(MENAFN- Yolo Wire) Cryptocurrency exchange %Coinbase Global (NASDAQ: $COIN) says that its Bitcoin-backed loan program has surpassed $1 billion U.S. in originations since launching this past January.

Coinbase said reaching the $1 billion U.S. milestone underscores growing demand for cryptocurrencies as collateral.

The exchange currently offers its retail customers in the U.S. the ability to borrow cash against their %Bitcoin (CRYPTO: $BTC) holdings.

Coinbase Global says that its average loan size is currently $54,000 U.S. but added that it plans to raise its borrowing cap from $1 million U.S. to $5 million U.S. in coming weeks.

The loan program caters to clients who want to access cash without selling their Bitcoin holdings.

Coinbase said top uses for the Bitcoin loan program are debt consolidation, covering unexpected expenses such as medical bills or taxes, and investing in real estate.

The market for crypto-based lending is expected to explode in coming years, with some estimates stating that the industry could be worth $1.3 trillion U.S. by 2030.

Coinbase says it wants to raise the ceiling on its Bitcoin loans so that it can appeal to wealthier clients and investors who may want to borrow against large holdings of BTC.

Bitcoin is currently trading at $116,600 U.S., having gained 25% this year.

COIN stock is up 31% on the year and trading at $337.49 U.S. per share.

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