Bitcoin-Based Loans To Be Provided for US Customers by Coinbase

This Wednesday Coinbase cryptoexcnahge announced the possibility to offer US customers in retail sphere loans grounded as much as 30% of other crypto assets. The interest loan of the loan provided by one of the largest cryptoechanges based in San-Francisco is about 8%. The credit line is expected to be limited by USD20.000.

The average period of obtaining the loan is most likely to be two-three days. The exchange will not require to supply any application or legalize a credit check from its customers.

Mark Branzburg, head of the loan line, stresses out that the loan will might be received for different purposes, such as: motor vehicle or home repair, financial sustainment of wedding or other noticeable events as well as restructuring of other borrowings including credit card debts.

Some experts outline that these kinds of loans might become a proper way for exchanges to keep customers’ funds within their space and to prevent transferring their money anywhere else.

The brand-new product by Coinbase is projected to be attainable in seventeen US states after its launch. Currently, it is being tested in a form of a lending product the exchange offers to its customers. The loans amount lies between USD 2 and 20 at present.

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