Coinbase (COIN) 將比特幣支持的貸款添加到其美國產品陣容中，依靠 Morpho

這種借貸產品並不是全新的：熟悉在 Base 上玩遊戲的人長期以來都可以在 Morpho 上或透過其他 DeFi 服務以比特幣抵押借入 USDC。

Coinbase is rolling out bitcoin-backed loans in the U.S., the latest move by the crypto exchange to drive eyeballs and wallets to its growing on-chain economy.

Coinbase 正在美國推出比特幣支持的貸款，這是加密貨幣交易所為吸引眼球和錢包關注其不斷增長的鏈上經濟而採取的最新舉措。

Coinbase users will now be able to borrow up to $100,000 in USDC against their bitcoin holdings, thanks to an integration with Morpho, the largest lending platform on Coinbase's Base network.

由於與 Coinbase Base 網路上最大的借貸平台 Morpho 的集成，Coinbase 用戶現在可以用其持有的比特幣借入高達 10 萬美元的 USDC。

The lending product isn’t completely new: Those familiar with playing on Base have long been able to borrow USDC against their bitcoin on Morpho or via other DeFi services. What's new here is the easy access: Coinbase is baking Morpho's borrow books into its own widely popular user interface, removing a critical barrier to entry.

這種借貸產品並不是全新的：熟悉在 Base 上玩遊戲的人長期以來都可以在 Morpho 上或透過其他 DeFi 服務用比特幣借入 USDC。這裡的新功能是易於存取：Coinbase 正在將 Morpho 的借書融入到自己廣泛流行的使用者介面中，消除了進入的關鍵障礙。

"This is a moment where we're planting a flag that Coinbase is coming on-chain, and we're bringing millions of users with their billions of dollars," said Max Branzburg, head of Consumer Products at Coinbase, in an interview with CoinDesk TV.

Coinbase 消費品主管 Max Branzburg 在接受採訪時表示：「在這個時刻，我們樹立了 Coinbase 即將上鍊的旗幟，我們正在為數百萬用戶帶來數十億美元的收益。」CoinDesk 電視。

Coinbase's personal loans in the on-chain world look fundamentally different from the predominant lending deals offered by banks and lenders. Those stalwarts of the regular economy rely on borrowers' credit score in deciding whether to write a loan, and determining its terms, whether or not the loan is secured.

Coinbase 在鏈上世界中的個人貸款看起來與銀行和貸方提供的主要貸款交易根本不同。這些常規經濟的中堅力量依靠借款人的信用評分來決定是否發放貸款並確定貸款條款，無論貸款是否有擔保。

But credit scores are not a thing in crypto. Platforms like Morpho don't need to guesstimate how good for the money their borrowers are. Instead, they require their borrowers to post plenty of collateral; far more, in fact, than the sum they seek to borrow. This setup protects the platforms from carrying bad debt from defaulters.

但信用評分在加密貨幣中並不是什麼。像 Morpho 這樣的平台不需要猜測借款人的資金效益如何。相反，他們要求借款人提供大量抵押品；事實上，遠遠超過他們尋求借入的金額。這種設定可以保護平台免受違約者的壞帳影響。

Coinbase's setup caps each borrow at $100,000 in USDC. To borrow that much money customers will need to post more than that amount of bitcoin. Morpho will start liquidating the collateral if the loan-to-value ratio flies too close to the sun.

Coinbase 的設定上限是每次借入 USDC 的金額為 100,000 美元。要藉到這麼多錢，客戶需要提供超過該數量的比特幣。如果貸款價值比太接近太陽，Morpho 將開始清算抵押品。

"If price swings are reaching any sort of dangerous point, we will share liquidation warnings through the Coinbase app so that you're aware of it and can act," Branzburg said during the CoinDesk TV interview.

布蘭茨伯格在 CoinDesk 電視採訪中表示：“如果價格波動達到任何危險點，我們將透過 Coinbase 應用程式分享清算警告，以便您了解並採取行動。”

Coinbase users can now borrow up to $100,000 in USDC against their bitcoin holdings, thanks to an integration with Morpho.

由於與 Morpho 的集成，Coinbase 用戶現在可以用其持有的比特幣借入最多 10 萬美元的 USDC。

Borrowing cash sits at the base of all financial services, but it has extra appeal to crypto traders who often sit on troves of tokens they refuse to sell. Those traders often take loans to farm airdrops and fund other risky trades. In Coinbase's view, Morpho-facilitated loans could help borrowers pursue perhaps nobler enterprises, like buying a car, or paying for a house.

借入現金是所有金融服務的基礎，但它對加密貨幣交易者來說具有額外的吸引力，因為他們經常坐擁大量拒絕出售的代幣。這些交易者經常藉錢進行空投並為其他風險交易提供資金。在 Coinbase 看來，Morpho 促成的貸款可以幫助借款人追求更高尚的事業，例如購買汽車或支付房屋費用。

"We think that crypto is the best way to build wealth for yourself, and we want to make sure that Coinbase is the place where you can do that," Branzburg said.

「我們認為加密貨幣是為自己累積財富的最佳方式，我們希望確保 Coinbase 是您可以做到這一點的地方，」布蘭茨堡說。

Under the hood, the new setup feeds Coinbase flywheel at every step. First, the rollout adds a new capacity to Coinbase's frontend. Second, users who post BTC collateral are minting cbBTC (Coinbase's wrapped bitcoin on Base) and borrowing USDC (Coinbase's stablecoin). Third, all of this is happening on Morpho (a Coinbase-funded lending platform) atop Base (Coinbase's Layer 2 network).

在引擎蓋下，新設定每一步都為 Coinbase 飛輪提供動力。首先，此次推出為 Coinbase 的前端增加了新的功能。其次，發布 BTC 抵押品的用戶正在鑄造 cbBTC（Coinbase 在 Base 上的打包比特幣）並藉入 USDC（Coinbase 的穩定幣）。第三，這一切都發生在 Base（Coinbase 的第 2 層網路）之上的 Morpho（Coinbase 資助的借貸平台）上。