Coinbase 比特幣貸款的回歸

在深入研究恢復比特幣貸款之前，有必要了解 2023 年 7 月之前暫停的比特幣貸款。

Coinbase (NASDAQ:COIN) has brought back Bitcoin-backed loans for its US clientele.

Coinbase（納斯達克股票代碼：COIN）為其美國客戶重新提供了比特幣支持的貸款。

On January 16, 2024, Coinbase announced the relaunch of the service, which it had suspended in July 2023.

2024 年 1 月 16 日，Coinbase 宣布重新推出 2023 年 7 月暫停的服務。

The relaunch comes with two major changes compared to the original.

與原版相比，重新推出有兩個重大變化。

Firstly, the largest loan amount is now $100,000.

首先，現在最大的貸款金額是10萬美元。

Secondly, Morpho, an open-source lending protocol, has partnered with Coinbase to provide the loans.

其次，開源借貸協議 Morpho 已與 Coinbase 合作提供貸款。

Here's a summary of the news and its potential impact on the cryptocurrency market.

以下是該訊息及其對加密貨幣市場潛在影響的摘要。

Coinbase customers can now borrow against their Bitcoin holdings and use the funds for various purposes, such as purchasing a house or starting a business.

Coinbase 客戶現在可以以其持有的比特幣為抵押進行借貸，並將資金用於各種目的，例如購買房屋或創辦企業。

The loans are available in USDC stablecoin, and the interest rates are competitive and vary based on the market conditions.

這些貸款以 USDC 穩定幣形式提供，利率具有競爭力，並根據市場情況而變化。

To obtain a loan, customers need to deposit Bitcoin into their Coinbase account and then apply for the loan through the Coinbase website or mobile app.

要獲得貸款，客戶需要將比特幣存入其 Coinbase 帳戶，然後透過 Coinbase 網站或行動應用程式申請貸款。

Once approved, the loan amount will be credited to their Coinbase USDC Wallet, which they can use to withdraw the funds or make payments.

一旦獲得批准，貸款金額將記入他們的 Coinbase USDC 錢包，他們可以用它來提取資金或付款。

The relaunch of Bitcoin-backed loans by Coinbase is a significant development in the cryptocurrency market.

Coinbase 重新推出比特幣支持的貸款是加密貨幣市場的重大發展。

It marks the return of a popular service that was suspended due to regulatory concerns.

這標誌著因監管問題而暫停的一項受歡迎的服務的回歸。

However, several factors have contributed to the program's reinstatement.

然而，有幾個因素促成了該計劃的恢復。

One reason is the increased interest from customers, who have been requesting the return of Bitcoin loans.

原因之一是客戶的興趣增加，他們一直要求歸還比特幣貸款。

Another factor is the changing regulatory landscape, which has become more clear and supportive of crypto-backed lending.

另一個因素是不斷變化的監管環境，這對加密貨幣支持的貸款變得更加明確和支持。

Additionally, Coinbase has made substantial technological advancements, particularly through its integration with Morpho, which enables it to offer competitive interest rates and a seamless user experience.

此外，Coinbase 還取得了重大技術進步，特別是透過與 Morpho 的集成，使其能夠提供有競爭力的利率和無縫的​​用戶體驗。

The integration with Morpho is expected to have broader implications for the cryptocurrency market.

與 Morpho 的整合預計將對加密貨幣市場產生更廣泛的影響。

Morpho is a decentralized lending protocol that aims to connect borrowers and lenders efficiently.

Morpho 是一種去中心化借貸協議，旨在有效連接借款人和貸方。

By partnering with Coinbase, Morpho gains exposure to a massive user base, which could significantly boost the visibility and adoption of DeFi protocols among mainstream audiences.

透過與 Coinbase 合作，Morpho 獲得了龐大的用戶群，這可以顯著提高 DeFi 協議在主流受眾中的知名度和採用率。

This development may促使prompt other large exchanges to launch similar services, ultimately accelerating the integration of DeFi into traditional finance.

這項發展可能促使其他大型交易所推出類似服務，最終加速 DeFi 與傳統金融的整合。

As a result, we can expect to see a wider range of crypto-backed lending products and services emerging in the future.

因此，我們預計未來會出現更廣泛的加密貸款產品和服務。

Moreover, the relaunch of Bitcoin-backed loans has the potential to impact the cryptocurrency market in several ways.

此外，比特幣支持貸款的重新啟動有可能以多種方式影響加密貨幣市場。

Firstly, it provides users with an alternative option to quickly access liquidity without having to sell their Bitcoin holdings.

首先，它為用戶提供了快速獲取流動性的替代選擇，而無需出售其持有的比特幣。

This could contribute to stabilizing the market, especially during periods of volatility, as users may no longer need to sell their cryptocurrencies to meet short-term financial needs.

這可能有助於穩定市場，特別是在波動時期，因為用戶可能不再需要出售加密貨幣來滿足短期財務需求。

Secondly, the loans can offer tax benefits by allowing users to delay paying capital gains taxes on the borrowed funds.

其次，貸款可以透過允許用戶延遲支付借入資金的資本利得稅來提供稅收優惠。

This strategy could be particularly useful for users who anticipate selling their Bitcoin in the future at a higher price.

對於預計未來以更高價格出售比特幣的用戶來說，這種策略可能特別有用。

However, it's important to note that crypto-backed loans also come with challenges.

然而，值得注意的是，加密貨幣支持的貸款也面臨挑戰。

The value of the collateral can fluctuate significantly, especially in the volatile crypto market, which creates a risk of liquidation if the loan-to-value ratio (LTV) breaches a specified threshold.

抵押品的價值可能會大幅波動，尤其是在波動較大的加密貨幣市場中，如果貸款與價值比率（LTV）突破指定門檻，就會產生清算風險。

In such cases, the lender may forcibly sell the collateral to recover the loan amount.

在這種情況下，貸款人可能會強制出售抵押品以收回貸款金額。

To mitigate this risk, Coinbase has implemented conservative LTVs and clear terms of liquidation, ensuring that users are fully aware of the potential consequences before obtaining a loan.

為了降低這種風險，Coinbase 實施了保守的 LTV 和明確的清算條款，確保用戶在獲得貸款之前充分意識到潛在的後果。

Additionally, Coinbase provides regular updates on the loan status and market conditions to help users make informed decisions.

此外，Coinbase 定期更新貸款狀態和市場狀況，幫助用戶做出明智的決策。

Another challenge lies in the close association of DeFi protocols with smart contracts, which exposes them to potential vulnerabilities.

另一個挑戰在於 DeFi 協定與智慧合約的緊密關聯，這使它們面臨潛在的漏洞。

Bugs in the code, contract failures, or exploits could lead to disruptions in the lending process or even losses for users.

程式碼中的錯誤、合約失敗或漏洞可能會導致借貸過程中斷，甚至導致用戶損失。

To address this, Coinbase has partnered with reliable and thoroughly audited protocols like Morpho, ensuring a high level of security and minimizing the risk of code-related issues.

為了解決這個問題，Coinbase 與 Morpho 等可靠且經過徹底審核的協議合作，確保高水準的安全性並最大限度地降低程式碼相關問題的風險。

Overall, the relaunch of Bitcoin-backed loans by Coinbase is a positive development that caters to the needs of crypto-asset holders in the United States.

總體而言，Coinbase 重新推出比特幣支援的貸款是一個積極的發展，滿足了美國加密資產持有者的需求。

With clear terms, competitive interest rates, and integration with trusted DeFi protocols, Coinbase aims to provide a seamless and beneficial experience for its users.

憑藉明確的條款、有競爭力的利率以及與值得信賴的 DeFi 協議的集成，Coinbase 旨在為其用戶提供無縫且有益的體驗。

While challenges remain, such as the potential for liquidation and the technical risks associated with DeFi, Coinbase's strong user base, regulatory compliance, and commitment to user protection are likely to contribute to the success of this program.

儘管挑戰仍然存在，例如清算的可能性以及與 DeFi 相關的技術風險，但 Coinbase 強大的用戶基礎、監管合規性以及對用戶保護的承諾可能有助於該計劃的成功。