Both let you borrow against Bitcoin without selling, but they are built on opposite foundations. Coinbase's loan is a decentralized finance (DeFi) product with a Coinbase front end; Figure is a centralized lender (CeFi) run by a publicly listed company. The right one depends on what you value: the lowest floating rate, or US dollars with higher leverage from a regulated public company.
This is an independent comparison, not advice. Coinbase figures are a snapshot because its rate floats; Figure figures are verified weekly.
The core difference
Figure lends you US dollars, allows up to 75 percent loan-to-value, and self-custodies your Bitcoin through Fireblocks multi-party computation, with a cure window before liquidation. Coinbase converts your Bitcoin to cbBTC, supplies it to a Morpho market on Base, and lends you USDC, with liquidation enforced automatically by code. One is a public company; the other is a protocol plus Coinbase's custody of the wrapped-Bitcoin backing. Our CeFi vs DeFi guide covers why that distinction drives everything else.
Where they differ
- Rate. Coinbase is usually cheaper on the headline number (recently around 5 to 6 percent, variable, no ceiling) than Figure (from about 10 percent). Figure's rate is steadier.
- What you receive. Figure pays US dollars. Coinbase pays USDC, a stablecoin you convert yourself.
- Max LTV. Figure allows up to 75 percent, higher than most. Coinbase runs around 75 percent and liquidates at about 86 percent.
- Custody. Figure self-custodies through Fireblocks MPC and does not re-lend collateral, but it is not an independent third-party custodian. Coinbase locks cbBTC in the Morpho market (not re-lent there), with the underlying Bitcoin custodied by Coinbase. Read our rehypothecation explainer for why that matters.
- On a margin call. Figure gives a cure window with support. Coinbase liquidates automatically on-chain, with no guaranteed grace period.
Who picks which
Lean Figure if you want US dollars, a higher loan-to-value, and the backing of a Nasdaq-listed company with a cure window. Lean Coinbase if you want the lowest available rate and near-instant funding, you are comfortable holding USDC and managing automatic liquidation, and you already keep Bitcoin on Coinbase. Some borrowers use both for different needs.
How we cover each
Read our Coinbase loan review and Figure review for the full detail. To see how Figure's rate sits against the rest of the centralized market, check the BoB Bitcoin Loan Rate Index, and compare every US lender in our main comparison.