Coinbase Expands Crypto-Backed Loans to UK

Coinbase has introduced a new feature for its UK customers, allowing them to borrow against their crypto holdings without selling them. The company uses its partnership with Morpho to provide decentralized lending services on Base.

The platform supports Bitcoin, Ethereum, and cbETH as eligible collateral, and offers loans up to $5 million USDC depending on the pledged assets. Interest rates are variable and update automatically with each new Base block.

Users can borrow USDC against their crypto holdings and use it onchain or convert it into fiat for spending. The company claims that loans can be issued in less than one minute, and the process runs entirely through smart contracts on Base.