Coinbase adds Solana-backed loans through Morpho, letting users borrow up to $100,000
Coinbase has expanded its onchain lending service to include Solana-backed loans of up to $100,000 via Morpho.Summary
Coinbase has enhanced its crypto-backed onchain lending product by adding support for Solana, enabling users to borrow up to $100,000 against their SOL holdings through a Morpho integration on Base. This expansion follows the successful rollout of loans for Bitcoin, Ether, and other assets.
Since its launch last year, Coinbase's crypto-backed loan originations have surpassed $2.3 billion, with Bitcoin serving as the dominant collateral asset accounting for $2.17 billion. The company's head of financial services, Ben Shen, noted that adding SOL collateral is a strategic move to provide instant liquidity and enhance asset utility.
Despite recent financial challenges, including a first-quarter net loss and workforce reductions, Coinbase continues to push into onchain financial services. Analysts from firms like Bernstein remain bullish on the company's "everything exchange" strategy.
(Source：The Block)