Tag: coinloan

CoinLoan Announces Temporary Reduction of Withdrawal Limit

Crypto-backed loans provider CoinLoan has temporarily reduced the withdrawal limit for traders. The company explained that the move was made due to the current market turmoil.

Following the announcement, customers have been restricted to a maximum withdrawal limit of $5,000 every 24 hours.

“The interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some instances, the estimated date of a complete withdrawal of assets from the Interest Accounts comes before, not after, loan closure,” CoinLoan stated in the announcement.

The company has imposed the withdrawal limit “to balance the flows of funds and prevent liquidity-related interruptions.”

According to The Block, the European crypto lender’s restriction of withdrawals has been the latest case among a series of recent high-profile crypto businesses that have restricted withdrawals due to various forms of financial distress following the recent turmoil in the market.

The issues that have affected Celsius, Voyager, BlockFi, and Three Arrows Capital have triggered a wave of withdrawals, CoinLoan stated.

Investors Remain Optimistic about Crypto Market’s Future Despite Meltdown: CoinLoan

A study undertaken by crypto business CoinLoan shows that most investors are still bullish about the cryptocurrency market’s future despite the challenges witnessed.

The survey interviewed CoinLoan customers and gauged various sentiments like their level of satisfaction regarding various services like security standards, interest accounts, and lending systems.

Per the announcement:

“There is a 74% satisfaction rate with the company’s lending system. CoinLoan’s interest accounts are rated 83% satisfactory by customers.”

“Security standards at CoinLoan are rated 92% satisfactory. Customer support at CoinLoan is rated 78% satisfactory,” the report added. 

According to the study, the positive feedback by CoinLoan clients depicted their optimism about the crypto market despite the downturn being experienced.

Alex Faliushin, the CEO of CoinLoan, pointed out:

“Even as this industry suffers some growing pains, CoinLoan stands as an example of what sustainable growth in the right direction can look like.”

Faliushin added:

“We are always looking for ways in which we can improve the user experience of our customers, and these survey results are a fantastic indication that our hard work is paying off.”

The present crypto winter has been triggered by tightened macroeconomic factors, which impedes a bullish momentum.

For instance, Bitcoin has been trading at least 65% below its all-time high (ATH) price of $69,000 recorded in November last year. 

Meanwhile, Dubai sees crypto as a significant catalyst toward being a global tech hub. The city is already reaping the dividends of new tech investments because it has laid the grounds for a post-pandemic boom through a business-friendly and low-taxes environment, Blockchain.News reported.

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