Coinbase Begins Offering Crypto Loans to Large US Institutional Investors
- Firm has received $57 million in client funds, filing shows
- Program comes on heels of several lender bankruptcies
Coinbase is seeking to fill the lending void left by the likes of Genesis Global and BlockFi.
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Coinbase Global Inc. has started a crypto lending service for US institutional investors, seeking to capitalize on the vacuum left after the collapse of firms such as BlockFi Inc. and Genesis Global Holdco.
Customers of the largest US crypto exchange’s Prime service have already invested $57 million in the lending program, according to a recent filing with the US Securities and Exchange Commission. Coinbase Prime is a full-service prime brokerage platform that lets institutions execute trades and custody assets.