Coinbase Bolsters On-Chain Lending with Solana Support

Coinbase has expanded its on-chain lending product by adding Solana (SOL) as collateral for crypto-backed loans. This move allows users to borrow up to $100,000 against their SOL holdings through the exchange's Morpho integration on Base.

The addition of SOL places it alongside Bitcoin (BTC), Ether (ETH), and several other assets already supported under the same framework. Coinbase's head of financial services and loyalty products, Ben Shen, stated that this move is a step towards making Coinbase the preferred platform for trading and holding Solana.

Coinbase's crypto-backed loan product has seen significant growth since its launch last year, with total originations reaching $2.3 billion. BTC remains the dominant collateral asset, accounting for $2.17 billion of that total.