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Coinbase launches DeFi-backed Bitcoin loans for US users — and says this time it’s different
Coinbase users can once again borrow against their Bitcoin directly through the exchange. The new crypto-backed loans are available to US customers, excluding New York state, and will be made available in additional jurisdictions over time. Crypto lending has a stormy history, however. Over the crypto winter of 2022, several multi-billion dollar crypto lending firms including Celsius, Genesis, and BlockFi went bankrupt, resulting in billions in losses and turning both users and investors away from the idea. Coinbase says its new crypto-backed loans are different from previous offerings. The exchange itself isn’t ... (full story)