Coinbase creates crypto lending service for institutional clients: CoinDesk

Quick Take

  • Coinbase has raised $57 million for a new crypto-lending platform aimed at servicing institutional customers.
  • Users will be able to lend Coinbase capital that the cryptocurrency exchange can then turn around and lend to institutional clients, CoinDesk reported, citing an anonymous source.

Coinbase has raised $57 million for a new crypto lending service, CoinDesk reported, citing both a Securities and Exchange Commission filing and an anonymous source. 

The U.S.-based cryptocurrency exchange plans to borrow primarily crypto assets from customers and then turn around and lend it to "institutional trading clients," according to the report.

The proposed platform is u