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Coinbase to Shut Down Borrow Program Allowing Customers to Receive Fiat Loans Against Bitcoin Holdings

Coinbase is shutting down its Coinbase Borrow program, which allowed customers to receive fiat loans of up to $1 million against their bitcoin holdings. The company will focus on products that are more important to customers. Customers who hold loans through the program will have until November 20, 2023 to pay back any outstanding loan balances.

Coinbase One, a monthly subscription product with multiple benefits for traders, will provide prioritized customer support and a four-month loan repayment period to impacted loan holders. The shutdown of Coinbase Borrow is due to reduced demand and the company's increased focus on its businesses elsewhere, amid increased scrutiny by U.S. regulators.

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