Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng v\u00e0 ti\u1ec1n m\u00e3 h\u00f3a \u0111ang ch\u1ee9ng ki\u1ebfn m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t l\u1edbn khi c\u00e1c “\u00f4ng l\u1edbn” qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n b\u1eaft \u0111\u1ea7u th\u1ef1c hi\u1ec7n nh\u1eefng b\u01b0\u1edbc \u0111i t\u00e1o b\u1ea1o v\u00e0o h\u1ea1 t\u1ea7ng k\u1ef9 thu\u1eadt s\u1ed1. Franklin Templeton, m\u1ed9t trong nh\u1eefng t\u1eadp \u0111o\u00e0n qu\u1ea3n l\u00fd qu\u1ef9 l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, v\u1eeba th\u1ef1c hi\u1ec7n th\u01b0\u01a1ng v\u1ee5 th\u00e2u t\u00f3m \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a h\u00f3a ho\u00e0n to\u00e0n (tokenized buyout), trong khi CoinShares ch\u00ednh th\u1ee9c ghi danh tr\u00ean s\u00e0n Nasdaq. Nh\u1eefng chuy\u1ec3n \u0111\u1ed9ng n\u00e0y kh\u00f4ng ch\u1ec9 l\u00e0 tin t\u1ee9c t\u00e0i ch\u00ednh \u0111\u01a1n thu\u1ea7n; ch\u00fang \u0111\u00e1nh d\u1ea5u s\u1ef1 k\u1ebft th\u00fac c\u1ee7a k\u1ef7 nguy\u00ean th\u1eed nghi\u1ec7m v\u00e0 b\u1eaft \u0111\u1ea7u giai \u0111o\u1ea1n t\u00edch h\u1ee3p s\u00e2u r\u1ed9ng.<\/p>\n
Franklin Templeton kh\u00f4ng c\u00f2n xa l\u1ea1 v\u1edbi blockchain, nh\u01b0ng vi\u1ec7c th\u1ef1c hi\u1ec7n m\u1ed9t th\u01b0\u01a1ng v\u1ee5 th\u00e2u t\u00f3m th\u00f4ng qua c\u00e1c \u0111\u01a1n v\u1ecb \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a \u0111\u00e3 n\u00e2ng t\u1ea7m cu\u1ed9c ch\u01a1i. Thay v\u00ec s\u1eed d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng th\u1ee9c chuy\u1ec3n nh\u01b0\u1ee3ng t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng v\u1ed1n ch\u1eadm ch\u1ea1p v\u00e0 t\u1ed1n k\u00e9m, vi\u1ec7c token h\u00f3a quy tr\u00ecnh n\u00e0y cho ph\u00e9p t\u00ednh thanh kho\u1ea3n cao h\u01a1n v\u00e0 kh\u1ea3 n\u0103ng minh b\u1ea1ch tuy\u1ec7t \u0111\u1ed1i tr\u00ean s\u1ed5 c\u00e1i k\u1ef9 thu\u1eadt s\u1ed1. <\/p>\n
\u0110\u1ed9ng th\u00e1i n\u00e0y di\u1ec5n ra trong b\u1ed1i c\u1ea3nh c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd \u0111ang d\u1ea7n th\u1eaft ch\u1eb7t, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u1edbi c\u00e1c t\u00e0i s\u1ea3n mang t\u00ednh \u1ed5n \u0111\u1ecbnh. Nh\u1eefng thay \u0111\u1ed5i n\u00e0y bu\u1ed9c c\u00e1c \u0111\u01a1n v\u1ecb qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n ph\u1ea3i t\u00ecm ki\u1ebfm c\u00e1c ph\u01b0\u01a1ng th\u1ee9c v\u1eadn h\u00e0nh hi\u1ec7u qu\u1ea3 h\u01a1n \u0111\u1ec3 duy tr\u00ec l\u1ee3i th\u1ebf c\u1ea1nh tranh. Vi\u1ec7c Franklin s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 n\u00e0y cho th\u1ea5y c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u00e2u \u0111\u1eddi \u0111\u00e3 s\u1eb5n s\u00e0ng tin t\u01b0\u1edfng v\u00e0o t\u00ednh b\u1ea3o m\u1eadt c\u1ee7a blockchain cho nh\u1eefng giao d\u1ecbch tr\u1ecb gi\u00e1 h\u00e0ng tri\u1ec7u USD.<\/p>\n
Song song v\u1edbi b\u01b0\u1edbc ti\u1ebfn c\u1ee7a Franklin, vi\u1ec7c CoinShares ni\u00eam y\u1ebft tr\u00ean Nasdaq l\u00e0 m\u1ed9t c\u1ed9t m\u1ed1c quan tr\u1ecdng cho ph\u00e2n kh\u00fac qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 t\u1ea1i ch\u00e2u \u00c2u v\u00e0 to\u00e0n c\u1ea7u. CoinShares t\u1eeb l\u00e2u \u0111\u00e3 d\u1eabn \u0111\u1ea7u trong vi\u1ec7c cung c\u1ea5p c\u00e1c s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0 ti\u1ec1n m\u00e3 h\u00f3a c\u00f3 c\u1ea5u tr\u00fac, v\u00e0 vi\u1ec7c c\u00f3 m\u1eb7t tr\u00ean s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi v\u1ec1 c\u00f4ng ngh\u1ec7 cho th\u1ea5y s\u1ef1 c\u00f4ng nh\u1eadn t\u1eeb gi\u1edbi \u0111\u1ea7u t\u01b0 ch\u00ednh th\u1ed1ng.<\/p>\n
Nh\u01b0ng s\u1ef1 xu\u1ea5t hi\u1ec7n n\u00e0y kh\u00f4ng ch\u1ec9 mang t\u00ednh bi\u1ec3u t\u01b0\u1ee3ng. N\u00f3 t\u1ea1o ra m\u1ed9t c\u1ea7u n\u1ed1i ph\u00e1p l\u00fd v\u1eefng ch\u1eafc cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u1ed1n c\u00f2n e d\u00e8 v\u1edbi c\u00e1c s\u00e0n giao d\u1ecbch crypto ch\u01b0a \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t. Khi CoinShares tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng ty \u0111\u1ea1i ch\u00fang tr\u00ean Nasdaq, h\u1ecd ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c ti\u00eau chu\u1ea9n b\u00e1o c\u00e1o v\u00e0 minh b\u1ea1ch kh\u1eaft khe nh\u1ea5t, \u0111i\u1ec1u n\u00e0y gi\u00e1n ti\u1ebfp th\u00fac \u0111\u1ea9y ni\u1ec1m tin v\u00e0o to\u00e0n b\u1ed9 h\u1ec7 sinh th\u00e1i ti\u1ec1n m\u00e3 h\u00f3a.<\/p>\n
T\u1ea1i sao hai s\u1ef1 ki\u1ec7n n\u00e0y l\u1ea1i quan tr\u1ecdng khi \u0111\u1eb7t c\u1ea1nh nhau? Ch\u00fang ta \u0111ang th\u1ea5y m\u1ed9t s\u1ef1 giao thoa: m\u1ed9t b\u00ean l\u00e0 g\u00e3 kh\u1ed5ng l\u1ed3 t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng (Franklin) \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 m\u1edbi, v\u00e0 m\u1ed9t b\u00ean l\u00e0 \u0111\u1ea1i di\u1ec7n \u01b0u t\u00fa c\u1ee7a th\u1ebf gi\u1edbi crypto (CoinShares) gia nh\u1eadp h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng. <\/p>\n
S\u1ef1 giao thoa n\u00e0y \u0111ang t\u1ea1o ra \u00e1p l\u1ef1c l\u00ean c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i v\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 b\u1ea3o th\u1ee7. N\u1ebfu h\u1ecd kh\u00f4ng s\u1edbm t\u00edch h\u1ee3p c\u00e1c gi\u1ea3i ph\u00e1p blockchain, h\u1ecd c\u00f3 nguy c\u01a1 b\u1ecb b\u1ecf l\u1ea1i ph\u00eda sau trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 t\u1ed1c \u0111\u1ed9 giao d\u1ecbch \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng gi\u00e2y thay v\u00ec b\u1eb1ng ng\u00e0y. Tuy nhi\u00ean, r\u1ee7i ro v\u1eabn c\u00f2n \u0111\u00f3. S\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c r\u00e0o c\u1ea3n ph\u00e1p l\u00fd m\u1edbi, nh\u01b0 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 l\u1ee3i su\u1ea5t stablecoin, v\u1eabn l\u00e0 nh\u1eefng bi\u1ebfn s\u1ed1 kh\u00f3 l\u01b0\u1eddng m\u00e0 c\u00e1c doanh nghi\u1ec7p n\u00e0y ph\u1ea3i \u0111\u1ed1i m\u1eb7t.<\/p>\n
Trong nh\u1eefng th\u00e1ng t\u1edbi, gi\u1edbi ph\u00e2n t\u00edch k\u1ef3 v\u1ecdng s\u1ebd th\u1ea5y th\u00eam nhi\u1ec1u th\u01b0\u01a1ng v\u1ee5 M&A (s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i) \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u1ef1c ti\u1ebfp tr\u00ean chu\u1ed7i (on-chain). S\u1ef1 ki\u1ec7n c\u1ee7a Franklin Templeton ch\u1ec9 l\u00e0 ph\u00e1t s\u00fang m\u1edf m\u00e0n. Khi c\u00e1c qu\u1ef9 ETF Bitcoin v\u00e0 Ethereum \u0111\u00e3 \u1ed5n \u0111\u1ecbnh, tr\u1ecdng t\u00e2m c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111ang chuy\u1ec3n d\u1ecbch t\u1eeb “\u0111\u1ea7u c\u01a1 gi\u00e1” sang “h\u1ea1 t\u1ea7ng v\u1eadn h\u00e0nh”.<\/p>\n
CoinShares, v\u1edbi v\u1ecb th\u1ebf m\u1edbi tr\u00ean Nasdaq, c\u00f3 kh\u1ea3 n\u0103ng s\u1ebd m\u1edf r\u1ed9ng danh m\u1ee5c s\u1ea3n ph\u1ea9m c\u1ee7a m\u00ecnh sang c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n m\u00e3 h\u00f3a ph\u1ee9c t\u1ea1p h\u01a1n, c\u00f3 l\u1ebd l\u00e0 c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 k\u1ebft h\u1ee3p gi\u1eefa c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 v\u00e0 t\u00e0i s\u1ea3n s\u1ed1. Cu\u1ed9c \u0111ua gi\u1edd \u0111\u00e2y kh\u00f4ng c\u00f2n l\u00e0 ai s\u1edf h\u1eefu nhi\u1ec1u Bitcoin nh\u1ea5t, m\u00e0 l\u00e0 ai x\u00e2y d\u1ef1ng \u0111\u01b0\u1ee3c h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n hi\u1ec7u qu\u1ea3 nh\u1ea5t cho k\u1ef7 nguy\u00ean s\u1ed1.<\/p>\n
Vi\u1ec7c Franklin Templeton token h\u00f3a th\u01b0\u01a1ng v\u1ee5 mua l\u1ea1i c\u00f3 \u00fd ngh\u0129a g\u00ec \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n?<\/strong> T\u1ea1i sao CoinShares l\u1ea1i ch\u1ecdn ni\u00eam y\u1ebft tr\u00ean Nasdaq thay v\u00ec c\u00e1c s\u00e0n kh\u00e1c?<\/strong> Th\u1ecb tr\u01b0\u1eddng ti\u1ec1n m\u00e3 h\u00f3a s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng th\u1ebf n\u00e0o b\u1edfi c\u00e1c s\u1ef1 ki\u1ec7n n\u00e0y?<\/strong>
\nM\u1eb7c d\u00f9 \u0111\u00e2y l\u00e0 giao d\u1ecbch \u1edf c\u1ea5p \u0111\u1ed9 t\u1ed5 ch\u1ee9c, nh\u01b0ng n\u00f3 m\u1edf \u0111\u01b0\u1eddng cho vi\u1ec7c gi\u1ea3m chi ph\u00ed qu\u1ea3n l\u00fd qu\u1ef9 trong t\u01b0\u01a1ng lai. Khi c\u00e1c quy tr\u00ecnh v\u1eadn h\u00e0nh tr\u1edf n\u00ean r\u1ebb h\u01a1n nh\u1edd blockchain, c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 gi\u1ea3m ph\u00ed d\u1ecbch v\u1ee5 cho kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n.<\/p>\n
\nNasdaq l\u00e0 “ng\u00f4i nh\u00e0” c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u00e0 fintech h\u00e0ng \u0111\u1ea7u. Vi\u1ec7c ni\u00eam y\u1ebft t\u1ea1i \u0111\u00e2y gi\u00fap CoinShares ti\u1ebfp c\u1eadn \u0111\u01b0\u1ee3c ngu\u1ed3n v\u1ed1n kh\u1ed5ng l\u1ed3 t\u1eeb c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, \u0111\u1ed3ng th\u1eddi kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf l\u00e0 m\u1ed9t c\u00f4ng ty c\u00f4ng ngh\u1ec7 t\u00e0i ch\u00ednh thay v\u00ec ch\u1ec9 l\u00e0 m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 \u0111\u01a1n thu\u1ea7n.<\/p>\n
\nNh\u1eefng b\u01b0\u1edbc \u0111i n\u00e0y gi\u00fap gi\u1ea3m b\u1edbt \u0111\u1ecbnh ki\u1ebfn v\u1ec1 vi\u1ec7c “crypto l\u00e0 bong b\u00f3ng”. Khi c\u00e1c th\u1ef1c th\u1ec3 uy t\u00edn tham gia s\u00e2u v\u00e0o h\u1ea1 t\u1ea7ng, d\u00f2ng ti\u1ec1n \u0111\u1ed5 v\u00e0o th\u1ecb tr\u01b0\u1eddng s\u1ebd tr\u1edf n\u00ean b\u1ec1n v\u1eefng h\u01a1n v\u00e0 \u00edt b\u1ecb chi ph\u1ed1i b\u1edfi t\u00e2m l\u00fd ho\u1ea3ng lo\u1ea1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb.<\/p>\n