富達的加密貨幣遊戲：向數位領域的深思熟慮的飛躍

在執行長阿比蓋爾·約翰遜(Abigail Johnson) 的領導下，富達(Fidelity) 自2014 年起開始擁抱區塊鏈技術，開始開採比特幣。儘管比特幣支付的實驗不成功，但該公司已成為加密貨幣領域的領導者，提供比特幣ETF、託管服務和交易平台。隨著加密貨幣市場的蓬勃發展，富達計劃擴大其產品範圍，探索其他加密貨幣的質押、託管和代幣化，同時應對監管不確定性並保持謹慎而創新的方法。

Fidelity's Crypto Gambit: A Prudent Embrace of the Digital Frontier

富達的加密策略：謹慎擁抱數位前沿

Under the visionary leadership of CEO Abigail Johnson, Fidelity Investments, the venerable Boston-based financial behemoth, has embarked on a strategic foray into the realm of blockchain technology, a move that has catapulted the firm to the forefront of the burgeoning crypto asset industry.

在執行長阿比蓋爾·約翰遜(Abigail Johnson) 富有遠見的領導下，總部位於波士頓的著名金融巨頭富達投資(Fidelity Investments) 開始戰略性進軍區塊鏈技術領域，此舉使該公司躋身新興加密資產行業的前沿。

Early Explorations and a Failed Experiment

早期探索與失敗的實驗

As early as 2014, Fidelity ventured into the uncharted waters of cryptocurrency mining, establishing a Bitcoin mining operation within its own offices. "We recognize that the evolution of technology is poised to disrupt our industry," Johnson declared at a blockchain event in 2017.

早在 2014 年，富達就涉足加密貨幣挖礦的未知領域，在自己的辦公室內建立了比特幣挖礦業務。約翰遜在 2017 年的一次區塊鏈活動上宣稱：“我們認識到技術的發展將顛覆我們的行業。”

Despite the company's enthusiasm, an experiment that allowed employees to purchase hamburgers using Bitcoin proved unsuccessful. As Michael O'Reilly, president of Fidelity's digital assets division, candidly admitted to Fortune, only the project's architects showed any interest in the payment option.

儘管該公司熱情高漲，但一項允許員工使用比特幣購買漢堡的實驗被證明並不成功。正如富達數位資產部門總裁邁克爾·奧萊利（Michael O'Reilly）向《財富》雜誌坦言，只有該專案的架構師對這種支付方式表現出了興趣。

A Resounding Success in Crypto

加密貨幣領域的巨大成功

Undeterred by the lackluster reception to its Bitcoin-based employee perk, Fidelity's broader crypto gamble has yielded resounding success. Today, the firm boasts the second-most popular Bitcoin exchange-traded fund (ETF) with nearly $7 billion in inflows since its inception in January. Fidelity has also established a custody service for Bitcoin and Ether, giving it a competitive edge over rivals scrambling to catch up.

富達並沒有因其基於比特幣的員工福利反響平平而望而卻步，其更廣泛的加密貨幣賭博取得了巨大的成功。如今，該公司擁有第二受歡迎的比特幣交易所交易基金 (ETF)，自 1 月成立以來已有近 70 億美元的資金流入。富達也為比特幣和以太幣建立了託管服務，這使其比奮起直追的競爭對手更具競爭優勢。

Moreover, Fidelity's multiyear head start in the blockchain market positions it advantageously as crypto prices surge once again. O'Reilly and his colleagues are adamant that the company is just getting started.

此外，隨著加密貨幣價格再次飆升，富達在區塊鏈市場的多年領先優勢使其處於有利地位。奧萊利和他的同事堅信公司才剛起步。

A 'Qualified Custodian' in the Crypto Landscape

加密貨幣領域的“合格託管人”

Fidelity's foray into crypto commenced in earnest in October 2018 when it became the first traditional financial institution to offer custody services for Bitcoin on behalf of institutional investors. This move was followed four years later by BNY Mellon. In the same month, Fidelity launched its Bitcoin trading platform, further solidifying its presence in the digital asset space.

富達於 2018 年 10 月正式進軍加密貨幣領域，成為第一家代表機構投資者提供比特幣託管服務的傳統金融機構。四年後，紐約梅隆銀行也採取了這項措施。同月，富達推出了一個比特幣交易平台，進一步鞏固了在數位資產領域的地位。

The following year, Fidelity secured a license from the New York Department of Financial Services (DFS) to provide both trading and custody services. Unlike cryptocurrency exchanges like Coinbase, Fidelity's platform operates as an execution service, with Fidelity acting as the counterparty in every trade and sourcing liquidity providers for buyers and sellers.

隔年，富達獲得紐約金融服務部 (DFS) 頒發的提供交易和託管服務的許可證。與 Coinbase 等加密貨幣交易所不同，Fidelity 的平台作為執行服務運行，Fidelity 充當每筆交易的交易對手，並為買家和賣家尋找流動性提供者。

In 2022, Fidelity expanded its custody and trading services to include Ether, recognizing the growing importance of the Ethereum blockchain. Terrence Dempsey, a product manager at Fidelity, emphasized that this approach not only ensures more consistent pricing but also facilitates clients' entry into the volatile world of crypto by providing a familiar financial framework.

2022 年，富達意識到以太坊區塊鏈日益增長的重要性，將其託管和交易服務擴展到包括以太坊。富達 (Fidelity) 產品經理 Terrence Dempsey 強調，這種方法不僅可以確保定價更加一致，還可以透過提供熟悉的財務框架，幫助客戶進入動盪的加密貨幣世界。

Navigating Regulatory Uncertainties

應對監管的不確定性

While Fidelity's Bitcoin ETF is its most prominent crypto product, its custody and trading platform have laid the groundwork for its success. As the Securities and Exchange Commission (SEC) deliberates on the regulatory framework for crypto asset custodians and their accounting practices, Fidelity finds itself in a unique position.

雖然富達的比特幣 ETF 是其最著名的加密產品，但其託管和交易平台為其成功奠定了基礎。隨著美國證券交易委員會（SEC）審議加密資產託管人的監管框架及其會計實踐，富達發現自己處於獨特的地位。

Fidelity's trust charter from the DFS places it within the proposed category of "qualified custodian," and the firm has actively advocated for state-chartered trust companies to be included in this definition. Additionally, Fidelity's status as a non-public reporting company may exempt it from the controversial accounting bulletin (SAB 121) that would require custodians to treat digital assets as liabilities on their balance sheets. However, the financial industry's understanding of this guidance is still evolving.

富達 (Fidelity) 的 DFS 信託章程將其納入擬議的「合格託管人」類別，該公司積極倡導將國家特許信託公司納入這一定義。此外，富達作為非公開報告公司的地位可能使其免受有爭議的會計公告（SAB 121）的約束，該公告要求託管人將數位資產視為資產負債表上的負債。然而，金融業對這項指導意見的理解仍在不斷發展中。

Advantages of Private Ownership

私有製的優勢

Unlike publicly traded competitors, Fidelity remains a privately held company, with the Johnson family retaining 49% ownership and voting power. O'Reilly believes that this private status gives Fidelity a significant advantage in taking a long-term perspective on sectors like crypto, where many competitors have hesitated to venture.

與公開交易的競爭對手不同，富達仍然是一家私人公司，約翰遜家族保留 49% 的所有權和投票權。奧萊利認為，這種私有地位使富達在從長遠角度看待加密貨幣等行業方面擁有顯著優勢，而許多競爭對手都在猶豫是否要涉足該領域。

The Bitcoin ETF: A Cornerstone of Fidelity's Crypto Strategy

比特幣 ETF：富達加密貨幣策略的基石

When the SEC approved the first slate of spot Bitcoin ETFs in January, eight of the ten issuers chose Coinbase as their custodian, including BlackRock. Fidelity and VanEck were the only exceptions, with Fidelity opting to use its own custody service.

當 SEC 一月份批准第一批現貨比特幣 ETF 時，十個發行人中有八個選擇了 Coinbase 作為託管人，其中包括貝萊德。富達和 VanEck 是唯一的例外，富達選擇使用自己的託管服務。

This decision may seem surprising given Coinbase's current legal entanglements with the SEC. However, even though Fidelity's custody service operates as a separate subsidiary from Fidelity Investments, which issues the Bitcoin ETF, it still represents a challenge to other issuers.

考慮到 Coinbase 目前與 SEC 的法律糾葛，這項決定似乎令人驚訝。然而，儘管富達的託管服務作為發行比特幣 ETF 的富達投資的獨立子公司運營，但它仍然對其他發行人構成挑戰。

"As a firm, we are offering an exchange-traded product (ETP)," explained O'Reilly. "In many cases, you would not want to entrust the assets of your ETP to a competitor."

「作為一家公司，我們提供交易所交易產品 (ETP)，」O'Reilly 解釋道。 “在許多情況下，您不想將 ETP 的資產委託給競爭對手。”

Cynthia Lo Bessette, head of Fidelity's ETF team, anticipates that this situation will change as issuers begin to diversify their custody arrangements. "Diversification seems to be on people's minds," she told Fortune.

富達 ETF 團隊負責人 Cynthia Lo Bessette 預計，隨著發行人開始實現託管安排多元化，情況將會改變。 「人們似乎正在考慮多元化，」她告訴《財星》雜誌。

Despite not serving as a custodian for other issuers, Fidelity's own ETF has flourished. According to Bloomberg data, its Wise Origin Bitcoin Fund has attracted the second-largest inflows among the new ETFs, trailing only BlackRock's offering.

儘管沒有擔任其他發行人的託管人，富達自己的 ETF 仍然蓬勃發展。根據彭博社的數據，其 Wise Origin 比特幣基金吸引了新 ETF 中第二大資金流入，僅次於貝萊德的產品。

Expanding Offerings and Exploring New Horizons

擴大產品範圍並探索新視野

While the Bitcoin ETF remains Fidelity's flagship crypto product, the company is actively expanding its offerings. Fidelity is among seven firms seeking to launch a spot Ether ETF, although analysts predict that these applications will be rejected before the May deadline.

雖然比特幣 ETF 仍然是富達的旗艦加密產品，但該公司正在積極擴大其產品範圍。富達是尋求推廣出現貨以太 ETF 的七家公司之一，儘管分析師預測這些申請將在 5 月截止日期之前被拒絕。

Nevertheless, Ether represents a significant opportunity for Fidelity. Unlike Bitcoin, which utilizes the energy-intensive proof-of-work consensus mechanism, Ethereum transitioned to proof of stake in 2022, allowing Ether holders to earn a yield by staking their assets.

儘管如此，以太幣對富達來說仍然是一個重大機會。與利用能源密集型工作量證明共識機制的比特幣不同，以太坊在 2022 年過渡到權益證明，允許以太幣持有者透過抵押資產來賺取收益。

While Fidelity does not currently offer staking services, Bessette confirmed that the company is exploring product iterations that include staking. On March 18, Fidelity submitted an amendment to its ETF application, seeking permission to stake a portion of its assets.

雖然富達目前不提供質押服務，但 Bessette 證實該公司正在探索包括質押在內的產品迭代。 3 月 18 日，富達提交了對其 ETF 申請的修正案，尋求允許抵押其部分資產。

Regulatory uncertainty could still hinder Fidelity's entry into the staking market, as the SEC is likely to deny the ETH ETF applications and has recently filed lawsuits against Coinbase and Kraken for offering staking-as-a-service products.

監管方面的不確定性仍可能阻礙 Fidelity 進入 Stake 市場，因為 SEC 可能會拒絕 ETH ETF 申請，並且最近因 Coinbase 和 Kraken 提供 Stake-as-a-service 產品而對 Coinbase 和 Kraken 提起訴訟。

Dempsey also indicated that Fidelity's digital assets subsidiary aims to launch trading and custody services for other cryptocurrencies. "We did not set out to be a Bitcoin and Ethereum-only shop," he said, although regulatory challenges surrounding the security status of various assets, including Ether, remain obstacles.

Dempsey 也表示，富達數位資產子公司旨在推出其他加密貨幣的交易和託管服務。 「我們並沒有打算成為一家只經營比特幣和以太坊的商店，」他說，儘管圍繞包括以太幣在內的各種資產的安全狀態的監管挑戰仍然是障礙。

Exploring Tokenization and a Cautious Approach to Regulation

探索代幣化和謹慎的監管方法

As competitors like Franklin Templeton and BlackRock begin to tokenize traditional assets such as money market funds, Bessette revealed that Fidelity is investigating the potential of tokenization, though she declined to provide specific examples.

隨著富蘭克林鄧普頓和貝萊德等競爭對手開始將貨幣市場基金等傳統資產代幣化，貝塞特透露富達正在研究代幣化的潛力，但她拒絕提供具體例子。

While Fidelity's pace of innovation may exceed that of many traditional financial institutions, the company remains somewhere between crypto-native firms like Coinbase and industry stalwarts like Vanguard. This position allows Fidelity to pursue blockchain experimentation while maintaining a cautious approach to regulatory developments.

儘管富達的創新步伐可能超過許多傳統金融機構，但該公司仍介於 Coinbase 等加密原生公司和 Vanguard 等行業中堅力量之間。這一立場使富達能夠進行區塊鏈實驗，同時對監管發展保持謹慎態度。

"In the crypto world, years are almost like decades," O'Reilly observed. "That has really given us an advantage."

「在加密貨幣世界中，幾年幾乎就像幾十年，」奧萊利觀察到。 “這確實給了我們一個優勢。”