Coinbase推出比特币（BTC）贷款：访问流动性而无需出售您的资产

比特币持有人的长期挫败感之一是无需出售其资产而无法获得流动性 - 通常会触发税收或错过未来的收益。

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.

在加密货币的动态景观中，流动性是国王。但是，对于比特币持有人来说，获得这种流动性已经构成了重大障碍，通常需要出售资产，这可能会导致税收影响，也可能会导致未来收益的遗漏。这是一个争论的点，特别是对于那些寻求维持长期比特币立场的人来说。

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.

现在，美国领先的加密货币交易所Coinbase正在用新的贷款服务引入一种新颖的解决方案，使用户可以在无需销售的情况下解锁其比特币的价值。

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

这是服务的细分，其含义以及它带来的竞争动力。

Coinbase Unveils Bitcoin Loans

共插座揭开比特币贷款

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正在推出一项服务，该服务允许用户使用其比特币作为抵押品收取美元贷款。该服务是在阶段引入的，从在美国的Beta推出有限开始，计划在今年晚些时候向合格用户推出更广泛的推出。

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.

该服务旨在用户友好，允许用户单击几下申请贷款，下一个工作日将资金存入其Coinbase帐户。用户可以选择其首选的贷款期限，并且可以灵活地提早偿还而无需任何罚款。

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将根据CBBTC（Coinbase包裹比特币）的价值提供贷款，该贷款与基本生态系统完全兼容。此举扩大了基本链中分散应用程序和协议的可能性。

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的服务值得注意，因为它标志着机构数字资产贷款领域的关键发展。过去，机构在参与该领域的选择有限，在尝试参与Defi Lengend“协议”时，通常会遇到高最低和错综复杂的过程。

Implications for Bitcoin Adoption and DeFi

对比特币采用和Fefi的影响

Coinbase’s initiative could have several noteworthy implications:

Coinbase的倡议可能具有几个值得注意的含义：

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.

长期持有的激励措施增加：这项服务可能会鼓励用户长期持有比特币，从而降低短期销售压力并促进集中于长期价值应计的环境。对于通常喜欢在资产负债表或投资组合中持有流动资产的机构和散户投资者来说，这一因素可能是关键的。

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.

机构和零售采用的潜力：该服务将CBBTC整合到基本生态系统中，为机构和零售投资者提供了更深入地与DEFI互动的可能性。

Market Impact: A Boost for Bitcoin and DEFI

市场影响：比特币和Defi的提升

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

此功能的直接影响可能是比特币的看涨：

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

*如上所述，这项服务可能会转化为BTC的销售压力较小，尤其是机构投资者。

* 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，在基础内使用CBBTC（Coinbase包裹的比特币），扩展了以有意义的方式与BTC交互的分散应用程序和协议的可能性。此举可能会吸引更多的用户和开发人员进入基本生态系统。

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

对竞争对手的压力：现在，Binance，Kraken和其他人是什么？

This move from Coinbase puts pressure on its biggest competitors:

从Coinbase的转变给其最大竞争对手施加了压力：

* 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货币交易所，一直在迅速扩大其贷款服务。但是，就美国法规而言，二手股在灰色地区运作，这可能会妨碍其吸引主流机构和散户投资者的能力。

* 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是美国另一个主要的加密货币交易所，已经提供了类似的服务，但主要集中在机构投资者上。散户投资者更容易获得Coinbase的服务。

* 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.

*几种Defi协议，例如AAVE和COMPOUND，还提供加密贷款服务。但是，这些协议可能面临与美国银行机构集成并吸引大型用户群的困难。

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在美国的无缝经验，用户信任和监管地位使其具有独特的优势，许多Defi协议和近海交易所可能难以匹配。

Risks and Considerations

风险和考虑因素

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

尽管有优势，但这项贷款服务并非没有风险：

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

*与任何金融产品一样，尤其是在加密产品中，用户应在借贷前仔细查看条款和相关风险。

* 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遇到任何困难，它可能会影响服务或用户访问其资金的能力。