Coinbase (NASDAQ:COIN) has rolled out a new service that enables U.S. customers (except those in New York) to borrow (CRYPTO: USDC) against their Bitcoin holdings.
The loans are being offered through Morpho, an open-source lending protocol on Coinbase's Layer-2 blockchain Base.
Coinbase customers can now apply for the loans directly on the Coinbase website or mobile app. The loans will have an annual percentage rate (APR) of 7.9%, with no origination fees or prepayment penalties.
Coinbase will offer the loans to a limited number of customers initially and gradually expand the offering based on demand.
Coinbase's new Bitcoin-backed loans come as the company is facing increasing competition from other crypto lenders, such as BlockFi and Celsius Network. These lenders have been offering similar products for some time, but Coinbase's vast customer base could give it a significant advantage in this market.
Coinbase is also likely hoping that these loans will help to drive adoption of Base, which was launched earlier this year. The loans are available to U.S. customers who hold Bitcoin on Coinbase, and they can borrow up to 50% of the value of their Bitcoin holdings.
Coinbase Launches Bitcoin-Backed Loans For US Users
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