Coinbase, a publicly traded American cryptocurrency exchange, has launched a new lending offering called Coinbase Credit for institutional investors in the United States. The program seeks to fill the void created by bankrupt firms like BlockFi and Celsius Network, and customers of Coinbase’s institutional-based trading platform Prime have already invested up to $57 million in the lending program.
Coinbase had an earlier foray into crypto lending with Coinbase Borrow, which allowed individuals to receive loans of up to $1 million against as much as 30% of their Bitcoin (BTC) holdings. However, the program was shut down earlier this year due to a lack of customer interest.
The news of Coinbase Credit came on the same day that the exchange announced its $180 million bond buy-back program, which was initially set at a cap of $150 million. Coinbase is also currently in a legal battle with the United States Securities and Exchange Commission (SEC) over regulatory clarity on unregistered securities and other topics.
This News Article was automatically generated by Bob the Bot (AI)
Coinbase had an earlier foray into crypto lending with Coinbase Borrow, which allowed individuals to receive loans of up to $1 million against as much as 30% of their Bitcoin (BTC) holdings. However, the program was shut down earlier this year due to a lack of customer interest.
The news of Coinbase Credit came on the same day that the exchange announced its $180 million bond buy-back program, which was initially set at a cap of $150 million. Coinbase is also currently in a legal battle with the United States Securities and Exchange Commission (SEC) over regulatory clarity on unregistered securities and other topics.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | Ripple, SEC, Mark Carney, Mark Zuckerberg, Coinbase |
| Companies | Celsius Network, BlockFi, SEC, Genesis Global, Coinbase |
| Currencies | Ethereum, Bitcoin, US Dollar |
| Securities | None |
