Coinbase Halts Bitcoin-Backed Loans
According to emails apparently given to customers and uploaded online, cryptocurrency exchange Coinbase will no longer make cash loans to consumers who can offer bitcoin as collateral.
Coinbase’s Borrow programme allows users to take out loans of up to a million dollars using Bitcoin as collateral. According to the company’s website, it provided an annual percentage rate of 8.7% with no credit check.
An email from the exchange released online by some customers stated that no new loans will be permitted through the initiative beginning May 10, and that existing loans would not be affected by this decision.
Borrow, according to Coinbase, will allow clients to acquire cash loans for their daily requirements without having to sell their crypto assets, such as Bitcoin.
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