By Bitcoinist - 3 mwa de sa - Lekti Tan: 3 minit
Crypto Giant at Crossroads: High Stakes Coinbase a jwèt nan plas la Bitcoin ETF mache
Coinbase, a leading crypto asset exchange, is at a pivotal juncture with the recent advent of plas US Bitcoin Echanj-fè kòmès Fon (ETFs). While this development signals a mainstream breakthrough for crypto, it also places Coinbase in a spotlight fraught with potential rewards and significant risks.
The approval and commencement of the first spot exchange-traded funds investing directly in Bitcoin by the US Securities and Exchange Commission (SEC) have marked a significant moment in BTC’s journey toward mainstream acceptance.
Mouvman sa a te mete Coinbase nan 'sant nan aksyon', paske anpil emeteur ETF tach, tankou gwo endistri tankou BlackRock ak Ark Invest, konte sou echanj la pou sèvis esansyèl tankou gadyen, komès, ak prete.
Nepe a doub bò nan santralizasyon
Coinbase’s emerging dominance in the spot Bitcoin ETF market is a double-edged sword. On the one hand, the company is poised to benefit significantly from its central role in this new era of Bitcoin trading. On the other hand, this centralization raises concerns about the “concentration of risk,” according to Bloomberg.
David Schwed, COO nan konpayi sekirite blockchain Halborn, mete aksan sou danje potansyèl ki genyen nan konfye yon sèl antite ak plizyè fonksyon kritik nan enfrastrikti mache finansye a, remake:
Pa konsepsyon, enfrastrikti mache finansye nou an separe nan diferan wòl. Lè ou gen yon sèl antite ki responsab pou tout sik lavi komès la, mwen panse ke sa lakòz enkyetid.
Bloomberg reports that Coinbase, already the “largest crypto custodian” globally, is the preferred choice for custody among spot Bitcoin ETFs. However, spot ETF issuers have noted the risk of “service restrictions” or curtailments from the exchange in their risk disclosures.
Dave Abner, direktè lekòl Dabner Capital Partners, yon konsiltan ETF, repete enkyetid konsènan risk konsantrasyon. Abner montre danje ki genyen nan konte anpil sou Coinbase kòm yon gadyen kriptografik, sijere ke yon "konfigirasyon milti-gadyen" ta ka yon parye pi an sekirite pou envestisè ak emeteur.
Malgre enkyetid sa yo, CFO Coinbase a Alesia Haas asire ke konpayi an "dilijans evite konfli enterè," afime ke estrikti tradisyonèl mache sekirite yo ka pa totalman aplikab nan sektè kript la.
Coinbase balanse kwasans ak dinamik mache
As the exchange navigates its influential role in the ETF space, it also faces challenges from emerging funds offering lower fees on Bitcoin investment vehicles.
Konpetisyon sa a menase revni nan platfòm prensipal komès Coinbase a. Pandan ke aksyon konpayi an te monte pa plis pase 100% ane pase a, analis ki soti nan Mizuho, yon bank dirijan nan Japon, estime ke nouvo ETF plas yo ta ka ajoute sèlman yon modès 5% a 10% nan revni an.
Potential changes in customer behavior further complicate Coinbase’s position in the market. Some current customers might pivot to buying Bitcoin nan plas ETFs, which generally charge lower trading fees than the exchange.
Senaryo sa a, jan sa endike pa Dan Dolev soti nan Mizuho, ta ka mennen nan konpresyon frè atravè espas kript la, ki afekte kouran revni Coinbase a. Malgre defi sa yo, konpayi an rete optimis.
Haas expects the spot ETFs to benefit the mache kript and Coinbase. At the same time, Greg Tusar, head of institutional products at Coinbase, believes the spot ETFs will diversify to use multiple custodians over time.
Malgre ke posib diminye pati nan mache Coinbase a, estrateji sa a ta ka bese risk ki asosye ak twòp depandans sou yon sèl gadyen.
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Sous orijinal: Bitcoinse