BitTrade Introduces XRP and SHIB Lending Services in Japan

BitTrade introduces XRP and SHIB lending services in Japan, enriching the local crypto lending scene.
These lending options offer a new way for crypto holders to earn from their assets while contributing to market liquidity and stability.

BitTrade, a prominent cryptocurrency exchange, has taken a significant step in advancing the crypto lending landscape in Japan. As of November 21, the exchange has initiated regular recruitment for lending two major cryptocurrencies: XRP and SHIB. This move is expected to have a substantial impact on the growth of digital assets in the region.

BitTrade’s lending terms for XRP and SHIB are both precise and strategic. The loan period for both cryptocurrencies is set at 90 days, with an annual interest rate of 2%. To provide flexibility, the exchange has defined minimum and maximum application quantities. For XRP, these quantities range from 100 to 500,000 units, while for SHIB, they span from 10 million to 10 billion tokens. Considering the respective rental periods, the rental fee rate for both tokens is approximately 0.49%.

This initiative has garnered significant interest from market enthusiasts, offering them a new avenue for utilizing their crypto assets. By participating in the lending service, holders have the opportunity to earn from their digital assets while contributing to the liquidity and stability of the Japanese crypto market.

Price Movements of XRP and SHIB

In the wake of these developments, market observers have closely monitored the price movements of XRP and SHIB. At the time of the announcement, XRP experienced an upsurge, trading at $0.5938, despite a 6.05% decrease over the past week. Notably, its 24-hour trading volume witnessed a 42.32% increase, reaching $1.7 billion, contradicting the bearish sentiment.

Similarly, SHIB witnessed a price drop, trading at $0.000008037, with a 3.53% decrease over 24 hours and 1.17% over the past week. However, its trading volume surged by 32.80%, amounting to $199.6 million. This price movement contrasts with the active efforts of the Shiba Inu community to boost the token’s value through initiatives like token burning.

BitTrade’s announcement includes essential advisories related to its crypto asset lending services. Customers are advised that they cannot cancel individual contracts related to this service mid-term, aligning with the Crypto Asset Lending Service Terms and Conditions stipulations. Additionally, the exchange does not manage the lent crypto assets separately under the Act on Fund Settlement, posing a risk in case of company bankruptcy.

Furthermore, BitTrade does not classify these services as a crypto asset exchange business covered by deposit insurance. Potential lenders are urged to consider the price volatility of crypto assets, influenced by various external factors, before participating in these lending services.

In addition to the lending service announcement, BitTrade issued advisories for users engaging with crypto assets. It emphasized that cryptocurrency is not a government-guaranteed legal currency and carries inherent risks, including the potential loss of value due to blockchain failures or loss of private keys. The company also highlighted its compliance as a registered crypto asset exchanger and encouraged users to thoroughly understand transaction details and trade based on their judgment.