What happened to Coinbase borrow?

Register Now Coinbase Borrow, a program that allowed customers to receive fiat loans of up to $1 million against as much as 30% of their bitcoin (BTC) holdings, will be shutting down over the coming months as the company focuses its resources on products that “customers care about most,” a spokesperson told CoinDesk Thursday.

How much can you borrow from Coinbase?

Customers can borrow as much as 40% of the value of the Bitcoin in their account, up to $1,000,000. “Each month you only need to pay the interest due ($10 min). Pay off the balance when you’re ready. The Bitcoin you use as collateral remains safely held by Coinbase. It’s not lent out or used for any other purpose,” according to the website.

Will Coinbase reinvest the collateral?

According to Coindesk, Coinbase will not reinvest the collateral elsewhere and will keep the bitcoin at the exchange, unlike some crypto lenders that use the collateral for investment opportunities.