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Crypto Exchange Coinbase Shuts Down Borrow Program

Coinbase, the popular US crypto exchange, has announced the complete closure of its Borrow service. This service allowed retail customers to obtain cash loans by using Bitcoin as collateral. Coinbase had already suspended the disbursement of new loans in May and now wants all existing loans to be repaid by 20 November. The exchange claims that the closure is due to a lack of customer interest and that it regularly evaluates its products to prioritize those that customers care about the most. The closure of Borrow does not affect other services offered by Coinbase, such as Coinbase Prime Financing, and the exchange may eliminate other services in the future if they are used only by a few customers.

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