This week’s Crypto Biz explores Coinbase's lending platform, Marathon Digital’s latest Bitcoin mining report, Hana Bank’s move to offer crypto custody and Google’s new crypto ads policy.
Crypto giant Coinbase seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter, when firms such as Celsius Network, BlockFi and Genesis went bankrupt.
Coinbase’s new venture amassed millions in capital within a few days of launching, documents filed with the United States Securities and Exchange Commission show. Despite headwinds and uncertainty, the service debut indicates that crypto lending among high-profile investors is still in demand in the United States.
for institutional investors in the U.S., which reportedly seeks to capitalize on massive failures in the crypto lending market. According to a filing with the SEC, Coinbase customers have already invested over $57 million in the lending program since the first sale occurred on Aug. 28. In another headline, Coinbase’s recently released Base network reached over 700,000 nonfungible tokens minted in August. The tokens minted were part of the launch’s strategy to spur adoption.
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