Coinbase的加密貨幣業務可能猛增50%

投入比特幣和其他加密貨幣的資金現已超過3650億美元，投資者幾乎全是個人，而非華爾街金融機構。

不過，這種情況終于要有所改變了。本周，美國最大比特幣交易所Coinbase推出了面向機構投資者的專業級新型交易產品，究其原因是精明的大客戶對加密貨幣的需求不斷上升。

Coinbase負責GDAX交易所等機構業務的總經理亞當·懷特說：“在機構領域我們看到的是，想一馬當先的非常少，大多數人都希望加入第二梯隊?！?

Coinbase發布上述消息前，華爾街主要投行已在本月早些時候開始準備進入加密貨幣市場。高盛（Goldman Sachs）5月初披露自己將成立比特幣交易部門，摩根大通（JPMorgan Chase）本周表示，它“正在對這個領域進行考察”，并任命了該公司歷史上首位加密資產策略主管來領導這項工作。

針對加密貨幣這個金融-科技交叉領域，《財富》雜志制作了周播節目《Balancing the Ledger》。懷特在最新一期節目中稱：“兩年后再回頭看高盛的表態，我們就會發現他們開始交易加密貨幣的時間非常有可能是個分水嶺?！?

華爾街對投資加密貨幣猶豫不決的原因是對充斥這個行業的騙局感到擔心，同時也害怕安全問題。許多世界上最知名的比特幣交易所都被黑過，其中就有現已聲名狼藉的Mt. Gox——該交易所創紀錄地被盜取了65萬枚比特幣，現在這些比特幣的價值超過50億美元，但依然不知所蹤。就連自身系統從未被攻破過的Coinbase也一直是竊賊的目標，大量賬戶曾遭受入侵并被洗劫，其中就包括一些著名投資人的賬戶。

懷特指出，正因如此，Coinbase推出了為大客戶安全托管加密貨幣的服務項目（最低存儲額為1000萬美元）。他還說，Coinbase目前存放著逾200億美元的數字貨幣，其中大多為個人投資者所有。但Coinbase認為托管業務上線后這個數字有望猛增50%。

懷特表示：“我們估算，最有可能的情況是至少有100億美元機構資金正在觀望之中，只要有安全的托管產品，他們就會采取行動，而這還只是在加密貨幣領域?！?

他認為，這些資金最初可能來自對沖基金和銀行，但養老金和主權財富基金最終也會加入進來。在懷特看來，打造優質加密貨幣投資服務“將釋放數百億美元機構資金。我們希望這些資金流到我們這里?！?

最新一輪融資后Coinbase的估值已達到16億美元。不過，盡管其業務目前以金融業為中心，但Coinbase的終極目標要遠大于投行或金融科技公司。懷特說：“簡而言之，我們希望成為加密貨幣界的谷歌?！?

對于比特幣價格以及來自華爾街的資金將如何提振市場，懷特表示自己是不可知論者，Coinbase賭的則是加密貨幣的長期潛力：“要真正看清比特幣或以太坊等基礎性技術能帶來什么，這個領域中的所有人都需要把目光放到20或30年后?！保ㄘ敻恢形木W）

譯者：Charlie

審校：夏林

Today, the more than $365 billion invested in Bitcoin and other cryptocurrencies is owned almost entirely by individual investors—not by Wall Street institutions.

That’s finally about to change. Coinbase, the largest U.S. Bitcoin exchange, launched new professional-grade trading products for institutional investorsthis week, citing rising demand for cryptocurrency from smart money heavyweights.

“How we’ve seen it play out in the institutional space, very few want to be first, but most want to be second,” says Adam White, Coinbase’s general manager who runs its institutional business including the GDAX exchange.

Coinbase’s announcement follows moves by major Wall Street banks earlier this month towards entering the cryptocurrency market. Goldman Sachs revealed in early May that it is opening a Bitcoin trading desk, and JPMorgan Chase said this week that the bank is “looking into the space,” naming its first-ever head of crypto-assets strategy to lead those efforts.

“In a couple years we’re going to look at Goldman Sachs’ announcement that they’re going to begin trading cryptocurrency as very much a watershed moment,” White says on the latest episode of “Balancing the Ledger,” Fortune’sweekly show about the intersection of finance and technology, which you can watch above.

Wall Street’s hesitation to invest in cryptocurrency is rooted in concerns over scams that have plagued the industry and in fears about security. Many of the world’s most popular Bitcoin exchanges have been hacked, including the infamous Mt. Gox, from which a record-setting 650,000 Bitcoins—worth more than $5 billion today—were stolen and remain missing. Even Coinbase, whose own systems have never been breached, has been targeted by thieves who have hacked and drained scores of its customer accounts, including those of prominent investors.

That’s why Coinbase is rolling out a custody service to securely hold cryptocurrency on behalf of big investors (with a minimum deposit of $10 million), adds White. Coinbase currently stores more than $20 billion in digital currency, most of which belongs to retail investors, he says—but the company expects that amount could jump 50% once the custody product goes live.

“By our best estimates, there’s at least $10 billion in institutional capital that’s waiting on the sidelines just to move in for a safe custodianship product, just for cryptocurrency alone,” White says.

That money is likely to come from hedge funds and banks initially, but pension plans and sovereign wealth funds could eventually follow, he adds. The creation of premium cryptocurrency investment services “is going to unlock tens of billions of dollars of institutional capital,” White says. “We hope it comes through us.”

But while Coinbase’s business, valued at $1.6 billion during its most recent fundraising round, currently revolves around the financial industry, it ultimately aims to be much more than a bank or fintech company. “Very simply said, we want to be the Google of crypto,” says White.

Although he claims to be agnostic about the Bitcoin price and how the influx of Wall Street money could boost the market, Coinbase is betting on cryptocurrency’s long-term potential: “Anyone in the space needs to have a 20- or 30-year vision to really look at what a foundational technology like Bitcoin or Ethereum will provide.”