Coinbase to Launch Crypto Lending Service for Institutions with $57M Raised

As reported by CoinDesk, Coinbase plans to launch a crypto lending service for institutional clients in the US. A filing submitted by Coinbase to the Securities and Exchange Commission on September 1 showed that the exchange had raised $57 million for the program.

According to a person familiar with the matter, Coinbase is going to offer over-collateralized loans. Clients can lend money to Coinbase, and Coinbase can then make secured loans to institutional clients.

Previously, such a crypto lending service was offered by companies like Genesis and BlockFi. However, following a series of collapses in crypto last year, both companies went bankrupt.

This year in May, Coinbase announced it would stop issuing new loans via its lending service Coinbase Borrow.

• Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!
• Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!
• If you have news reports or announcements that you want to reach a wider audience, feel free to email us at [email protected]