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Coinbase Global Inc. introduces a new institutional crypto lending platform in the U.S., distinct from their controversial Lend program, filling a niche left by Genesis and BlockFi.
In the said SEC filing, it was also indicated that Coinbase already raised $57 million to fund its newest program. The new crypto loan service was quietly unveiled through the filing, which was surprising in the blockchain sector.
According to CoinDesk, a source familiar with the matter shared that through the new program, clients can easily lend Coinbase money, mostly crypto assets, and earn collateral that exceeds the loan’s value. This over-collateralization system aims to protect customers from financial disaster.
Coinbase will try to fill in the void left by Genesis and BlockFi, which previously offered the same crypto lending services. Unfortunately, they were forced to go into bankruptcy due to huge losses.
In any case, this new loan platform is said to be different from the Lend program that Coinbase dropped in 2021 following controversies surrounding the service. Unlike the first, this version of the lending service created by Coinbase is geared toward institutions instead.
“Coinbase is working to update the financial system that was built over 100 years ago, leveraging crypto to provide people with more economic freedom and opportunity,” the crypto exchange firm’s spokesperson told PYMNTS. “To advance this purpose, Coinbase is building the most trusted crypto products and services, and supporting other builders to bring 1 billion people into crypto.”
Meanwhile, Coinbase’s introduction of its new crypto lending platform comes less than two months after it announced the shutdown of its Borrow service that allowed clients to borrow funds using Bitcoin as collateral.
For discontinuing this offering, Coinbase explained in a separate statement, “We regularly evaluate our products to ensure we’re prioritizing the offerings that our customers care about most. After much consideration, we have made the decision to wind down Coinbase Borrow.”
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