Coinbase (COIN) 将比特币支持的贷款添加到其美国产品阵容中，依靠 Morpho

这种借贷产品并不是全新的：那些熟悉在 Base 上玩游戏的人长期以来都可以在 Morpho 上或通过其他 DeFi 服务用比特币借入 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 正在美国推出比特币支持的贷款，这是加密货币交易所为吸引眼球和钱包关注其不断增长的链上经济而采取的最新举措。

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.

由于与 Coinbase Base 网络上最大的借贷平台 Morpho 的集成，Coinbase 用户现在可以用其持有的比特币借入高达 100,000 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.

这种借贷产品并不是全新的：那些熟悉在 Base 上玩游戏的人长期以来都可以在 Morpho 上或通过其他 DeFi 服务用比特币借入 USDC。这里的新功能是易于访问：Coinbase 正在将 Morpho 的借书融入到自己广泛流行的用户界面中，从而消除了进入的关键障碍。

"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 消费品主管 Max Branzburg 在接受采访时表示：“在这个时刻，我们树立了 Coinbase 即将上链的旗帜，我们正在为数百万用户带来数十亿美元的收益。” CoinDesk 电视。

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 在链上世界中的个人贷款看起来与银行和贷方提供的主要贷款交易根本不同。这些常规经济的中坚力量依靠借款人的信用评分来决定是否发放贷款并确定其条款，无论贷款是否有担保。

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.

但信用评分在加密货币中并不是什么东西。像 Morpho 这样的平台不需要猜测借款人的资金效益如何。相反，他们要求借款人提供大量抵押品；事实上，远远超过他们寻求借入的金额。这种设置可以保护平台免受违约者的坏账影响。

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 的设置上限是每次借入 USDC 的金额为 100,000 美元。要借到这么多钱，客户需要提供超过该数量的比特币。如果贷款价值比太接近太阳，Morpho 将开始清算抵押品。

"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.

布兰茨伯格在 CoinDesk 电视采访中表示：“如果价格波动达到任何危险点，我们将通过 Coinbase 应用程序分享清算警告，以便您了解并采取行动。”

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

由于与 Morpho 的集成，Coinbase 用户现在可以用其持有的比特币借入最多 100,000 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.

借入现金是所有金融服务的基础，但它对加密货币交易者来说具有额外的吸引力，因为他们经常坐拥大量拒绝出售的代币。这些交易者经常借钱进行空投并为其他风险交易提供资金。在 Coinbase 看来，Morpho 促成的贷款可以帮助借款人追求更高尚的事业，例如购买汽车或支付房屋费用。

"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.

“我们认为加密货币是为自己积累财富的最佳方式，我们希望确保 Coinbase 是您可以做到这一点的地方，”布兰茨堡说。

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).

在引擎盖下，新设置每一步都为 Coinbase 飞轮提供动力。首先，此次推出为 Coinbase 的前端增加了新的功能。其次，发布 BTC 抵押品的用户正在铸造 cbBTC（Coinbase 在 Base 上的打包比特币）并借入 USDC（Coinbase 的稳定币）。第三，所有这一切都发生在 Base（Coinbase 的第 2 层网络）之上的 Morpho（Coinbase 资助的借贷平台）上。