數字資產貸方萊德（Ledn

該公司在5月23日披露，萊德（Ledn）將不再藉出客戶資產來產生利息。相反，比特幣抵押品將被萊德（Ledn）或其指定資助合作夥伴之一完全拘留。

Digital asset lender Ledn is transitioning to fully collateralized Bitcoin lending and discontinuing support for Ethereum, in moves designed to consolidate its BTC-focused business and further safeguard client assets against credit risks.

數字資產貸款人萊德（Ledn）正在過渡到完全抵押的比特幣貸款，並停止對以太坊的支持，這是旨在鞏固其BTC專注業務的舉動，並進一步保護客戶資產，以防止信用風險。

In adopting a full custody structure for Bitcoin (BTC) loans, Ledn will no longer be lending out client assets to generate interest, the company disclosed on May 23. Instead, Bitcoin collateral will remain in full custody with Ledn or one of its designated funding partners.

該公司於5月23日透露，在採用比特幣（BTC）貸款的完整監護結構（BTC）貸款時，將不再藉出客戶資產來產生利息。相反，比特幣抵押品將與Ledn或其指定的資金合作夥伴之一完全保管。

“This means assets aren’t rehypothecated, reused, or loaned out to generate yield,” Ledn co-founder and CEO Adam Reeds told Cointelegraph.

Ledn聯合創始人兼首席執行官亞當·里德斯（Adam Reeds）告訴Cointelegraph：“這意味著資產不會重新裝扮，重用或借出來產生收益。”

Reeds said the move brings the company back to its roots and aligns more closely with Bitcoin’s founding principles.

里德斯說，此舉使該公司恢復了根源，並與比特幣的創始原則更加一致。

“Bitcoin was created as a direct response to the risks of fractional reserve banking and unchecked use of client assets to generate interest,” said Reed, adding:

里德補充說：“比特幣是作為對分數儲備銀行業務的風險和未經檢查的客戶資產來產生利息的直接回應。”

Bitcoin is best used as money, not an asset to be exploited by lenders for maximal return.

比特幣最好用作金錢，而不是貸方利用最大回報的資產。

However, the company is closing the final chapter on its Ethereum lending operations as part of a broader strategic shift, given that Bitcoin comprises over 99% of Ledn’s client activity.

但是，鑑於比特幣佔LEDN客戶活動的99％以上，該公司將關閉其以太坊貸款業務的最後一章。

“Rather than fragmenting the platform to chase marginal volume, we’re going all-in on Bitcoin and simplifying our stack to reflect what our clients actually value,” said Reed.

里德說：“我們沒有將平台分裂以追逐邊緣量，而是全力以赴，簡化了我們的堆棧以反映客戶實際重視的價值。”

Founded in 2018, Ledn has become one of the largest lenders in the digital asset space, with a loan book value of $9.9 billion, according to Galaxy Research. The company enables Bitcoin holders to borrow against their assets, providing them with liquidity without having to sell their holdings or trigger a taxable event.

根據Galaxy Research的數據，萊德成立於2018年，已成為數字資產領域最大的貸方之一，貸款賬面價值為99億美元。該公司使比特幣持有人能夠借貸其資產，為他們提供流動性，而無需出售其持股或觸發應稅活動。

This approach is commonly used by wealthy investors, who take out low-interest loans against stocks, real estate, and other assets to access cash.

富裕的投資者通常使用這種方法，他們對股票，房地產和其他資產進行低息貸款以獲取現金。

Related: ‘Before Bitcoin, my most successful investment was shorting the Bolivar’ — Ledn co-founder

相關：“在比特幣之前，我最成功的投資是在宣傳玻利瓦爾” - 萊德聯合創始人

Digital assets are disrupting TradFi

數字資產正在破壞Tradfi

Bitcoin’s genesis block was mined in the wake of the global financial crisis in 2008, offering the world a sound money alternative to the inflation-prone fiat monetary system.

在2008年全球金融危機之後，Bitcoin的Genesis Block被開採，為世界提供了容易出現通貨膨脹的菲亞特貨幣體系的合理貨幣替代品。

Bitcoin has since flourished within traditional finance, especially after the successful launch of spot exchange-traded funds (ETFs) in 2024.

此後，比特幣在傳統的財務中蓬勃發展，尤其是在2024年成功推出現貨交易所資金（ETF）之後。

While financial institutions are increasingly embracing Bitcoin, some members of the banking lobby are reportedly concerned about other blockchain innovations disrupting their business models.

儘管金融機構越來越擁抱比特幣，但據報導，銀行大廳的一些成員擔心其他區塊鏈創新破壞了他們的商業模式。

Specifically, the banking lobby is “panicking” over yield-bearing stablecoins, which can pay higher interest rates and other financial incentives that traditional banks have largely abandoned, according to New York University professor Austin Campbell.

紐約大學教授奧斯汀·坎貝爾（Austin Campbell）表示，具體來說，銀行業大廳對承擔屈服的穩定幣感到“驚慌”，這可以支付更高的利率和傳統銀行在很大程度上放棄的其他經濟激勵措施。

Referring to banks as a “cartel,” Campbell said financial institutions rely on fractional reserves to maximize profits while offering depositors minimal interest.

坎貝爾將銀行稱為“卡特爾”，他說，金融機構依靠分數儲備來最大程度地利潤，同時為存款人提供最小的利息。