【深度报道】富达Fidelity能否成为加密市场这个不确定性海洋中的定海神针?

2018年10月23日 03:40
來源:香港奇点财经 Wesley Yung

Author’s View: Despite the decline in the price of cryptocurrencies, the increased regulatory scrutiny, hacks of cryptocurrency exchanges, people not only want to invest in cryptocurrencies but would allocate some of the money from traditional investments. Brown said “People wanted to get in on the wave and this is residual from that. It was all over the news. People were seeing every day a person getting rich from investing in Bitcoin.” There is still a very strong demand as a lot of investors, for the time being, are just waiting to see when the market will start picking up and then make their next moves. It is predicted when Bitcoin starts trading between $8,000 and $8,500 again, people will be back in action and get a scoop of the ice cream.

作者的观点:尽管加密货币的价格一路下跌,监管法规密度增加,货币交易所频繁被黑,人们还是希望投资加密货币,并且会从传统投资中分配出部分资金来参与。 布朗说:“人们想要尽快加入这一浪潮,因为这是每天媒体报道的必然结果,因为人们总会听到某个人从投资比特币里发财。“ 但是仍然有许多投资者在等待市场回升,然后开始动作。据预测,当比特币再次回到8,000美元到8,500美元时,人们将重新开始行动,争取抢夺一勺冰淇淋。

The market may be fairly static at a low price level now but recent activities will only help lift the market sooner or later. Yale’s well-known chief investment officer, David Swensen, who manages the school’s $29.4 billion endowment, has invested in two funds dedicated to cryptocurrencies. Other endowments — for Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology and the University of North Carolina — have also reportedly made allocations in at least one cryptocurrency fund. With big name Fidelity now joining to provide cryptocurrency trading and custody services, acceptance and confidence among institutional and retail investors for cryptocurrencies will without a doubt move up.  Tom Jessop, head of Fidelity Digital Assets Services, said neither Fidelity nor institutions it services are distracted by price. He compared the technology’s long-term potential with moving financial services to the internet.  “We don’t focus too much on the price. It’s a foundational technology — people are trying to get exposure to the trend and expect volatility in the assets themselves.” The move by Fidelity may encourage more big name financial institutions to follow suit and get a share of the market once Fidelity can prove its capability.

现在市场处在低价位徘徊,但近期的盘整迟早要振作。耶鲁大学著名的首席投资官David Swensen负责管理的294亿美元的endowment基金,已经参与投资了两笔专门针对加密货币的基金。据报道,哈佛大学,斯坦福大学,达特茅斯学院,麻省理工学院和北卡罗来纳大学的捐赠基金也至少对一个加密货币基金中进行了投资分配。随着大名鼎鼎的富达Fidelity的加入提供加密货币交易和托管服务,机构和零售投资者对加密货币的接受和信心毫无疑问会提升。富达数字资产服务公司(Fidelity Digital Assets Services)负责人Tom Jessop表示,无论是富达还是其服务机构都不会因价格波动而改变策略。 “我们不太关注价格。这是一项底层技术,人们正在努力了解这一趋势,并对现阶段资产波动有心里准备。“ 富达的举动一旦被认为可行有效,会鼓励更多老牌金融机构效仿。

Regulators, specifically the U.S. Securities and Exchange Commission (SEC), have already been preparing for actions. For instance, it is launching a portal called Fintech Hub to engage with companies using blockchain, artificial intelligence and more. While Asia is the most vulnerable area with the highest number of cryptocurrency cyberattacks, it is just a matter of time before cyberthieves target more popular trading platforms in the U.S. A potentially more secured trading and custody platform provided by Fidelity comes at the right time. However, It is interesting to see how regulators will react to the recent activities in the cryptocurrency space and how they will work with financial institutions and cryptocurrency exchanges to prevent frauds and hacks while also allowing the space to grow at its own pace.

监管机构,特别是美国证券交易委员会(SEC),已经准备采取行动。 例如,它正在推出一个名为Fintech Hub的门户网站,与使用区块链,人工智能的公司进行互动。虽然亚洲是加密货币网络攻击数量最多最脆弱的区域,但黑客攻击美国更受欢迎的交易平台只是时间问题。Fidelity此时开始提供更安全的交易托管平台是最恰当不过了。 然而,未来监管机构将如何应对加密货币领域的活动,以及如何与金融机构和加密货币交易所合作,以防止欺诈和黑客攻击,我们还将拭目以待。

See full report below 正文如下:

While cryptocurrencies such as Bitcoin and Ethereum are still struggling to recover, the cryptocurrency space is having likely one of the most impactful news of its time. The future of cryptocurrencies is being filled with fog as it has failed to continue with the bullish trend, regulators have increased scrutiny and the general retailers haven’t accepted it as a trustworthy payment method. However, a recent move by Fidelity Investments might be changing the status quo and future of the virtual currency market.

虽然加密币像比特币和以太坊还在努力恢复元气,但加密币领域还是迎来了最具影响力的一则消息。当大家对未来感觉迷雾丛丛,没有看涨的信心,监管审查力度加大,零售商不接受也不信赖这类支付方式的时候,Fidelity Investments用他的实际行动在改写虚拟货币市场的现状和未来。

Fidelity Investments is forming a new and separate company called Fidelity Digital Asset Services, which will handle custody, safely store digital assets and execute trades on multiple exchanges for investors. Their goal is to make digital native assets such as Bitcoin more accessible to investors. Fidelity can be called a pioneer as it is the first Wall Street incumbent to officially provide cryptocurrency solutions to the public.

富达投资正在组建一家名为Fidelity Digital Asset Services的独立公司,用于处理数字资产托管,安全存储并为投资者在多个交易所执行交易。 他们的目标是让投资者可以更容易的交易比特币等数字资产。 作为行业先锋,它成为华尔街第一家正式向公众提供加密货币解决方案的公司。

Restoring faith in Cryptocurrency Exchange Platforms 恢复对数字交易平台的信心

Although cryptocurrency companies like Coinbase, Gemini, BitGo, and banks like Goldman Sachs and Northern Trust are having or working on similar solutions, Fidelity is the first big U.S.-based financial services company to officially provide cryptocurrency services. Its big size ($7.2 trillion in customer assets, 27 million customers, 13,000 institutional clients) and past efforts to develop technology through incubators that house artificial intelligence and blockchain projects will very likely help push forward the growth of the crytocurrency market. The fact that the cryptocurrency investment is now adopted by a recognised financial services provider will also change the general public’s perception of cryptocurrencies and drive greater confidence for investors.

尽管Coinbase,Gemini,BitGo等加密货币公司以及高盛和北方信托等银行正在开发类似的解决方案,但富达是第一家正式开始提供加密货币服务的美国大型金融服务公司。 它的巨大规模(7.2万亿美元的客户资产,2700万客户,13,000个机构客户)以及过去通过孵化器在人工智能和区块链项目方面的努力将极有可能推动加密货币市场的快速增长。 而加密货币投资被主流金融服务商认可的事实也将改变公众对加密货币的看法,并为投资者带来更大的信心。

The reason is that it helps alleviate the core risk of investing in cryptocurrencies – cyberattacks. Cryptocurrencies are partly famed for its decentralized and unregulated natures, which can expose them to cyberattacks. If the cryptocurrency market were to reach a wider investor crowd, it would have to remove certain vulnerabilities of cryptocurrencies and build more secured trading and custody platforms. According to CoinDesk’s 2018 State of Blockchain Report, $1.6 billion in cryptocurrencies had been stolen from clients as of the end of June. Just like the stock market, investors’ confidence in crytocurrency exchanges directly impacts market sentiment and hence the market performance. Bitcoin dropped further after the Bithumb incident in June following a serious decline so far this year. Bitcoin is down more than 50 percent from its record high near $20,000 in December.

原因在于它有助于减轻投资加密货币的核心风险 – 网络攻击。 加密货币因其分散性和不受监管,使它们暴露于网络攻击。 如果加密货币市场要覆盖更广泛的投资者群体,必须建立更安全的交易和托管平台。 根据CoinDesk的2018年区块链现状报告,截至6月底,已有16亿美元的加密货币从客户手中被盗。 就像股票市场一样,投资者对货币交易的信心直接影响市场情绪,从而影响市场表现。在今年以来的一系列下滑后,比特币6月份的Bithumb事件导致其进一步下跌。 与去年12月份的历史高位接近2万美元相比,跌幅超过50%。

Compared to a rigid foundation and development of the stock exchange system, the cyptocurrency exchanges have been developing rapidly in a short period of time without much long-established structure. Many cryptocurrency exchanges charge fees for trading and storing currencies for customers at the same time. This is in contrary to how stock exchanges work, where they facilitate trading but do not hold securities for investors. On a platform where both the trading and storage of assets take place, cyberthieves that manage to break in can conveniently rob a crytocurrency exchange just like robbing a bank – get hold and cash out the cryptocurrencies. Cryptocurrency exchanges are “easy to breach, with minimum effort and expense from attackers and with maximum return on investment,” said Robert Statica, president of BLAKFX, a cybersecurity firm in New York. The services provided by Fidelity, where it will source the assets from large over-the-counter crypto trading firms and hold them in custody in “cold storage”, a way to store cryptocurrencies “offline”, are similar to storing securities in bank accounts separated from the stock exchanges. This innovative service will certainly make the life of cyberthieves harder.

与证券交易系统严格的基础和发展体系相比,加密货币在短时间里快速成长,没有一个长期构建的架构。许多加密货币交易所同时收取交易和存储的费用,这与股票交易所的运作方式相反(只交易,但不为投资者持有证券)。在交易和存储都发生的平台上,网络窃贼可以像抢劫银行一样方便地抢夺加密货币并马上兑现。纽约网络安全公司BLAKFX的总裁Robert Statica表示,加密货币交易所很容易被攻击,而且攻击者只需付出很小的努力和费用,就可以获得最大的投资回报。”富达提供的服务,将从那些大型场外交易公司取得加密资产并将其保存在“冷藏箱”中,即“离线”存储的方式,类似于将证券存储在银行账户中,与证券交易所分开。

However, from a regulatory perspective, it is likely that the adoption by Fidelity to provide cryptocurrency services would attract more scrutiny and ultimately more regulation. It is worth being more patient to see how government regulation and the cryptocurrency space can be integrated while not limiting the development of cryptocurrencies. Tighter regulation to a certain degree will be beneficial in closing the regulatory gaps. For instance, in the case of South Korea, one of the biggest markets for trading cryptocurrencies, regulatory gaps have made it less compelling for exchanges to step up security effort, said Stacy Scott, managing director at cybersecurity and investigations frim Kroll. According to Wall Street Journal, a government inspection of 21 cryptocurrency exchanges in South Korea earlier this year found that no firm met all 85 inspection standards established by authorities, but there is no law to enforce and penalize exchanges. Any regulations will need very careful execution in order not to limit the growth and development of the cryptocurrency space, after all, the space is built upon a free and independent ecosystem. It will be more reasonable to limit the regulation to the security layer, specifically cybersecurity and fraud, without interfering the functionality and free flow of the cryptocurrency ecosystem.

然而,从监管角度来看,富达提供加密货币服务可能会带来更多的行业审查,最终导致更多监管。值得我们拭目以待的是,在不限制加密货币发展的同时,在一定程度上加强监管将有助于缩小差距。例如,以交易加密货币的最大市场之一韩国来说,监管差距使得交易所不那么迫切增强安全防卫工作,网络安全和调查公司Kroll总经理Stacy Scott表示。据“华尔街日报”报道,今年早些时候政府对韩国21个加密货币交易所检查发现,由于没有法律强制执行和惩罚条例,没有一家公司符合当局制定的85项检查标准。任何法规都需要非常谨慎地执行,以便不限制加密货币空间的增长和发展。将监管局限在安全性的层面,尤其针对网络安全和欺诈,就不会干扰加密货币本身的生态功能和自由流动。

Potential Effects on Institutional Investors 对机构投资者的潜在影响

The impact by Fidelity will be most prominent in institutional clients as for now, its services are available to institutions such as hedge funds, endowments and family offices but not to retail investors yet. It is argued that the lack of custody and other back office services by brand name financial companies has kept the institutional investors from embracing the cryptocurrency market. Fidelity Digital Asset Services can act as an anchor for the marketplace that currently drifts in the sea of uncertainty, helping the marketplace to mature and become more stable once more institutional investors enter the market. “Our goal is to make digitally-native assets, such as Bitcoin, more accessible to investors,” Abigail Johnson, chairman and chief executive of Fidelity Investments, said in a statement. However, it is not without concern that as more traditional financial institutions enter, the market will be dominated and controlled by them, influencing the price level of cryptocurrencies. Therefore It is also important to provide the service to retail investors anytime soon and it is just a matter of time before it trickles down to them.

富达的影响目前将着重于机构客户,它的服务向对冲基金,捐赠基金和家族办公等机构开放,未向零售投资者提供。之前认为,缺乏监管以及配套的后台服务,使的机构投资者无法接受加密货币市场。富达数字资产服务业务将会扮演市场的定海神针,帮助市场成熟,并在更多机构投资者进入市场后变得更加稳定。 Fidelity Investments董事长兼首席执行官Abigail Johnson在一份声明中表示,“我们的目标是让比特币等数字资产更容易被投资者所接受。” 然而,随着更多传统金融机构的进入,市场将由它们主导和控制,决定价格。因此,尽快的向零售投资者开发此类服务也很重要,应该只是时间问题了。

 

Potential Effects on Retail Investors 对零售投资者的潜在影响

Although the Fidelity’s services are not available to retail investors, it could help boost the validity of cryptocurrencies, eventually expanding downstream to the retail crowd.  When the CME Group and CBOE World Markets launched their Bitcoin futures in the early 2018, most of the online brokerages were reluctant to offer it to their retail clients due to the worry that the price fluctuation and lack of regulatory oversight could get their customers in trouble. The launch of Fidelity Digital Asset Services acts as a approval of the cryptocurrency space first time by a large institution. Having said that, their services still need to be proven and mature while it is in the process of onboarding its first clients now and become generally available sometime in early 2019. Time will tell if Fidelity is smart enough to capture the first mover advantage in this space or it has risked its life in the hope of becoming a pioneer. After all, there needs to be careful planning and execution and any failure will cause Fidelity serious harm.

虽然富达的服务不对散户投资者开放,但它可以帮助提高大家对加密货币的认知,最终向下游扩展到零售人群。当CME Group和CBOE World Markets在2018年初推出其比特币期货时,由于担心价格波动和缺乏监管可能带来的麻烦,大多数经纪商都不愿意将该服务提供给零售客户。 富达数字资产作为大型机构首次推出加密货币服务,虽然他们的服务仍然需要得到验证和成熟,第一批客户已经入驻,并在2019年初普遍使用。时间将证明富达是否聪明,到底是抓住先发优势,还是冒着生命危险去当先锋。毕竟,一切需要仔细规划和执行,任何失败都会为富达带来严重伤害。

To find out what it will take for retail investors to embrace cryptocurrency investing, LendEDU, the online student loan lender teamed with The Daily Hodl, the cryptocurrency news website, to survey 1,000 U.S. adults that invest via a brokerage account that doesn’t offer cryptocurrency trading. None of the investors surveyed own digital tokens. The results are: 52% of respondents said they are likely to use their brokerage accounts to invest in cryptocurrencies if they had the option; 59% of those investors said they would scale back investments in stocks, bonds, and other traditional products to invest more in cryptocurrencies; 41% of those polled said they would trust a traditional brokerage over the likes of Coinbase, the leading operator of a cryptocurrency exchange; 39% would even trust Amazon.com over Coinbase when it comes to handling cryptocurrency investments.

为了找出让散户投资者接受加密货币投资的契机,在线学生贷款机构LendEDU与加密货币新闻网站The Daily Hodl合作调查了1000名美国成年人。 接受调查的投资者都没有拥有数字代币。 结果是:52%的受访者表示如果有选择权,他们会使用他们现有的的经纪账户来投资加密货币; 59%的投资者表示他们会缩减对股票,债券和其他传统产品的投资,以便更多地参与加密货币; 41%的受访者表示他们更信任传统经纪公司,而不是像Coinbase这样的经纪人。 在加密货币投资方面,39%的人甚至会信任亚马逊,而不是Coinbase。

“It ties into the overall perception of virtual currency,” said Michael Brown, research analyst at LendEDU. “There’s still a dark cloud over virtual currency and even the name cryptocurrency sounds a little bit sketchy to be people. They think its used in the dark web and not for the best reasons. They don’t fully understand.” LendEDU found that only 44% of the survey respondents who had interest in cryptocurrency investing would do it outside their traditional brokerage. As for trading in digital tokens via Amazon, that too could be because of its reputation, said Brown. Amazon and traditional brokerage firms have established its brand name for years, with a certain level of reputation and trust in its security and convenience. Cryptocurrency exchanges like Coinbase have yet to established a trustworthy brand name.

LendEDU的研究分析师迈克尔·布朗说:“这与主流社会对虚拟货币的总体看法有关。” “顶在虚拟货币头上的仍然是一片乌云,加密货币听起来很让人质疑。 多数人认为他们应存在于暗网。“ LendEDU发现只有44%对加密货币投资感兴趣的受访者会考虑使用传统经纪公司以外的服务商。 布朗说,通过亚马逊进行数字代币交易,主要是在乎它建立起来的声誉。 亚马逊和传统经纪公司多年来建立了自己的品牌,在安全性和便利性方面享有一定的声誉和信任。 像Coinbase这样的加密货币交易所还不是值得信赖的品牌。

What this means is that it is reputation and trust that matter when it comes to choosing cryptocurrency exchange even one has proved a certain degree of expertise. Fidelity has been in operations for 72 years and has established a strong presence in financial services that can leverage resources from itself. For this reason, it is not too difficult for them to also attract retail investors to use their services, expanding the overall market and footprint of the cryptocurreny market. The other takeaway from the survey is that retail investors are still interested in investing in cryptocurencies, they just don’t have confidence in non-traditional exchange platforms in general. In other words, they still trust the coins but not the exchanges. Fidelity could well be their first brand name trading platform to restore their confidence.

这意味着,在选择加密货币交易所时,信誉和信任度至关重要,即使该公司证明了它具有某种程度的专业知识。 富达已经运营了72年,并在金融服务领域建立了强大的实力,完全可以利用自身的资源,吸引散户投资者使用他们的服务,扩大市场占有率。 调查的另一个观点是散户投资者虽然对投资加密资产感兴趣,但是他们对非传统交易平台没有信心。 换句话说,他们仍然宁可相信加密货币也不愿意相信数字交易所。 富达由此可能成为信的过的交易平台。

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