Crypto.com exchange will allow its customers to borrow against their crypto holdings. This new feature upgrade comes in the backdrop of its rival, Coinbase, offering this same service.
On Thursday, Crypto.com exchange announced a strategic partnership with Morpho, the second-biggest decentralised finance lending protocol, to offer loans to customers against their crypto deposit. As such, Morpho will use Crypto.com’s blockchain Cronos for lending and to facilitate the loans.
“Our mission has always been to accelerate the world’s transition to cryptocurrency, and this collaboration with Morpho and Cronos is a powerful step in that direction,” Ketat Sarakune, head of yield and asset growth at Crypto.com, said in comments shared with a news platform.
With the integration, Crypto.com customers will be able to leverage their crypto holdings without cashing them out. The collaboration is also said to enhance Morpho’s exposure, enabling it to tap the exchange’s customers and grow its deposits.
Crypto.com will become the second crypto exchange to offer DeFi-backed loans through the protocol, given that the Morpho integrations go live by the end of 2025.
Just about ten days ago, Crypto.com integrated Crypto.com Custody with the Sei Network, which is an ultra-fast L1 blockchain that provides high-performance rails for digital asset markets, to provide secure, institutional-grade custody for the Network’s native SEI token.
As such, the SEI tokens will be stored in a regulated, institutional-grade cold storage solution to protect assets used by institutional investors for treasury management, validator rewards, and ecosystem growth.
Crypto.com is the sixth-largest crypto exchange globally, handling about $86 billion worth of trades last month, according to NewHedge, a crypto data platform.
