US customers will soon be able to get Bitcoin-backed loans

Coinbase gives customers even more control over their crypto investments

Coinbase

US customers will soon be able to get Bitcoin-backed loans. Source: shutterstock.com

Starting this fall, Coinbase will allow its US customers to borrow cash against as much as up to 30% of their Bitcoin holdings.

The company states that many of its customers need cash for expenses like home renovations or car repairs. But they don’t want to prematurely sell their crypto or take out high-interest loans that could come with 20% + APR.

This way, Coinbase customers can borrow cash quickly from their Coinbase accounts. They don’t need to fill out an application or go through a credit check.

Customers can just sign up and get the cash in their accounts within 2–3 days.

The report highlights that customers from Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin, and Wyoming can now join the waitlist.

We’ve reported that Coinbase has announced the launch Rosetta, an open-source toolkit that makes integrating with blockchains simpler, faster, and more reliable.

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