Coinbase clients will be able to receive loans …
Coinbase clients will be able to receive loans secured in bitcoin
The Coinbase cryptocurrency exchange will allow US customers to receive loans in traditional currency against bitcoin collateral. At the stage of launching the service, residents of 17 states will have access to it.
The company is currently preparing the service and plans to present it in the fall. In the future, she intends to expand the list of supported cryptocurrency assets and serviced states after receiving appropriate permits from local authorities..
The maximum loan amount will be $ 20,000 and will be capped at 30% of the amount provided in bitcoin. The annual interest rate will be set at 8%, the loan term – up to one year. The rate may be revised over time depending on market conditions and other factors.
BlockFi, another crypto lending company, offers flexible interest rates depending on the client’s risk profile, starting at 4.5%. In addition to Bitcoin, it supports Ethereum and Litecoin collateral. These services are usually used by cryptocurrency holders to meet short-term needs in traditional currency to avoid having to sell assets..
Coinbase says customers won’t have to fill out a lot of paperwork or go through a credit check, and loans will be disbursed within 2-3 days. The exchange also promises not to reinvest client assets, unlike some other companies. This way it will be able to retain clients who would otherwise have withdrawn assets..
Additionally, on Wednesday, Coinbase announced the upcoming listing of the Numeraire (NMR) token on its professional trading platform, Coinbase Pro. Acceptance of deposits will begin on August 17, after which the next day, trading will open in stages.
Against the background of this news, the NMR rate rose by more than 200% from $ 19 to $ 59.
The exchange announced its intention to consider the possibility of listing Numeraire in June. The Band Protocol token was recently added to its platform, also featured on one of the list of candidates for listing..
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