• Coinbase Global (NasdaqGS:COIN) has introduced enterprise-scale, fixed-rate Bitcoin-backed loans using the Morpho protocol for on-chain lending.

• The firm is also rolling out a post-quantum security architecture aimed at hardening its Bitcoin custody against future quantum computing threats.

• These Bitcoin-backed loans target institutional borrowers that want predictable on-chain financing terms rather than variable-rate crypto credit arrangements.

• Coinbase’s move into fixed-rate Bitcoin lending on Morpho and post-quantum custody is only one part of its broader crypto infrastructure push. Our analysis turns up 1 warning sign for Coinbase Global as well.

For a wider view on how on-chain lending,…