Cryptocurrency exchange Coinbase recently announced that it will no longer be granting new loans through its borrowing service, Coinbase Borrow. It also announced shutting down the loan service as of May 10. The exchange assured its clients that their existing loan balances will not be affected.
Coinbase Borrow allowed borrowers to borrow up to $1 million using Bitcoin as collateral. However, the service was restricted to only a few US states.
Coinbase CEO Brian Armstrong described the Borrow program as a way to help the cryptocurrency industry grow. However, the US Securities and Exchange Commission (SEC) has accused Coinbase of breaking federal securities rules by selling unregistered tokens, and Coinbase has accused the SEC of not being forthcoming enough on cryptocurrency legislation.
The cryptocurrency exchange is also in the middle of a legal dispute with the SEC over its staking services, and some investors have sued Coinbase for allegedly profiting from insider information during the stock listing process.
Big Milestone for Uniswap
The decentralized finance (DeFi) crypto exchange Uniswap recently set a significant milestone with its newly launched Uniswap Wallet, which has recorded a high of 20,000 unique users since its launch on April 13.
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The wallet has entered the Top 75 finance applications in the United States, ranking 74th behind notable US peer-to-peer payment service provider MoneyGram, according to the rankings of Apple’s App Store.
Uniswap Wallet Records High User Adoption and Price Spikes
According to the inventor of the Uniswap protocol, Hayden Adams, the Uniswap Wallet has seen a record number of users since its launch.
The wallet has already entered the Top 75 finance applications in the United States, a significant achievement for the DeFi crypto exchange.
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The DeFi protocol has captured the crypto community’s attention by being one of the dominant liquidity pools for the viral meme coin PepeCoin.
Key Takeaways: No New Loans Under Coinbase Borrow
The world of cryptocurrencies and DeFi platforms is changing rapidly, and people need to understand the risks and benefits involved. Education and regulation are needed to ensure that the market operates fairly and that investors are protected.
Be wary of scams and fraudulent platforms. Only invest in reputable cryptocurrencies and platforms, and be sure to do your research before making any investments.
The world of cryptocurrencies and DeFi platforms is still evolving. However, one thing is clear. They have the potential to change the world of finance and offer new opportunities for people around the world.