Coinbase users can now borrow up to $1 million in cash using their Bitcoin as collateral, this information was revealed via the crypto exchange’s official Twitter handle.
Coinbase users can borrow as much $1million in cash
With this new feature, Coinbase customers in some selected states in the United States would be able to take “a line of credit” without the need of showing any credit checks, instead, they will be using their BTC holding with the exchange as collateral. One of the caveats to this new loan system is that users would be unable to borrow more than 40% of their holdings.
According to the Brian Armstrong-led exchange, borrowers can choose to withdraw the funds to either their PayPal account or to their traditional bank accounts. Though the exchange offers a number of flexible repayment methods, borrowers, however, must pay a minimum of $10 monthly interest on the amount they might have borrowed.
Aside from that, a fixed-term loan option is also available on the plat
We współpracy z: https://cryptoslate.com/new-coinbase-feature-allows-bitcoin-as-collateral-for-up-to-1-million-cash-loan/
