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Coinbase Launches UK Crypto-Backed Lending on Base Using Morpho

Coinbase Launches UK Crypto-Backed Lending on Base Using Morpho

According to Coinbase, UK users can borrow USDC against BTC, ETH, and cbETH through infrastructure provided by Morpho, while Coinbase Bermuda Technologies Ltd. delivers the product interface with floating rates tied to lending pools.

BTC
ETH
USDC

Fact Check
The claim's core is well supported by official Coinbase sources surfaced in search. 'Crypto-backed loans - Introduction - Coinbase Help' states that customers can borrow USDC using crypto collateral and that the borrowing is enabled by the Morpho on-chain lending protocol on Base; because it is the en-gb Help page, it supports UK availability. 'Crypto-Backed Loans - Coinbase' further supports that the product offers USDC loans powered by Morpho. The fetched X post from The Block adds the specific collateral set of bitcoin, ether, and cbETH for UK users. However, the exact statement that 'Coinbase Bermuda Technologies Ltd. delivers the product interface' and the floating-rate mechanism tied to lending pools were not directly verified from a fetched primary page in this run because Coinbase pages were blocked by WAF. The Coinbase blog search snippet mentions Coinbase Bermuda Technologies Ltd., but not conclusively in the exact context of this product, so that part remains only partially supported. Overall, the main lending-launch claim is likely true, with some uncertainty around the legal-entity/interface wording.
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Summary

Coinbase launched a crypto-backed lending service for UK users that allows borrowing USDC against BTC, ETH, and cbETH collateral. The product uses Morpho for lending infrastructure, while Coinbase Bermuda Technologies Ltd. provides the user-facing product interface. Coinbase previously said the service operates on Base, offers floating borrowing rates that can change dynamically, and supports BTC-backed loans of up to $5 million USDC.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin designed to maintain a value of about $1 and commonly used for crypto payments, trading, and lending.
  • Morpho: An onchain lending protocol that provides blockchain-based borrowing and lending infrastructure through smart contracts.
  • Base: Coinbase’s Ethereum layer-2 network, built to support lower-cost and faster onchain transactions than Ethereum mainnet.