SBI Trade Giant Begins Lending out Users’ Bitcoin and Bitcoin Cash: Details

SBI Trade crypto exchange, a subsidiary of the SBI Group giant, has announced the launch of a new service offering customers the opportunity to lock their crypto for a certain period, during which they will receive a commission (a rental fee) and the exchange will lend out their coins. So far, the platform begins with two major cryptocurrencies – Bitcoin and Bitcoin Cash.

Basically, the Japanese financial behemoth SBI is dipping its toes into the decentralized finance (DeFi) space.

SBI Trade wants your Bitcoin and Bitcoin Cash

According to the company’s website, today at 8:00 a.m., SBI Trade begins accepting cryptocurrencies for staking from its customers – Bitcoin and Bitcoin Cash.

The trading platform is going to create a pool of crypto from which it will lend coins out and pay commission fees to owners for locking their coins for a certain time period in the staking pool. SBI Trade is going to begin crypto lending with Bitcoin and its hardfork coin, Bitcoin Cash. The site says that this service is recommended to those customers who do not plan to sell their crypto assets immediately but rather just hold them on the trading platform.

Thus, SBI Trade offers an additional source of income to its users.

Tim Draper’s bullish Bitcoin statement

In a recent statement on X (formerly Twitter), prominent investor Tim Draper has added Bitcoin to the list of breakthrough technologies that “challenge the status quo and scare people.”

Tim Draper published an X post, explaining the reaction of the vast majority of people to revolutionary breakthroughs, hinting that society mostly consists of reactionary individuals. In particular, he said that electricity was first considered witchcraft. Also, he said, “Automobiles were unsafe and noisy and scared the horses.” On the same list are computers, birth control, cloning and finally, the internet and artificial intelligence.

He stressed that while the vast majority is first frightened of new things and rejects them, the same people then begin using them, and then they become evangelists of these things, going from “this is immoral” to living as if “the breakthrough technology seems as though it has always been here.”

“Bitcoin wasn’t considered money,” Draper wrote. However, now it is valued by Wall Street as a safe haven and digital gold. “What seems ‘scary or irrational’ today becomes an essential part of life tomorrow,” the investor stressed.