Coinbase vs Unchained: Bitcoin Lender Comparison
Coinbase
The largest US crypto exchange now offers Bitcoin-backed USDC loans through Morpho on the Base blockchain. Variable rates (currently around 5% APR) adjust automatically with each block. No minimum loan, no fixed term, no prepayment penalties. Loan limits up to $5 million USDC. On-chain custody means your collateral sits in a smart contract, not a company balance sheet.
Unchained
Bitcoin-native financial services company offering collaborative custody loans. Borrow against Bitcoin held in multisig vaults where you retain key control. Features transparent terms and no rehypothecation of collateral.