为什么2025将是“加密赛IPO的年份”

2月6日的2月6日报告和温克尔沃斯（Winklevoss）支持的，纽约州纽约的加密货币交易所双子座（Gemini）考虑了2025年的IPO，再次使围绕“集中加密交易所（CEXS）公开的审议的审议”列入了众多审议。

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

据报道，Crypto Exchange Gemini正在考虑在2025年进行IPO，这使人们对集中的加密交易所（CEXS）公开发行。

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.

当Coinbase于2021年4月14日通过直接上市公开上市时，这个想法引起了人们的关注。在交易的第一天，Coinbase Stock（Coin）飙升至429美元的高价 - 尽管由于市场波动而下降了。但是，Coinbase用户的获取从2021年第2季度的6800万增加到2022年第4季度的1.1亿，强调了其所产生的收益。

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设定的这一里程碑已经打开了队列，以考虑类似选择的其他交流，最近是双子座。

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

像双子座这样的加密交流如何以及为什么要公开？

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.

当加密交易所公开时，它遵循与传统公司相似的做法。尽管受到严格的监管合规性，但交易所可以通过三种方式公开：IPO，直接上市和特殊目的收购公司（SPAC），其中交易所与预先列出的壳牌公司合并以避免传统的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.

对于加密交流而言，公开上市的传统利益也保持不变。由于交易所通常依靠交易费作为其主要收入来源，因此可以将他们在公开上市的大量资金用于进一步扩展，从而在其机构基础设施中进行收购和技术升级。它还为那些不直接想投资加密货币但可以通过交易交易所股票的投资者打开了大门。此外，如果它在华尔街，则是传统和分散世界桥梁之间的差距。

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.

随着加密货币市场的增长蓬勃发展并着手进一步加速，随着我们目睹美国政府潮流的变化，是时候谈论公开和做出最终决定的时候了。比特币（BTC）已达到108,000美元的ATH，越来越多的国家期待在美国证券交易委员会（SEC）的境内批准交易所交易资金（ETF）。从大选以来，Coinbase Global的股票价格上涨了65％，可以衡量从美国大选获得的刺激。实际上，巴伦（Barron）的一份报告预测，2025年可以是加密式IPO的一年。它引用了Galaxy Digital的研究负责人Alex Thorn，他预测：“ SEC的数字资产转变可能导致公共产品的爆炸式增长，并大幅扩大加密股票股票的景观”。采取IPO步骤可以进一步增强传统和加密世界的整合，同时也加强了交流本身的信誉。

How do crypto exchange users benefit from it?

加密交换用户如何从中受益？

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

不仅交易所，而且加密投资者和用户也从中受益。由于公开列出的交易所必须强制披露财务报表，因此它增加了用户的信任和透明度。定期报告的季度收益为用户提供了更多的见解。与私人交流相比，他们还面临突然崩溃的风险

Exchanges gone public and considering IPOs further

交易所公开并考虑进一步的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，许多其他加密交易所过去已经公开了：

Final Thoughts

最后的想法

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，考虑IPO的加密交易所确实仍然存在某些挑战。监管不确定性加上严格的证券法规合规性，可以使加密项目与传统公司的同行更加复杂。还需要遵循严格的反洗钱（AML）和与国际财务报告标准（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进一步指出，计划IPO的加密货币公司可以推动BTC拉力赛 - 将其价格推向所有时间高！尽管如此，通过应对挑战和规范的合规性，后果利益加密交流是不可谈判的。