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A Bitcoin-backed loan scheme has been announced by Coinbase, the biggest cryptocurrency exchange in the US based on trade volume. In keeping with Coinbase’s mission to advance financial services onchain, this new effort enables customers to borrow USDC without having to sell their Bitcoin holdings.
In an announcement on X, Coinbase revealed the program’s rollout to US clients, excluding New York. Users can now borrow USDC by leveraging their Bitcoin as collateral. Highlighting the innovation, Coinbase stated: “Bitcoin-backed loans are here. Borrow USDC against bitcoin, without selling it. Rolling out to US users (ex. NY) starting now. More collateral assets and regions to come. Powered by MorphoLabs and built on Base. The future of finance is onchain.”
The borrowed USDC offers flexibility. Users can earn over 4% in USDC rewards, send USDC globally for free, and use it for various onchain activities. Coinbase also emphasizes its practical use for major expenses, such as converting USDC to USD for car purchases or mortgage down payments.
The scheme also enables customers to keep their Bitcoin investments, which helps to postpone possible tax ramifications from profits or losses.
Coinbase’s commitment to providing consumers with onchain financial tools is exemplified by this offering, according to a blog post that accompanied the release. Coinbase is striving for a time where blockchain technology and conventional banking coexist harmoniously by providing cutting-edge solutions like Bitcoin-backed loans.