The largest crypto exchange by trading volume in the United States is launching a new Bitcoin (BTC)-backed lending program for US customers.
In a new announcement on social media platform X, Coinbase says the new program will allow users to borrow USDC against BTC.
“Bitcoin-backed loans are here.
Borrow USDC against bitcoin, without selling it. Rolling out to US users (e.g. NY) from now on. More collateral assets and regions are coming. Powered by MorphoLabs and built on Base.
The future of finance lies in the chain.”
According to an accompanying company blog postusers are free to use the borrowed USDC in different ways.
“You can earn over 4% in USDC rewards, send USDC worldwide for free and use it onchain. You can also convert USDC to USD 1:1 for free to cover big expenses like buying a car or making a down payment on your mortgage. Borrowing against bitcoin instead of selling it can help defer a tax gain or loss.”
According to Coinbase, this product is the latest in the company’s efforts to help customers establish themselves financially onchain.
Coinbase Global Inc. (COIN) is trading at $280 at the time of writing, up 1.68% in the last 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Featured image: Shutterstock/RealmDrifter/Chuenmanuse
