Coinbase推出比特幣（BTC）貸款：訪問流動性而無需出售您的資產

比特幣持有人的長期挫敗感之一是無需出售其資產而無法獲得流動性 - 通常會觸發稅收或錯過未來的收益。

In the dynamic landscape of cryptocurrency, liquidity is king. However, for Bitcoin holders, accessing this liquidity has posed a significant barrier, often requiring the sale of assets, which may result in tax implications or the potential for missing out on future gains. This has been a point of contention, particularly for those seeking to maintain their long-term Bitcoin positions.

在加密貨幣的動態景觀中，流動性是國王。但是，對於比特幣持有人來說，獲得這種流動性已經構成了重大障礙，通常需要出售資產，這可能會導致稅收影響，也可能會導致未來收益的遺漏。這是一個爭論的點，特別是對於那些尋求維持長期比特幣立場的人來說。

Now, Coinbase, the leading U.S. cryptocurrency exchange, is introducing a novel solution with its new loan service, allowing users to unlock the value of their Bitcoin without the need to sell.

現在，美國領先的加密貨幣交易所Coinbase正在用新的貸款服務引入一種新穎的解決方案，使用戶可以在無需銷售的情況下解鎖其比特幣的價值。

Here’s a breakdown of the service, its implications, and the competitive dynamics it brings into play.

這是服務的細分，其含義以及它帶來的競爭動力。

Coinbase Unveils Bitcoin Loans

共插座揭開比特幣貸款

Coinbase is rolling out a service that permits users to take out U.S. dollar loans using their Bitcoin as collateral. This service is being introduced in phases, beginning with a limited beta launch in the U.S. with plans for a broader rollout to eligible users later in the year.

Coinbase正在推出一項服務，該服務允許用戶使用其比特幣作為抵押品收取美元貸款。該服務是在階段引入的，從在美國的Beta推出有限開始，計劃在今年晚些時候向合格用戶推出更廣泛的推出。

The service is designed to be user-friendly, allowing users to apply for a loan in a few clicks, with the funds being deposited into their Coinbase account the next business day. Users can choose their preferred loan term and have the flexibility to repay early without any penalties.

該服務旨在用戶友好，允許用戶單擊幾下申請貸款，下一個工作日將資金存入其Coinbase帳戶。用戶可以選擇其首選的貸款期限，並且可以靈活地提早償還而無需任何罰款。

Coinbase will offer loans based on the value of cbBTC (Coinbase-wrapped Bitcoin), which is fully compatible with the Base ecosystem. This move expands the possibilities for decentralized applications and protocols within the Base chain.

Coinbase將根據CBBTC（Coinbase包裹比特幣）的價值提供貸款，該貸款與基本生態系統完全兼容。此舉擴大了基本鏈中分散應用程序和協議的可能性。

Coinbase’s service is noteworthy as it marks a key development in the realm of institutional-grade digital asset lending. In the past, institutions had limited options for engaging in this domain, often encountering high minimums and intricate processes when attempting to participate in DeFi lending protocols.

Coinbase的服務值得注意，因為它標誌著機構數字資產貸款領域的關鍵發展。過去，機構在參與該領域的選擇有限，在嘗試參與Defi Lengend“協議”時，通常會遇到高最低和錯綜複雜的過程。

Implications for Bitcoin Adoption and DeFi

對比特幣採用和Fefi的影響

Coinbase’s initiative could have several noteworthy implications:

Coinbase的倡議可能具有幾個值得注意的含義：

Increased Incentive for Long-Term Holding: This service may encourage users to hold onto their Bitcoin for longer periods, thereby reducing short-term selling pressure and promoting an environment focused on long-term value accrual. This factor could be pivotal for institutional and retail investors who typically prefer holding liquid assets on their balance sheets or in their investment portfolios.

長期持有的激勵措施增加：這項服務可能會鼓勵用戶長期持有比特幣，從而降低短期銷售壓力並促進集中於長期價值應計的環境。對於通常喜歡在資產負債表或投資組合中持有流動資產的機構和散戶投資者來說，這一因素可能是關鍵的。

Potential for Institutional and Retail Adoption: The service’s integration of cbBTC into the Base ecosystem opens up possibilities for institutional and retail investors to engage more deeply with DeFi.

機構和零售採用的潛力：該服務將CBBTC整合到基本生態系統中，為機構和零售投資者提供了更深入地與DEFI互動的可能性。

Market Impact: A Boost for Bitcoin and DEFI

市場影響：比特幣和Defi的提升

The immediate effect of this feature may be bullish for Bitcoin:

此功能的直接影響可能是比特幣的看漲：

* As mentioned above, this service could translate to less selling pressure on BTC, especially from institutional investors.

*如上所述，這項服務可能會轉化為BTC的銷售壓力較小，尤其是機構投資者。

* Moreover, the use of cbBTC (Coinbase-wrapped Bitcoin) within Base expands the possibilities for decentralized applications and protocols to interact with BTC in a meaningful way. This move could attract more users and developers to the Base ecosystem.

*此外，在基礎內使用CBBTC（Coinbase包裹的比特幣），擴展了以有意義的方式與BTC交互的分散應用程序和協議的可能性。此舉可能會吸引更多的用戶和開發人員進入基本生態系統。

Pressure on Competitors: What Now for Binance, Kraken, and Others?

對競爭對手的壓力：現在，Binance，Kraken和其他人是什麼？

This move from Coinbase puts pressure on its biggest competitors:

從Coinbase的轉變給其最大競爭對手施加了壓力：

* Binance, the world’s largest cryptocurrency exchange, has been expanding its lending service rapidly. However, Binance operates in a gray area in terms of U.S. regulations, which may hamper its ability to attract mainstream institutional and retail investors.

* Binance是世界上最大的加密貨幣交易所，一直在迅速擴大其貸款服務。但是，就美國法規而言，二手股在灰色地區運作，這可能會妨礙其吸引主流機構和散戶投資者的能力。

* Kraken, another major U.S. cryptocurrency exchange, already offers a similar service, but it’s largely focused on institutional investors. Coinbase’s service is more accessible to retail investors.

* Kraken是美國另一個主要的加密貨幣交易所，已經提供了類似的服務，但主要集中在機構投資者上。散戶投資者更容易獲得Coinbase的服務。

* Several DeFi protocols, such as Aave and Compound, also offer crypto lending services. However, these protocols may face difficulties in integrating with U.S. banking institutions and attracting a large user base.

*幾種Defi協議，例如AAVE和COMPOUND，還提供加密貸款服務。但是，這些協議可能面臨與美國銀行機構集成並吸引大型用戶群的困難。

Coinbase’s seamless experience, user trust, and regulatory standing in the U.S. give it a unique edge that many DeFi protocols and offshore exchanges may struggle to match.

Coinbase在美國的無縫經驗，用戶信任和監管地位使其具有獨特的優勢，許多Defi協議和近海交易所可能難以匹配。

Risks and Considerations

風險和考慮因素

Despite its advantages, this loan service isn’t risk-free:

儘管有優勢，但這項貸款服務並非沒有風險：

* As with any financial product, especially in crypto, users should carefully review the terms and associated risks before borrowing.

*與任何金融產品一樣，尤其是在加密產品中，用戶應在藉貸前仔細查看條款和相關風險。

* Additionally, there’s a risk that if Coinbase encounters any difficulties, it may affect the service or users’ ability to access their funds.

*此外，如果Coinbase遇到任何困難，它可能會影響服務或用戶訪問其資金的能力。