TechFlow news, according to Bloomberg, cryptocurrency exchange Coinbase Global Inc. will cease issuing new loans through its service that allows people to borrow using Bitcoin as collateral.
In a statement, Coinbase said that starting May 10, 2023, customers will no longer be able to take out new loans via Coinbase Borrow, though this change will not affect existing outstanding loans.
Coinbase Borrow offers Bitcoin-backed loans of up to $1 million but is only available in certain U.S. states. Amid regulatory uncertainties surrounding the exchange, the company is scheduled to release its quarterly results on May 4.
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