Coinbase Allows Users to Borrow up to $1 Million, Using Bitcoin as Collateral

The logo for Coinbase, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, on April 14, 2021. Shannon Stapleton/Reuters

Cryptocurrency exchange Coinbase is now allowing customers to borrow up to 40 percent of their bitcoin value using bitcoin as collateral, the company announced Tuesday.

Coinbase users can borrow as much as 40 percent of the value of the Bitcoin in their account, up to $1,000,000, and can use either their bank account or PayPal to access the cash with no fees.