- Crypto lending services in the U.S. continue to dwindle as Coinbase has announced it will be winding down its “Borrow” lending service, giving users four months to repay their loans or risk losing their collateral.
Loans that are due before November 20 are unaffected as long as users continue to make payments until they have completed their loan repayment schedule. Interest rates will remain unchanged throughout the wind-down process. In an effort to avoid a negative impact on the market, the exchange will conduct liquidations over a period of 5 days, “gradually decreasing the loan-to-value ratio at which [they] liquidate. This will enable us to minimize slippage of any BTC sell orders by spreading them out over time,” Coinbase said.
Crypto lending services have been under the microscope since the collapse of Terra/Luna in May 2022, which sent a contagion wave rippling across the ecosystem as the protocol’s Terra USD stablecoin was a prominent fixture in lending pools.
Source: Loan Digest (loandigest.net)
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