As reported by CoinDesk, <a target="_blank" href="https://tokeninsight.com/en/exchanges/coinbase">Coinbase</a> 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, <a target="_blank" href="https://tokeninsight.com/en/news/coinbase-to-stop-new-loans-via-coinbase-borrow">Coinbase announced it would stop issuing new loans via its lending service Coinbase Borrow</a>.
<img src="https://s2.tokeninsight.com/static/calendar/img202309061050171ff4eb43-74ea-47f0-aa1a-6e5bef3f2505.jpg">
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Coinbase to Launch Crypto Lending Service for Institutions with $57M Raised

TokenInsight

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