Coinbase Expands UK Presence with Crypto-Backed Lending Service

Coinbase continues to expand its financial services with the launch of a crypto-backed lending service in the UK. This new offering allows users to borrow up to $5 million in USDC using Bitcoin or Ethereum as collateral.

The service is based on the Base blockchain and Morpho protocol, which enables quick access to funds without the need to sell holdings. This can be particularly beneficial for individuals who want to maintain their long-term investment strategy while still accessing liquidity when needed.

According to Coinbase's blog post, users can borrow USDC within less than one minute using the Coinbase app. To initiate a loan, users choose the borrow option and select a collateral asset, input the amount of loan, and confirm the transaction. Morpho then processes the request and transfers funds immediately to the account.

The borrowed USDC can be used in various ways, including exchanging it into GBP or transferring it around the world with no charges. This flexibility provides users with greater financial freedom without compromising their long-term investments.