Coinbase, the largest US cryptocurrency exchange, announced that it will completely terminate its Bitcoin (BTC)-backed loan service Coinbase Borrow program in a few months.
Coinbase, which allows users in the US, which it previously decided to stop, to borrow with Bitcoin Coinbase Borrow announced that it will completely terminate its service in the coming months. In the announcement made by the exchange, customers who received loans through the Borrow program are willing to pay back their outstanding loan balances. until 20 November 2023 time will be reported.
In case the customers do not pay their debts, the Bitcoins, which are shown as collateral, are paid by the stock market. will be automatically sold highlighted.
Users, 2021 Thanks to this program, which was launched in 2017, the Bitcoin assets in their hands up to 30% He could borrow in dollars. Coinbase justified its decision to discontinue the program. declining interest of customers and showed rising demand for new products.
Your services only individual users Stating that it will end for Coinbase, prime or institutional He stressed that customers will not be affected by this.
Commenting on the subject, Coinbase spokesperson said, to ensure a smooth transition He stated that a detailed study is ongoing:
We have notified affected borrowers and are taking extra precautions to ensure a smooth transition for them, including a four-month loan repayment period and access to priority customer support through Coinbase One.
In another announcement, the US stock market first made a Bitcoin-backed loan service in May. Coinbase Borrow program announced that it has stopped taking new investors for the company.