Coinbase’s bitcoin-backed loan program has surpassed $1 billion in originations since January, showing increased demand for crypto as collateral. The platform allows U.S. retail customers to borrow cash against their bitcoin holdings, with an average loan size of $54,000. Coinbase plans to raise the borrowing cap from $1 million to $5 million soon. This service caters to those who want access to cash without selling their bitcoin, for purposes like debt consolidation, covering expenses, investing, and making purchases. The move reflects the growth of asset-based lending, with Coinbase aiming to serve wealthier clients and investors.

Read more at 1. Tesla announces record-breaking profits for Q2 of 2021. The electric car company reported a net income of $1.14 billion, exceeding analysts’ expectations. Shares surged by 2.2% in after-hours trading. – CNBC

2. Amazon faces antitrust investigation in Europe. The European Commission is probing whether the e-commerce giant unfairly uses data from third-party sellers to gain a competitive advantage. Amazon could face a fine of up to 10% of its annual global revenue. – Reuters

3. Apple unveils new iPhone models with improved cameras and faster processors. The tech giant also introduced new features such as enhanced privacy settings and improved battery life. The iPhone 13 lineup is set to hit stores in September. – Wall Street Journal: Coinbase’s Bitcoin-Backed Loans Surpass $1B as Exchange Prepares to Lift Borrowing Cap