- Coinbase (NASDAQ:COIN) adds more features to its ever-growing ecosystem.
- Coinbase announces its eligible users can borrow up to $1 million USD with BTC.
- Bitcoin holders in selected US states will just pay 8% APR with no credit check.
Global cryptocurrency exchange Coinbase comes bearing good news for Bitcoin (BTC) holders. Today, the platform announces on its official Twitter (NYSE:TWTR) page that eligible customers in the U.S may borrow up to $1 million in cash with 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 herehttps://t.co/3aKzoWkmqP pic.twitter.com/LC3s9ARp3K
— Coinbase (@coinbase) November 2, 2021
Precisely, Coinbase is one of leading places to buy and sell cryptocurrency varieties of the most popular digital currencies. Consequently, with over 68 million verified users and more than 100 countries, Coinbase is truly taking a great leap as one of the leading crypto exchanges.
The tweet erupted into a debate with some commending the new feature. Certainly with this, Coinbase has set a precedent many other exchanges are likely to follow in the future.
Conversely, some are not happy with the news. In particular, they feel the borrowing will work against Bitcoin as many people will pump it on altcoin. Meanwhile, altcoin holders are elated by the news as this will give them more resources to buy other cryptocurrencies.
Distinctly, the new borrowing feature will allow Bitcoin owners in selected US states to borrow free of charge and just pay 8% APR with no credit check. Over time, they can pay back while their collateralized assets are safely stored on Coinbase.
Truly, Coinbase is working towards creating a suitable environment for its customers. Moreover, the expectant NFT marketplace is another noteworthy development that will put them on the map. Also, the platform released a Coinbase card. This allows users to earn interest immediately on their income. On top of that, they can earn rewards by using the same card.