Japan-based Bitbank launches Virtual Currency Lending service

Posted 11 June, 2018

Japan's Bitbank exchange reportedly announced a borrowing programme striving to raise bitcoin inflow, lure new clients and boost its liquidity.

The users will become able to invest at least 1 bitcoin into Virtual Currency Lending and get fixed interest rate. Initially, such feature will be offered to BTC holders, though the company plans to expand the service and add more cryptocurrencies (like Ripple, Ethereum, Bitcoin Cash and Litecoin) in the future.

Under the Virtual Currency Lending, the exchange will get user's assets for at least 12 months. The dividends are said to be paid off "depending on the quantity of cryptocurrency loaned by an individual to the exchange". The payments are planned as follows: 3% for up to 5 BTC, 4% for 5-10 BTC, and 5% for above 10 BTC. Dividends payment is possible only after the ID verification and account checking. The confirmed traders will be able to lend their bitcoins the following month. In particular, with passed verification in June, a user can take part in the lending project beginning from July 2018 with blocked assets till July 2019.

“The cryptocurrency remain locked during the entire loan period. So, the cryptocurrency cannot be sold or transferred. Only when the loan period is elapsed or returned by Bitbank, the customer will be able to sell or transfer the cryptocurrency,” according to the terms of the programe.

For reference, Bitbank is one of 16 licensed crypto trading platforms in Japan. It deals with 8 trading pairs.

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