Bitcoin Backed Cash Loans Coming to US

Source

If you are living in the United States of America then you have something to enjoy as now Coinbase will be offering up to 20000 USD in loans for Bitcoin backed. At first, this feature will only be allowed for selected customers which they have probably vetted thoroughly. By opening this Lending platform Coinbase will be going head to head with other platforms like Blockfi, Bankera, Nexo, Celsius, Salt, and other lenders. Even though the other networks have already been on the Crypto Lending business for a long time I still believe that Coinbase will most certainly hold its own in the fight for a slice of Pie.

Now as for the interest you will be charged if you decide to get some Loan would be 8% per annum and you will be only allowed to get 30% of the amount of BTC you will store with them. If you ask me I feel like the interest rate is pretty reasonable and the amount you get for your BTC Holdings is pretty conservative which also shows that they are taking a lot of precautions for this venture of theirs. So yeah I am excited to see Coinbase going this route and I will further be more delighted if some Indian exchange decides to follow suit.

So please do comment your thoughts on this matter as I would love to know different opinions.