Coinbase 比特币贷款的回归

在深入研究恢复比特币贷款之前，有必要了解 2023 年 7 月之前暂停的比特币贷款。

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

Coinbase（纳斯达克股票代码：COIN）为其美国客户重新提供了比特币支持的贷款。

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 宣布重新推出于 2023 年 7 月暂停的服务。

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

与原版相比，重新推出有两个重大变化。

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

首先，现在最大的贷款金额是10万美元。

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

其次，开源借贷协议 Morpho 已与 Coinbase 合作提供贷款。

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

以下是该消息及其对加密货币市场的潜在影响的摘要。

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 客户现在可以以其持有的比特币为抵押进行借贷，并将资金用于各种目的，例如购买房屋或创办企业。

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

这些贷款以 USDC 稳定币形式提供，利率具有竞争力，并根据市场情况而变化。

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.

要获得贷款，客户需要将比特币存入其 Coinbase 账户，然后通过 Coinbase 网站或移动应用程序申请贷款。

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

一旦获得批准，贷款金额将记入他们的 Coinbase USDC 钱包，他们可以用它来提取资金或付款。

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

Coinbase 重新推出比特币支持的贷款是加密货币市场的重大发展。

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

这标志着因监管问题而暂停的一项受欢迎的服务的回归。

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

然而，有几个因素促成了该计划的恢复。

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

原因之一是客户的兴趣增加，他们一直要求归还比特币贷款。

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

另一个因素是不断变化的监管环境，这对加密货币支持的贷款变得更加明确和支持。

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 还取得了重大技术进步，特别是通过与 Morpho 的集成，使其能够提供有竞争力的利率和无缝的用户体验。

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

与 Morpho 的整合预计将对加密货币市场产生更广泛的影响。

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

Morpho 是一种去中心化借贷协议，旨在有效连接借款人和贷方。

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.

通过与 Coinbase 合作，Morpho 获得了庞大的用户群，这可以显着提高 DeFi 协议在主流受众中的知名度和采用率。

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

这一发展可能会促使其他大型交易所推出类似服务，最终加速 DeFi 与传统金融的融合。

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

因此，我们预计未来会出现更广泛的加密贷款产品和服务。

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

此外，比特币支持贷款的重新启动有可能以多种方式影响加密货币市场。

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

首先，它为用户提供了一种快速获取流动性的替代选择，而无需出售其持有的比特币。

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.

这可能有助于稳定市场，特别是在波动时期，因为用户可能不再需要出售加密货币来满足短期财务需求。

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

其次，贷款可以通过允许用户延迟缴纳借入资金的资本利得税来提供税收优惠。

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

对于预计未来以更高价格出售比特币的用户来说，这种策略可能特别有用。

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

然而，值得注意的是，加密货币支持的贷款也面临着挑战。

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.

抵押品的价值可能会大幅波动，尤其是在波动较大的加密货币市场中，如果贷款价值比 (LTV) 突破指定阈值，就会产生清算风险。

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

在这种情况下，贷款人可能会强制出售抵押品以收回贷款金额。

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.

为了降低这种风险，Coinbase 实施了保守的 LTV 和明确的清算条款，确保用户在获得贷款之前充分意识到潜在的后果。

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

此外，Coinbase 定期更新贷款状态和市场状况，帮助用户做出明智的决策。

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

另一个挑战在于 DeFi 协议与智能合约的紧密联系，这使它们面临潜在的漏洞。

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

代码中的错误、合约失败或漏洞可能会导致借贷过程中断，甚至导致用户损失。

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.

为了解决这个问题，Coinbase 与 Morpho 等可靠且经过彻底审核的协议合作，确保高水平的安全性并最大限度地降低代码相关问题的风险。

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.

总体而言，Coinbase 重新推出比特币支持的贷款是一个积极的发展，满足了美国加密资产持有者的需求。

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

凭借明确的条款、有竞争力的利率以及与值得信赖的 DeFi 协议的集成，Coinbase 旨在为其用户提供无缝且有益的体验。

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.

尽管挑战依然存在，例如清算的可能性以及与 DeFi 相关的技术风险，但 Coinbase 强大的用户基础、监管合规性以及对用户保护的承诺可能有助于该计划的成功。