Smarter Web signs $30 million credit facility with Coinbase Credit

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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.

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