Coinbase, America’s largest crypto exchange, is winding down its Borrow program and has given borrowers four months to repay their loans. Coinbase To Shut Down Borrow Program The Coinbase Borrow program allowed eligible Coinbase customers in certain US states to borrow up to $1 million worth of US dollars by putting up bitcoin or other cryptocurrencies as collateral. Related Reading: Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion Many saw Coinbase Borrow as an easy way to access cash without selling their crypto holdings. Unfortunately, the crypto exchange recently announced it is shutting down the program. Current borrowers have four months left to repay any outstanding loan balances before the program closes for good. According to a company blog post, the update will only affect customers with existing loans with due dates after November 20, 2023. After this date, all accounts that still have outstanding loans will be paid off by selling enough BTC collateral to cover the full amount of any outstanding debt. The exchange initially charges a 2% liquidation fee for borrowers who are unable to pay ..
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