Smarter Web on Tuesday said it has established a $30 million strategic credit facility with Coinbase Credit Inc. The facility, secured against Bitcoin holdings held within Coinbase, carries ‘competitive’ daily interest on the amount drawn, has no fixed maturity date and is meant to enable Smarter Web to deploy capital into Bitcoin immediately, reducing settlement-related timing risk during periods of volatility. ‘This facility allows us to deploy capital into Bitcoin quickly where fundraising settlement periods may otherwise hamper our ability to do so, and we are grateful to Coinbase, one of our key custodians, for their partnership in providing it to us,’ Smarter Web Chief Executive Officer Andrew Webley said.
Smarter Web shares closed down 0.2% at 30.20 pence each on Tuesday in London. Shares in San Francisco, California-based crypto exchange Coinbase traded down 1.0% at $158.61 on Tuesday afternoon in New York.
Smarter Web on Tuesday announced it has established a $30 million strategic credit facility with Coinbase Credit Inc. The facility is secured against Bitcoin holdings held within Coinbase, carries competitive daily interest on drawn amounts, has no fixed maturity date, and is intended to allow immediate deployment of capital into Bitcoin, reducing settlement-related timing risk during periods of volatility. This facility enables Smarter Web to deploy capital into Bitcoin quickly where fundraising settlement periods may otherwise hamper operations, and the company’s chief executive officer, Andrew Webley, expressed gratitude for Coinbase’s partnership as one of its key custodians. Smarter Web shares finished the session down 0.2% at 30.20 pence in London, while Coinbase stock traded down 1.0% at $158.61 in New York on Tuesday afternoon.
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