The largest cryptocurrency exchange by trading volume in the United States is launching a new Bitcoin (BTC)-backed loan program for US clients.
In new advertisement To social media platform X, Coinbase says users will be able to borrow USDC for BTC with the new program.
“Bitcoin-backed loans are here.
Borrow USDC for Bitcoin, without selling it. It’s rolling out to users in the US (e.g. New York) starting now. More assets and side areas to come. Powered by MorphoLabs and built on base.
The future of finance depends on the chain.”
According to the accompanying company Blog postUsers will be free to use the borrowed USDC in different ways.
“You can earn over 4% USDC rewards, send USDC globally for free, and use it on-chain. You can also convert USDC to USD 1:1 for free for major expenses like buying a car or making a down payment on your mortgage. Borrowing can help For Bitcoin rather than selling it in delaying tax profit or loss.
According to Coinbase, this product is the latest in the company’s efforts to help customers establish themselves financially across the chain.
Coinbase Global Inc. is trading. (COIN) is at $280 at the time of writing, up 1.68% over the past 24 hours.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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