Riot Platforms will expand its credit line with Coinbase to $200 million

Foresight News reported that according to Crowdfund Insider, Nasdaq listed Bitcoin mining company Riot Platforms announced that it has increased its existing $100 million credit line with Coinbase Credit, Inc. (a subsidiary of Coinbase Global, Inc.) to $200 million. According to the announcement, the expanded credit limit terms are the same as the existing credit limit, including applicable interest rates. Riot plans to use this funding for key strategic plans and general corporate purposes. All loans will accrue interest at an annual rate equal to the upper limit of the federal funds rate (or 3.25%, whichever is higher) plus 4.50%. The credit limit will expire 364 days after the effective date, but the company may request an extension of the expiration date for another 364 days, provided that Coinbase agrees. The loan will be secured by a portion of the company's Bitcoin holdings.