Coinbase Loan Originations Top $2.3 Billion as It Adds Solana Collateral
Coinbase said its crypto-backed loan originations have surpassed $2.3 billion as the exchange expands its onchain lending product to accept Solana as collateral. The added support lets users borrow up to $100,000 against their SOL holdings without selling them, broadening a lending business that has so far been concentrated in Bitcoin- and Ether-backed loans.
Coinbase said Bitcoin-backed loans account for about $2.17 billion of total originations and Ether-backed loans around $110 million. It previously said the new SOL-backed loans are powered by Morpho, run on Base and allow eligible US users outside New York to borrow USDC.
From the sources (5 posts)
@theblockcoEXCLUSIVE: Coinbase adds Solana-backed loans through Morpho, letting users borrow up to $100,000
@coinbaseHolding SOL? SOL-backed loans are now available on Coinbase. Instantly borrow up to $100K in USDC against your Solana without selling.
@coinbaseUnlock the value of your portfolio without selling. Powered by @Morpho. Running on @base. Get started ↓
@coinbaseLegal stuff: Available now in the U.S. (ex. NY). Availability and terms vary by jurisdiction, are subject to eligibility and market conditions. Rates are variable and subject to change. Loans involve risk (incl. collateral liquidation) Coi
@wublockchainCoinbase Adds Solana Support to Crypto-Backed Loans as Originations Top $2.3 Billion The exchange has expanded its crypto-backed onchain lending product to support Solana as collateral, allowing users to borrow up to $100,000 against their