Global cryptocurrency exchange Coinbase will halt issuing new loans through its Borrow service which allowed its users to borrow fiat loans up to $1 million against as much as 30% of their bitcoin holdings, with 8.7% interest.
According to a Bloomberg report, new loans via the service will cease effective May 10. There is no impact on customers’ outstanding loans and customers do not need to take any further action, Coinbase noted.
A Coinbase spokesperson noted, “We regularly evaluate our products to ensure we’re prioritizing the offerings that our customers care about most.”
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