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20/04/26 09:15 UTC-04

Coinbase Makes New Announcement Regarding Bitcoin (BTC) and Ethereum (ETH)

Coinbase, the largest cryptocurrency exchange in the United States, continues expanding its presence in the United Kingdom.

The company recently announced the launch of a crypto-backed lending service in the UK.

In its press release, Coinbase stated that users in the UK can borrow $USDC using Bitcoin, Ethereum, and cbETH as collateral.

Users are able to borrow up to $5 million in $USDC against their crypto holdings via Morpho on Base.

The service is powered by Morpho, an open-source lending protocol built on the Base network.

How the service works

According to the announcement, users can access the borrowing feature in the Coinbase app by selecting a collateral asset and specifying the amount of $USDC they wish to borrow.

Morpho then sends the loan to the user’s Coinbase account within seconds, where it can be converted into British pounds or transferred elsewhere.

There is no fixed repayment schedule, and borrowers can repay their loans at any time:

“…there is no fixed repayment schedule, and users always have the flexibility to decide when to repay their loans.”

Expansion of the service

The UK launch comes a year after Coinbase introduced crypto-backed loans in the United States in January 2025.

Initially, US customers could borrow up to $100,000 (now up to $5 million) in $USDC using Bitcoin as collateral. The service is available across the US, except New York.

Starting with Bitcoin, the lending service has since expanded to include Ethereum, XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).

Coinbase also said it plans to expand crypto-backed lending access to more countries in the future.

See also: "New York Stock Exchange unexpectedly bets on cryptocurrency and prediction markets"

#Coinbase

Editor: Alyona Nabok
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