Digital currency exchange Coinbase Global (NASDAQ:COIN) is introducing a crypto-asset lending platform that’s meant for larger institutional investors. This, according to a company representative statement issued on Tuesday.
As first reported by Reuters, Coinbase has acquired $57 million in capital for its new virtual currency lending platform, a regulatory filing revealed.
The crypto sector, which was suffering from a number of major failures, appeared to have received a significant boost this last week after a judge panel ruled that the US Securities and Exchange Commission (SEC) had been wrong in its decision to deny Grayscale‘s suggested Bitcoin ETF without specifying the reasoning behind the move.
According to industry analysts, Coinbase obtained approval to provide digital currency futures to US retail clients, landing a significant regulatory win.
As covered recently, users in Germany and the UK can now link their PayPal (NASDAQ:PYPL) account directly to Coinbase in order to buy cryptocurrencies, “providing a hassle-free, trusted, and secure purchasing and withdrawal option.”
Coinbase now offers their German and UK users a quick and hassle-free method “to buy crypto, using their debit cards and bank accounts linked to PayPal.”
Acquiring crypto should be “as straightforward as making a regular purchase.”
However, traditional financial mechanisms, “such as wire transfers, can sometimes prove tedious and time-consuming.” Coinbase says that it understands “the desire for quick, more seamless methods to purchase crypto.” Via Coinbase you can now easily buy crypto “through PayPal with just a few clicks.”
Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase, said:
“Coinbase’s mission of increasing economic freedom in the world means making it easier, safer and faster for customers to interact and engage with the cryptoeconomy, reducing the frictions of the legacy banking system. We’re therefore very pleased to be partnering with PayPal to be able to offer our German and UK users another fast, secure and convenient way to buy crypto.”
Buying crypto using PayPal as your funding source “introduces you to a familiar and reliable transaction experience.”
Through years of experience within the payment ecosystem, PayPal has “developed the expertise and necessary tools to ensure transparency, performance, and security across its services.”
