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The Best CoinLoan Alternatives You Need To Know About in 2025
CoinLoan was an Estonian-based peer-to-peer crypto lending platform that offered users a high loan-to-value rate and provided competitive interest rates for people wanting to earn passive income. In 2023, the platform was declared bankrupt, leaving users needing a new crypto loan solution.
How CoinLoan Rose to Prominence in the Crypto World
CoinLoan functioned as a crypto-lending service and an exchange for buying and selling digital assets. Its primary offering was providing instant loans that allowed users to borrow cash or other cryptocurrencies against their crypto holdings.
Individuals and institutions could earn interest of up to 10% by lending out their crypto.
What Went Wrong: CoinLoan's Path to Failure
Broader challenges in the decentralized finance (DeFi) sector led to a steep decline in the crypto market in 2022. This included a “crypto winter” and bank run. A bank run is often due to a lack of confidence and leads customers to withdraw their funds from an entity.
In July 2022, CoinLoan limited customer withdrawals to $5,000 per 24-hour period to minimize the impact of a bank run.
Then in April 2023, Estonian financial authorities issued a notice of restraint on disposition, which forced the platform to halt operations. This order essentially rendered the company insolvent by requiring the exchange to ask the courts for approval before it could carry out withdrawals.
This caused Bit4You, a Belgian crypto lending platform and a major service provider for CoinLoan, to shut down. They explained that the exchange no longer had the necessary registration as a digital asset custodian.
The bad news: In June 2023, the platform was formally declared bankrupt by the Estonian court. The good news: We can recommend a great alternative for users; read on to get more details.
Why Crypto.com Is the Best Alternative to CoinLoan
If you’re looking for a crypto exchange that offers loans and earning opportunities, then we recommend Crypto.com.
The platform offers a broad range of crypto services with a mobile application that allows users to trade, stake, and secure crypto-backed loans. They serve over 50 million customers located in more than 90 countries around the globe.
Full feature crypto exchange tied to the Crypto.com ecosystem (app, cards, staking).
Getting started with Crypto.com—why they stand out
Regarded as one of the best crypto exchanges for traders, it supports over 400 cryptocurrencies and offers several add-on crypto services. These services include loans through their exchange and DEX lending service.
Their earn program allows users to earn passive income on their crypto holdings with returns based on the type of crypto, lockup length, and the user’s CRO (the platform’s native token) holdings.
The platform holds industry-leading security certifications and stores 100% of user crypto funds offline in cold storage, paired with FDIC insurance for US dollar balances.
Crypto.com is a leader in regulatory compliance and requires a mandatory Know-Your-Customer (KYC) process for account creation. This means they are allowed to operate in more than 100 jurisdictions around the world.
This global reach, combined with a user-friendly mobile app, makes it an attractive platform for traders of all levels. But don’t take our word for it; try the platform for yourself.
Need More Options? Check Out These Top Exchanges
A lot of safe cryptocurrency exchanges offer loans, reward programs, and safe trading for investors of all levels. Here are more alternatives to choose from if you’re looking for the best crypto exchanges that offer credit options.
Final Thoughts: Is Crypto.com a Viable Alternative?
CoinLoan filled an important gap in the crypto world by creating a platform where peers could loan digital assets and earn handsome returns. However, their 2023 bankruptcy left users needing an alternative platform.
While Crypto.com operates mainly as a crypto exchange, it offers many of the services CoinLoan was renowned for. Its business model is refined, the platform is regulated, and users are provided with extensive trading options. But don’t take our word for it; check out the platform for yourself and see if it’s suited to your needs.
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You’ll need a crypto wallet to keep your digital assets safe if you want to trade crypto. These are the top-rated wallets on the market that we recommend.
CoinLoan Frequently Asked Questions
In 2023, the platform was declared bankrupt by an Estonian court.
CoinLoan was a financial and technology company that operated from 2017 to 2023, offering various cryptocurrency services.
Lending cryptocurrency comes with several risks tied to the volatility of collateral values. This essentially means that if the value of a loan’s collateral drops, it can lead to liquidation and potentially a loss of assets.
