Coinbase has announced the start of issuing loans in the amount of up to $1 million

The crypto platform will accept BTC as collateral

04.11.2021 - 09:10

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What's new? The Coinbase cryptocurrency exchange has announced in its microblog on Twitter about the start of issuing loans in US dollars. The platform will accept bitcoin as collateral.

Big news for the #BTC set ...We’re excited to announce that eligible customers can now borrow up to $1 Million USD from Coinbase. Learn more here👉https://t.co/3aKzoWkmqP pic.twitter.com/LC3s9ARp3K— Coinbase (@coinbase) November 2, 2021

What is known about the new feature? Clients of the cryptocurrency exchange will be able to borrow funds in the amount of up to $1 million at an annual rate of 8%. When paying off the loan, the user will have to pay not only the amount that the exchange issued but also the interest for the use of the money.

Coinbase believes that the new service will be beneficial for those who urgently need some money without having to pay tax. So far, the feature is only available in 20 US states.

What had happened before? At the beginning of November, we mentioned that Coinbase announced the acquisition of Agara, operating in India and the USA. It is an artificial intelligence platform. The project will help Coinbase to provide users with intelligent real-time support options.

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