ChainCatcher report: Coinbase has expanded its on-chain crypto-backed loan product to support Solana (SOL), allowing users to borrow up to $100,000 by collateralizing SOL. The loan service is built on Coinbase’s integration with the DeFi lending protocol Morpho on the Base network, which previously supported crypto-backed loans for assets such as BTC and ETH. Ben Shen, Head of Financial Services and Loyalty Products at Coinbase, stated that adding SOL collateralization is a significant step toward making Coinbase “the best platform for trading and holding Solana,” and aligns with its broader strategy to build an “Everything Exchange.” Data shows that since the launch of this crypto-backed loan product last year, Coinbase has disbursed over $2.3 billion in total loans. Bitcoin remains the primary collateral asset, with cumulative loan volume reaching $2.17 billion; ETH-backed loans amount to approximately $110 million, XRP to $31.6 million, followed by cbETH, DOGE, ADA, and LTC. Last month, Coinbase also expanded this lending service to the UK market, further advancing its on-chain financial services footprint. Despite reporting a net loss of $394.1 million for Q1 last week and cutting approximately 14% of its workforce, CEO Brian Armstrong affirmed that “all finance will move on-chain” in the future, and Coinbase is strategically positioning itself around this trend. Several institutions, including Bernstein, Benchmark, and Rosenblatt, have maintained a “Buy” rating on Coinbase stock, with Bernstein noting that Coinbase is increasingly validating the feasibility of its “Everything Exchange” strategy.
Coinbase Adds SOL Collateral Loans, Allowing Users to Borrow Up to $100,000
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Summary
Coinbase has added Solana (SOL) to its on-chain, news-supported collateral loan product, enabling users to borrow up to $100,000. The service operates via Morpho on the Base network and follows a recent network upgrade. Since its launch, Coinbase has issued over $2.3 billion in loans, with Bitcoin accounting for $2.17 billion. The feature is now available in the UK.
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