Coinbase has launched its new Bitcoins backed loans service which allows customers to get USDC loans up to $100,000 without selling their Bitcoins. This new product built on the Morpho DeFi protocol is based on the exchange’s Ethereum layer 2 solution, base. The service is only open to the United States customers and not for those in New York with the possibility of extending to other markets.
Coinbase Rolls Out Bitcoin-Backed Loans Powered by Morpho Protocol
Recently, the Coinbase crypto exchange has started a new loan service where users can borrow up to $100,000 USD Coin (USDC) with Bitcoin as collateral. These loans are enabled by the service through the use of Morpho, a DeFi protocol on the Base blockchain. This integration is a step in the exchange’s efforts to merge traditional financial services with DeFi.
More so, Bitcoin pledged by users is converted into cbBTC, a wrapped version of BTC created by Coinbase. This wrapped token enables Bitcoin to function seamlessly within

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