SBI Group's new service will initially support bitcoin and later Ether and XRP. Image: Twitter

A Japanese financial giant is launching a crypto lending service.

SBI Group announced on Tuesday that users will be able to lend their crypto to its subsidiary, SBI VC Trade, and earn 1% interest including taxes, Cointelegraph reports.

The new service, called VC Trade Lending, will initially support bitcoin and later Ether and XRP. The minimum lending amount is 0.1 BTC ($1,890 at the time of publication) and the maximum is set at five bitcoin ($90,450).

VC Trade Lending will not impose any account management fees or annual membership fees, or charge any fees for deposits made in Japanese yen or crypto but will charge a fee for yen withdrawals.

SBI is a major partner of Ripple, the company behind XRP, the fourth-largest crypto by market capitalization. Ripple is reportedly considering relocating from the United States to Japan, which is seen as a more crypto-friendly jurisdiction.