Coinbase to Shut Down All Bitcoin Collateralized Lending Service Coinbase Borrow for Retail Users on November 20

Coinbase is shutting down its lending program for retail customers, which allowed users to take out cash loans using their Bitcoin as collateral, The Block reported. Coinbase stated that it has decided to fully shut down Coinbase Borrow for retail users from November 20, 2023. Affected loan holders have been notified and are taking additional steps to ensure a smooth transition, including offering a four-month loan repayment period and access to priority customer support through Coinbase One. Foresight News previously reported that on May 4, Coinbase will suspend users' bitcoin mortgage loan services. Starting from May 10, users will no longer be able to obtain new loans through Coinbase Borrow, while outstanding loans will not be affected. Coinbase Borrow previously offered bitcoin-backed loans of up to $1 million, but only in certain U.S. states.