Coinbase to Launch Crypto Lending Service for Institutions with $57M Raised

Coinbase to Launch Crypto Lending Service for Institutions with $57M Raised

As reported by CoinDesk, Coinbase plans to launch a crypto lending service for institutional clients in the US. A filing submitted by Coinbase to the Securities and Exchange Commission on September 1 showed that the exchange had raised $57 million for the program.

According to a person familiar with the matter, Coinbase is going to offer over-collateralized loans. Clients can lend money to Coinbase, and Coinbase can then make secured loans to institutional clients.

Previously, such a crypto lending service was offered by companies like Genesis and BlockFi. However, following a series of collapses in crypto last year, both companies went bankrupt.

This year in May, Coinbase announced it would stop issuing new loans via its lending service Coinbase Borrow.

Source

Coinbase

Lending

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