From May 10, Coinbase customers will no longer be able to take out new Bitcoin-based loans using Coinbase Borrow, according to an email to customers.
Crypto exchange Coinbase is stopping the issuance of new loans through its Borrow service — a product that allows certain United States customers to post crypto as collateral to receive a cash loan.by recipients on Twitter, the exchange said — without providing a reason — that from May 10 customers won’t be able to take out new loans with Coinbase Borrow.
It added there would be no impact on outstanding loans and customers did not need to take any further action. A screenshot of the email sent to Coinbase customers advising that new Borrow loans would end on May 10. Source:Coinbase has not publicly addressed why it closed Borrow. A Coinbase spokesperson told Cointelegraph:
"We regularly evaluate our products to ensure we’re prioritizing the offerings that our customers care about most.”
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