US customers in select states will soon be able to borrow 30% of your Bitcoin holdings in cash. Eligible customers are invited to sign up on the waitlist for early access on Coinbase today.
— Coinbase (@coinbase) August 12, 2020
Coinbase will allow users in select US states to borrow up to 20,000 USD with 8% APY. This means users $66.66k worth of Bitcoin can borrow the maximum possible loan of $20k. Users can wait up to 1 year to repay the principal while only paying the interest in the meantime. Coinbase has said these loans will be deposited in the customer’s account within 2-3 days.
Customers in the following states can join the waitlist today: Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin, and Wyoming. Eligible customers can join the waitlist here.
Coinbase Dominated Retail
This news comes at the time when Coinbase is reportedly going public by pursuing a direct listing instead of the traditional IPO (Initial Public Offering). Using this strategy, Coinbase would not issue new equity, giving existing shareholders the potential to cash-in on day one. This is in contrary to a typical IPO in which shareholders would have restrictions on selling until the vesting period expires.
The upcoming launch also showcases Coinbase’s desire to expand into more opportune DeFi opportunities with the recent listing of Numerai (NMR) marking the first of many new DeFi tokens set to be listed on the leading retail exchange in the coming weeks.
Coinbase Pro announcementhttps://t.co/Kvzv6gvcAp
— Numerai (@numerai) August 12, 2020
Coinbase was valued at 8 billion USD during it’s last round in 2018. With the crypto-markets turning bullish and new eyes looking to get into the space, it’s safe to say Coinbase is positioning itself well to take full advantage of the influx of new retail and institutional investors.
To stay up with Coinbase, follow them on Twitter!