Insignia Financial Shares Hit 3-Year High Amid Bain and CC Capital Bidding War 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
U.S. Stock Futures Rise as Trump Takes Office, Corporate Earnings Awaited 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
How the UK’s rollback of banking regulations could risk another financial crisis 
Instagram Outage Disrupts Thousands of U.S. Users 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Tempus AI Stock Soars 18% After Pelosi's Investment Disclosure 
FxWirePro- Major Crypto levels and bias summary 
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.”
Photo by: rc.xyz NFT gallery/Unsplash
