Coinbase is preparing to launch a spot-borrowing product that will allow eligible customers to use collateral to increase their crypto purchases, with leverage of up to 10 times on selected major assets. Most US retail customers will not be able to use the service.
According to CryptoSlate, Coinbase said in an Oct. 7 announcement that the rollout is expected in the coming weeks. Availability will depend on a customer’s eligibility and the jurisdictions supported by the exchange, although Coinbase has not identified all of the countries where the product will be offered.
US access limited to eligible participants
In the United States, access will be restricted to customers who meet the definition of an Eligible Contract Participant. A 2021 statement by a commissioner at the Commodity Futures Trading Commission described relevant thresholds as discretionary investments exceeding $10 million in aggregate, or more than $5 million when a transaction is intended for risk-management purposes.
That framework places the planned spot-borrowing service outside the reach of ordinary US retail customers who do not meet those conditions. The restriction applies to spot borrowing rather than necessarily to every Coinbase product. Coinbase also said the service will be provided by affiliates and is separate from Coinbase Financial Markets, the company’s US derivatives business.
For US customers who qualify, the lenders will be Coinbase Custody International Limited or Coinbase Credit, Inc. Traders will be able to manage spot borrowing and derivatives exposure through a shared margin portfolio.
Leverage can amplify losses
The planned product will allow customers to borrow against collateral and use the funds to buy crypto in spot markets. Maximum leverage will be 10x for selected major assets and 5x for other supported assets.
Customers may be able to pledge more than 15 supported assets as collateral, with those holdings remaining on Coinbase. The platform is expected to show loan balances, collateral levels and margin health in real time across open borrow positions.
However, keeping collateral on the exchange does not eliminate liquidation risk. Coinbase says collateral may be sold without notice, and warns that borrowing magnifies losses as well as gains. Losses may exceed the customer’s initial deposit.
The announcement did not specify borrowing rates, valuation haircuts applied to pledged assets or the precise liquidation thresholds. Those terms will determine the cost of borrowing and the conditions under which collateral could be sold.
Coinbase’s broader platform changes
Coinbase completed its migration of Deribit on Oct. 2, a move that preceded the planned expansion of its borrowing services. The new spot-margin product is a separate borrowing option for eligible customers, rather than a change to the US derivatives offering.
Moneyiar market picture
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