2022 年经济衰退之后，加密货币借贷的伤痕正在愈合

Membrane Labs 产品主管 Craig Birchall 表示，创新的结构、有吸引力的收益率和更强的风险管理能力正在推动机构加密借贷市场的复苏。

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 年的加密市场崩盘对许多人来说是毁灭性的事件，但它也凸显了机构加密借贷市场需要加强风险管理实践。然而，在市场崩溃后的两年里，我们看到了令人惊讶的复苏，这在很大程度上要归功于新贷款产品的推出以及贷款机构优先事项的转变。

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 专栏中，数字资产市场机构贷款管理软件提供商 Membrane 的产品主管 Craig Birchall 概述了促成这一复苏的一些关键因素，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.

新参与者：Sygnum、Amina 和 Dukascopy 等瑞士银行已逐渐进入机构加密借贷市场。来自传统金融市场的其他大型机构也正在进入该领域，例如 Cantor Fitzgerald 宣布了一项新的比特币融资业务，初始资金为 20 亿美元。

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.

创新技术：BitGo和Copper等大型托管机构已进入优质融资业务，同时亚太地区也推出了许多新的信贷基金。一些 ETF 发行人也在积极探索如何配置其资产来产生收益，这可能会导致机构更多地参与借贷市场。

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.

重点转移：贷款机构非常重视风险管理、进行详细的实体尽职调查和资产核实，而这些在 2021 年牛市期间是缺乏的。超额抵押贷款已成为贷款活动的主导部分，许多借款人坚持要求他们的抵押品由托管人三方持有。

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

除其他外，这些因素有助于恢复机构加密货币借贷市场的信心，为其持续增长和可持续性铺平道路。