Base

Crypto-backed loans on @coinbase powered by Morpho.

Now, millions of users can borrow against their BTC on Coinbase.

Yestarday @coinbase launched crypto-backed loans powered by Morpho in its main app!

This is the largest-scale DeFi integration ever, with far-reaching implications for the future of DeFi, Crypto, and the entire financial industry.

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1/ Crypto-backed loans on Coinbase, powered by Morpho.

Borrow USD with Bitcoin collateral, directly within the Coinbase main app. 

Feels like a web2 product (no gas, no chain, no wallet, …) but with the full power of onchain infrastructure (liquidity, efficiency, guarantees on the collateral, …)

Co-founder & CEO at @morpho labs. Making financial infrastructure a public good.

2/ Mass consumer meets DeFi

For the first time ever, a large scale consumer app directly integrates a blockchain network to offer financial services. As outlined in my article published by @FortuneMagzine a few days ago:

- Fintechs/Exchanges in the front.
- DeFi in the back.

x.com/PaulFrambot/status/1878776252472950929

3/ A fundamental change for all finance

This is it. We've reached feature parity with traditional financial services. People now use blockchain technology without even knowing it—and because the infrastructure is open, it will naturally become more competitive and efficient. The flywheel is now in motion, and there's no turning back.

4/ Coinbase

Deeply impressed by what @barmstrong has built—a public company developing at start up speed a financial super-app that fully leverages the power of web3 infra. Crazy.

5/ Onwards

Coinbase and many other exchanges/fintech companies already own their distribution channels. Building on permissionless infrastructure like Morpho will enable them to also own their manufacturing. As more distribution moves onchain, network effects will strengthen and adoption will accelerate. 

This is how every financial service should and will be built, Coinbase is showing the path.