Coinbase Launches Crypto Lending Feature in UK

Coinbase has expanded its services in the UK by introducing a crypto lending feature that enables customers to borrow USDC using Bitcoin and Ethereum as collateral.

The new feature is powered by Morpho, an on-chain lending protocol, which provides variable interest rates with no set repayment period. This allows users to repay their loans at their own discretion, with the option to pay in installments or settle the full amount at once.

According to Coinbase, the loan limit for Bitcoin-backed loans is $5 million, and the process is designed to be fast and seamless, with funds credited to the user's account within minutes. The company has emphasized that this move is part of its broader strategy to increase financial services in the UK, positioning itself as a leader in the cryptocurrency market.

The introduction of crypto lending in the UK follows Coinbase's recent developments in the region, including the launch of decentralized exchange trading and savings products. This expansion has been met with positive market sentiment, with Coinbase's stock price increasing by 1.44% to $209.31 following the announcement.