Bitcoin-Backed
Loans with Morpho
Launch scalable, efficient & transparent financial products faster.
In January 2025, Coinbase launched crypto-backed loans powered by Morpho, marking the largest-scale DeFi integration to date. The product gives millions of users access to onchain loans without all the complexities associated with using DeFi directly. Coinbase abstracts the blockchain itself, wallets, gas fees, and wrapping, so that customers can seamlessly get USDC loans against their BTC collateral, all within the Coinbase App.
In the background, the loans are powered by Morpho, providing instant access to hundreds of millions in USDC liquidity while offering Coinbase customers the most competitive rates and loan-to-value ratios available onchain.
Reliable infrastructure powering sustainable yield
Global liquidity
Users have access to deep liquidity and competitive terms.
Full product control
Maintain complete ownership of underlying infrastructure and user experience.
Built-in transparency
All loan terms, collateral status, and balances are verifiable onchain 24/7.
Rapid go-to-market
Launch a product in weeks using open-source infrastructure and tooling.
Custom implementations with end-to-end support
Coinbase Smart Wallet
Connected to their account providing access to onchain protocols
Passkey
More user friendly authentication method for transaction signing
Paymaster
Allows gas fees to be paid in cbBTC, and any other token, instead of ETH.
MagicSpend
Allows users to spend funds directly from their connected Coinbase accounts without holding funds in their wallet
Shared infrastructure for any lend or borrow use case
Morpho lets businesses build tailored lending products on one open foundation,
sharing network effects for maximum efficiency.