##Coinbase to Introduce Lending Feature with Bitcoin as Collateral

 

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Coinbase and Square become the latest platforms to venture into the ever-growing crypto lending space. Coinbase revealed a new loan feature that would enable users to borrow cash with Bitcoin as collateral.

Coinbase Cash Loans with Bitcoin Collateral

In a blog post published on Wednesday (August 13, 2020), Coinbase, a major U.S. cryptocurrency exchange announced that users will soon be able to borrow up to 30 percent of the Bitcoin in their accounts, but capped at $20,000.

According to Coinbase, the new lending feature will not require a credit check or lengthy application process. The approval period will reportedly take between 48 and 72 hours. 

Loans obtained from Coinbase come at an annual percentage rate of 8 percent with a maximum repayment period of 12 months. The exchange giant said the loans will be useful for users who need to settle urgent needs like a house or car repairs, without the need to sell their cryptocurrency prematurely or take out high-interest personal loans with high APR.

As part of the blog post, the new feature which is on the waitlist will be available this fall. However, only users in 17 U.S. states are eligible to sign up on the waitlist to access the lending feature. 

The states are Connecticut, Texas, Wisconsin, Georgia, Alaska, Wyoming, North Carolina, Nebraska, Massachusetts, and Arkansas. Others include New Hampshire, Utah, Florida, Virginia, Illinois, Oregon, and New Jersey.

Apart from Coinbase, bitcoin-friendly Square’s Cash App also announced that it was offering short-term cash loans to users. The loans range from $20 to $200 payable in four weeks’ time, with an interest of 5 percent. 

Cash App is looking to experiment with this new feature with 1,000 users while awaiting feedback. The company added that there are plans to make the feature available to more customers at a later time. 

Crypto Lending Becoming Popular

The crypto lending scene continues to grow with more businesses coming up with different loan features for customers. Also, flash loans and money markets on decentralized finance (DeFi) protocols are contributing to making crypto lending even more popular. 

Nexo, a cryptocurrency loan platform announced in 2018 that users could use their XRP as collateral. Customers have the option of borrowing a maximum of $2 million against their XRP holdings on the platform. 

Also, Huobi wallet and crypto lending platform Cred struck a partnership deal in April 2020. The partnership will see users of the former lend out their digital assets while earning monthly interests and also borrow funds from their Huobi wallets.

Another crypto exchange Elquirex also offers a loan system that uses crypto as collateral. For Elquirex, users can obtain loans without a credit history, personal information, or third party involvement. Furthermore, there is no fixed repayment term for loans. 

Argentinians Can Now Pay for Public Transport in 37 Cities Using Bitcoin

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Bitcoin (BTC) can now be used to pay for public transport in 37 cities in Argentina. Users will have the possibility to send funds to their transport card and pay with the most popular virtual currency. The information was released by the local news site Cripto247.

Bitcoin Mass Adoption Continues
Although Bitcoin did not have a very positive 2018 in terms of price action, the digital asset continues to grow all over the world. This time, Argentinians will be able to pay for public transport using Bitcoin.

In order to do so, Alto Viaje, a travelcard-loading platform, and Bitex, one of the largest crypto-related companies in Argentina, signed a new partnership. Using the Alto Viaje platform, users can now send Bitcoin and fund their SUBE card to travel using the public transport system.

The minimum purchase is AR$ 50 ($1.33 USD). That means that users will have to pay at least taking into account the current prices 0.0004 BTC. In general, a bus ticket in the country costs $18 ($0.48 USD), equal to 0.00014 BTC.

During a conversation with UseTheBitcoin, Manuel Beaudroit, the CMO of Bitex, commented:

“We are doing an effort to bring Bitcoin to the masses and to show one of the many uses of this technology. We like to do small things that bring value to the ecosystem. We also want to change old structures using technologies such as Blockchain.”

Individuals living in 37 cities in Argentina will have the possibility to use this service provided by Alto Viaje and Bitex. Alto Viaje is also accepting payments via PayPal and RapiPago, a local payment processor company.

In the past, Bitex signed an agreement with Banco Masventas to process cross-border payments using Bitcoin (BTC). In this way, the bank is able to reduce transaction costs and increase transaction speeds. The service is currently available between Argentina and other countries in Europe, North America, and Latin America.

Argentina has registered high inflation rates during the last 10 years after years of policies implemented by a populist government. Although Mauricio Macri reached the power in 2016 ending with more than 70 years of Peronism, he was not able to reduce inflation rates in the last three years. Additionally, several Bitcoin ATMs are being installed in the country and digital currencies are being embraced by the population.

Crypto shock for investors after CEO with $145 mn passwords dies in India

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Toronto/New Delhi, Feb 7 (IANS) Highlighting the risks in the poorly-regulated cryptocurrency market, death of entrepreneur Gerald Cotten in India who was the owner of Canada's biggest cryptocurrency exchange Quadriga has left thousands of his investors in a quandary.

Cotten who died in a Jaipur hospital in December has plunged Quadriga into crisis and left it struggling to figure out how to refund more than 100,000 of its users as only he had access to $145 million of bitcoin and other digital assets.

With his death, the passwords that can unlock the cryptocurrencies are now gone as his laptop and smartphone are highly encrypted.

"Many of the digital currencies held by Quadriga are stored offline in accounts known as 'cold wallets', a way of protecting them from hackers and Cotten is the only person with access to the wallets, according to the company," CNN reported.

Cotten, 30, died due to complications with Crohn's disease while travelling in India.

"For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets. Unfortunately, these efforts have not been successful," Quadriga said in a statement on its website.

Cotten's widow, Jennifer Robertson, said in the affidavit posted online that the laptop that Cotten used to run the currency exchange is encrypted.

"I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere," she said.

The company has hired an investigator to see if any information could be retrieved but ongoing efforts have had only "limited success in recovering a few coins" and some information from Cotten's computer and phone, BBC reported.

The Canadian High Commission in New Delhi told CNN that it was aware of Cotten's death and had "provided consular assistance," but declined to reveal further details.

#### Iran Recognizes Bitcoin Despite Crypto Payments Ban

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The Central Bank of Iran has presented an early regulation draft om cryptocurrencies, the news agency Al Jazeera reports. 


The presented draft, according to Al Jazeera, recognizes and authorizes cryptocurrencies like bitcoin, central bank digital assets and so on. The bank reportedly authorizes initial coin offering (ICO), digital wallets, crypto exchanges, and mining operations even though it’s still keeping the ban of crypto payments. 


"Using global cryptocurrencies as methods of payment inside the country is prohibited," Al Jazeera cites bank’s statement. 


In addition, Iranians may hold in cryptos not more than 10,000 euros. 


Earlier, Secretary of Criminal Content Definition Task Force, Javad Javidnia, said that any cooperation with the Telegram’s upcoming crypto Gram in Iran will be classified as "a disruption to the national economy."

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Are you looking for a last minute Christmas gift? Bitcoin (BTC) may be your best option. Here are a few reasons why:

Increasing Familiarity With Crypto

Even though Bitcoin’s genesis block was released nearly a decade ago and hundreds of other digital currencies have been developed since then, many people still have no idea what cryptocurrency is.

By gifting Bitcoin to family and friends, the ability for a conversation about Bitcoin and cryptocurrency emerges. Maybe a few of the people sitting around the Christmas tree already know a little bit about cryptocurrency, but there is bound to be quite a few who know absolutely nothing. Someone is bound to ask, “Hey, what is this Bitcoin thing?”

And there is the perfect opportunity to start a conversation about crypto. Now everyone sitting around the tree will learn have an opportunity to learn a bit about how cryptocurrencies work and how they could be used in the future. There will be no need to scour through websites filled with jargon written by some expert who does not even seem to know how to communicate with normal people.


Enables Use of Crypto by New Users
Beyond familiarity, gifting Bitcoin also enables use by new users. Uncle Pete or Grandpa Joe may have heard about Bitcoin. They may have even wanted to buy some for themselves.

The problem: they didn’t know how, and there was no one there to help them figure it out.

Well, now that problem is solved. By gifting Bitcoin and teaching family and friends how to use it creates new users which are exceptionally important for social integration and adoption.




Aiding Social Integration

Social integration of cryptocurrency will occur when cryptocurrencies like Bitcoin become a normal part of daily life. Once the general public starts using Bitcoin on a regular basis, Bitcoin will have attained social integration.

To do this requires increasing familiarity and enabling use by new users. Once these two things happen, we make one small step forward toward the creation of a world in which crypto becomes a normal part of society.

Christmas proves a perfect opportunity to help accelerate social integration. If every crypto fanatic gifted Bitcoin to just one person, the movement toward social integration would speed up exponentially.

Bitcoin (BTC)

A Gift that Increases in Value

Your ugly Christmas sweater may get worn once if that. It’s probably going to be stuffed in the back of the closet and forgotten. And those gift cards? Well, after they are spent, they are sure to be forgotten.

But Bitcoin may increase in value, and this is one of the best times to buy. After the 2018 cryptocurrency market crash, BTC is now over $4,000, and many analysts are expecting future rises in value.





Be the Best Gift-Giver

Put those siblings to shame and get Mom and Dad a gift that shows you really care. Give the gift of Bitcoin.

The very uniqueness of this gift is enough but once Dad learns that the gift he has received may increase by hundreds or even thousands of dollars in the weeks, months, and years to come, a smile is sure to cross his face. Those gift cards and ugly Christmas sweaters will be all but forgotten.