This BTC loan product looks like the first integration of a passkey-based smart wallet in a major CEX.

Next, CEXs will suddenly "list" every DEX-based token using a similar integration.

In the same UI where you buy CEX tokens, you’ll be able to buy any DEX-based token. Exchanges will use DEX liquidity instead of spinning up their own. 

Users will spend from their CEX balance via a “magic spend” feature (no need to transfer balances to an onchain address first), and the purchased token will land in their onchain smart wallet address.

Super excited to introduce our new Bitcoin-backed loans product.

You can now borrow #USDC instantly (powered by @MorphoLabs @base) in @coinbase! ⚡

- Open Coinbase on mobile (Simple mode)
- Cash tab -&gt; Loans
- Borrow USDC in few clicks

Watch my demo to learn more 👇 https://t.co/n2jPzPaxwU

Sid Ramesh ⚡️

This BTC loan product looks like the first integration of a passkey-based smart wallet in a major CEX.

Next, CEXs will suddenly "list" every DEX-based token using a similar integration.

In the same UI where you buy CEX tokens, you’ll be able to buy any DEX-based token. Exchanges will use DEX liquidity instead of spinning up their own. 

Users will spend from their CEX balance via a “magic spend” feature (no need to transfer balances to an onchain address first), and the purchased token will land in their onchain smart wallet address.
https://x.com/sidrmsh/status/1879905729143873870

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Full thinking here: https://www.kylemccollom.com/10m-new-onchain-users-with-no-new-apps/