Gelato, a web3 developer platform, has partnered with Morpho to launch a new service that allows users to instantly borrow stablecoins like USDC by using their crypto assets as collateral.
Partnership between Gelato and Morpho
Gelato and Morpho have announced the launch of Embedded Crypto-Backed Loans, enabling Wallets, Brokers, and Fintech Apps to allow users to borrow stablecoins instantly.
Key Features of Crypto-Backed Loans
The Embedded Crypto-Backed Loans offer several conveniences: * Borrow USDC in one click using crypto assets like BTC as collateral. * Fully non-custodial and on-chain operations. * No credit checks required. * One-click wallet creation via email, social login, or passkeys. * EIP-7702 powered Smart Wallet Accounts.
Future Updates and Security
Later this year, Gelato plans to implement new security and recovery features, including passkey authentication, multi-signer two-factor approvals, and on-chain recovery modules tied to email or social logins. All updates will be executed at the smart contract level to maintain full decentralization.
The launch of Embedded Crypto-Backed Loans opens new opportunities in decentralized finance, allowing users to conveniently and securely access loans by leveraging their assets as collateral.
