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Coinbase, the largest cryptocurrency exchange in the US, continues to expand its presence in the UK.
At this point, Coinbase recently announced the launch of its cryptocurrency-backed lending service in the UK.
Coinbase stated in a press release that users in the UK can borrow in $USDC using Bitcoin ($BTC), Ethereum ($ETH), and cbETH as collateral.
Users can borrow $USDC by offering $BTC, $ETH, or cbETH as collateral. Accordingly, Coinbase allows users to borrow up to $5 million in $USDC in exchange for other crypto assets through Morpho on Base.
The service is offered through Morpho, an open-source lending protocol built on the Base network.
According to the announcement, users can access the borrowing feature in the Coinbase app’s “Borrow” section by selecting an asset as collateral and specifying the amount of $USDC they wish to borrow. Morpho then transfers the loan to the user’s Coinbase account within seconds, where it can be converted to British pounds or transferred.
According to the statement, there is no fixed repayment schedule, and borrowers can repay their loans at any time.
“…There is no fixed repayment schedule, and users will always have the flexibility to choose when they repay their loans.”
Coinbase’s UK lending product service launched a year after it introduced crypto-backed loans in the US in January 2025. The initial US offering allowed customers to borrow up to $100,000 (currently $5 million) in $USDC using Bitcoin as collateral. This service is available across the US, excluding New York. Starting with Bitcoin, the lending service has now expanded to include Ethereum, XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).
Coinbase also added that it plans to expand access to cryptocurrency-backed loans to more countries in the near future.
*This is not investment advice.
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