Coinbase, the largest cryptocurrency exchange in the US, continues to expand its presence in the UK.
At this point, Coinbase recently announced the launch of cryptocurrency-backed lending services in the UK.
Coinbase said in a press release that UK users can borrow in the following ways: $USDC Using Bitcoin ($BTC), Ethereum ($ETH), and cbETH as collateral.
users can borrow $USDC by providing $BTC, $ETHor cbETH as collateral. Therefore, Coinbase allows users to borrow up to $5 million. $USDC in exchange for other crypto assets through Morpho on Base.
The service is provided through Morpho, an open source lending protocol built on the Base network.
According to the announcement, users can access the borrowing feature in the Borrow section of the Coinbase app by selecting an asset as collateral and specifying an amount. $USDC They want to rent. Morpho then transfers the loan within seconds to the user’s Coinbase account, where it can be converted or transferred to British Pounds.
There is no fixed repayment schedule and borrowers can repay the loan at any time, the statement said.
“…there is no fixed repayment schedule and users have the flexibility to choose when to repay their loan at any time.”
Coinbase’s UK lending product service was launched in January 2025, a year after introducing cryptocurrency-backed loans in the US. The first US offering allowed customers to borrow up to $100,000 (currently $5 million). $USDC Use Bitcoin as collateral. This service is available throughout the United States except New York. The lending service that started with Bitcoin has now expanded to include Ethereum, XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).
Coinbase also added that it plans to expand access to crypto-backed loans to more countries in the near future.
*This is not investment advice.
