Just saw this on Twitter >
https://twitter.com/coinbase/status/1455664736687722500?t=ykz8DqRvigAO7v6itH7m0Q&s=09We’re excited to announce that eligible customers can now borrow up to $1 Million USD from Coinbase.
and verified on their website >
https://www.coinbase.com/borrow?utm_source=twitter&utm_id=1M&s=09Now you can borrow up to $1,000,0001 from Coinbase using your Bitcoin as collateral. Pay just 8% APR2 with no credit check.
Michael Saylor has been talking about this conceptfor a while in the same message
as not ever selling your Bitcoin, I didnt think this was going to happen this fast.
Personally I have mixed feelings, Bitcoin is being slowly morphed into traditional banking,
or traditional banking practices are being applied to personal Bitcoin holdings. Of course
nobody is being forced to do this, its a choice, how many of us would be willing to
apply for a FIAT loan while handing over BTC as collateral to Coinbase so they can
keep it safe?
Choose what to borrow
You can borrow as much as 40% of the value of the Bitcoin in your account, up to $1,000,000.
Get your cash
Using your bank account or PayPal, get access to your borrowed cash quickly with no fees.
Make monthly payments
Each month you only need to pay the interest due ($10 min). Pay off the balance when you’re ready. Additional terms apply
Your Bitcoin stays safe
The Bitcoin you use as collateral remains safely held by Coinbase. It’s not lent out or used for any other purpose.