Coinbase has just announced that it has surpassed the $1 billion mark in Bitcoin-collateralized onchain loans, just eight months after launching the service in January this year.
CEO Brian Armstrong shared on X: “Next goal: $100 billion in onchain lending. This is the kind of hockey stick growth chart that any product manager wants to see. The onchain economy is really growing strongly.”
The service is powered by Morpho, a DeFi protocol invested by Coinbase Ventures. Initially, the exchange allowed users to borrow up to 100,000 USDC by pledging BTC on the exchange, without having to sell BTC to avoid tax. By April, this limit was increased to 1 million USD after reaching 130 million USD in loans, and now Coinbase announced that it was preparing to increase it to 5 million USD.
Coinbase once tested a BTC lending product for retail customers but had to close it in November 2023 due to a legal dispute with the SEC. Unlike the previous time, the current service only provides an interface to connect to Morpho on Ethereum Layer 2 Base, while all loans are handled by DeFi protocols, Coinbase does not directly manage.
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The article Coinbase Hits $1 Billion in Bitcoin Collateralized Onchain Lending via Morpho appeared first on CoinMoi .
