Coinspeaker
Coinbase Moves to Shut Down Crypto Lending Program
An unnamed source has announced that Coinbase will end its lending program, Coinbase Borrow, over the next few months.
Coinbase Borrow, a program that allowed customers to receive fiat loans of up to $1 million, began in November 2021. According to its website, users could borrow as much as 40% of their Bitcoin holdings at an 8.7% annual interest rate.
However, in May, Coinbase announced that it would no longer allow new loans to be taken. It noted that it took the decision after re-evaluating the product’s prospects. At the same time, it promised that existing loan customers would not be affected.
Coinbase to Wind Down Its Lending Service in November
With the current development, loan holders will have until November 20, 2023, to clear their outstanding loan balances. It is unclear how many users this will affect
According to the source, they “have notified impacted loan holders and are taking extra measures to ens
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