Coinbase has raised $57 million for the launch of a new crypto lending service for institutional customers, according to CoinDesk. report, referring to both filingSecurities and Exchange Commission and an anonymous source
The company plans to primarily borrow crypto assets from its clients. then circulating and lending to “Institutional customers,” according to the report. This new platform is not the same as the retail lending program that Coinbase canceled in 2021.
“With this service Institutions can choose to lend digital assets to Coinbase under standard conditions in products that qualify for regulatory exemptions,” a Coinbase spokesperson told CoinDesk in a statement.
“Coinbase is working to update the financial system created 100 years ago, leveraging crypto to give people more freedom and economic opportunities,” he continued.
Coinbase plans to lend crypto to institutional customers. It arose in the wake of Genesis and BlockFi’s troubled efforts to provide crypto lending services.
refer : theblock
The post Coinbase Raises $57 Million to Launch Crypto Lending Service for Institutional Clients appeared first on Bitcoin Addict.