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Coinbase Reintroduces Bitcoin-Backed Loans Up to $100,000 in USDC for U.S. Users Via Morpho
Jan 16, 2025, 01:54 PM
Coinbase Global Inc. has reintroduced Bitcoin-backed loans for its U.S. users, marking a strategic move into decentralized finance (DeFi) through a partnership with Morpho, a DeFi lending protocol with $3.7 billion in deposits. This new offering allows users to borrow up to $100,000 in USDC against their Bitcoin holdings without selling them, facilitated by Morpho's platform. Unlike Coinbase's previous attempt at crypto-backed loans in 2023, which was discontinued following regulatory challenges, the company now acts as a middleman rather than the direct lender. The loans are available to U.S. customers, excluding those in New York, and are designed to provide easier access to DeFi services through Coinbase's user interface. Borrowers' Bitcoin is converted to cbBTC and used as collateral, which must be more than the amount borrowed. This move is seen as a significant step for Coinbase to integrate its vast user base into the on-chain economy.
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