Coinbase Crypto -Ride closes the Borrow borrowing program – Bits Media

Coinbase Borrow allowed customers to receive loans to the largest American exchange before 1 Milln on the security of crypto assets. Clients with current loans will have to pay off their debts before 20 November.

According to the announcement on the Coinbase website, The cryptocurrency exchange is asking borrowers to repay the remains of loans taken in the next four months. After 20 November all client accounts, for which the outstanding loans are listed, will be repaid by selling a cryptocurrency collateral to cover the full amount of debt.

In case of compulsory liquidation, the exchange reserves the right to charge the operating commission in 2% For borrowers, who could not repay loans before the deadline.

“We regularly evaluate our products, To make sure: We give priority to the proposals, who are most interested in our customers. After long thoughts, we decided to turn Coinbase Borrow ", - says in the official message of the crypto officer.

The closure of Coinbase Borrow was first spoke
Two months ago. In early May, the exchange announced, what 10 May will be the last day, when customers can get loans as part of the program.

Recall, Coinbase cryptocurrency exchange positioned the Coinbase Borrow borrowing program as a simple way, allowing wealthy crypto investors to access cash, without selling your cryptonacle.

Earlier, the largest American cryptocurrency exchange Coinbase said
On the suspension of the work of their streaming services in California, New Jersey, South Carolina and Wisconsin.