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2021-04-13

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The ‘Coinbase Effect’ Shows the Company’s Importance, and How It Could Diminish<blockquote>“Coinbase 效应 ”显示了该公司的重要性，以及它如何削弱</blockquote>

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But there is at least one gatekeeper that can make or break digital assets.<blockquote>加密货币的承诺是它们没有看门人，因为对它们的控制是分散的。但至少有一个看门人可以成就或毁掉数字资产。</blockquote>Coinbase, the dominant U.S. digital asset exchange, plays a big role in what cryptocurrencies gain acceptance and which ones may be left behind.<blockquote>比特币基地是美国占主导地位的数字资产交易所，在哪些加密货币被接受以及哪些加密货币可能被抛在后面方面发挥着重要作用。</blockquote>There are now thousands of coins, and most of them are expected to fail. One path to success runs through Coinbase, whose decision to list or not list an asset can cause enormous price swings. There are now fewer than 60 cryptocurrencies that Coinbase supports for at least some clients, though some are only available in some jurisdictions or for some services. The lack of clear legality for many cryptos means Coinbase’s determinations can be make-or-break for much of the crypto universe.<blockquote>现在有成千上万的硬币，其中大部分预计会失败。成功之路之一是比特币基地，其上市或不上市资产的决定可能会导致巨大的价格波动。比特币基地现在至少为一些客户支持的加密货币不到60种，尽管有些仅在某些司法管辖区或某些服务中可用。许多加密货币缺乏明确的合法性，这意味着 Coinbase 的决定可能会决定加密货币领域的大部分领域的成败。</blockquote>The “Coinbase effect” is&nbsp; similar — though different in some key respects — to the role that S&amp;P Dow Jones Indices plays in anointing certain securities to major indexes like the&nbsp;S&amp;P 500.<blockquote>“Coinbase 效应 ”类似于标准普尔道琼斯指数在将某些证券与标普500等主要指数挂钩时所发挥的作用，尽管在某些关键方面有所不同。</blockquote>Coinbase’s impact is arguably even more important than that of a stock index company, because, unlike stocks, most tokens have not received the blessing of regulators. Getting Coinbase’s imprimatur has become particularly important for many entrepreneurs looking to enter the space — and it’s a crucial factor for investors looking to put money into more cryptocurrencies beyond just the household names like Bitcoin and Ether.<blockquote>Coinbase 的影响可以说比股票指数公司的影响还要重要，因为与股票不同，大多数代币都没有得到监管机构的认可。对于许多希望进入这一领域的企业家来说，获得 Coinbase 的认可变得尤为重要--对于希望将资金投入更多加密货币的投资者来说，这也是一个至关重要的因素，而不仅仅是比特币和以太等家喻户晓的加密货币。</blockquote>Coinbase’s role as a gatekeeper is one gauge of just how important the exchange is to the market — and why&nbsp;its direct stock listing this Wednesday&nbsp;could value the company at more than $100 billion, a remarkably high multiple of its $1.3 billion 2020 revenue.<blockquote>Coinbase 作为看门人的角色是该交易所对市场有多重要的一个指标，也是为什么它在本周三直接上市的股票可能会使公司估值超过 1000 亿美元，是其 2020 年收入 13 亿美元的高倍。</blockquote>A multiple of 80 times revenue might seem stratospheric for a traditional tech company, but perhaps not so outlandish for a linchpin of an industry now worth $2 trillion.<blockquote>对于一家传统科技公司来说，80 倍的收入似乎是天文数字，但对于一个现在价值 2 万亿美元的行业的关键人物来说，这可能并不奇怪。</blockquote>A report released last month by the crypto research firm Messari found that assets listed on Coinbase had an average gain of 91% in the five days after the listing announcement. That said, the number masks a wide variance in outcomes that is severely skewed by a few outliers. Performance ranged from a 32% drop to a 645% gain. After removing the outliers, Messari found that the average gain was 29%.<blockquote>加密研究公司Messari上个月发布的一份报告发现，比特币基地上市的资产在上市公告后的五天内平均涨幅为91%。也就是说，这个数字掩盖了结果的巨大差异，这种差异被一些异常值严重扭曲。业绩从下降 32% 到上涨 645% 不等。去除异常值后，Messari发现平均增益为29%。</blockquote>It’s not just the price effect that matters. A Coinbase listing can open tokens to millions of new users — 56 million people had Coinbase accounts at the end of the first quarter.<blockquote>重要的不仅仅是价格效应。比特币基地上市可以向数百万新用户开放代币——第一季度末有 5600 万人拥有比特币基地账户。</blockquote>Cryptocurrencies are often designed to be more than just assets . Many have utility as tokens in a network that can be used for specific purposes like buying file storage. Shareholders, by comparison, are often passive actors who simply want their stock to rise. Increasing the number of token-holders is doubly important in the crypto world.<blockquote>加密货币通常不仅仅是资产。许多在网络中具有令牌的效用，可用于特定目的，如购买文件存储。相比之下，股东往往是被动的参与者，他们只是希望自己的股票上涨。在加密货币领域，增加令牌持有者的数量尤为重要。</blockquote>For Matthew Liu, the co-founder of Origin Protocol, Coinbase’s decision to list Origin tokens last week was a huge moment.<blockquote>对于 Origin Protocol 的联合创始人 Matthew Liu 来说，Coinbase 上周决定上市 Origin 代币是一个巨大的时刻。</blockquote>“When Coinbase decides to list you, it’s a very powerful branding effect,” he said in an interview withBarron’s. “That’s one very positive thing. But more important is that Coinbase is an exchange that has millions of users, and many of these users are what we call crypto normals. So a lot of retail people that are just learning about cryptocurrencies. And also very importantly, Coinbase is based in the United States.”<blockquote>“他在接受采访时说：”当 Coinbase 决定将你列入名单时，这是一种非常强大的品牌效应。巴伦. “这是一件非常积极的事情。但更重要的是，Coinbase 是一个拥有数百万用户的交易所，其中许多用户就是我们看涨期权的加密货币普通人。因此，很多零售人士只是在学习加密货币。同样非常重要的是，Coinbase 的总部设在美国。”</blockquote>Origin’s ownership base had mostly been outside the U.S., but Liu says he is now likely to get more U.S. users. Origin aims to be a kind of Shopify of the crypto universe, building consumer-friendly applications for complex products like&nbsp;nonfungible tokens(NFTs).<blockquote>Origin 的所有权基础大多在美国以外，但刘说他现在可能会获得更多的美国用户。Origin的目标是成为加密世界的一种Shopify，为不可替代令牌（NFT）等复杂产品构建消费者友好的应用程序。</blockquote>The Coinbase listing “allows us to bring our cryptocurrency and commerce products to the US mainstream, which is a very desired audience,” Liu said. “And it’s just a very, very validating moment for us as a company.”<blockquote>刘说，Coinbase 的上市 “让我们能够将我们的加密货币和商业产品推向美国主流，这是一个非常受欢迎的受众群体”。“这对我们公司来说是一个非常非常重要的时刻”。</blockquote>Origin’s price went about 30% the day of the announcement, though it has since lost some of that bounce and was down about 6% on Monday.<blockquote>Origin 的股价在公告发布当天上涨了约 30%，但此后失去了部分反弹势头，周一下跌了约 6%。</blockquote>Liu says that Coinbase’s impending listing, set for this Wednesday, makes the timing even more fortuitous, because its public market debut will be “a big validation for the entire cryptocurrency and blockchain industries.”<blockquote>刘说，Coinbase 即将于本周三上市，这使得上市时机更加巧合，因为它的公开市场首次亮相将是 “对整个加密货币和区块链行业的一次重大验证”。</blockquote>“We think that there’s going to be a ton of new entrants into this space,” Liu said.<blockquote>“我们认为，这个领域将会有大量的新进入者，”刘说。</blockquote>Coinbase’s method for deciding whether to list a token is complex and some of it remains mysterious. Asked about his conversations with the company before listing, Liu sent&nbsp;Barron’s&nbsp;the Coinbase blog post&nbsp;about the listing. “I am not at liberty to describe the rest of the listing process,” he added.<blockquote>Coinbase 决定是否上市代币的方法很复杂，其中一些方法仍然是个谜。当被问及他在上市前与公司的对话时，刘发送了巴伦比特币基地关于上市的博客文章。“他补充说：”我不便描述上市过程的其余部分。</blockquote>Liu said he wasn’t told of the listing decision until it became public to everyone. Coinbase executives could not speak in detail about the process because of the impending stock listing.<blockquote>刘说，直到上市决定公之于众，他才被告知。由于即将上市，比特币基地高管无法详细谈论这一过程。</blockquote>Coinbase allows creators and users of cryptocurrencies&nbsp;to submit applications through a public website&nbsp;and then reviews them for security, legal, and compliance issues. Coinbase can also decide on its own to list cryptocurrencies with or without an application.<blockquote>比特币基地允许加密货币的创建者和用户通过公共网站提交申请，然后对其进行安全、法律和合规问题审查。比特币基地还可以自行决定是否列出有应用程序的加密货币。</blockquote>The process can take weeks and involves such complex issues as reviewing legality in jurisdictions all over the world. In addition, the company has to review the technology behind each protocol and figure out how to make it integrate seamlessly with its platform.<blockquote>这一过程可能需要数周时间，并涉及审查世界各地司法管辖区的合法性等复杂问题。此外，该公司还必须审查每个协议背后的技术，并弄清楚如何使其与其平台无缝集成。</blockquote>The process hasn’t always been smooth. Coinbase&nbsp;pulled its listing of XRP, one of the most valuable cryptocurrencies, in December after the U.S. Securities and Exchange Commission sued the company behind the cryptocurrency. And Coinbase’s listing of a Bitcoin spinoff called Bitcoin Cash&nbsp;caused controversy given the rise in the value of Bitcoin Cash prior to the announcement. Coinbase said its internal investigation of activity around that listing, conducted by a law firm, turned up no wrongdoing.<blockquote>这个过程并非一帆风顺。在美国证券交易委员会起诉加密货币背后的公司后，比特币基地于 12 月撤回了最有价值的加密货币之一 XRP 的上市。鉴于 Coinbase 在宣布上市前比特币现金的价值上涨，比特币衍生公司比特币现金的上市引起了争议。比特币基地表示，由一家律师事务所对该上市活动进行的内部调查没有发现任何不当行为。</blockquote>While Coinbase’s role as a gatekeeper is crucial, it is often dependent on circumstances. Tokens that have a broad user base or are not controversial may not always move much on the Coinbase announcement. The Coinbase effect has less of an impact as it used to, some industry experts said.<blockquote>虽然 Coinbase 作为看门人的角色至关重要，但这往往取决于具体情况。拥有广泛用户群或没有争议的代币可能并不总是在比特币基地公告中有太大变化。一些行业专家表示，比特币基地效应的影响不如以前。</blockquote>The effect has “diminished significantly” from a few years ago, when Coinbase listed fewer than 10 assets, noted Matt Hougan, chief investment officer of Bitwise Asset Management, a cryptocurrency fund provider. Outside factors can also be important.<blockquote>加密货币基金提供商 Bitwise Asset Management 的首席投资官马特-霍根（Matt Hougan）指出，与几年前相比，这种影响 “明显减弱”，当时 Coinbase 上市的资产不到 10 种。外部因素也很重要。</blockquote>The research firm Messari found that the market impact is often dependent on the performance of the wider crypto universe, so a big debut could struggle if Bitcoin and other tokens are having a rough day.<blockquote>研究公司 Messari 发现，市场影响通常取决于更广泛的加密货币世界的表现，因此如果比特币和其他代币日子不好过，大型首次亮相可能会举步维艰。</blockquote>In addition, the Coinbase effect may diminish as governments give more regulatory guidance about cryptocurrencies, and as other exchanges grow in prominence. It will be worth watching if the value of Coinbase’s stock changes based on these issues as well.<blockquote>此外，随着政府对加密货币提供更多监管指导，以及其他交易所日益突出，比特币基地的效应可能会减弱。Coinbase 的股票价值是否也会因为这些问题而发生变化，值得关注。</blockquote>“We continue to gain more regulatory clarity for cryptoassets in general in the US,” Garrick Hileman, head of research at Blockchain.com, wrote in an email to&nbsp;Barron’s.“More exchanges are also achieving regulatory and compliance parity with Coinbase, with some even exceeding Coinbase in some areas such as gaining bank charters. These developments will erode the signaling value carried by a Coinbase addition compared to times when regulations were murkier and Coinbases possessed a greater compliance lead over its competitors.”<blockquote>“Blockchain.com 研究主管加里克-希勒曼（Garrick Hileman）在给 Blockchain.com 的一封电子邮件中写道：”在美国，我们继续为加密资产获得更多监管清晰度。巴伦。“越来越多的交易所也在监管和合规方面与 Coinbase 持平，有些交易所甚至在某些领域超过了 Coinbase，比如获得银行特许。与法规更加模糊、Coinbase 在合规方面领先于竞争对手的时代相比，这些发展将削弱 Coinbase 新增所带来的信号价值。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The ‘Coinbase Effect’ Shows the Company’s Importance, and How It Could Diminish<blockquote>“Coinbase 效应 ”显示了该公司的重要性，以及它如何削弱</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe ‘Coinbase Effect’ Shows the Company’s Importance, and How It Could Diminish<blockquote>“Coinbase 效应 ”显示了该公司的重要性，以及它如何削弱</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-13 08:54\n\n</h4>\n</header>\n<article>\nThe promise of cryptocurrencies is that they have no gatekeeper, because control over them is decentralized. But there is at least one gatekeeper that can make or break digital assets.<blockquote>加密货币的承诺是它们没有看门人，因为对它们的控制是分散的。但至少有一个看门人可以成就或毁掉数字资产。</blockquote>Coinbase, the dominant U.S. digital asset exchange, plays a big role in what cryptocurrencies gain acceptance and which ones may be left behind.<blockquote>比特币基地是美国占主导地位的数字资产交易所，在哪些加密货币被接受以及哪些加密货币可能被抛在后面方面发挥着重要作用。</blockquote>There are now thousands of coins, and most of them are expected to fail. One path to success runs through Coinbase, whose decision to list or not list an asset can cause enormous price swings. There are now fewer than 60 cryptocurrencies that Coinbase supports for at least some clients, though some are only available in some jurisdictions or for some services. The lack of clear legality for many cryptos means Coinbase’s determinations can be make-or-break for much of the crypto universe.<blockquote>现在有成千上万的硬币，其中大部分预计会失败。成功之路之一是比特币基地，其上市或不上市资产的决定可能会导致巨大的价格波动。比特币基地现在至少为一些客户支持的加密货币不到60种，尽管有些仅在某些司法管辖区或某些服务中可用。许多加密货币缺乏明确的合法性，这意味着 Coinbase 的决定可能会决定加密货币领域的大部分领域的成败。</blockquote>The “Coinbase effect” is&nbsp; similar — though different in some key respects — to the role that S&amp;P Dow Jones Indices plays in anointing certain securities to major indexes like the&nbsp;S&amp;P 500.<blockquote>“Coinbase 效应 ”类似于标准普尔道琼斯指数在将某些证券与标普500等主要指数挂钩时所发挥的作用，尽管在某些关键方面有所不同。</blockquote>Coinbase’s impact is arguably even more important than that of a stock index company, because, unlike stocks, most tokens have not received the blessing of regulators. Getting Coinbase’s imprimatur has become particularly important for many entrepreneurs looking to enter the space — and it’s a crucial factor for investors looking to put money into more cryptocurrencies beyond just the household names like Bitcoin and Ether.<blockquote>Coinbase 的影响可以说比股票指数公司的影响还要重要，因为与股票不同，大多数代币都没有得到监管机构的认可。对于许多希望进入这一领域的企业家来说，获得 Coinbase 的认可变得尤为重要--对于希望将资金投入更多加密货币的投资者来说，这也是一个至关重要的因素，而不仅仅是比特币和以太等家喻户晓的加密货币。</blockquote>Coinbase’s role as a gatekeeper is one gauge of just how important the exchange is to the market — and why&nbsp;its direct stock listing this Wednesday&nbsp;could value the company at more than $100 billion, a remarkably high multiple of its $1.3 billion 2020 revenue.<blockquote>Coinbase 作为看门人的角色是该交易所对市场有多重要的一个指标，也是为什么它在本周三直接上市的股票可能会使公司估值超过 1000 亿美元，是其 2020 年收入 13 亿美元的高倍。</blockquote>A multiple of 80 times revenue might seem stratospheric for a traditional tech company, but perhaps not so outlandish for a linchpin of an industry now worth $2 trillion.<blockquote>对于一家传统科技公司来说，80 倍的收入似乎是天文数字，但对于一个现在价值 2 万亿美元的行业的关键人物来说，这可能并不奇怪。</blockquote>A report released last month by the crypto research firm Messari found that assets listed on Coinbase had an average gain of 91% in the five days after the listing announcement. That said, the number masks a wide variance in outcomes that is severely skewed by a few outliers. Performance ranged from a 32% drop to a 645% gain. After removing the outliers, Messari found that the average gain was 29%.<blockquote>加密研究公司Messari上个月发布的一份报告发现，比特币基地上市的资产在上市公告后的五天内平均涨幅为91%。也就是说，这个数字掩盖了结果的巨大差异，这种差异被一些异常值严重扭曲。业绩从下降 32% 到上涨 645% 不等。去除异常值后，Messari发现平均增益为29%。</blockquote>It’s not just the price effect that matters. A Coinbase listing can open tokens to millions of new users — 56 million people had Coinbase accounts at the end of the first quarter.<blockquote>重要的不仅仅是价格效应。比特币基地上市可以向数百万新用户开放代币——第一季度末有 5600 万人拥有比特币基地账户。</blockquote>Cryptocurrencies are often designed to be more than just assets . Many have utility as tokens in a network that can be used for specific purposes like buying file storage. Shareholders, by comparison, are often passive actors who simply want their stock to rise. Increasing the number of token-holders is doubly important in the crypto world.<blockquote>加密货币通常不仅仅是资产。许多在网络中具有令牌的效用，可用于特定目的，如购买文件存储。相比之下，股东往往是被动的参与者，他们只是希望自己的股票上涨。在加密货币领域，增加令牌持有者的数量尤为重要。</blockquote>For Matthew Liu, the co-founder of Origin Protocol, Coinbase’s decision to list Origin tokens last week was a huge moment.<blockquote>对于 Origin Protocol 的联合创始人 Matthew Liu 来说，Coinbase 上周决定上市 Origin 代币是一个巨大的时刻。</blockquote>“When Coinbase decides to list you, it’s a very powerful branding effect,” he said in an interview withBarron’s. “That’s one very positive thing. But more important is that Coinbase is an exchange that has millions of users, and many of these users are what we call crypto normals. So a lot of retail people that are just learning about cryptocurrencies. And also very importantly, Coinbase is based in the United States.”<blockquote>“他在接受采访时说：”当 Coinbase 决定将你列入名单时，这是一种非常强大的品牌效应。巴伦. “这是一件非常积极的事情。但更重要的是，Coinbase 是一个拥有数百万用户的交易所，其中许多用户就是我们看涨期权的加密货币普通人。因此，很多零售人士只是在学习加密货币。同样非常重要的是，Coinbase 的总部设在美国。”</blockquote>Origin’s ownership base had mostly been outside the U.S., but Liu says he is now likely to get more U.S. users. Origin aims to be a kind of Shopify of the crypto universe, building consumer-friendly applications for complex products like&nbsp;nonfungible tokens(NFTs).<blockquote>Origin 的所有权基础大多在美国以外，但刘说他现在可能会获得更多的美国用户。Origin的目标是成为加密世界的一种Shopify，为不可替代令牌（NFT）等复杂产品构建消费者友好的应用程序。</blockquote>The Coinbase listing “allows us to bring our cryptocurrency and commerce products to the US mainstream, which is a very desired audience,” Liu said. “And it’s just a very, very validating moment for us as a company.”<blockquote>刘说，Coinbase 的上市 “让我们能够将我们的加密货币和商业产品推向美国主流，这是一个非常受欢迎的受众群体”。“这对我们公司来说是一个非常非常重要的时刻”。</blockquote>Origin’s price went about 30% the day of the announcement, though it has since lost some of that bounce and was down about 6% on Monday.<blockquote>Origin 的股价在公告发布当天上涨了约 30%，但此后失去了部分反弹势头，周一下跌了约 6%。</blockquote>Liu says that Coinbase’s impending listing, set for this Wednesday, makes the timing even more fortuitous, because its public market debut will be “a big validation for the entire cryptocurrency and blockchain industries.”<blockquote>刘说，Coinbase 即将于本周三上市，这使得上市时机更加巧合，因为它的公开市场首次亮相将是 “对整个加密货币和区块链行业的一次重大验证”。</blockquote>“We think that there’s going to be a ton of new entrants into this space,” Liu said.<blockquote>“我们认为，这个领域将会有大量的新进入者，”刘说。</blockquote>Coinbase’s method for deciding whether to list a token is complex and some of it remains mysterious. Asked about his conversations with the company before listing, Liu sent&nbsp;Barron’s&nbsp;the Coinbase blog post&nbsp;about the listing. “I am not at liberty to describe the rest of the listing process,” he added.<blockquote>Coinbase 决定是否上市代币的方法很复杂，其中一些方法仍然是个谜。当被问及他在上市前与公司的对话时，刘发送了巴伦比特币基地关于上市的博客文章。“他补充说：”我不便描述上市过程的其余部分。</blockquote>Liu said he wasn’t told of the listing decision until it became public to everyone. Coinbase executives could not speak in detail about the process because of the impending stock listing.<blockquote>刘说，直到上市决定公之于众，他才被告知。由于即将上市，比特币基地高管无法详细谈论这一过程。</blockquote>Coinbase allows creators and users of cryptocurrencies&nbsp;to submit applications through a public website&nbsp;and then reviews them for security, legal, and compliance issues. Coinbase can also decide on its own to list cryptocurrencies with or without an application.<blockquote>比特币基地允许加密货币的创建者和用户通过公共网站提交申请，然后对其进行安全、法律和合规问题审查。比特币基地还可以自行决定是否列出有应用程序的加密货币。</blockquote>The process can take weeks and involves such complex issues as reviewing legality in jurisdictions all over the world. In addition, the company has to review the technology behind each protocol and figure out how to make it integrate seamlessly with its platform.<blockquote>这一过程可能需要数周时间，并涉及审查世界各地司法管辖区的合法性等复杂问题。此外，该公司还必须审查每个协议背后的技术，并弄清楚如何使其与其平台无缝集成。</blockquote>The process hasn’t always been smooth. Coinbase&nbsp;pulled its listing of XRP, one of the most valuable cryptocurrencies, in December after the U.S. Securities and Exchange Commission sued the company behind the cryptocurrency. And Coinbase’s listing of a Bitcoin spinoff called Bitcoin Cash&nbsp;caused controversy given the rise in the value of Bitcoin Cash prior to the announcement. Coinbase said its internal investigation of activity around that listing, conducted by a law firm, turned up no wrongdoing.<blockquote>这个过程并非一帆风顺。在美国证券交易委员会起诉加密货币背后的公司后，比特币基地于 12 月撤回了最有价值的加密货币之一 XRP 的上市。鉴于 Coinbase 在宣布上市前比特币现金的价值上涨，比特币衍生公司比特币现金的上市引起了争议。比特币基地表示，由一家律师事务所对该上市活动进行的内部调查没有发现任何不当行为。</blockquote>While Coinbase’s role as a gatekeeper is crucial, it is often dependent on circumstances. Tokens that have a broad user base or are not controversial may not always move much on the Coinbase announcement. The Coinbase effect has less of an impact as it used to, some industry experts said.<blockquote>虽然 Coinbase 作为看门人的角色至关重要，但这往往取决于具体情况。拥有广泛用户群或没有争议的代币可能并不总是在比特币基地公告中有太大变化。一些行业专家表示，比特币基地效应的影响不如以前。</blockquote>The effect has “diminished significantly” from a few years ago, when Coinbase listed fewer than 10 assets, noted Matt Hougan, chief investment officer of Bitwise Asset Management, a cryptocurrency fund provider. Outside factors can also be important.<blockquote>加密货币基金提供商 Bitwise Asset Management 的首席投资官马特-霍根（Matt Hougan）指出，与几年前相比，这种影响 “明显减弱”，当时 Coinbase 上市的资产不到 10 种。外部因素也很重要。</blockquote>The research firm Messari found that the market impact is often dependent on the performance of the wider crypto universe, so a big debut could struggle if Bitcoin and other tokens are having a rough day.<blockquote>研究公司 Messari 发现，市场影响通常取决于更广泛的加密货币世界的表现，因此如果比特币和其他代币日子不好过，大型首次亮相可能会举步维艰。</blockquote>In addition, the Coinbase effect may diminish as governments give more regulatory guidance about cryptocurrencies, and as other exchanges grow in prominence. It will be worth watching if the value of Coinbase’s stock changes based on these issues as well.<blockquote>此外，随着政府对加密货币提供更多监管指导，以及其他交易所日益突出，比特币基地的效应可能会减弱。Coinbase 的股票价值是否也会因为这些问题而发生变化，值得关注。</blockquote>“We continue to gain more regulatory clarity for cryptoassets in general in the US,” Garrick Hileman, head of research at Blockchain.com, wrote in an email to&nbsp;Barron’s.“More exchanges are also achieving regulatory and compliance parity with Coinbase, with some even exceeding Coinbase in some areas such as gaining bank charters. These developments will erode the signaling value carried by a Coinbase addition compared to times when regulations were murkier and Coinbases possessed a greater compliance lead over its competitors.”<blockquote>“Blockchain.com 研究主管加里克-希勒曼（Garrick Hileman）在给 Blockchain.com 的一封电子邮件中写道：”在美国，我们继续为加密资产获得更多监管清晰度。巴伦。“越来越多的交易所也在监管和合规方面与 Coinbase 持平，有些交易所甚至在某些领域超过了 Coinbase，比如获得银行特许。与法规更加模糊、Coinbase 在合规方面领先于竞争对手的时代相比，这些发展将削弱 Coinbase 新增所带来的信号价值。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/the-coinbase-effect-shows-the-companys-importance-and-how-it-could-diminish-51618247558?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/the-coinbase-effect-shows-the-companys-importance-and-how-it-could-diminish-51618247558?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146071431","content_text":"The promise of cryptocurrencies is that they have no gatekeeper, because control over them is decentralized. But there is at least one gatekeeper that can make or break digital assets.Coinbase, the dominant U.S. digital asset exchange, plays a big role in what cryptocurrencies gain acceptance and which ones may be left behind.There are now thousands of coins, and most of them are expected to fail. One path to success runs through Coinbase, whose decision to list or not list an asset can cause enormous price swings. There are now fewer than 60 cryptocurrencies that Coinbase supports for at least some clients, though some are only available in some jurisdictions or for some services. The lack of clear legality for many cryptos means Coinbase’s determinations can be make-or-break for much of the crypto universe.The “Coinbase effect” is  similar — though different in some key respects — to the role that S&P Dow Jones Indices plays in anointing certain securities to major indexes like the S&P 500.Coinbase’s impact is arguably even more important than that of a stock index company, because, unlike stocks, most tokens have not received the blessing of regulators. Getting Coinbase’s imprimatur has become particularly important for many entrepreneurs looking to enter the space — and it’s a crucial factor for investors looking to put money into more cryptocurrencies beyond just the household names like Bitcoin and Ether.Coinbase’s role as a gatekeeper is one gauge of just how important the exchange is to the market — and why its direct stock listing this Wednesday could value the company at more than $100 billion, a remarkably high multiple of its $1.3 billion 2020 revenue.A multiple of 80 times revenue might seem stratospheric for a traditional tech company, but perhaps not so outlandish for a linchpin of an industry now worth $2 trillion.A report released last month by the crypto research firm Messari found that assets listed on Coinbase had an average gain of 91% in the five days after the listing announcement. That said, the number masks a wide variance in outcomes that is severely skewed by a few outliers. Performance ranged from a 32% drop to a 645% gain. After removing the outliers, Messari found that the average gain was 29%.It’s not just the price effect that matters. A Coinbase listing can open tokens to millions of new users — 56 million people had Coinbase accounts at the end of the first quarter.Cryptocurrencies are often designed to be more than just assets . Many have utility as tokens in a network that can be used for specific purposes like buying file storage. Shareholders, by comparison, are often passive actors who simply want their stock to rise. Increasing the number of token-holders is doubly important in the crypto world.For Matthew Liu, the co-founder of Origin Protocol, Coinbase’s decision to list Origin tokens last week was a huge moment.“When Coinbase decides to list you, it’s a very powerful branding effect,” he said in an interview withBarron’s. “That’s one very positive thing. But more important is that Coinbase is an exchange that has millions of users, and many of these users are what we call crypto normals. So a lot of retail people that are just learning about cryptocurrencies. And also very importantly, Coinbase is based in the United States.”Origin’s ownership base had mostly been outside the U.S., but Liu says he is now likely to get more U.S. users. Origin aims to be a kind of Shopify of the crypto universe, building consumer-friendly applications for complex products like nonfungible tokens(NFTs).The Coinbase listing “allows us to bring our cryptocurrency and commerce products to the US mainstream, which is a very desired audience,” Liu said. “And it’s just a very, very validating moment for us as a company.”Origin’s price went about 30% the day of the announcement, though it has since lost some of that bounce and was down about 6% on Monday.Liu says that Coinbase’s impending listing, set for this Wednesday, makes the timing even more fortuitous, because its public market debut will be “a big validation for the entire cryptocurrency and blockchain industries.”“We think that there’s going to be a ton of new entrants into this space,” Liu said.Coinbase’s method for deciding whether to list a token is complex and some of it remains mysterious. Asked about his conversations with the company before listing, Liu sent Barron’s the Coinbase blog post about the listing. “I am not at liberty to describe the rest of the listing process,” he added.Liu said he wasn’t told of the listing decision until it became public to everyone. Coinbase executives could not speak in detail about the process because of the impending stock listing.Coinbase allows creators and users of cryptocurrencies to submit applications through a public website and then reviews them for security, legal, and compliance issues. Coinbase can also decide on its own to list cryptocurrencies with or without an application.The process can take weeks and involves such complex issues as reviewing legality in jurisdictions all over the world. In addition, the company has to review the technology behind each protocol and figure out how to make it integrate seamlessly with its platform.The process hasn’t always been smooth. Coinbase pulled its listing of XRP, one of the most valuable cryptocurrencies, in December after the U.S. Securities and Exchange Commission sued the company behind the cryptocurrency. And Coinbase’s listing of a Bitcoin spinoff called Bitcoin Cash caused controversy given the rise in the value of Bitcoin Cash prior to the announcement. Coinbase said its internal investigation of activity around that listing, conducted by a law firm, turned up no wrongdoing.While Coinbase’s role as a gatekeeper is crucial, it is often dependent on circumstances. Tokens that have a broad user base or are not controversial may not always move much on the Coinbase announcement. The Coinbase effect has less of an impact as it used to, some industry experts said.The effect has “diminished significantly” from a few years ago, when Coinbase listed fewer than 10 assets, noted Matt Hougan, chief investment officer of Bitwise Asset Management, a cryptocurrency fund provider. Outside factors can also be important.The research firm Messari found that the market impact is often dependent on the performance of the wider crypto universe, so a big debut could struggle if Bitcoin and other tokens are having a rough day.In addition, the Coinbase effect may diminish as governments give more regulatory guidance about cryptocurrencies, and as other exchanges grow in prominence. It will be worth watching if the value of Coinbase’s stock changes based on these issues as well.“We continue to gain more regulatory clarity for cryptoassets in general in the US,” Garrick Hileman, head of research at Blockchain.com, wrote in an email to Barron’s.“More exchanges are also achieving regulatory and compliance parity with Coinbase, with some even exceeding Coinbase in some areas such as gaining bank charters. These developments will erode the signaling value carried by a Coinbase addition compared to times when regulations were murkier and Coinbases possessed a greater compliance lead over its competitors.”","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":886,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/345945766"}