US crypto exchange Coinbase has just announced the launch of a cryptocurrency lending service aimed at institutional investors.
According to SEC documents, the company has raised $57 million for this purpose.
CoinDesk has reported users wishing to receive a loan must provide collateral exceeding the value of the loan.
The new service differs from the Lend program, which was discontinued back in 2021 and was intended for retail users.
The platform has said:
"With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption."
Coinbase will fill the niche left by the exit of Celsius Network, BlockFi and Genesis Global, Bloomberg has reported.