Coinbase Is Planning to Let Certain US based Customers Borrow Cash Using Bitcoin (BTC)

US-based digital asset exchange Coinbase claims that it was launched to offer “a reliable, trusted, and safe bridge” for consumers interested purchasing and selling cryptocurrency.

Coinbase says it aims to offer the best investing experience for its clients.

The exchange is now providing new investing tools for dollar-cost averaging, insightful crypto market statistics for tradable digital assets, and supports 24 assets for trading. The Coinbase team noted that they’ve added support for stablecoins USDC and Dai, which may be used to earn passive returns when held or custodied with Coinbase.

Coinbase said it wants to give its customers more control over their digital asset investments, while providing secure access to cash. US-based Coinbase customers (in eligible states) have been invited to join the waitlist so that they can potentially borrow as much as 30% of their Bitcoin (BTC) holdings.

The Coinbase team noted:

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR. With portfolio-backed loans on Coinbase, customers can borrow cash quickly from their Coinbase accounts.” 

Coinbase pointed out that people won’t have to complete lengthy and tedious loan applications. They also won’t be required to complete any type of credit check. Customers may sign up with just “a few taps” and then get the cash they want directly in their accounts “within 2–3 days.”

Eligible customers who join the waitlist right now will be able to apply for these loans, beginning this fall, Coinbase said.

(Note: For more information on eligibility requirements and borrowing cash on Coinbase, check here.)

Customers in the following US states may join the waitlist: Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin, and Wyoming.

Coinbase has expanded its operations considerably over the years, and is now among the world’s (at least) 67 Fintech Unicorns or companies valued at $1 billion or more.

Coinbase claims that batching BTC transactions (which it’s doing) has helped customers save 75% on their cryptocurrency trades. BitPay recently announced the expansion of its integration with Coinbase. It enables instant, no fee blockchain payments.

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