Coinbase announced that it will stop issuing new loans via Coinbase Borrow, its lending service, starting from May 10th, 2023. Customers' outstanding loans will not be impacted.
According to CoinDesk, a person familiar with the matter said that the decision to wind down Coinbase Borrow is due to reduced demand, and has nothing to do with Coinbase's friction with the U.S. Securities and Exchange Commission (SEC).
Coinbase Borrow allows customers to borrow up to $1 million using Bitcoin as collateral.
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Coinbase
Lending
