Coinbase Expands Crypto-Backed Loan Services to UK

Coinbase has expanded its reach into the UK market with the launch of crypto-backed loan services. The new feature allows users to borrow USDC using their cryptocurrency holdings as collateral, providing a way for individuals to access cash without selling their assets.

The service is powered by Morpho, an onchain lending protocol that utilizes Coinbase's Base blockchain network. This setup enables fast and automated processing, with interest rates adjusting in real-time based on market conditions. Users can track their loan health directly within the app.

At launch, the service supports Bitcoin, Ethereum, and cbETH as collateral. However, it is likely that Coinbase will add more assets to its lending portfolio in the future. This move marks another step in the company's expansion of its financial services globally, following its earlier rollout in the US.