Cryptocurrency exchange Coinbase has rolled out a crypto lending service for institutional investors in the United States, reportedly aiming to capitalize on massive failures in the crypto lending market. Coinbase has launched an institutional-grade crypto lending platform to U.S. investors, offered as part of its existing offering Coinbase Prime, a spokesperson for Coinbase confirmed to Cointelegraph on Sept. 6. “Coinbase is launching a digital asset lending program for its institutional Prime clients,” the representative said, adding: “With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption.” According to a filing with the U.S. Securities and Exchange Commission, Coinbase customers have already invested $57 million in the lending program since the first sale occurred on Aug. 28. The offering had attracted five investors as of Sept. 1. The new product comes in line with Coinbase’s commitment to “update the financial system that was built over 100 years ago, leveraging crypto to provide people with more economic freedom and opportunity,” a spokesperson for Coinbase the noted. The new crypto lending product by Coinbase follows the halt of new loan issuance on Coinbase Borrow in May 2023. The program is designed to allow users to receive up to $1 million through Bitcoin collateral. The new institutional program is operated through Coinbase Credit, the same entity that manages Coinbase Borrow.
Full news : Coinbase launches crypto lending platform for US institutions.
