纳斯达克投资区块链多少钱,纳斯达克上市的区块链

请查看相关英文文档

㈠ What is STO and what is 1CO? What is the relationship between STO and 1CO and IPO?

Introduction to STO
According to the block crypto report, Nasdaq trading in the United States The exchange is planning to launch a tokenized securities platform. To this end, Nasdaq is negotiating with the blockchain technology company Symbiont to reach relevant cooperation. This means that some start-ups or enterprises will be able to conduct more flexible financing under the corresponding regulations in the United States.

Some people think that STO is the 2.0 version of IPO, some think that STO is a legalized ICO, and many people even claim that the future will be dominated by STO. Is STO really so magical? Lianhu Finance will help you quickly and comprehensively understand STO through the following five questions.

What exactly is STO and how is it different from IPO and ICO?

STO, the full name of Security Token Offer, is a securities issuance using tokens as a carrier. Under a certain regulatory framework, external financing is carried out through non-public offering and public offering, which can be used in reality. Tokenization of existing financial assets or rights, such as company equity, debt, intellectual property, trust shares or physical assets such as gold and jewelry, can be converted into digital assets on the chain.

To compare Security Token and securities, when purchasing securities, the transaction is completed by signing on paper, while ST confirms the ownership of assets through blockchain transactions.

ICO is a decentralized financing method through virtual currency. Start-up projects can raise funds by issuing tokens, which can be used as certificates for future use of corresponding blockchain projects and can also be traded in the secondary market, but they are not backed by physical assets.

Because it is not subject to regulation and threshold restrictions, the issuance cost is extremely low. This also makes ICOs prone to problems such as illegal fund-raising and pyramid schemes, which are extremely risky.
IPO is the most familiar financing method for most investors. Compared with ICO, IPO is expensive and time-consuming. It may even take up to 6 months or more to complete. It also needs to meet There are many conditions such as issuance regulations, regulatory requirements and information disclosure.

STO is more like a buffer zone between IPO and ICO, integrating advantages and avoiding risks. It not only has the attributes of securities, but also accepts the supervision of securities regulatory agencies in various countries. , also uses blockchain technology to achieve more efficient operations.
What are the advantages of STO?

STO is based on actual assets and is issued using tokens as a carrier. To a certain extent, it can be regarded as a legal and compliant ICO, which has achieved a lot in terms of supervision, efficiency and cost.Good balance.

Easy to regulate and regulate. Compared with the chaos in the market caused by ICO, STO projects all need to go through compliance review. The project code, team background, project products, etc. will all be strictly screened. This can effectively eliminate inferior projects and purify the current chaotic market environment.

Expand financing channels. Compared with the high threshold of IPO, STO expands the field of securities tokenization and lowers the threshold for user access. Anyone and any asset can participate, which greatly improves the global liquidity of high-quality assets.

Reduce financing costs. STO eliminates the need for middlemen, simplifies procedures, saves time, increases speed, and reduces costs. It is superior to IPO in terms of financing efficiency, financing time, financing cost, financing area, information symmetry, etc., and is more suitable for dual Start-up enterprises, high-tech small and medium-sized enterprises.

What is the current development status of STO?

There are currently some STO attempts on the market, but they are still in the exploratory trial stage.

In February 2018, the Canadian Securities Exchange (CSE) announced that it would launch a securities clearing and settlement platform based on the Ethereum blockchain. Companies using this blockchain platform can provide investors with To raise funds through security token issuance (STO), companies issuing tokens through the CSE platform will be fully supervised by the corresponding securities commission.

In June 2018, the US Securities Regulatory Commission accepted the Form D submitted by the exchange Blockchain.io for exemption from registration in accordance with Regulation D. The exchange is also said to be registered by the French Financial Prudential Regulation Authority (Autorité de contrle prudentiel et de résolution). This is the first digital asset exchange to be “registered” with the above two regulatory agencies at the same time.

On September 11, 2018, Ethereum developer Stephane Gosselin announced a new proposal, Security Token — “ERC1400”, as a new standard that makes Token interchangeable (fungible). Combined with securities-related business scenarios, a set of common interfaces are designed. The new proposal focuses on regulatory functions and aims to facilitate users to issue securities on the Ethereum network in a legal and compliant manner.

In October 2018, Nasdaq entered into negotiations with Symbiont to plan the launch of a new platform dedicated to tokenized securities.

What challenges does STO face?

As an emerging market, the concept and vision of STO are undoubtedly wonderful, but it also faces some problems that need to be solved in actual financing applications.

First of all,STO is still in the exploratory stage, and no country has yet relaxed its securities laws regarding the issuance of security tokens. When securitization tokens only tokenize traditional securities, STO mergers and acquisitions must be carried out from the perspective of current laws and regulations. Not a big advantage.

Secondly, in order to make tokens compliant, how will regulatory agencies weigh the market, and the establishment of review standards and procedures will also be a very cumbersome process.

Thirdly, the other side of excessive asset liquidity is the potential for huge price fluctuations, and this risk is also uncontrollable.

Finally, even if STO is tokenized under supervision, as long as it becomes Internet-based, it will not be immune to the threat of hackers. Technical security is a key issue that needs to be broken through.

What do experts think of STO?

Fang Jun of Ringier Finance said that STO is a vague concept. Is it for institutional financing or for the public? For institutional and corporate investors, existing corporate equity arrangements are available.

For the public, let’s go for compliance. The SEC’s regulations are clearly there. For institutional and corporate investors, hasn’t Nasdaq’s Linq been done long ago? It is fully compliant.

High-chain Capital Chen Yuzhang said that STO is an innovation, but it cannot solve real problems.

The underlying logical question behind STO: Who can discover good companies better, retail investors (including big C) or professional institutional investors? Whose money would a good company rather take? Asset securitization is not a real demand, it is a speculative behavior. If the blockchain wants to prove itself in STO, it needs to answer this question: How does it improve productivity?

Xinruibao Chuzhuang said that the corporate system of the company will be fragmented, and the resulting equity, debt, and even the currency itself will be redefined. The main area of ​​future investment may no longer be equity in the traditional sense.

STO may be the direction, but the specific form and model still need to continue to evolve. Supervision is lagging behind, and new wine cannot be put into old bottles. In the capital market, supervision is never neutral, but a party participating in the game. And regulation is never effective, regulation fails to achieve its stated goals.

Token economics researcher Chen Zhipeng said that most of the existing STOs correspond to financial assets such as equity, debt or real estate investment trusts of real companies. If existing securities are simply tokenized, So it is true that there is insufficient innovation and the value generated is limited. It is just a simple mapping of securities on the blockchain.

Nasdaq CEO Friedman once said: "If you decide to do an ICO in a regulated way, then we would be happy to figure out if there is an opportunity to work with people."

It can be seen that Nasdaq, which has a cautious attitude towards crypto assets, is not interested in issuing securitization agents.As early as 2015, Nasdaq implemented the use of Linq blockchain technology for securities trading.

At a time when global logic has shifted to the pursuit of asset liquidity, Nasdaq’s active exploration of STO will accelerate the arrival of the legalized ICO era.

㈡ Tiffany & Co. Limited Edition NFT is launched, with a total of 250 pieces

Tiffany & Co. Limited Edition NFT is launched, with a total of 250 pieces

Tiffany & Co. Limited Edition NFT is launched, with a total of 250 pieces. It is reported that NFTiff will be launched online on August 5, and the NFT will not be airdropped. Each customer can purchase up to 3 NFTiffs, and Tiffany’s limited edition NFT is launched, with a total of 250.

Tiffany launches limited edition NFT, with a total of 250 pieces 1

Tiffany, an American jewelry company owned by Louis Vuitton, is preparing to enter the NFT field.

On July 31, Tiffany released a pixel-style promotional video on its social media, announcing that it would officially launch its NFT on August 5. Tiffany extracted and combined the nouns "NFT" and "Tiffany" to name its first set of NFTs "NFTiffs".

It is reported that the "NFTiffs" series is limited to 250 pieces, each priced at 30 Ethereum (ETH). According to the latest price estimate before publication, each Tiffany NFT is worth US$51,000, and each user is limited to purchasing three.

Unlike most NFTs in the currency field, which are just pictures and videos, the "NFTiffs" series not only has unique digital certificates in the blockchain, but also includes a digital certificate designed by Tiffany craftsmen. Made of gemstone pendant.

Jiemian News learned that this series of NFTs are technically supported by the blockchain cloud storage company "Chain". The company was established in 2014 and its investors are Citibank, Nasdaq, Visa and other well-known investors. Financial Institutions.

The jewelry design is performed by Tiffany & Co. The size of the pendant is about 30mm*20mm, and the materials are sapphire, amethyst, etc. Tiffany promises that each pendant will be made with at least 30 gemstones or diamonds.

Tiffany plans to use pendants to restore the image of the "Cryptopunks" series of NFTs. This series of NFTs is pixel style and is composed of 87 parts and 159 colors, with a total of 10,000 pieces. Tiffany said it would use the most similar gem or enamel color.

Tiffany emphasized that buyers in October will receive renderings of the pendant works, but buyers will not be able to participate in the design process or provide feedback on the color rendering.

This also means that Tiffany’s first batch of 250 NFT pendants can only be sold to “Cryptopunks” holders, andCustomized based on the "Cryptopunk" image it holds. If you want to own a "Cryptopunks" NFT, the current floor price has reached 69.4ETH (Ethereum), which is approximately US$117,000.

Compared with the "Boring Ape" (BYAC) series of NFTs that have swept the world in the past year, "Cryptopunks" are slightly less famous, but their symbolic meaning and economic Attributes are irreplaceable in the entire NFT world. BYAC and the Cryptopunks series both belong to Yuga Labs.

NFTGO data shows that the current total transaction volume of the "Cryptopunks" series of NFTs has exceeded US$2.3 billion, ranking first among all NFT fashion brands. As an ancient NFT series that appeared in 2017, it is currently the world's largest NFT series. Among the 10 most expensive NFTs, "Cryptopunks" occupied 5 seats. The most expensive one, "CryptoPunk #7523", was auctioned by Sotheby's for a sky-high price of US$11.8 million.

Therefore, the current NFT holders of the "Cryptopunks" series are all emerging "high-net-worth users" and are also the first choice for Tiffany to test the NFT waters.

Tiffany got involved in NFT as early as March this year. It purchased the "Okapi NFT" for US$380,000 and set it as the company's avatar on Twitter.

Tiffany has also tried this "cryptopunk" version of the pendant. In April, Tiffany created a pendant for its executive vice president of products and communications, Alexandre Arnault, featuring the image of “CryptoPunk #3167,” which he owned. It is reported that the pendant is made of rose gold set with sapphires, rubies and yellow diamonds.

Tiffany’s new product launch is similar to the previous supercar NFT under Chevrolet Auction. They are both new marketing plans that combine the NFT concept with physical sales.

Tiffany’s limited edition NFT is launched, with a total of 250 pieces 2

Recently, the American jewelry brand Tiffany announced that it will launch its first NFT series “NFTiff” to CryptoPunk holders. The supply of this product will be limited to 250. will entitle the owner to request a custom pendant to be designed on their Punk containing gemstones and diamonds.

It is reported that NFTiff will be launched on August 5, and the NFT will not be airdropped. Each customer can purchase up to 3 NFTiffs, and the pendant costs 30 ETH.

It is understood that the pendants will be in 18k rose gold or yellow gold tones, and each pendant will contain at least 30 gemstones and diamonds, with the CryptoPunk version number engraved on the back. Owners will also receive a digital rendering of the pendant and a certificate of authenticity. Estimated delivery time for physical goodsfor early 2023, but a digital version of NFTiff will be available to view after final renderings are completed.

According to previous news in March, Tiffany entered the NFT field for the first time and purchased Rocket Factory’s Okapi NFT series. It reportedly purchased the NFT for $380,000 and set it as the company's profile picture on Twitter.

In April, Tiffany also created a pendant for Alexandre Arnault, the company’s executive vice president of products and communications, that featured his own CryptoPunk #3167, which was made of rose gold and encrusted with Sapphires, rubies and yellow diamonds.

NFTiff has a statement at the bottom of its page saying it is powered by Chain. Chain is a blockchain-based technology company founded in 2014 and has received funding from Capital One, Nasdaq, and Visa, among others.

Tiffany’s limited edition NFT is launched, with a total of 250 pieces3

As a well-known luxury company, TiffanyCo. is promoting its own “non-fungible token” (NFT) and named it “NFTiff” . On Friday, the company launched a collection of 250 NFTs, priced at a whopping 30 ETH/$50,000 each — making it one of the most expensive public sales in NFT history.

Although there are many NFTs sold at auctions or through secondary markets such as OpenSea for exorbitant prices, their pricing is usually not so outrageous at the time of the initial public offering.

Most creators launching NFT collectibles rarely price their NFTs above 0.1 ETH / $160. Even the currently popular “Boring Ape” (BAYC) was priced at only 0.08 ETH at the time.

However, as a well-known luxury goods company, TiffanyCo.’s newly launched NFT collection is not specifically aimed at the currency community, but at those NFT collectors who are “not short of money”.

It is worth mentioning that collectors who spend $50,000 to purchase NFTiff can also own the corresponding CryptoPunk special edition TiffanyCo. pendant/digital version.

Obviously, TiffanyCo.’s announcement caused a huge stir in the NFT circle, especially the price of up to 30 ETH, which made it a focus of controversy.

The company’s move is quite bold given that the currency/NFT market has plummeted 54% year-to-date.

RequiredIt should be pointed out that TiffanyCo. is not the first fashion brand to get involved in Web3. For example, Adidas launched its own NFT in cooperation with BAYC last year.

Gucci has also partnered with several collections to dress well-known NFT characters in branded apparel, and Lacoste recently launched a new collection that allows holders to access exclusive apparel.

㈢ ETF investors: Coinbase’s listing will cause a cryptocurrency “gold rush”

Coinbase, the U.S. Bitcoin and other digital currency trading platform, plans to launch on April 14 (local time) ) is listed on Nasdaq with the stock code COIN. This is very exciting for a wide range of investors outside of regular cryptocurrencies.

Bitwise Asset Management is a pioneer in cryptocurrency index funds. Matt Hougan, the company’s chief investment officer, said Coinbase will surprise people, which will force the traditional financial industry to “fight” against cryptocurrencies with astonishing growth.

It is not difficult to understand that Coinbase is likely to be the biggest beneficiary of the "cryptocurrency renaissance". The platform has 56 million certified users and revenue in the first quarter alone reached US$1.8 billion (approximately RMB 11.7 billion). Its value may range from US$50 billion (approximately RMB 327 billion) to US$100 billion (approximately RMB 100 billion). 654.1 billion).

This is an extraordinary valuation for any type of exchange. In comparison, the US Intercontinental Exchange, which operates the New York Stock Exchange, has a market capitalization of US$65 billion (approximately RMB 425.2 billion), while Nasdaq has a market capitalization of US$25 billion (approximately RMB 163.5 billion).

Such valuations have the investment world, especially the exchange-traded fund (ETF) world, excited.

The Biggest “Cryptocurrency Game”

In the past, cryptoassets had the same problem as other popular commodities, that is, high investor interest and a significant lack of investable assets. However, Coinbase still has a long way to go to solve this problem.

Matt Kennedy, senior IPO market strategist at Renaissance Capital, said Coinbase will become the largest pure-play cryptocurrency listed company. He expects that every crypto ETF (traded open-end index fund) will want to own it at some point, and the company will likely be the first to own it.

Amplify’s Christian Magoon, who runs a transformational data-sharing ET focused on blockchain technology, had the same experience.F (Transformational Data Sharing ETF, BLOK).

Magoon said that due to the company's active management, once the company is listed, they can buy it the moment it goes public. They are very much looking forward to it appearing in the company's portfolio,

He said that other technology ETFs, especially Cathie Wood's ARKARK Fintech Innovation ETF (ARKF), and the Global X FinTech ETF (FINX), also May become a buyer. And this is just the beginning. In the future, more ETF companies will apply for crypto funds.

Since individual and institutional ownership of cryptocurrencies remains low, many believe that Coinbase's valuation will also encourage more private entities to go public.

Hougan believes that there may be a "gold rush" of crypto stocks in the future as investors realize how fast companies in the crypto ecosystem are growing.

Michelle Bond, former senior legal counsel to the U.S. Securities and Exchange Commission (SEC) and current CEO of the Association for Digital Asset Markets (ADAM) (the association of digital market companies), said that because it must With approval from traditional financial regulators to ensure transparency, integrity and disclosure, Coinbase's listing will break down previous barriers.

Of course, that means more players will come on board, including well-known rivals like Bakkt Holdings, the digital asset marketplace owned by Intercontinental Exchange, which has already partnered with SPAC-- VPC Impact Acquisition Holdings enters into merger agreement.

The U.S. Securities and Exchange Commission’s attitude towards Bitcoin ETFs

Although Bitcoin ETFs exist in the United States, the United States does not directly own Bitcoin. People hold portfolios of stocks thought to be related to blockchain technology.

An ETF owning Bitcoin is something crypto investors have long awaited. Because Bitcoin ETFs will greatly expand the class and category of potential owners.

Som Seif operates a purpose-built Bitcoin ETF that will trade in Canada. He said that Bitcoin ETF will create an easy, simple and efficient way to obtain Bitcoin. Just like gold, Bitcoin is stored and kept uniquely. ETFs solve this problem. In addition, ETFs have institutional backing. In 2004, the emergence of GLD (gold ETF) changed the world. It makes “holding gold” as an asset class even moreAdd easy.

He expects a Bitcoin ETF to have a similar effect.

A few weeks ago, the U.S. Securities and Exchange Commission (SEC) acknowledged receipt of Van Eck’s Bitcoin ETF application and initiated a 45-day regulatory review period. At the end of this review period, the SEC must approve, deny, or extend the review period. Several other companies, including Fidelity, have also filed for Bitcoin ETFs.

Most observers believe that the SEC may make a desperate move to seek an extension of the review period. It is reported that the maximum period is 240 days.

An anonymous observer suggested that the committee does not like to deal with new things and that whenever something falls into this category, it creates unease in the committee. So they usually try to delay as much as possible.

However, most Bitcoin observers believe that Bitcoin may finally be approved in late 2021.

Magoon said the biggest potential change is reflected in SEC chairman nominee Gary Gensler, noting that Gensler has taught cryptocurrency. He also pointed out that SEC Commissioner Hester Peirce is a Republican and has been a supporter of Bitcoin ETFs.

Perhaps the biggest difference, though, is the improved security of the Bitcoin universe.

In 2018, the U.S. Securities and Exchange Commission (SEC) rejected the Bitcoin ETF application submitted by the Winklevoss brothers for the second time with a 3-1 decision. The SEC specifically said it was concerned about extreme price volatility and fraud in cryptocurrencies. It also noted that 75% of Bitcoin trading occurs overseas on unregulated foreign exchanges, as well as in potentially manipulated foreign exchange markets.

All Bitcoin watchers agree that the SEC must be satisfied that the fraud and manipulation issues have been resolved.

Hougan believes that the crypto market has spent a long time solving these problems.

Hougan said that a few years ago, there was no unregulated futures market. But now there is, and the volume of transactions is greater. In the past, there were no standardized custody institutions and insurance, but now there are. We have made tremendous progress. It's unclear whether the target line has been crossed, but the company is getting closer.

(Canadian and American financial articles, plagiarism will be investigated)

#Coinbase#, #cryptocurrency#, #Bitcoin#

Author: Yi Er

p>

Editor: Jax

㈣ "Riemann Hypothesis" has been confirmed, which nerve has touched the blockchain people?

If you want to search for the most popular topics in 2018 Glossary, “Blockchain”It will definitely be on the list. Thanks to the famous Bitcoin, blockchain technology and related industries have suddenly become a new investment trend. Internet giants such as BAT have successively released white papers on their respective blockchain industry layouts. JPMorgan Chase, Goldman Sachs Group, Nas Financial giants such as Dak have also expressed their enthusiasm for blockchain technology. Various blockchain projects are coming one after another, which is almost dizzying.

However, a few days ago, a report that the "Riemann Hypothesis" was confirmed broke out in the media. The famous British mathematician Michael Atiya claimed to have used a "simple" and "new" method The method proved the Riemann Hypothesis, and he presented his relevant proof at the 2018 Heidelberg Laureates Forum. In his lecture, this wise jazz gentleman gave a general direction for proving the "Riemann Hypothesis". It is expected that in the next few weeks or even months, many mathematicians around the world will work hard to prove in this direction to confirm Is Atiya's plan feasible? As soon as the news came out, it caused an uproar in the blockchain field. Some people in the industry even pointed out: "Once the Riemann Hypothesis is confirmed, it will affect the life and death of the blockchain."

One is one of the "seven major mathematical problems in the world" that has stumped the world for 159 years. One is a new investment trend based on technologies such as distributed data storage. If you want to know how the former controls the fate of the latter, it is necessary to first take a look at this "Li" that has caused generations of mathematical geniuses to rack their brains but dream about it. Mann guessed what it was.

The prototype of the protagonist in the Hollywood classic film "A Beautiful Mind" and Nobel Prize winner in economics John Nash had studied the Riemann Hypothesis in the mid-to-late 1950s, but not long after that Unfortunately, he suffers from schizophrenia. Many people believe that the painful process of studying the Riemann Hypothesis is the main cause of Nash's illness, and it is not mainly caused by the huge psychological pressure caused by participating in military work as is generally believed. This shows the breathtaking magic of the "Riemann Hypothesis".

The written explanation of the "Riemann Hypothesis" is difficult to understand. In fact, in layman's terms, Riemann believed that the distribution of prime numbers is not chaotic and traceless, but that the secret of its distribution is completely hidden. Within a special function - in particular, the series of special points that make that function take on the value of zero has a decisive influence on the detailed laws of the distribution of prime numbers. If this conjecture is confirmed, some encryption algorithms based on this will inevitably become useless.

So will blockchain technology really be ruthlessly slaughtered because of this?

More and more people already know that blockchain is a new application model that integrates distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity of its information and generate the next block.piece. Not only Bitcoin, but the Tokens issued by current blockchain projects are also based on this principle. Bitcoin and blockchain tokens are called cryptocurrencies, and their security and encryption are reflected in this.

One is based on encryption algorithms, and the other reveals encryption rules. It seems that blockchain technology will indeed be destroyed by the "Riemann Hypothesis" - in fact, this is not the case!

The encryption algorithm of blockchain technology is an asymmetric algorithm and a hash algorithm based on the discrete logarithm problem on the elliptic curve function. It has nothing to do with the prime number distribution function assumed by the "Riemann Hypothesis". For example, fuel vehicles and electric vehicles use two different power sources. The so-called statement that "the Riemann Hypothesis is confirmed will affect the life and death of the blockchain" is nothing more than an error caused by the fragile nerves of blockchain people.

However, it can also be seen from this that the emerging industry of blockchain is extremely fragile. A slight external disturbance can cause panic and uneasiness in the industry, and even the trembling of the wind and the panic of the grass and trees. Several cryptocurrency theft incidents in history have caused large-scale market declines. In fact, the theft incidents are not due to security vulnerabilities in the blockchain technology itself, but due to the systems and trading platforms of some project parties. Caused by system security vulnerabilities. Until breakthroughs are made in quantum technology, Bitcoin will remain one of the most difficult technologies on the planet to hack. However, due to the stabilizing pressure from the regulatory level and the lack of clarity and deliberate confusion in the media circle, and the fact that some blockchain projects are indeed confusing and have frequent loopholes, the general public is waiting and watching when facing blockchain technology and applications. It is not difficult to understand the questioning attitude and the fragile nerve that can be touched at any time.

It is conceivable that before blockchain technology can complete decentralization and achieve point-to-point trust, there will be a long way to go in how to make people trust the blockchain technology itself.

㈤The impact of Coinbase’s listing on the blockchain industry

Coinbase’s listing will have a certain impact on both Bitcoin and the US dollar. Coinbase, the world's largest cryptocurrency exchange based in the United States, has revealed its detailed plans to list on Nasdaq. Coinbase leads cryptocurrency to real adoption. Its listing opens an investment portal for institutional investors, allowing them to gain exposure to the cryptocurrency market without purchasing cryptocurrencies. Investors can buy and sell Coinbase shares on the stock market just like other public companies. Therefore, with cryptocurrency markets such as Bitcoin and Ethereum being highly valued, the growth of the cryptocurrency market will determine Coinbase's stock market preferences.
On February 25, 2021, the S-1 form submitted by Coinbase for listing application was approved by the U.S. Securities and Exchange Commission (SEC). The company will be listed on Nasdaq with the stock trading code COIN. Coinbase just turned a profit this year, with total revenue in 2020 of US$1.277 billion and net profit of US$322 million. In 2019, the platform also suffered a net loss of US$30.4 million. The company’s latest liquidation price reached US$373 per share, corresponding valuation At $100 billion. At the same time, investors around the world can more conveniently understand digital securities + (Hong Kong/US stocks) through multiple investment channels, so as to conduct beneficial investment arbitrage.
There is usually a price difference between digital securities and US stocks. If the price of digital securities is lower than that of U.S. stocks, digital securities have valuation investment advantages. If the price of digital securities is higher than the price of U.S. stocks, U.S. stocks have a valuation investment advantage. Of course, the valuation of U.S. stocks is usually higher than the valuation of digital securities.
For investors, there are: ① more arbitrage opportunities; ② greater arbitrage space; ③ higher exit returns.
The Xueshuo Innovation Blockchain Technology Workstation under Lianqiao Education Online is the only approved "Blockchain Technology Professional" pilot of the "Smart Learning Workshop 2020- Xueshuo Innovation Workstation" launched by the School Planning, Construction and Development Center of the Ministry of Education of China. workstation. The professional base is based on providing students with diversified growth paths, promoting the reform of the training model integrating professional degree research, production, and research, and building an applied and compound talent training system.

㈥ Blockchain: The next trend in the financial industry

People may feel unfamiliar when mentioning blockchain technology. But if you understand its origins with the famous Bitcoin, you will suddenly understand. Broadly speaking, Bitcoin is actually the first successful application of blockchain technology. We know that money is the intermediary that completes transactions. Over the past few centuries, as the frequency and complexity of transactions have continued to increase, these complex transaction records, or ledgers, are held by different entities and are isolated from each other, making the transaction information in them inaccessible to the public. Therefore, in order to complete the transaction, a trusted third party or intermediary needs to be involved between the buyer and the seller, and the human investment and cost are also greatly increased. For example, governments, banks, notaries and various banknotes all play this role. Only if they exist can we trust the other party to the transaction.

Bitcoin is a decentralized currency that bypasses intermediaries and enables peer-to-peer exchange of value. The principle of Bitcoin is to distribute account books to each transaction participant through the encryption technology of the blockchain. Each account book is like the genes of a living thing - the individual participants are different, but the contents of their account books are completely consistent. Once any transaction occurs in the network, corresponding records will be generated in the account books of all participants. Once someone attempts to hack and modify a single ledger, all other ledgers automatically detect the fraud.

Miners are like gene replicators and disseminators. Their role is to verify transactions and ensure the consistency of distributed ledgers. Therefore, the emergence of Bitcoin or blockchain technology has completely solved the problems of transaction fraud and information opacity. Imagine you want to buy a second-hand house. How many days will it take you to buy a second-hand house?Verify and notarize the quality and mortgage status of the house and complete the transaction, during which multiple institutions and individuals are involved. Blockchain technology can complete these tasks within minutes, greatly reducing human labor and costs. In addition to transactions and payments, blockchain technology has other rich application scenarios.

To give a simple example, how can a supermarket selling organic food ensure that its supplies are all organically produced, non-GMO food? In the past, supermarkets had to spend a lot of manpower and material resources to ensure the reliability of supply, and this statement was not foolproof because you could not prevent fraud from unscrupulous merchants. With the distributed accounting of blockchain technology, from farms to suppliers to logistics, the time, quantity and amount of each transaction are clear. With this information guarantee, supermarkets will have more confidence when conducting marketing. Therefore, Boston Consulting believes that blockchain technology has the potential to subvert the current credit system and transaction system.

This is just one of the most basic applications of blockchain technology: asset and identity management. In the financial industry, blockchain technology can simplify and accelerate financial processes and settle various real-world financial transactions through distributed accounting without third-party certification. In the future, we may even see the emergence of so-called coded and encrypted smart contracts, allowing stocks to become digital records that can be issued and traded on the Internet, significantly reducing transaction costs. Digital stock trading systems can make it easier for small and medium-sized enterprises to raise funds from the public. , and the cost is lower.

Therefore, although the first application of blockchain technology, Bitcoin (Encryption 1.0), has been subject to many restrictions such as regulatory issues. However, the application of blockchain technology in other fields, such as distributed accounting, payment settlement and smart contracts (encryption 2.0), has been recognized and highly valued by regulatory and financial institutions in various countries. Regardless of the future of Bitcoin, blockchain technology will become a very important innovation in the financial industry in the near future.

1. Venture capital helps blockchain technology take off

There are currently more than 750 innovative companies related to blockchain technology in the world. About 200 of them have received venture capital, and their businesses can be divided into the following six main application areas: digital currency, payment and settlement, smart contracts, asset and identity management, infrastructure and open source development, as well as venture capital, media and consult.

From the investment stage, blockchain technology is obviously in its infancy. Among the 200 companies that received capital injection, 124 received seed investment, only 49 companies achieved Series A financing, 12 companies achieved Series B financing, and only 4 companies received Series C financing. In terms of investment amount, more than two-thirds of the financing is in the seed and Series A stages.

2. New opportunities for financial institutions

Although it is still in its infancy, financial institutions have responded more positively to blockchain technology than technologies in other fields. For example, Nasdaq has entered into cooperation with the startup ChainCooperate with banks to explore new ways of issuing stocks. Traditional securities issuance methods are expensive, require a lot of labor, involve many institutions and stakeholders, and there is a lot of room for improvement. Nasdaq announced that it will apply the blockchain technology provided by Chain to the "NASDAQ Private Market", an equity trading platform for unlisted companies, becoming the first to issue and transfer private equity through blockchain technology. A financial institution that holds a share of a company's stock. Nasdaq Chief Executive Officer (CEO) Bob Greifeld said: "As blockchain continues to reshape the global economy, Nasdaq wants to be at the center of the event."

The San Francisco digital payment company (Ripple Lab), founded in 2012, focuses on the development of payment protocols. It has now become the main cryptocurrency system after Bitcoin and Ethereum. Through the open source Internet encryption protocol and distributed accounting mechanism, financial institutions can make fast and secure payments through Ripple. Several major banks have purchased authorizations for the Ripple protocol, playing a huge role in currency exchange and remittance.

㈦ Let’s see how the world’s top ten stock exchanges play with blockchain

However, the world’s 10 major stock and commodity exchanges have currently expressed interest in blockchain technology. . In this article, we will give you a detailed introduction:
1. Australian Securities Exchange (ASX)
When it comes to the application of blockchain technology, the ASX is definitely one of them One of the most ambitious companies, it invested more than $10 million in startup Digital Asset Holdings in the industry in January as part of its research and development drive.
At the same time as the investment, the ASX also revealed that it will not only conduct technology trials, but also establish a new post-trade settlement system, which will be developed by Digital Asset through the use of a distributed ledger structure.
However, since January this year, updates on the project’s progress on the ASX may have been overshadowed by controversy. In March, Australian news media began speculating that, although the ASX had reaffirmed its support for the trial, the blockchain project might also be thrown into doubt following the premature resignation of the agency’s CEO Elmer Funke Kupper. Voice,.
2. Chicago Mercantile Exchange Group
CME Group is one of the founders of the "Post-Trade Distributed Ledger Working Group" and has currently carried out very active actions in the industry through its investment arm CME Ventures .
CME Group is unique among its peers in that it has always pursued a diversified investment strategy across industries.Strategy, has invested in distributed accounting startup Ripple, blockchain investment group Digital Currency Group and Digital Asset Holdings. Beyond that, however, CME Group has yet to speak publicly about its conduct in technology and the larger industry.
3. Deutsche Börse
Deutsche Börse, the operator of Germany’s Frankfurt Stock Exchange, is another player on this list, and it also participated in Digital Asset Holdings’ $60 million financing in January this year.
However, unlike its co-investor ASX, Deutsche Börse has been less vocal about its support for the technology.
In an interview in February, Deutsche Börse said it was working on a proof-of-concept for the technology, although it has yet to release any findings or test results.
4. Dubai Multi Commodity Trading Center
In the Middle East, blockchain-related activities are relatively scarce, and this situation continued until the recent opening of the Global Blockchain Council. The 32-member Global Blockchain Council is a group of startups, financial firms and tech giants that oversees technology applications and their impact.
Built on the basis of these members, Du Multi Commodities Center is a special economic zone and commodity circulation center responsible for overseeing the trading of precious metals and other tangible commodities.
DMCC announced in February that it was engaging in a technology trial with Bitcoin startup BitOasis to explore how blockchain technology could improve its personnel onboarding process.
5. Japan Exchange Group (JPX)
Japan Exchange Group is a relatively active stock market operator in Asia. It announced its interest in the industry in February and has officially formed an alliance with IBM. Become a user of Blockchain-as-a-Service (BaaS).
At the time, reports stated that Japan Exchange Group was embarking on a proof of concept to study the role of blockchain technology in creating a new trading system for low-liquid assets, with the final results to be released through a report later this year announced.
Earlier this month, Japan Exchange Group also announced that it is working with the Nomura Research Institute (NRI) to conduct trials to study how the technology can be applied to the securities market.
6. Korea Exchange
Korea Exchange is the only stock exchange in South Korea and is also on this listOne of the new entrants, it announced in February that it would seek to launch an over-the-counter trading platform via blockchain technology.
In statements to local news outlets, Korea Exchange said it hopes the technology will help reduce costs. Details about the trial and the company's involvement in the group were not released.
7. London Stock Exchange (LSE)
The London Stock Exchange is one of the founding institutions of the “Post-Trade Distributed Ledger Working Group” and when it comes to experiments on blockchain technology, the LSE It is one of the most dynamic but also the most low-key institutions.
The London Stock Exchange is one of the first groups to follow in the footsteps of startup R3, and it is the first to say that large financial firms will look to use collaborative models to conduct blockchain testing, beyond R3’s frame.
It was also from that time that some large financial companies began to participate in private proof-of-concepts and operations in certain areas of the capital market involving various parties.
In addition, like Kouvola Innovation and Japan Exchange Group, the London Stock Exchange is also one of the initial customers of IBM's Blockchain-as-a-Service (BaaS).
8. Nasdaq
When it comes to testing blockchain technology, Nasdaq is probably the most proactive organization. U.S. stock market operator Nasdaq first launched Linq, a private equity trading platform, in 2015, thus becoming the first financial institution to conduct a blockchain proof-of-concept. The platform is currently still in the testing phase.
In addition, Nasdaq has also reached a cooperation with blockchain solution provider Chain and allows its internal experts to speak openly about blockchain technology.
In 2016, Nasdaq continued this momentum. For example, it previously revealed that it is working with Estonia’s Nasdaq OMX Tallinn Stock Exchange on a trial to use blockchain technology to reduce various obstacles to shareholder voting.
9. New York Stock Exchange (NYSE)
The New York Stock Exchange was one of the first companies to take an interest in the industry. In 2015, the NYSE issued two important announcements. The statements are all related to Bitcoin.
In January 2015, NYSE invested in the Bitcoin service company Coinbase as part of its Series C financing. At the time, NYSE Chairman Jeffrey Sprecher said the investment showed confidence in the widespread use of digital currencies by millennials, whom he described as having a more progressive view of value exchange.
The NYSE will continue to launch a Bitcoin price index in May.It would also be a contender for CoinDesk’s Bitcoin Price Index (BPI), which plots trading data from the Coinbase trading platform.
10.TMX Group
TMX Group, the operator of the Toronto Stock Exchange, has never expressed a clear opinion on blockchain technology.
However, with the hiring of Anthony Di Iorio (one of the co-founders of Ethereum) as the agency’s first chief digital technology officer, TMX also publicly expressed its interest in the blockchain for the first time in March this year. Interest in chain technology. The next-generation network has become one of the most important blockchain applications in the public eye following its product launch in March.
Nonetheless, TMX Group has stated that it is in the early stages of generating a blockchain strategy and that it may soon be testing the technology. (Babbitt)
11. Puyin Group
Puyin Group launched Puyin, a tea-based digital currency. Puyin is a high-quality Tibetan tea asset that has been warehousing, appraised, evaluated and confirmed by three parties. It is encrypted A digitally issued standard digital currency.

(A) The current development status of the U.S. financial services industry

The U.S. financial services industry is a very important part of the U.S. economy, including banking, insurance, securities, investment and credit. The following is the current status of the U.S. financial services industry:
Banking industry: The U.S. banking industry is one of the most developed and mature banking industries in the world, including commercial banks, investment banks, trust banks, rural cooperative banks, etc. In 2020, the total assets of the U.S. banking industry reached $22.6 trillion. Among them, the five major banks including JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Morgan Stanley controlled more than half of the total assets of the U.S. banking industry.
Insurance industry: The U.S. insurance industry is also very developed, including life insurance, property insurance, health insurance, etc. In 2020, the total premiums of the U.S. insurance industry reached $1.43 trillion. Among them, the largest domestic insurance companies in the United States are Manulife (MetLife Inc.) and New York Life Insurance Company (New York Life Insurance Company).
Securities industry: The U.S. securities industry is one of the largest securities markets in the world, including stocks, bonds, futures, options, etc. In 2020, the total market value of the U.S. stock market reached $41.2 trillion, of which Nasdaq and the New York Stock Exchange are the two largest stock exchanges.
Investment industry: The U.S. investment industry includes private equity, venture capital, mutual funds, pensions, etc. In 2020, the total size of the U.S. private equity market reached $4.2 trillion, among which private equity companies such as Kurokami Seishi Group, Carlyle Group, and KKR are the largest companies.
In general, the U.S. financial services industry is very developed, with many companies and institutions in various fields. With the development of science and technology, emerging businesses such as digital finance and financial technology are also rising, which will have a great impact on the traditional financial services industry.Have a certain impact and impact.