By Jamie - Cryptocurrency Specialist - 03-11-2021
One of the largest cryptocurrency exchange platforms, Coinbase, is further expanding its ecosystem by promoting new services. The platform's latest announcement is significant for Bitcoin (BTC) holders. According to the Coinbase announcement, all users that qualify for the newly released feature will be able to borrow up to $1 million in Bitcoin investments. The Bitcoin borrowing feature is only currently available in the United States, allowing investors to borrow $1 million and use Bitcoin as collateral. BTC holders will only need to pay an 8% APR with no credit check in a few selected states in America.
On the cryptocurrency trading platform's official Twitter page earlier today, Coinbase announced the BTC borrowing scheme. The tweet had stirred up quite an uproar, with many followers praising the new function. On the other hand, the were some that were not pleased with the announcement. The people who were not too happy about the news believe that borrowing would work against Bitcoin.
However, altcoin investors are excited to have more funds to invest in different cryptos. Users are able to pay back the lenders with time while keeping their collateralised assets secure and safe on the platform. Coinbase has set the bar for many exchanges to follow with its popularity, constant growth, and expansion. Coinbase is known as one of the most significant platforms to buy and sell Bitcoin and other crypto-assets and has seen over 68 million verified users from over 100 countries.