Coinbase Launches Crypto Lending Platform for Institutional Investors
Crypto exchange Coinbase has introduced a new lending service specifically designed for institutional investors in the United States. The move comes as a response to the failures experienced in the crypto lending market in 2022, with major players like Celsius Network, BlockFi, and Genesis going bankrupt. The lending platform aims to fill the void left behind by these companies. Despite regulatory scrutiny, Coinbase’s new venture has already attracted millions in capital within days of its launch. This indicates that there is still significant demand for crypto lending among high-profile investors in the US.
Marathon’s Bitcoin Mining Rate Declines in August
In August, crypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin, which is 9% less than the previous month. The decline in production is attributed to increased curtailment activity in Texas due to record-high temperatures. The company had been working on increasing its operational hash rate and optimizing operations, but the temporary shutdowns offset their progress. However, Marathon managed to increase its US operational hash rate by 2% in August, thanks to the upgrade of its miners.
Google to Allow NFT Gaming Ads from September 15
Google has updated its cryptocurrency advertising policy to permit advertisements for blockchain-based NFT gaming, as long as they do not promote gambling or gambling services. The new policy will continue to prohibit ads for games that involve wagering or staking NFTs against other players or for rewards. NFT casino games that offer players the opportunity to wager or play for prizes will also remain banned. This update marks a shift from Google’s previous ban on all cryptocurrency-related advertising back in 2018.
South Korean Hana Bank Partners with BitGo for Crypto Custody
Hana Bank, one of South Korea’s largest banks, has entered the digital asset custody business through a strategic partnership with BitGo Trust Company, a cryptocurrency custody firm. The bank signed an agreement with BitGo to jointly establish digital asset custody services in South Korea. With its extensive network of branches and substantial banking assets, Hana Bank is well-positioned to offer these services. The joint venture is expected to launch in the second half of 2024.
Hot Take
Coinbase’s launch of a lending platform for institutional investors shows that there is still a strong demand for crypto lending in the US, despite the challenges faced by the industry. This move also highlights Coinbase’s strategic approach to navigating the crypto market. Additionally, Marathon Digital’s decline in Bitcoin mining production serves as a reminder of the impact of external factors, such as extreme weather conditions, on mining operations. Google’s updated advertising policy reflects a more nuanced approach to NFT gaming advertisements, allowing for their promotion while still imposing certain restrictions. Finally, Hana Bank’s partnership with BitGo demonstrates the growing interest of traditional financial institutions in entering the cryptocurrency custody business.
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