Coinbase: Bitcoin Backed Loans — @Cryptonoob on read.cash

@Cryptonoob 13 August 2020 more from that month

Coinbase: Bitcoin Backed Loans

⚡**Coinbase Will Offer Bitcoin Backed Loans**⚡ hi there Fellas. How have you all been? I hope in good health and spirit. Recently the crypto market has seen a boom and everyday we are getting closer and closer to main stream adoption. With the launch of DeFi project and other solution backed projects, it is only a matter of time that adoption happens at a mass scale. Bullish news always plays an important role for investments to come into the crypto world. One such news is the announcement that Coinbase made about its Bitcoin backed loans. Coinbase will allow U.S. retail customers to borrow fiat loans against as much as 30% of their bitcoin holdings starting in the fall. The popular exchange will offer short term loans for a period of a year or less at 8% interest rate and the loan cap is going to be 20,0000 USD. Currently Coinbase will have this loan available in 17 major states across United states and is already working on getting licenses to provide this service in more and more states. This news from coinbase is surely a positive sign and a step forward toward main stream adoption of crypto currencies as a payment option. I am looking forward to it. How about you guys? What do you think about it? Do let me know in the comments. Until next time....

7 comments

@bheng620 13 August 2020

Well, i think, u should try it first then if it goes well, tell us so we will decide on joining or not, lol
- @Cryptonoob 13 August 2020
  
  Lol. I am always against loans. I don’t like paying unnecessary interest. So I will never try it myself 😂. But things like this assure people adopting to crypto
  - @bheng620 13 August 2020
    
    I see, lol, how can u know if it's effective or not if u wouldn't try it, lol, 'coz u said, they will adopt crypto, right?
@SamBTC 13 August 2020

It will be interesting to see how it competes with the popular CeFi crypto lending platforms like Nexo and Celsius.
- @Cryptonoob 13 August 2020
  
  True. But coinbase already has a strong name and is considered as oneof the best places to get into crypto. So I guess it will be a healthy competition
@Mirriam23 15 August 2020

Im really having a hard time verifying my coinbase especially Im in the Philippines
- @Cryptonoob 15 August 2020
  
  I also don’t use coinbase yet but it is one of the biggest year platforms for North American people