Coinbase Unveils a Crypto Lending Service

Coinbase has raised $57 million for a new crypto lending service.

The SEC filing reflected the US cryptocurrency exchange’s plan to borrow crypto assets from its customers and lend them to institutional trading clients, separate and distinct from its now-canceled retail lending program.

A Coinbase spokesperson said the firm is “working to update the financial system that was built over 100 years ago, leveraging crypto to provide people with more economic freedom and opportunity,” adding that “institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption.”

This attempt at providing crypto-lending services follows in the footsteps of other companies such as Genesis and BlockFi.