American mainstream cryptocurrency exchange Coinbase is willing to give users bitcoin-collateral loans as much as 40% of their wallet balance up to $1M.
The loans will be charged at an annual rate of 8%, and interested customers can access the loan without undergoing credit checks. Coinbase announced on microblogging social media platform Twitter.
Big news for the #BTC set …
We’re excited to announce that eligible customers can now borrow up to USD 1 Million from Coinbase.
Learn more here👉https://t.co/3aKzoWkmqP pic.twitter.com/LC3s9ARp3K
— Coinbase (@coinbase) November 2, 2021
The crypto exchange says it will not lease out the bitcoins submitted as collateral to other customers. Instead, the exchange says it will continue to hold them.
The lending rules differ according to the states the user resides in; eligibility can be checked here.
Customers can either receive the loan through their bank accounts or Paypal.