XRP has been under the crypto spotlight, but for all the bad reasons. The asset’s squabble with the SEC along with its steep fall had got several steering away from the troubled asset. However, the last couple of days seemed to be going on in the favor of the altcoin. The coin was seen surging over the last couple of days. This surge could have been triggered by SBI Group’s latest announcement.
In a recent announcement, SBI Group, a financial services platform based in Japan revealed that XRP was the latest addition to its lending service. The financial services firm intends to deliver this setting to its users through SBI VC Trade. Elaborating on the same the platform said,
“Outline of “VCTRADE LENDING” service for lending crypto assets “VCTRADE LENDING” is a service that allows customers to rent crypto assets owned by customers to the Company and receive usage fees according to the quantity and period of crypto assets.”
The annual interest rate per annum would sum up to 0.1% including tax. The lending period for the asset would reportedly be 84 days with the minimum lending quantity at 1,000 XRP while the maximum was noted at 100,000 XRP.
While several prominent exchanges withdrew support for the altcoin, the Japanese platform was seen bolstering its relationship with Ripple. Ripple has been fighting hard against the SEC to brush off any allegations of selling unregistered securities.
XRP Continues To Surge While Other Assets Plummet
XRP has been tussling with Polkadot [DOT] in terms of market cap. The asset, however, took over the fourth position as its market cap hit a high of $20 billion. At the time of writing, XRP was seen trading for $0.43 with a 12% surge in the latest 24-hours. The altcoin emerged as the most beneficial coin over the last week as it bagged gains of over 55% in the last seven days. Most of the altcoin’s trading volume came from Binance for the pair XRP/USDT.