Coinbase has expanded its on-chain lending product for cryptocurrency support by adding Solana, allowing users to borrow up to $100,000 using their held SOL tokens as collateral.
These loans are offered through the same channel. Morpho’s integration on Base has been used by Coinbase to enable... Bitcoin, Ethereum, and other cryptocurrency-backed loans.
Ben Shen, Head of Coinbase Financial Services and Loyalty Products, told The Block: "Adding SOL as collateral is a significant step toward making Coinbase the premier platform for trading and holding Solana, as it provides instant liquidity whenever needed. This expansion reflects our broader commitment to being 'the exchange for everything' and our determination to enhance the utility of tradable assets for our customers."
Total loan disbursements reached $2.3 billion
According to data revealed by a company spokesperson to The Block, the total amount of cryptocurrency-backed loans from Coinbase has exceeded $2.3 billion since its launch last year.
Bitcoin remains the primary collateral asset, with a total loan amount disbursed of $2.17 billion to date. Data shows that Ethereum-backed loans account for approximately $110 million, followed by Ripple (XRP) at $31.6 million, cbETH at $3.34 million, Dogecoin at $2.33 million, Cardano at $1.8 million, and Litecoin at approximately $8.02 million.
Mr. Shen said: "We continue to see strong growth in crypto-collateralized loans, as users leverage on-chain financial services to maximize the productivity of their assets."
Coinbase has also launched a cryptocurrency-backed loan product in the UK last month, as part of its broader initiative to enter the on-chain financial services space.
Last week, Coinbase announced its first-quarter earnings report. Net loss of $394.1 million Despite the bear market, Coinbase CEO Brian Armstrong remained optimistic, stating that ultimately “all financial activity” will move on-chain, and his company was built to capitalize on this transformation.
Last week, Coinbase also released related information. The company laid off approximately 14% of its workforce. The company is navigating market downturns and transitioning toward an AI-native operational model.
Despite a challenging market environment, some analysts remain bullish on Coinbase. For example, Bernstein holds this view. said last week there were signs that Coinbase’s strategy to build a “one-stop exchange” is starting to pay off, despite weak financials. After the earnings report, Bernstein maintained its “Outperform” rating and $330 price target for Coinbase stock. Benchmark and Rosenblatt also reaffirmed their “Buy” ratings on Coinbase.
According to reports, Coinbase is currently trading at approximately $205.The Block's COIN price page.