Coinbase to launch new lending platform aimed at large institutional investors

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Employees of Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, watch as their listing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton Acquire Licensing Rights

Sept 5 (Reuters) – Crytocurrency exchange Coinbase Global (COIN.O) 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

Our Standards: The Thomson Reuters Trust Principles.

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