Coinbase is rolling out Bitcoin-backed loans nearly two years after it discontinued its Borrow service, right as the world’s oldest cryptocurrency is soaring to new heights.
Customers can borrow up to $100,000 in USDC stablecoin instantly through the firm’s centralized exchange platform, Coinbase said Thursday in a statement. The lending services will be powered by Morpho, a popular lending protocol on Base, the Ethereum layer-2 network that Coinbase incubated.
The loans will be collateralized at 133% of their value, a Coinbase representative told Decrypt. Interest rates are variable and calculated automatically by Morpho, according to shifting market conditions. Repayment schedules will have no cap or deadline as long as customers maintain a healthy loan-to-value ratio.
Coinbase debuted loans collateralized by Bitcoin in November 2021, but it stopped issu
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Author: Liz Napolitano
