為什麼2025將是“加密賽IPO的年份”

2月6日的2月6日報告和溫克爾沃斯（Winklevoss）支持的，紐約州紐約的加密貨幣交易所雙子座（Gemini）考慮了2025年的IPO，再次使圍繞“集中加密交易所（ CEXS）公開的審議的審議”列入了眾多審議。

Crypto exchange Gemini is reportedly considering an IPO in 2025, putting a spotlight on the possibility of centralized crypto exchanges (CEXs) going public.

據報導，Crypto Exchange Gemini正在考慮在2025年進行IPO，這使人們對集中的加密交易所（CEXS）公開發行。

The idea gained attention when Coinbase went public via direct listing on April 14, 2021. On the first day of trading, Coinbase stock (COIN) soared to a high of $429 -though it fell after due to market volatility. However, Coinbase user acquisition surged from 68 million in Q2 2021 to 110 million in Q4 2022, highlighting the benefits it accrued.

當Coinbase於2021年4月14日通過直接上市公開上市時，這個想法引起了人們的關注。在交易的第一天，Coinbase Stock（Coin）飆升至429美元的高價- 儘管由於市場波動而下降了。但是，Coinbase用戶的獲取從2021年第2季度的6800萬增加到2022年第4季度的1.1億，強調了其所產生的收益。

This milestone set by Coinbase had opened up the queue to follow ups with other exchanges considering a similar option, the recent being Gemini.

Coinbase設定的這一里程碑已經打開了隊列，以考慮類似選擇的其他交流，最近是雙子座。

How and Why should a Crypto Exchange like Gemini go public?

像雙子座這樣的加密交流如何以及為什麼要公開？

When a crypto exchange goes public, it follows a practice similar to that followed by traditional companies. Despite being subject to stringent regulatory compliances, an exchange can go public in three ways – IPO, Direct Listing and Special Purpose Acquisition Company (SPAC) – in which an exchange merges with a pre-listed shell company to avoid the traditional IPO process.

當加密交易所公開時，它遵循與傳統公司相似的做法。儘管受到嚴格的監管合規性，但交易所可以通過三種方式公開：IPO，直接上市和特殊目的收購公司（SPAC），其中交易所與預先列出的殼牌公司合併以避免傳統的IPO流程。

The traditional benefits by going public remain the same for crypto exchanges too. Since exchanges usually rely on transaction fees as their major source of revenue, the substantial amount of funds that they raise in the process of going public can be utilized for further expansion, making acquisitions and technology upgrades in their institutional infrastructure. It also opens up the door for those investors who do not directly want to invest in crypto but can then do so by trading in the exchange’s stock. Furthermore, if it is on Wall Street, the gap between traditional and decentralized world bridges.

對於加密交流而言，公開上市的傳統利益也保持不變。由於交易所通常依靠交易費作為其主要收入來源，因此可以將他們在公開上市的大量資金用於進一步擴展，從而在其機構基礎設施中進行收購和技術升級。它還為那些不直接想投資加密貨幣但可以通過交易交易所股票的投資者打開了大門。此外，如果它在華爾街，則是傳統和分散世界橋樑之間的差距。

With the crypto market growth booming and set to accelerate further as we witness the change in tides of US administration, the time to talk about going public and making the ultimate decision couldn’t be more suitable. Bitcoin (BTC) has achieved an ATH of $108,000 and more countries are looking forward to the approval of Exchange-Traded Funds (ETFs) on the line of US Securities and Exchange Commission (SEC). The stimulus received from the US election can be gauged by the fact that Coinbase Global has witnessed a 65% rise in its stock price since the election. A report by Barron’s in fact predicted that 2025 can be the year of crypto IPOs. It quoted Alex Thorn, head of research at Galaxy Digital who predicted that “A shift at the SEC on digital assets could lead to an explosion of public offerings and a dramatic expansion of the crypto equities landscape”. And taking the IPO step can further enhance the integration of the traditional and crypto world while also bolstering the credibility of the exchange itself.

隨著加密貨幣市場的增長蓬勃發展並著手進一步加速，隨著我們目睹美國政府潮流的變化，是時候談論公開和做出最終決定的時候了。比特幣（BTC）已達到108,000美元的ATH，越來越多的國家期待在美國證券交易委員會（SEC）的境內批准交易所交易資金（ETF）。從大選以來，Coinbase Global的股票價格上漲了65％，可以衡量從美國大選獲得的刺激。實際上，巴倫（Barron）的一份報告預測，2025年可以是加密式IPO的一年。它引用了Galaxy Digital的研究負責人Alex Thorn，他預測：“ SEC的數字資產轉變可能導致公共產品的爆炸式增長，並大幅擴大加密股票股票的景觀”。採取IPO步驟可以進一步增強傳統和加密世界的整合，同時也加強了交流本身的信譽。

How do crypto exchange users benefit from it?

加密交換用戶如何從中受益？

Not only the exchange, but the crypto investors and users also benefit from it. As publicly listed exchanges have to disclose financial statements mandatorily, it increases trust and transparency for the users. The regularly reported quarterly earnings provide greater insights to the users. They also face less risk of sudden collapse in comparison to private exchanges

不僅交易所，而且加密投資者和用戶也從中受益。由於公開列出的交易所必須強制披露財務報表，因此它增加了用戶的信任和透明度。定期報告的季度收益為用戶提供了更多的見解。與私人交流相比，他們還面臨突然崩潰的風險

Exchanges gone public and considering IPOs further

交易所公開並考慮進一步的IPO

Apart from the above mentioned crypto exchange, Coinbase, many other crypto exchanges have gone public in the past:

除了上述加密交易所（Coinbase）外，許多其他加密交易所過去已經公開了：

Final Thoughts

最後的想法

However, certain challenges do remain for the crypto exchanges considering IPOs. Regulatory uncertainty coupled with strict securities’ law compliance can make the process more complex for crypto projects counterpart to their traditional companies. Strict Anti-Money Laundering (AML) and alignment with International Financial Reporting Standards (IFRS) is also required to be followed.

但是，考慮IPO的加密交易所確實仍然存在某些挑戰。監管不確定性加上嚴格的證券法規合規性，可以使加密項目與傳統公司的同行更加複雜。還需要遵循嚴格的反洗錢（AML）和與國際財務報告標準（IFRS）的一致性。

Moreover, an analysis research firm by 10x Research further stated that crypto firms planning an IPO can fuel the BTC rally – driving its price to All time Highs! Nonetheless, the aftermath benefits crypto exchanges by tackling challenges and regulated compliance are non-negotiable.

此外，10倍研究公司的一家分析研究公司進一步指出，計劃IPO的加密貨幣公司可以推動BTC拉力賽 - 將其價格推向所有時間高！儘管如此，通過應對挑戰和規範的合規性，後果利益加密交流是不可談判的。