The loan program will be closed on Coinbase

The cryptocurrency exchange Coinbase is going to close its lending program in the next couple of months, which is secured by the first cryptocurrency. This is written by CoinDesk, referring to the representatives of the site.

What is known about stopping the program

The platform reported that retail users with loans need to close them by November 20. Otherwise, the crypto exchange will sell collateral in bitcoins. However, this decision does not apply to institutional clients.

The Borrow loan program made it possible to apply for a loan in fiat in the amount of up to 40% of the value of the collateral bitcoin. The maximum amount was less than $1 million. At the same time, the annual percentage reached about 8%.

The company said they have sent notifications to the owners of the affected loans. At the same time, the team takes additional measures to ensure a planned transition. This includes a 4-month repayment period of borrowed funds. Access to priority user support is also provided.

Representatives of the crypto exchange said that the project had to be closed, as it was necessary to focus on products that are more interesting to customers.

Note that in May, the exchange stopped providing loans for bitcoins, as it was revaluing its products.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.