Crypto Biz: Coinbase’s lending bet, a new ads policy at Google and Marathon’s mining performance
Crypto giant Coinbase seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter, when firms such as Celsius Network, BlockFi and Genesis went bankrupt.
The move comes after the company shut down its Borrow service for retail customers in May amid regulatory scrutiny. The service allowed certain customers to use crypto as collateral to receive a cash loan. The new lending solution, however, focuses on institutional investors — companies or organizations investing on behalf of their clients, such as mutual funds and pension plans.
Coinbase’s new venture amassed millions in capital within a few days of launching, documents filed with the United States Securities and Exchange Commission (SEC) show. Despite headwinds and uncertainty, the service debut indicates that crypto lending among high-profile investors is still in demand in the United States.
This week’s Crypto Biz also explores Marathon Digital’s latest Bitcoin mining report, Hana Bank’s move to offer crypto custody and Google’s new crypto ads policy.
Crypto exchange Coinbase has rolled out a crypto lending service for institutional investors in the U.S., which reportedly seeks to capitalize on massive failures in the crypto lending market. According to a filing with the SEC, Coinbase customers have already invested over $57 million in the lending program since the first sale occurred on Aug. 28. In another headline, Coinbase’s recently released Base network reached over 700,000 nonfungible tokens (NFTs) minted in August. The tokens minted were part of the launch’s strategy to
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