On Tuesday, Coinbase announced it created a new digital asset lending platform in the US aimed at large institutional investors.
On Tuesday, Reuters reported that Coinbase is launching a new crypto lending service in the US for institutional clients. According to its regulatory filing, Coinbase has raised $57 million for its new digital asset lending platform.
Coinbase Fills the Void Created By Genesis and BlockFi
The exchange’s new venture was revealed quietly in a US Securities and Exchange Commission (SEC) filing, showing the exchange had already raised an astronomical amount of capital for its platform.
Coinbase’s new lending service will undoubtedly fill the large market gap created by Genesis and BlockFi. Genesis announced its crypto lending unit filed for bankruptcy in January after revealing it owed its creditors over $3.5 billion.
Shortly before Genesis announced its lending unit was in trouble, crypto lender BlockFi filed for Chapter 11 bankruptcy. The lender fil
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