Coinbase to cease issuing new Bitcoin-backed loans via Borrow service

Crypto exchange Coinbase is stopping the issuance of new loans through its Borrow service, a product that allows certain United States customers to post crypto as collateral to receive a cash loan.

In an email sent to Coinbase Borrow customers on May 3 that was

The email to users also precedes its first quarter results announcement, which is expected on May 4.

Investment analysts from Citi downgraded Coinbase shares from “buy” to “neutral” ahead of the exchange’s Q1 earnings. Analysts from Mizuho also reportedly maintained its “underperform” rating on Coinbase, saying its “fundamentals remain weak,” citing lower average daily trading volumes.

Earlier this week, amid an apparent crackdown on crypto firms in the U.S., Coinbase decided to take its exchange global, launching the Coinbase International Exchange derivatives trading platform on May 2.

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