- In the wake of a crypto winter that was exacerbated by the failure of multiple crypto lending platforms – including Genesis, Celsius, and Voyager Digital – Coinbase, the top U.S.-based cryptocurrency exchange, has announced that it will be shutting down its lending wing, Coinbase Borrow.
“Hi Coinbase Customer, Beginning May 10, 2023, customers will no longer be able to take out new loans with Coinbase Borrow,” the message said. “There is no impact on your outstanding loans and there is no action required at this time. You will continue to have access to your loan history and the full Borrow dashboard.”
“We regularly evaluate our products to ensure we’re prioritizing the offerings that our customers care about most. Effective May 10, we will stop issuing new loans through Coinbase Borrow. There is no impact on customers’ outstanding loans, and no action is required from them at this time.”