Coinbase Introduces New Bitcoin-Backed Loan Feature

user avatar

by Giorgi Kostiuk

2 years ago

Coinbase has reintroduced a bitcoin-backed loan feature for its customers in the U.S., allowing them to borrow USDC without selling their bitcoins.

Return of Coinbase's Loan Feature

Coinbase is reintroducing its bitcoin-backed loan feature, excluding customers in New York. Loan limits are based on the value of stored bitcoins. This service will be available using the Morpho DeFi protocol, which can process loans in less than a minute.

Benefits of the New Program

Users taking out loans will earn more than 4% in USDC rewards. The loan recipients can also convert the USDC to fiat USD to cover off-chain expenses, such as buying a car or making a mortgage down payment.

Expansion and Crypto Loan History

Coinbase stated that USDC will be available natively on ten different blockchains, including Ethereum and Base. Notably, the crypto loan market faced tough times in the past, with bankruptcies like BlockFi and Celsius.

The return of Coinbase's bitcoin-backed loan feature marks a new phase in the field of decentralized finance, showing that the platform aims to address previous issues and offer more flexible and secure solutions for its users.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Elon Musk Proposes Merger of SpaceX and Tesla

Elon Musk announced that SpaceX and Tesla have formed special committees to explore a merger that could create a corporation valued at approximately $35 trillion.

user avatarJesper Sørensen

Standard Chartered to Acquire Zodia Custody

Standard Chartered has signed definitive agreements to acquire Zodia Custody Limited, enhancing its digital asset safekeeping services.

user avatarRajesh Kumar

Critical PHP Vulnerability Leads to Global Website Shutdowns

A critical vulnerability in PHP has caused panic worldwide, leading several countries to take down government websites and urging organizations to shut down their PHP-based sites.

user avatarLucas Weissmann

Probly Showcases Innovative Prediction Market Solutions at TOKEN2049

During TOKEN2049, Probly showcased its innovative approach to prediction markets, emphasizing accessibility, broad market coverage, and onchain settlement.

user avatarFilippo Romano

Probly Wraps Up Successful Sponsorship at TOKEN2049 Singapore

Probly successfully participated as a Gold Sponsor at TOKEN2049 Singapore, cohosting the WHALE3RA Afterparty with ecosystem partners.

user avatarEmily Carter

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.