The Scoop
DeFi should feel 'magical' for average consumers, says Coinbase product director behind new bitcoin-backed loans
Mar 21, 2025
Michael Rihani, Director of Products at Coinbase, is a key player behind the revolutionary bitcoin-backed loan product aimed at everyday consumers. He discusses how this innovative solution bridges decentralized finance and traditional banking, allowing users to unlock liquidity without selling their Bitcoin. Rihani emphasizes making DeFi feel 'magical' through user-friendly designs that attract mainstream users. He also explores the future of DeFi, highlighting the potential for fixed-rate lending and the role of decentralized identity in transforming financial interactions.
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Quick takeaways
- Coinbase's bitcoin-backed loan product simplifies access to DeFi, making it user-friendly by reducing complex procedures to just a few steps.
- The future of DeFi includes innovations like fixed-rate lending and decentralized identity solutions, aiming for greater accessibility and regulatory compliance.
Deep dives
Introduction of Bitcoin-Backed USDC Loans
Coinbase has launched a new product that allows users to borrow USDC cash against their Bitcoin without selling the cryptocurrency. This innovative feature is designed to simplify the DeFi experience for users, particularly those who may not be highly versed in cryptocurrency. By utilizing the existing Coinbase app, users can quickly access loans while avoiding complex separate wallets or seed phrases. The process is streamlined, requiring only a few steps, which have been significantly reduced from the typical 20-step DeFi protocols, allowing users to complete transactions in around 30 seconds.
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