Coinbase Rolls Out Bitcoin-Backed Loans with Morpho

Coinbase, the largest U.S.-based crypto exchange by volume, is rolling out bitcoin-backed loans in the U.S., allowing customers to borrow up to $100,000 in USDC stablecoins. While the transactions are processed through Coinbase’s front end, the loans themselves come from Morpho , a decentralized finance (DeFi) lending platform on the Base blockchain. The crypto lending protocol allows the user to borrow up to 86% of the value of their bitcoin collateral to account for bitcoin’s price volatility. If the collateral’s value drops below a set percentage of the value of the stablecoins borrowed, it is liquidated. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io