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Coinbase Scraps Plans for Crypto Lending Program

Sep 21, 2021

Coinbase Scraps Plans for Crypto Lending Program

Coinbase Global Inc announced in a blog post that its plan to create an interest-bearing USD Coin (USDC) lending program has been canceled.

The move comes only days after US regulators threatened to sue Coinbase if it continued to offer a scheme that allows customers to earn interest by lending digital currencies.

"As we continue our work to seek regulatory clarity for the crypto industry as a whole, we've made the difficult decision not to launch the USDC APY program," Coinbase's blog post said.

USDC is a stablecoin that is pegged to the U.S. dollar and can be redeemed for $1 on a one-to-one basis.

The crypto exchange also said it has discontinued the waitlist for its USDC APY (annual percentage yield) program, a high-yield alternative to traditional savings accounts that would have paid lenders of USDC to Coinbase a 4% APY.

Coinbase, which said it has seen a rise in crypto interest account in recent times, had been planning to offer a principal guarantee to lenders of USDC in their Coinbase account.

It added that a 4% APY on USDC would provide a customer eight times the national average on high-yield savings accounts, based on a Bankrate.com survey of U.S. savings accounts in June 2021.

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Crypto Firm Fireblocks Raises $550 Million, Company Valued At $8 Billion
Crypto Firm Fireblocks Raises $550 Million, Company Valued At $8 Billion

Fireblocks, virtual asset custody, transfer and settlement platform, stated on Thursday that it had secured $550 million from investment organizations, one of the biggest funding rounds in the crypto industry in recent years.

Crypto
European Industry Faces Shrink Or Shut Decisions On Energy Pain
European Industry Faces Shrink Or Shut Decisions On Energy Pain

BASF already suffered losses of 800 million euros this quarter due to high gas prices, and the issue may become worse if the United States and European Union widen sanctions against Russia, which provides over 40% of the EU's natural gas.

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