2022 年的蕭條之後，加密貨幣借貸的傷痕正在癒合

Membrane Labs 產品主管 Craig Birchall 表示，創新的結構、有吸引力的收益率和更強的風險管理能力正在推動機構加密借貸市場的復甦。

2022’s crypto market crash was a devastating event for many, but it also highlighted the need for stronger risk management practices in the institutional crypto lending market. In the two years since the market collapsed, however, we’ve seen a surprising recovery, largely thanks to the launch of new lending products and a shift in priorities among lenders.

2022 年的加密市場崩盤對許多人來說是毀滅性的事件，但它也凸顯了機構加密借貸市場需要加強風險管理實踐。然而，在市場崩盤後的兩年裡，我們看到了令人驚訝的復甦，這在很大程度上要歸功於新貸款產品的推出以及貸款機構優先事項的轉變。

In a recent CoinDesk column, Craig Birchall, head of product at Membrane, an institutional loan management software provider for digital asset markets, outlined some of the key factors that have contributed to this recovery, including:

在最近的 CoinDesk 專欄中，數位資產市場機構貸款管理軟體供應商 Membrane 的產品主管 Craig Birchall 概述了促成這項復甦的一些關鍵因素，包括：

New participants: Swiss banks, such as Sygnum, Amina and Dukascopy, have gradually entered the institutional crypto lending market. Other large institutions from traditional financial markets are also moving into the space, such as Cantor Fitzgerald, which announced a new Bitcoin financing business with $2 billion in initial funding.

新參與者：Sygnum、Amina 和 Dukascopy 等瑞士銀行逐漸進入機構加密借貸市場。來自傳統金融市場的其他大型機構也正在進入該領域，例如 Cantor Fitzgerald 宣布了一項新的比特幣融資業務，初始資金為 20 億美元。

Innovative technologies: Large custodians, such as BitGo and Copper, have entered the prime financing business, while many new credit funds have launched in the APAC region. Several ETF issuers are also actively exploring how to deploy their assets to generate yield, which could lead to greater institutional participation in the lending market.

創新技術：BitGo和Copper等大型託管機構已進入優質融資業務，同時亞太地區也推出了許多新的信貸基金。一些 ETF 發行人也在積極探索如何配置其資產來產生收益，這可能會導致機構更多地參與借貸市場。

Shifting priorities: Lenders are placing a heavy emphasis on risk management, conducting detailed entity diligence and verification of assets, which were lacking during the 2021 bull market. Over-collateralized lending has become the dominant share of loan activity, and many borrowers are insisting that their collateral be held in tri-party with a custodian.

重點轉移：貸款機構非常重視風險管理、進行詳細的實體盡職調查和資產核實，而這些在 2021 年牛市期間是缺乏的。超額抵押貸款已成為貸款活動的主導部分，許多藉款人堅持要求他們的抵押品由託管人三方持有。

These factors, among others, have helped to restore confidence in the institutional crypto lending market, paving the way for its continued growth and sustainability.

除此之外，這些因素有助於恢復機構加密貨幣借貸市場的信心，為其持續成長和永續性鋪平道路。