Crypto giant Coinbase (NASDAQ:) seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter when firms such as Celsius Network, BlockFi and Genesis went bankrupt.

The move comes after the company shut down its Borrow service for retail customers in May amid regulatory scrutiny. The service allowed certain customers to use crypto as collateral to receive a cash loan. The new lending solution, however, focuses on institutional investors — companies or organizations investing on behalf of their clients, such as mutual funds and pension plans.

Coinbase launches crypto lending platform for U.S. institutions

Data from a SEC filing by Coinbase Credit. Source: Coinbase SEC Filings

Marathon’s mining rate fell 9% in August

Google (NASDAQ:) will allow ads for NFT games starting Sept. 15

South Korean Hana Bank enters crypto custody business with BitGo