富達Fidelity能否成為加密市場這個不確定性海洋中的定海神針?

2018年10月23日 03:40
来源: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.

作者的觀點:盡管加密貨幣的價格一路下跌,監管法規密度增加,貨幣交易所頻繁被黑,人們還是希望投資加密貨幣,並且會從傳統投資中分配出部分資金來參與。 布朗說:「人們想要盡快加入這一浪潮,因為這是每天媒體報道的必然結果,因為人們總會聽到某個人從投資比特幣裡發財。「 但是仍然有許多投資者在等待市場回升,然後開始動作。據預測,當比特幣再次回到8,000美元到8,500美元時,人們將重新開始行動,爭取搶奪一勺冰淇淋。

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.

現在市場處在低價位徘徊,但近期的盤整遲早要振作。耶魯大學著名的首席投資官David Swensen負責管理的294億美元的endowment基金,已經參與投資了兩筆專門針對加密貨幣的基金。據報道,哈佛大學,斯坦福大學,達特茅斯學院,麻省理工學院和北卡羅來納大學的捐贈基金也至少對一個加密貨幣基金中進行了投資分配。隨著大名鼎鼎的富達Fidelity的加入提供加密貨幣交易和托管服務,機構和零售投資者對加密貨幣的接受和信心毫無疑問會提升。富達數字資產服務公司(Fidelity Digital Assets Services)負責人Tom Jessop表示,無論是富達還是其服務機構都不會因價格波動而改變策略。 「我們不太關註價格。這是一項底層技術,人們正在努力了解這一趨勢,並對現階段資產波動有心裡準備。「 富達的舉動一旦被認為可行有效,會鼓勵更多老牌金融機構效仿。

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.

監管機構,特別是美國證券交易委員會(SEC),已經準備採取行動。 例如,它正在推出一個名為Fintech Hub的門戶網站,與使用區塊鏈,人工智能的公司進行互動。雖然亞洲是加密貨幣網路攻擊數量最多最脆弱的區域,但黑客攻擊美國更受歡迎的交易平臺只是時間問題。Fidelity此時開始提供更安全的交易托管平臺是最恰當不過了。 然而,未來監管機構將如何應對加密貨幣領域的活動,以及如何與金融機構和加密貨幣交易所合作,以防止欺詐和黑客攻擊,我們還將拭目以待。

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.

雖然加密幣像比特幣和以太坊還在努力恢複元氣,但加密幣領域還是迎來了最具影嚮力的一則消息。當大家對未來感覺迷霧叢叢,沒有看漲的信心,監管審查力度加大,零售商不接受也不信賴這類支付方式的時候,Fidelity Investments用他的實際行動在改寫虛擬貨幣市場的現狀和未來。

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.

富達投資正在組建一家名為Fidelity Digital Asset Services的獨立公司,用於處理數字資產托管,安全存儲並為投資者在多個交易所執行交易。 他們的目標是讓投資者可以更容易的交易比特幣等數字資產。 作為行業先鋒,它成為華爾街第一家正式向公眾提供加密貨幣解決方案的公司。

Restoring faith in Cryptocurrency Exchange Platforms 恢複對數字交易平臺的信心

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.

盡管Coinbase,Gemini,BitGo等加密貨幣公司以及高盛和北方信托等銀行正在開發類似的解決方案,但富達是第一家正式開始提供加密貨幣服務的美國大型金融服務公司。 它的巨大規糢(7.2萬億美元的客戶資產,2700萬客戶,13,000個機構客戶)以及過去通過孵化器在人工智能和區塊鏈項目方面的努力將極有可能推動加密貨幣市場的快速增長。 而加密貨幣投資被主流金融服務商認可的事實也將改變公眾對加密貨幣的看法,並為投資者帶來更大的信心。

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.

原因在於它有助於減輕投資加密貨幣的核心風險 – 網路攻擊。 加密貨幣因其分散性和不受監管,使它們暴露於網路攻擊。 如果加密貨幣市場要覆蓋更廣泛的投資者群體,必須建立更安全的交易和托管平臺。 根據CoinDesk的2018年區塊鏈現狀報告,截至6月底,已有16億美元的加密貨幣從客戶手中被盜。 就像股票市場一樣,投資者對貨幣交易的信心直接影嚮市場情緒,從而影嚮市場表現。在今年以來的一系列下滑後,比特幣6月份的Bithumb事件導致其進一步下跌。 與去年12月份的历史高位接近2萬美元相比,跌幅超過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.

與證券交易系統嚴格的基礎和發展體系相比,加密貨幣在短時間裡快速成長,沒有一個長期構建的架構。許多加密貨幣交易所同時收取交易和存儲的費用,這與股票交易所的運作方式相反(只交易,但不為投資者持有證券)。在交易和存儲都發生的平臺上,網路竊賊可以像搶劫銀行一樣方便地搶奪加密貨幣並馬上兌現。紐約網路安全公司BLAKFX的總裁Robert Statica表示,加密貨幣交易所很容易被攻擊,而且攻擊者只需付出很小的努力和費用,就可以獲得最大的投資回報。」富達提供的服務,將從那些大型場外交易公司取得加密資產並將其保存在「冷藏箱」中,即「離線」存儲的方式,類似於將證券存儲在銀行賬戶中,與證券交易所分開。

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,從監管角度來看,富達提供加密貨幣服務可能會帶來更多的行業審查,最終導致更多監管。值得我們拭目以待的是,在不限制加密貨幣發展的同時,在一定程度上加強監管將有助於縮小差距。例如,以交易加密貨幣的最大市場之一南韓來說,監管差距使得交易所不那麼迫切增強安全防衞工作,網路安全和調查公司Kroll總經理Stacy Scott表示。據「華爾街日報」報道,今年早些時候政府對南韓21個加密貨幣交易所檢查發現,由於沒有法律強制執行和懲罰條例,沒有一家公司符合當局制定的85項檢查標準。任何法規都需要非常謹慎地執行,以便不限制加密貨幣空間的增長和發展。將監管局限在安全性的層面,尤其針對網路安全和欺詐,就不會幹擾加密貨幣本身的生態功能和自由流動。

Potential Effects on Institutional Investors 對機構投資者的潛在影嚮

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.

富達的影嚮目前將著重於機構客戶,它的服務向對沖基金,捐贈基金和家族辦公等機構開放,未向零售投資者提供。之前認為,缺乏監管以及配套的後臺服務,使的機構投資者無法接受加密貨幣市場。富達數字資產服務業務將會扮演市場的定海神針,幫助市場成熟,並在更多機構投資者進入市場後變得更加穩定。 Fidelity Investments董事長兼首席執行官Abigail Johnson在一份聲明中表示,「我們的目標是讓比特幣等數字資產更容易被投資者所接受。」 然而,隨著更多傳統金融機構的進入,市場將由它們主導和控制,決定價格。因此,盡快的向零售投資者開發此類服務也很重要,應該只是時間問題了。

Potential Effects on Retail Investors 對零售投資者的潛在影嚮

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.

雖然富達的服務不對散戶投資者開放,但它可以幫助提高大家對加密貨幣的認知,最終向下游擴展到零售人群。當CME Group和CBOE World Markets在2018年初推出其比特幣期貨時,由於擔心價格波動和缺乏監管可能帶來的麻煩,大多數經紀商都不願意將該服務提供給零售客戶。 富達數字資產作為大型機構首次推出加密貨幣服務,雖然他們的服務仍然需要得到驗證和成熟,第一批客戶已經入駐,並在2019年初普遍使用。時間將證明富達是否聰明,到底是抓住先發優勢,還是冒著生命危險去當先鋒。畢竟,一切需要仔細規劃和執行,任何失敗都會為富達帶來嚴重傷害。

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.

為了找出讓散戶投資者接受加密貨幣投資的契機,在線學生貸款機構LendEDU與加密貨幣新聞網站The Daily Hodl合作調查了1000名美國成年人。 接受調查的投資者都沒有擁有數字代幣。 結果是:52%的受訪者表示如果有選擇權,他們會使用他們現有的的經紀賬戶來投資加密貨幣; 59%的投資者表示他們會縮減對股票,債券和其他傳統產品的投資,以便更多地參與加密貨幣; 41%的受訪者表示他們更信任傳統經紀公司,而不是像Coinbase這樣的經紀人。 在加密貨幣投資方面,39%的人甚至會信任亞馬遜,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的研究分析師邁克爾·布朗說:「這與主流社會對虛擬貨幣的總體看法有關。」 「頂在虛擬貨幣頭上的仍然是一片烏雲,加密貨幣聽起來很讓人質疑。 多數人認為他們應存在於暗網。「 LendEDU發現只有44%對加密貨幣投資感興趣的受訪者會考慮使用傳統經紀公司以外的服務商。 布朗說,通過亞馬遜進行數字代幣交易,主要是在乎它建立起來的聲譽。 亞馬遜和傳統經紀公司多年來建立了自己的品牌,在安全性和便利性方面享有一定的聲譽和信任。 像Coinbase這樣的加密貨幣交易所還不是值得信賴的品牌。

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.

這意味著,在選擇加密貨幣交易所時,信譽和信任度至關重要,即使該公司證明了它具有某種程度的專業知識。 富達已經運營了72年,並在金融服務領域建立了強大的實力,完全可以利用自身的資源,吸引散戶投資者使用他們的服務,擴大市場占有率。 調查的另一個觀點是散戶投資者雖然對投資加密資產感興趣,但是他們對非傳統交易平臺沒有信心。 換句話說,他們仍然寧可相信加密貨幣也不願意相信數字交易所。 富達由此可能成為信的過的交易平臺。

 

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