Coinbase launches DeFi-based Bitcoin lending service for U.S. users, powered by Morpho
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Coinbase launches DeFi-based Bitcoin lending service for U.S. users, powered by Morpho
According to DL News, Coinbase has announced the launch of a DeFi-based Bitcoin lending service for U.S. users, excluding those in New York State. The service is powered by the DeFi lending protocol Morpho. When users deposit Bitcoin as collateral, their assets are automatically converted into cbBTC and transferred into the Morpho protocol. This marks a significant move by Coinbase since it terminated its previous lending program in July 2023 under regulatory pressure from the SEC. Branzburg, Coinbase's Vice President of Product, said
Navigating Web3 tides with focused insightsTechFlow News — On January 16, according to DL News, Coinbase announced the launch of a DeFi-based Bitcoin lending service for U.S. users (excluding New York State). The service is powered by the DeFi lending protocol Morpho. When users pledge Bitcoin, their assets are automatically converted into cbBTC and deposited into the Morpho protocol.
This marks a significant move by Coinbase following its previous lending program's termination in July 2023 due to regulatory pressure from the SEC. Coinbase VP of Product Branzburg stated that users will bear the risks associated with variable interest rates. The initiative represents a milestone in the deep integration between centralized exchanges and DeFi, with plans to gradually expand to other regions in the future.
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