BitTrade, a prominent Japanese cryptocurrency exchange, has announced major updates regarding its crypto asset lending services for Shiba Inu [SHIB] and Ripple-affiliated token XRP, effective from November 21, 2023. The leading trading platform is set to commence “regular recruitment” for the lending of these crypto assets, introducing a 90-day loan period at an annual rate of 2%.
For XRP, the lending conditions stipulate a minimum quantity of 100 XRP and a maximum of 500,000 XRP. Conversely, for Shiba Inu, the application range spans from a minimum of 10,000,000 Shiba Inu tokens to a maximum of 10,000,000,000 Shiba Inus. Prospective participants are urged to carefully review application conditions and related notes before engaging in crypto asset lending services.
It is emphasized that recruitment may be conducted again with the same content following the conclusion of the initial recruitment period, and the dates provided are based on Japan time. Users are encouraged to check the rental status through the platform’s app or web page post-login.
However, users need to be aware of the financial responsibilities associated with the service. Taxes, public dues, and other related expenses are to be covered by the customer. Additionally, the recruitment will cease once the total recruitment amount is reached, and mid-term cancellation of individual contracts is generally not permitted.
Users are cautioned that the service is not a deposit product, and assets borrowed through the service cannot be sold or withdrawn until the specified period has lapsed and the assets are returned by the company.
The volatility of crypto assets is underscored, with the potential for rapid and substantial price fluctuations due to various factors, including market conditions and unexpected events. Consequently, users may incur losses if the asset’s price falls significantly.
Shiba Inu Expands Into Japanese Market
Furthermore, the lending conditions and fees are subject to change based on recruitment status and market trends. The cautionary notes also extend to the risks associated with leverage trading, emphasizing the possibility of losses exceeding the margin.
BitTrade concludes by offering general cautions about cryptocurrency, including the non-guaranteed value by the government, the potential loss of assets due to key losses or blockchain failures, and the importance of understanding and managing risks when trading crypto assets. As reported by TronWeekly, Shiba Inu went live on BitTrade in October. The listing boosted SHIB’s visibility, bringing the exchange’s total handled crypto assets to an impressive count of 34.