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ARTICLE · 03 FEBRUARY 2025

Coinbase Enters Crypto Lending Market For Second Time With Morpho Labs Collaboration

Duane Morris LLP
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Earlier this month, Coinbase, the largest cryptocurrency platform in the U.S., partnered with Morpho Labs, the biggest onchain lending platform on Coinbase's Base network...

United StatesTechnology
Rubina Karapetyan
Rubina Karapetyan
Joseph E. Silvia
Joseph E. Silvia
Mauro Wolfe
Mauro Wolfe
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Earlier this month, Coinbase, the largest cryptocurrency platform in the U.S., partnered with Morpho Labs, the biggest onchain lending platform on Coinbase's Base network, to introduce a bitcoin-backed loan service. This new service, which operates on Base, Coinbase's Ethereum layer-2 network, lets users borrow up to $100,000 in USD Coin (USDC) by using their Bitcoin as collateral and is available to all U.S. residents, except those in New York.

Borrowing USDC against Bitcoin has been possible on platforms like Morpho and other DeFi services for some time. However, with this new collaboration, Coinbase has integrated Morpho's lending services directly into its own interface, which it believes will attract borrowers with easier access and a more user-friendly experience. The service aims to close the gap between holding crypto assets for the future and putting them to use today. Although it currently will only support Bitcoin, Coinbase plans to eventually extend the

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