Major CEX Launches Crypto-Backed Lending in UK, Supporting BTC, ETH, and cbETH for USDC Borrowing

Gate News message, April 20 — A major centralized exchange announced the launch of crypto-backed lending services in the UK, allowing users to borrow USDC within one minute using BTC, ETH, and cbETH as collateral. The service is powered by Morpho, an open-source lending protocol on the Base blockchain.

The product was first introduced in the United States in January 2025. As of April 14, 2026, total loans issued through the exchange's integration with Morpho exceeded $2.17 billion in USDC. Users can monitor loan health, view annual percentage rate (APR) history, and receive liquidation alerts within the exchange's app, with rates adjusting dynamically based on market conditions.