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As reported by CoinDesk, Coinbase plans to launch a crypto lending service for institutional clients in the US. A filing submitted by Coinbase to the Securities and Exchange Commission on September 1 showed that the exchange had raised $57 million for the program.
According to a person familiar with the matter, Coinbase is going to offer over-collateralized loans. Clients can lend money to Coinbase, and Coinbase can then make secured loans to institutional clients.
Previously, such a crypto lending service was offered by companies like Genesis and BlockFi. However, following a series of collapses in crypto last year, both companies went bankrupt.
This year in May, Coinbase announced it would stop issuing new loans via its lending service Coinbase Borrow.
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