Coinbase vice president Max Branzburg said the product demonstrates the exchange’s “commitment to economic freedom.”
Cryptocurrency exchange Coinbase has reintroduced Bitcoin-backed loans in the United States, giving users the ability to borrow against their digital asset holdings.
The new product line allows US account holders, excluding residents of New York, to borrow up to $100,000 in USD Coin (USDC) using their Bitcoin (BTC) holdings as collateral. Only BTC held on Coinbase qualifies as collateral for the loan.
Coinbase has tapped decentralized finance protocol Morpho Labs to facilitate the lending process, which will occur entirely on Base, the exchange’s Ethereum layer-2 network.
