Coinbase Launches Cryptocurrency Lending Platform for Institutional Investors
Cryptocurrency exchange Coinbase has introduced a new lending service inย particularย designed for institutional investors in the United States. The move comes as a response to the failures experienced in the cryptocurrency lending market in 2022, with major players like Celsius Network, BlockFi, and Genesis going bankrupt. The lending platform intendsย to fill the void left behind by these corporations. Regardlessย of regulatory scrutiny, Coinbaseโs new deal has already attracted millions in financialย resources within days of its launch. This indicates that thereย is still wholeย lotย of demand for cryptocurrency lending between high-profile investors in the US.
Marathonโs Bitcoinย (BTC) Mining Rate Declines in August
In August, cryptocurrency mining operator Marathon Digital Holdings produced 1,072 Bitcoin, which is 9% less than lastย 30ย days. 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 short-term shutdowns offset their progress. Nonetheless, Marathon managed to increase its Unitedย States 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 digitalย currency advertising policy to permit advertisements for blockchain-based NFT gaming, as long as they doย not encourage 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 theย chance to wager or play for prizes will likewise remain banned. This update marks a shift from Googleโs previous ban on all cryptocurrency-related advertising back in 2018.
South Korean Hana Bank Partners with BitGo for Cryptocurrency Custody
Hana Bank, one of South Koreaโs largest banks, has entered the digital asset custody business through a strategic partnership with BitGo Trust Company, a digitalย currency 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 deal is expected to launch in the Second half of 2024.
Hot Take
Coinbaseโs launch of a lending platform for institutional investors shows that thereย is still a strong demand for cryptocurrency lending in the Unitedย States, regardlessย of the challenges faced by the industry. This move likewise outlines Coinbaseโs strategic approach to navigating the cryptocurrency market. Inย addition, Marathon Digitalโs decline in Bitcoinย (BTC) mining production serves as a reminder of the impact of external factors, such as extreme weather conditions, on mining operations. Googleโs updated advertising policy reflects a more nuanced approach to NFT gaming advertisements, allowing for their promotion while still imposing certain restrictions. Inย theย end, Hana Bankโs partnership with BitGo demonstrates the growing interest of traditional financial institutions in entering the digitalย currency custody business.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.
