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專欄 - 從華爾街到硅谷

SecondMarket將推出比特幣交易平臺(tái)

Dan Primack 2014年02月26日

Dan Primack專注于報(bào)道交易和交易撮合者,從美國(guó)金融業(yè)到風(fēng)險(xiǎn)投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務(wù)。作為一名新聞工作者,Dan還曾在美國(guó)馬薩諸塞州羅克斯伯里經(jīng)營(yíng)一份社區(qū)報(bào)紙。目前他居住在波士頓附近。
全球最大的比特幣交易平臺(tái)之一Mt. Gox面臨破產(chǎn)之時(shí),已經(jīng)在非上市公司股權(quán)交易領(lǐng)域取得了成功的SecondMarket公司卻準(zhǔn)備拆分比特幣業(yè)務(wù),在紐約推出一個(gè)專門(mén)的比特幣交易平臺(tái)。不過(guò),這個(gè)新平臺(tái)的未來(lái)卻面臨著監(jiān)管層面不確定性的挑戰(zhàn)。

????據(jù)《財(cái)富》(Fortune)獲得的消息,非上市公司股權(quán)交易平臺(tái)SecondMarket正拆分旗下的比特幣(Bitcoin)交易業(yè)務(wù),組建一個(gè)獨(dú)立的公司,而新成立的公司最終將包括一個(gè)位于紐約的比特幣交易平臺(tái)。而此時(shí)有消息稱,由于技術(shù)故障導(dǎo)致用戶損失超過(guò)4億美元,全球最受歡迎的比特幣交易平臺(tái)之一Mount Gox或?qū)⒚媾R倒閉。

????SecondMarket的舉措仍需要在公司下周的月度董事會(huì)會(huì)議上得到正式批準(zhǔn),但一切都已準(zhǔn)備就緒。SecondMarket將為新公司提供:

????? 數(shù)字貨幣資產(chǎn)管理。其中包括比特幣投資信托基金,這是美國(guó)首款專門(mén)用于比特幣的投資工具。它與貨幣交易型開(kāi)放式指數(shù)基金(ETF)有些類似,于去年秋天推出。

????? 交易部門(mén):SecondMarket有一支由11人組成的比特幣交易團(tuán)隊(duì),原本只是做市商,但在Gox瓦解之后,現(xiàn)在進(jìn)行雙邊交易。

????? 資金:SecondMarket將為新公司提供約2000萬(wàn)美元的現(xiàn)金和比特幣資產(chǎn)。

????可以說(shuō)最重要的是交易平臺(tái)本身,上周五我在一篇文章中就已經(jīng)暗示過(guò)。它的目標(biāo)是減少比特幣的價(jià)格波動(dòng),方法是通過(guò)每日使用一次或兩次現(xiàn)貨價(jià)格(如黃金現(xiàn)貨價(jià)格),同時(shí)承擔(dān)結(jié)算公司的職能,每個(gè)交易日結(jié)束時(shí)為成員企業(yè)清算所有交易。成員也將在比特幣中投入足夠現(xiàn)金,以保持交易平臺(tái)的流動(dòng)性。

????SecondMarket首席執(zhí)行官巴里?希爾伯特表示,他模仿的是早期的洲際交易所(ICE),他希望在3月底之前一系列創(chuàng)始成員到位(即“席位”模式)。預(yù)計(jì)這些成員將包括華爾街的銀行以及資金雄厚的比特幣初創(chuàng)企業(yè)(如Circle和Coinbase)。非會(huì)員企業(yè)或個(gè)人不得進(jìn)行交易(至少起初如此),但可能會(huì)通過(guò)成員企業(yè)進(jìn)行交易。

????希爾伯特有望成為新公司的首席執(zhí)行官,新公司的股東將是成員企業(yè)以及SecondMarket的現(xiàn)有支持者,如FirstMark Capital以及Social+Capital Partnership。

????希爾伯特拒絕評(píng)論Mount Gox的發(fā)展?fàn)顩r,Mount Gox對(duì)他新建的交易平臺(tái)而言既是挑戰(zhàn)也是機(jī)遇。挑戰(zhàn)在于,Gox的瓦解可能會(huì)導(dǎo)致即使最狂熱的比特幣愛(ài)好者都不再信任比特幣。萊恩?塞爾克斯是一位比特幣企業(yè)家,同時(shí)也是一位博客寫(xiě)手。昨晚,他就Gox的情況寫(xiě)了下面這段話:

????“我認(rèn)為這會(huì)對(duì)比特幣的存在構(gòu)成威脅。很多人非常擔(dān)憂,我本人也通過(guò)Coinbase出售了自己持有的所有比特幣。我是一個(gè)具有風(fēng)險(xiǎn)承受能力的投資者,但我認(rèn)為這將對(duì)比特幣(作為一種貨幣以及一個(gè)新興產(chǎn)業(yè))造成災(zāi)難性的影響?!?/p>

????但是,像希爾伯特這樣成熟的企業(yè)家(他的SecondMarket為Facebook這樣的公司進(jìn)行上市前股份交易并以因此聞名。)卻是一個(gè)機(jī)遇,能夠創(chuàng)立一個(gè)用戶可以信任的比特幣交易平臺(tái)。問(wèn)題的關(guān)鍵在于監(jiān)督。這個(gè)新發(fā)起的交易平臺(tái)目前尚未命名,將會(huì)實(shí)行自我監(jiān)管。但希爾伯特認(rèn)識(shí)到這個(gè)平臺(tái)的未來(lái)很可能取決于紐約金融服務(wù)部。紐約金融服務(wù)部最近剛剛舉行了有關(guān)比特幣的聽(tīng)證會(huì),而希爾伯特曾在聽(tīng)證會(huì)上出席作證。(財(cái)富中文網(wǎng))

????SecondMarket is spinning out its Bitcoin activities into a stand-alone company that eventually will include a New York-based exchange for the cryptocurrency, Fortune has learned. The move comes just as news is breaking that one of the world's most popular Bitcoin exchanges, Mount Gox, may be shutting down after a hack that has cost its users more than $400 million.

????SecondMarket's move still needs to be formally approved during the company's monthly board meeting next week, but all of the pieces already are in place. The new company will receive from SecondMarket:

????? Digital currency asset management. This includes Bitcoin Investment Trust, the first-ever U.S. investment vehicle dedicated exclusively to Bitcoin. It sort of acts like a currency ETF, and was launched last fall.

????? Trading desk: SecondMarket has an 11-person Bitcoin trading team that originally was just a market-maker, but now is on both sides after Mt. Gox began disintegrating.

????? $$: SecondMarket will contribute approximately $20 million in cash and Bitcoin assets toward the new company.

????Arguably more important than all of this is the exchange, which I hinted at in a post last Friday. The goal would be to reduce Bitcoin price volatility, by using spot pricing once or twice per day (like gold spot pricing) and serving as a clearing company in which member firms would clear all transactions by day's end. Members also would keep enough cash in Bitcoin to keep the exchange liquid.

????SecondMarket CEO Barry Silbert says that he's modeling it after the early days of The IntercontinentalExchange (ICE), and that he hopes to have a set of founding members in place by the end of March (i.e., a "seat" model). These members are expected to include Wall Street banks and well-funded Bitcoin startups (think Circle and Coinbase). Non-member firms or individuals would not be allowed to trade -- at least at the outset -- but likely could do business via the member firms.

????Silbert is expected to serve as CEO of the new company, whose shareholders will be both member firms and also existing SecondMarket backers like FirstMark Capital and Social+Capital Partnership.

????He declined to comment on the developing situation at Mount Gox, which seems to represent both a challenge and an opportunity for his new exchange. A challenge because Gox's collapse could cause even the most ardent Bitcoin enthusiasts to distrust the cryptocurrency. Ryan Selkis, a Bitcoin entrepreneur and blogger, wrote the following last night about the Gox situation:

????"I do believe that this is one of the existential threats to bitcoin that many have feared and have personally sold all of my bitcoin holdings through Coinbase. I am a risk tolerant investor, but I believe this will be catastrophic for Bitcoin, both as a currency and as a fledgling industry."

????The opportunity, however, is for an established entrepreneur like Silbert -- whose SecondMarket has been known to trade pre-IPO shares in companies like Facebook -- to create an exchange that Bitcoin users can trust. Key to this may be oversight. The exchange, which does not yet have a name, would launch as a self-regulated organization. But Silbert recognizes that its ultimate future is likely to be under the auspices of the New York Department of Financial Services, which recently held a Bitcoin hearing at which Silbert testified.

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