Lending secured by Bitcoin will stop

We are talking about the Coinbase Borrow service. Representatives of the cryptocurrency exchange reported that after May 10, lending secured by Bitcoin will no longer be provided. This was written by Cointelegraph.

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Loans were issued up to one million dollars. The interest rate was 9% per annum. At the same time, creditworthiness was not checked. However, only if bitcoin was used as collateral. The LTV coefficient did not exceed 40%.

The service was launched in the fall of 2021. It allowed to attract investments in national currencies without selling bitcoin. It also made it possible to avoid the consequences of taxation.

They did not explain why the service would be discontinued. However, representatives of the platform reported that they constantly analyze the products they provide. In this case, the priority will be those in which users are interested.

Recall that the US regulator is investigating the listing on the crypto exchange. She is also studying the products provided there, including a staking service.

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