Content Summary
Coinbase Borrow, a program that allowed customers to receive fiat loans against their Bitcoin holdings, will be shutting down. Customers with outstanding loan balances are required to pay them back by November 20, 2023. Coinbase has notified affected loan holders and is taking extra measures to ensure a smooth transition, including providing a four-month loan repayment period and access to prioritized customer support through Coinbase One.
Key Points
– Coinbase Borrow program is shutting down as Coinbase focuses on products that customers care about.
– Customers with outstanding loan balances have until November 20, 2023, to repay their loans.
– Coinbase has notified loan holders and is providing a four-month loan repayment period.
– Customers will have access to prioritized customer support through Coinbase One, a subscription product with benefits for traders.
– Coinbase had previously announced in May that it would no longer allow customers to take out new loans through Coinbase Borrow.
Hot Take
Coinbase’s decision to shut down the Coinbase Borrow program seems to be driven by a desire to prioritize other products that customers care about. This move comes amidst increased scrutiny from U.S. regulators, and Coinbase has been focusing on strengthening its core businesses. The shutdown may also be due to reduced demand for the borrowing program. Nonetheless, Coinbase is taking steps to ensure a smooth transition for affected customers by providing a repayment period and customer support options.
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