINK, which offer 0.5%. XRP offers only a 0.1% return.

Importantly, participants have no additional obligations or responsibilities besides depositing their crypto assets during the lending period.

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