(Reuters) – Crytocurrency exchange Coinbase Global is launching a digital asset lending platform aimed at large institutional investors, a company spokesperson told Reuters on Tuesday.
Coinbase has raised $57 million for its new crypto-lending platform, a regulatory filing showed.
The crypto industry, which was reeling from several high profile failures, got a boost last week after a three-judge panel ruled that the Securities and Exchange Commission (SEC) was wrong in rejecting Grayscale’s proposed bitcoin ETF without explaining its reasoning.
Coinbase last month had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh Kuber)
Coinbase Global, a leading cryptocurrency exchange, is set to launch a digital asset lending platform specifically targeting large institutional investors, according to a company spokesperson who spoke to Reuters on Tuesday. This move is expected to further expand the reach and services offered by Coinbase in the cryptocurrency market.
In the latest regulatory filing submitted by Coinbase, it was revealed that the company has successfully raised $57 million for its upcoming crypto-lending platform. This considerable funding is a testament to the level of interest and support from investors for Coinbase’s new venture.
The cryptocurrency industry has faced numerous challenges and setbacks due to high-profile failures in recent times. However, it received a significant boost last week when a three-judge panel ruled in favor of Grayscale’s proposed bitcoin Exchange-Traded Fund (ETF). The ruling stated that the Securities and Exchange Commission (SEC) had made an incorrect decision by rejecting the ETF without providing a proper explanation. This ruling has provided a renewed sense of optimism and stability within the cryptocurrency community.
Coinbase has been making strategic moves to solidify its position in the market. Just last month, the company secured approval to offer cryptocurrency futures to retail customers in the United States. This achievement marks a major victory for Coinbase as it navigates the complex regulatory landscape surrounding crypto derivatives.
With the introduction of its new lending platform targeted at institutional investors, Coinbase aims to provide a reliable and secure platform for these investors to engage in digital asset lending. This move is part of Coinbase’s broader strategy to cater to a diverse range of clients and offer a comprehensive suite of financial services in the cryptocurrency space.
The spokesperson did not provide further details on the exact launch date or specific features of the lending platform. However, the successful capital raising efforts and regulatory wins suggest that Coinbase is well-positioned for success in the crypto lending market.
In summary, Coinbase’s entrance into the digital asset lending sector represents another milestone in the company’s continuous growth and expansion. The support and funding received so far indicate a strong market demand for these services, and Coinbase’s strategic moves position the company favorably in the evolving landscape of cryptocurrencies.
(This story has been edited by Jaiveer Singh Shekhawat and Shailesh Kuber)
Credit: The Star : Tech Feed
