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 (LTV) ratio at which liquidate. We are also waiving the typical 2% liquidation fee if you choose to use your BTC collateral to pay back the loan or take no action and we sell the BTC for you.” “We have provided customers with a 4 month repayment period along with access to prioritized customer service through Coinbase One. “We recognize the inconvenience, which is why we're taking extra measures to ensure a smooth transition for you,” Coinbase said. 20 will have their accounts closed and Coinbase will sell the necessary amount of BTC to pay off any unpaid balance. Interest rates will remain unchanged throughout the wind-down process. 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. “Customers with existing loans will have until November 20th, 2023 to repay outstanding loans.”Īs part of the process, Coinbase has stopped opening new lines of credit for users against their Bitcoin ( BTC) holdings and has sent correspondence to all Borrow users encouraging them to pay their loans off as soon as possible. “Starting July 20, 2023, Coinbase will begin the gradual process of closing Borrow over the coming months,” the company said in an announcement. 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. ( Kitco News) - Crypto lending services in the U.S. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
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