Last Updated on September 6, 2023 by Bitfinsider
According to CoinDesk, Coinbase has raised $57 million for a new crypto loan service, citing both a Securities and Exchange Commission filing and an unidentified source.
The cryptocurrency exchange based in the United States intends to borrow primarily crypto assets from customers and then lend them to “institutional trading clients,” according to the article.
According to the report, the prospective platform differs from Coinbase’s retail lending programme, which was abandoned in 2021.
“With this service, institutions can choose to lend digital assets to Coinbase under standardised terms in a product that qualifies for a Regulation D exemption,” said a Coinbase representative in a statement to CoinDesk.
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