Coinbase Raises $57 Million for New Crypto Lending Service
A recent report indicates that Coinbase has successfully raised $57 million for its new crypto lending service. The information was obtained from a Securities and Exchange Commission filing as well as an anonymous source. The cryptocurrency exchange intends to borrow crypto assets primarily from its customers and then lend them to institutional trading clients.
This new platform differs from the retail lending program that Coinbase had previously canceled in 2021. According to a Coinbase spokesperson, institutional clients can now lend digital assets to the exchange under standardized terms that qualify for a Regulation D exemption.
Coinbase’s Mission to Modernize the Financial System
Coinbase’s ultimate goal is to update the outdated financial system that was established over a century ago. By leveraging cryptocurrencies, the company aims to offer individuals more economic freedom and opportunities.
This move by Coinbase to provide crypto lending services to institutional clients follows the challenges faced by Genesis and BlockFi in their similar endeavors.
Hot Take
Coinbase’s new crypto lending service demonstrates its commitment to revolutionizing the financial landscape and empowering individuals through cryptocurrencies. By facilitating lending between customers and institutional clients, Coinbase is contributing to the ongoing transformation of the traditional financial system.
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