Issuance Platforms 发行平台

 

Issuance platforms offer services to issue different types of assets in the form of digital securities or a security token. “For companies considering the issuance of security tokens, security token issuing platforms can be very promising and can ease various processes with respect to emission.”[Gross, Jonas, and Philipp Sandner. “The State of the Security Token Ecosystem: Token Issuance and Primary Trading Platforms.” Medium, Medium, 21 Dec. 2019, medium.com/@jonas.ku1994/the-state-of-the-security-token-ecosystem-token-issuance-and-primary-trading-platforms-fc9acc19ac7b.] These platforms are able to facilitate not only the creation and issuance of tokens, but also initial and secondary trading, making them effective at fundraising. Some platforms are also providing every service through their partners rather than directly to the clients, while others are specializing in a specific service. As issuance platforms become more involved in the STO cycle, they have to ensure interoperability, or compatibility with other participants in the ecosystem, by creating tokens that will be accepted in the secondary markets. Although interoperability is not difficult to be fulfilled with the few active exchanges in the ecosystem, we can not guarantee the results if more exchanges enter the market.

发行平台为不同资产的数字证券提供发行服务。“对于有意发行数字证券的企业来说，数字化证券平台前景广阔并能对发行的各操作环节流程予以简化。”  此类平台在有助于数字化证券的创建与发行的同时，还能促进初级及二级市场中的交易从而提升融资效率。一些平台选择通过合作伙伴而非直接面向客户提供各类服务，而其他平台则专门提供特定服务。随着在整个STO周期中参与度的逐渐提升，发行平台必须通过创建能被二级市场所接受的数字化证券来确保互操作性及与生态系统中其他参与者的兼容性。目前整个生态系统中活跃交易所的数量并不多，因而实现互操作性并非难事。但若系统中交易所的数量不断增加，那么互操作性的实现便无法保证。

 

Current providers are covering a wide range of conventional assets ranging from equity, debt, and funds to real estate. At the end of 2019, there were 53 issuance providers with a majority of them coming from the United States based on volume raised and country of incorporation. Ethereum was the most commonly used infrastructure but Stellar blockchain poses as a serious competitor. In terms of deciding the well-being of a platform,  “the leading indicator for a company’s maturity in the ecosystem is the amount of STOs it executed or is planning to execute.”[Sandner, Philipp, et al. “Conclusive Insights: The Global Digital Securities Ecosystem Study.” Medium, Medium, 22 May 2020, medium.com/@philippsandner/conclusive-insights-the-global-digital-securities-ecosystem-study-d8533f8e97f3.] However, few issuance providers offer public information on raised funds and planned or executed STOs as there are only a few active exchanges. 

目前，供应商的服务领域涵盖了股票、债务、基金、房地产在内的传统资产。截至2019年底，共有53家发行机构，从发行规模和注册国家来看，其中大部分来自于美国。以太坊是最常用的基础设施，但Stellar区块链成为了其最有力的竞争对手。在衡量平台好坏时，“一个公司在生态系统中成熟度的主要指标在于其执行或计划执行的STO的数量。” 然而事实上，鉴于活跃的交易所数量很少，因此很少有发行机构会公布其已募集资金、计划或所执行的STO的公开信息。

Source: BlockState[“The Global Digital Securities Ecosystem.” Blockstate, 2019, blockstate.com/digital-securities-study-en/.]

Secondary Exchange 二级交易所

 

Secondary exchanges support the regulated trading of digital securities. However, the trading platforms are largely under development and are not currently operational, representing a large market gap in the ecosystem. “This is heavily influenced by the non-existent regulations regarding secondary trading of digital securities and the consequential prohibitions.”[Sandner, Philipp, et al. “Conclusive Insights: The Global Digital Securities Ecosystem Study.” Medium, Medium, 22 May 2020, medium.com/@philippsandner/conclusive-insights-the-global-digital-securities-ecosystem-study-d8533f8e97f3.] Despite the lack of resources and platforms for the trading of digital securities, the good news is that “the first regulated digital security exchanges are expected to go live in 2020.”[“Global Study of Digital Securities Ecosystem.” The Tokenizer, 1 Nov. 2019, thetokenizer.io/2019/11/01/global-study-of-digital-securities-ecosystem/. ] Thus, we should be expecting to see considerable progress in this part of the ecosystem very soon.

二级交易所支持受监管的数字证券交易。目前，此类这交易平台大多处于开发阶段还并未投入运营，在生态系统中存在着巨大的市场缺口，这在“很大程度上是由于数字证券二级交易相关法规的缺失以及有关禁令的影响。”尽管目前数字证券尚缺资源和平台，但“首个受监管的数字证券交易所有望于2020年正式上线”。因此，生态系统中这一部分的巨大进步指日可待。

 

On the other hand, secondary markets are more geographically spread out on a global scale with a few focal points. As the global leaders in finance and start-ups, the U.S., Germany, and Switzerland are leading the adoption of security token services with a high concentration of tokenizable assets. In addition, “digital asset-‘friendly’ jurisdictions like Malta and Switzerland are [also] European leaders” in the secondary markets.3 Secondary exchanges also offer a wide range of additional services such as issuance-, wallet-, and custody services with the last one being the most popular among the 53 existing exchanges at the end of 2019. Furthermore, as the graph below shows, the target groups of secondary markets have an overwhelming majority focus on the retail industry, winning institutional groups with 89% versus 11%. In conclusion, although the secondary exchanges show a void in the digital securities ecosystem, research and developments are underway with substantial promises in the North American and European region.[“Global Study of Digital Securities Ecosystem.” The Tokenizer, 1 Nov. 2019, thetokenizer.io/2019/11/01/global-study-of-digital-securities-ecosystem/. ]

另一方面，二级市场在全球范围内的地理分布更为分散，目前仅有几个焦点而已。世界金融和初创企业领军国家美国、德国以及瑞士在可数字化资产高度集中的数字证券服务领域处于领先地位，对数字资产持友好态度的马耳他也同为欧洲数字资产二级交易所先驱。此外，二级交易所还提供包括发行，钱包和托管服务在内的诸多服务，其中托管业务在2019年底的53家现有交易所中最受欢迎。另外，如下图所示，二级市场的目标群体绝大多数集中在零售行业，机构群体占比分别为89%和11%。总而言之，尽管二级交易所数字证券生态系统还一片空白，但北美和欧洲地区的研究与开发正在火热进行中，前景可期。

 

Source: BlockState[“The Global Digital Securities Ecosystem.” Blockstate, 2019, blockstate.com/digital-securities-study-en/.]

Custody Providers 托管服务供应方

 

“A custody provider (custodian) is a financial institution that holds customers’ assets for safekeeping in order to minimize the risk of their theft or loss.” Custody providers also facilitate settlement services, act as recordkeepers, and handle foreign exchange transactions. Because custody providers are responsible for large amounts of monetary value, they usually tend to be large firms with recognized reputations. In the U.S., some of the largest custodian banks are the Bank of New York Mellon, JPMorgan Chase, State Street, and Citigroup. Worldwide, some of the major custodians include Bank of China, Credit Suisse, UBS, Barclays, etc.[Barone, Adam. “The Role of the Financial Custodian.” Investopedia, Investopedia, 18 July 2020, www.investopedia.com/terms/c/custodian.asp.]

“托管服务供应方（托管方）是一种替客户持有并妥善保管资产以最大限度地降低其被盗或损失风险的金融机构。” 托管服务供应方还充当记录保管员为客户提供清算服务，并处理外汇交易。因为要对大量的货币价值负责，故而托管方常由拥有公认声誉的大公司充当。在美国，规模最大的托管银行分别是纽约梅隆银行、摩根大通、道富银行和花旗集团。在全球范围内，主要托管方包括中国银行、瑞士信贷、瑞士联合银行、巴克莱银行等。 

 

In the age of digital assets, custody is more complex. Similar to custodians in the traditional finance sector, crypto assets custody can be defined  as the “safekeeping, administration and safeguarding of crypto assets or private cryptographic keys used to hold, store or transfer crypto assets for others”.[Werner, Swen. “What Is Custody of Digital Assets?” Global Custodian – The Leading Quarterly Magazine Covering the International Securities Services Industry, 16 Aug. 2019, www.globalcustodian.com/blog/custody-digital-assets/. ] The fundamental function for digital assets custody is the safeguarding of private keys for cryptocurrencies such as Bitcoin and Ethereum, and other digital assets such as security tokens.

Currently, digital assets custody is categorized by three main approaches[Fidelity Digital Assets. “Custody in the Age of Digital Assets”, Oct. 2018, https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/custody-in-the-age-of-digital-assets.pdf]:

在数字证券时代，监管变得更为复杂。与传统金融部门托管方类似，加密资产托管可定义为“替客户安全保管、管理并保护其加密资产或用于持有、存储或转移加密资产的私人密钥”。数字资产托管的基本功能是保护加密货币（诸如比特币、以太坊）及其他数字资产（如数字证券）的私人密钥。当前，数字资产托管的主要方法共有三种，分别是 ：

 

-   Hot Storage: Crypto custody with connection to the Internet (Online)

Hot storage is known by the public as an online wallet. It provides more liquidity by enabling accessibility and transactions of digital assets easily online. But, keeping private keys online can leave the wallet vulnerable to hacks and other security compromises due to online exposure.

热存储：与互联网（网络）连接的加密货币托管

 

热存储被公众认作是一款网络钱包。热存储通过网络使数字资产的可访问性和在线交易变得更加容易，从而提供了更多的流动性。但是在网络中保管私钥会使钱包更易于受到黑客攻击并因网络曝光而面临其他的安全威胁。

 

-   Cold Storage: Crypto custody with no connection to the Internet (Offline)

Cold storage can be a USB or other hardware storage product, or simply paper copies that are secured in a vault to manage private keys. The advantage here is tighter security, but this comes at the trade-off of illiquidity in holdings because of the fact that this approach is offline.

冷存储：不与互联网（网络）连接的加密货币托管

冷存储可以是USB或其他硬件存储设备，也可以是被保存在保险库中用来管理私钥的纸质副本。冷存储断开了与互联网的连接，故而拥有更高的安全性但却也因此付出了非流动性的代价。

 

-   Multi-Signature:

Multi-Signature requires more than one key to sign a transaction of digital assets. This is a new approach of digital assets security that has a great possibility to reshape the financial industry in the future.

多重签名：

多重签名机制需要多重密钥来完成数字资产交易。这是一种新的数字资产保障方法，极有可能在未来重塑金融业前景。

 

 

 

Source: cointelegraph.com[Barde, Rohan. “Custody Services for Digital Assets: Everything You Need to Know.” Cointelegraph, Cointelegraph, 28 Sept. 2019, cointelegraph.com/news/custody-services-for-digital-assets-everything-you-need-to-know.]

加密资产托管解决方案

图片来源：cointelegraph.com

 

“We expect continued growth in digital products and services, with many of them aimed at institutional investors. While this asset class continues to evolve, one constant is that the institutional adoption of digital assets depends on the arrival of professional custody solutions”. says Fidelity Digital Assets. Digital assets custody providers have gained increasing popularity as the crypto industry evolves. Many analysts and investors believe that a well-trusted custody provider will be the solution to institutional investors’ transition to digital assets.

Fidelity Digital Assets表示：“我们预计数字化产品和服务将继续保持增长，许多产品和服务会专门面向机构投资者。尽管此类资产继续保持发展态势，但一个不争的事实是：数字化资产的机构化采用将取决于专业托管解决方案的到来。” 随着加密行业的发展，数字资产托管提供商越来越受欢迎。许多分析师和投资者都认为：值得信赖的托管提供商将是机构投资者向数字资产过渡的解决方案。

 

Investment Banks 

投资银行

 

An investment bank is a financial intermediary. Investment banks, for the most part, “specialize in large and complex financial transactions, such as underwriting, acting as an intermediary between a securities issuer and the investing public, facilitating mergers and other corporate reorganizations and acting as a broker or financial adviser for institutional clients”.[Hargrave, Marshall. “How an Investment Bank (IB) Works.” Investopedia, Investopedia, 12 Mar. 2020, www.investopedia.com/terms/i/investmentbank.asp.] As asset digitization is becoming mainstream, innovations in capital markets are no longer optional. In capital markets, new technological advances such as Artificial Intelligence (AI), Robotic Process Automation (RPA), distributed ledgers (Blockchain), and cloud technologies are implemented to optimize front-, middle-, and back- office services.

投资银行是金融中介机构。投资银行很大程度上“专事承销一类的大型复杂的金融交易，充当证券发行商与投资大众间的媒介，促成兼并及其他公司重组，并为机构客户充当经纪人或财务顾问。”  随着资产数字化的日趋流行，金融市场的创新发展成为必然。在资本市场中，人工智能（AI）、机器人过程自动化(RPA)、分布式账本（区块链）以及云端等创新型先进技术被广泛用于优化前端、中端及后台的办公室业务。

 

Not only focusing on innovations of traditional services, investment banks are starting to collaborate with fintechs in the digital assets ecosystem. The capital markets industry is in a transitional period where it is adapting to new technologies as well as inventing new business models and products. Many of the prominent capital market players such as Goldman Sachs, JP Morgan, and UBS have devoted entire departments to the analysis of cryptocurrency.[Staffwriter. “Big Banks Are Starting to Enter the Cryptocurrency and Blockchain Craze.” Escape Artist, 6 Apr. 2020, www.escapeartist.com/blog/big-banks-are-starting-to-enter-the-cryptocurrency-and-blockchain-craze/.] “Our industry is going through a transformational time, driven by competition, regulation and advancements in technology. As a leading global bank, we are committed to driving industry change by investing heavily in internal development, but also by collaborating with the talent of determined, young startups.” said Daniel Pinto, CEO of J.P. Morgan.[Pinto, Daniel. “Capital Markets: Innovation and the FinTech landscape.” Innovative Finance, EY.

https://www.ey.com/Publication/vwLUAssets/EY-capital-markets-innovation-and-the-finTech-landscape/$FILE/EY-capital-markets-innovation-and-the-fintech-landscape.pdf ]

在关注传统服务创新的同时，投行还开始在数字资产生态系统中与金融科技公司展开合作。资本市场业正处于适应新技术、发明新商业模式和开发新产品的转型期。许多知名的资本市场参与者（如高盛(Goldman Sachs)、摩根大通(JP Morgan)和瑞银(UBS)）均已设立整个部门以专门从事加密货币分析工作。摩根大通的首席执行官Daniel Pinto说：“在竞争、监管和技术进步的推动下，我们的行业正在经历一个变革的时代。作为一家领先的全球银行，我们致力于通过大力投资内部发展以及与有决心的年轻初创公司人才合作来推动行业变革。”

 

Besides traditional banks, neo investment banks and crypto investment banks have also gained momentum recently. “Simply put, a Neo Bank is a new type of digital bank that exists without any branches.”[CrowdfundUP Team. “What Is a Neo Bank and How Are They Disrupting Traditional Banking Models?” Medium, ACRE Assets, 23 July 2018, medium.com/crowdfundup/what-is-a-neo-bank-and-how-are-they-disrupting-traditional-banking-models-3c1b2fa5b8e1. ] The crypto investment bank is a relatively new concept, but it plays the same role as a traditional investment bank. The difference is that crypto investment banks typically focus on blockchain and disruptive technology sectors. They provide due diligence and advisory on ICOs and other new crypto projects. Tokenization is the anticipated future where all asset types could be issued on blockchain and represented as digital securities. Crypto investment banks play a key role in the emerging ecosystem by offering a wide range of services such as fundraising, strategic financial advisory services, digitalization of financial assets and blockchain-based platforms (ICO/STO issuances and digital financial assets exchanges)[“Neo Investment Banking Firm, Blockchain, Decentralized Finance.” Chaineum, chaineum.com/.].除传统银行外，新型投资银行和机密货币投资银行也纷纷展现出发展势头。“简单来说，新型银行是一种不设任何分支机构的新型数字化银行。”  加密货币投资银行则是一个相对较新的概念，但它扮演着与传统投资银行相同的角色。二者的区别在于，加密货币投资银行关注的往往是与区块链以及颠覆性技术相关的领域。它们对ICO和其他新的加密项目提供尽职调查和咨询服务。数字化是预期的未来发展方向，届时所有资产类型都可以在区块链上发行并表示为数字证券。加密货币投资银行通过提供包括融资、战略金融咨询服务、金融资产数字化和基于区块链的平台的广泛服务，在新兴的生态系统中发挥着关键作用。

 

 

Types of Assets to be Tokenized 可进行数字化操作的资产类别

REITs 房地产投资信托公司

 

“REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. These real estate companies have to meet a number of requirements to qualify as REITs”.[Reit. “What Is A REIT?” Nareit, www.reit.com/what-reit.] One of the main advantages of REITs is that they are publicly traded, making them highly liquid, unlike their traditional counterparts.[Chen, James. “Real Estate Investment Trust (REIT) Definition.” Investopedia, Investopedia, 30 June 2020, www.investopedia.com/terms/r/reit.asp.] Not only that, but their investment purview covers the majority  of real estate property types:.apartment buildings, cell towers, data centers, hotels, medical facilities, offices, retail centers, and warehouses, to name a few.[Reit. “REIT Sectors.” Nareit, www.reit.com/what-reit/reit-sectors.] Another advantage of REITs is that they “ pool the capital of numerous investors”, much like mutual funds, making it “possible for individual investors to earn dividends from real estate investments without having to buy, manage, or finance any properties themselves”.18

“REIT - 房地产投资信托公司，指拥有或为能产生收益的房地产项目提供融资服务的公司。只有符合一系列相关要求的房地产公司才能被授权成为REIT。” 与传统房地产公司相比， REIT的主要优势是进行公开交易因而具有高度的流动性。  此外，其投资范围涵盖了包括公寓楼、基站、数据中心、酒店、医疗设施、办公室、零售中心和仓库等在内的大多数房地产类型。与共同基金类似的是房地产投资信托基金 “汇集了诸多投资者的资金”，这便使得“个人投资者可以在无需购买、管理或为任何房产融资的情况下从房地产投资中获得股息” 。

It should be noted that because these types of investment trusts  have a closer relationship to the stock market than traditional, direct real estate investments their capability to diversify is sometimes taken into less consideration. Volatility in the REIT market has also been higher than in direct real estate. “This is due to the influence of macroeconomic forces on REIT values and the fact that REIT stocks are continuously valued, while direct real estate is influenced more by local property markets, and is valued using the appraisal method, which tends to smooth investment returns”.[Bladridge, Rebecca. “Add Some Real Estate to Your Portfolio” Investopedia , Investopedia, 30 April, 2020, https://www.investopedia.com/articles/mortgages-real-estate/08/real-estate-mutual-fund.asp.]

值得注意的是，由于此类投资信托与股票市场的关系相较于传统房地产投资而言更为紧密，因此有时并不考虑直接房地产投资的多样化能力。房地产投资信托基金市场的波动性也高于直接房地产市场。“这是受宏观经济因素以及REIT股票持续估值的影响。而直接房地产市场则更多地受当地房地产市场影响并由评估的方式进行估值从而能够拥有较为平稳的投资收益” 。

 

Another important point to touch on when it comes to blockchain technology in the real estate sector is its transparency.  This is a ledger that is publicly available, meaning that “investors the information needed to invest more quickly and more confidently.  The clarity and consistency of information here is paramount due to the fact that commercial property investing involves multiple parties.[Smith et al. “Tokenized Securities & Commercial Real Estate” MIT Digital Currency Initiative, 14 May 2019, https://mitcre.mit.edu/wp-content/uploads/2019/11/Tokenized-Security-Commercial-Real-Estate2.pdf]

区块链技术对房地产业的另一大重要影响便是提高了交易透明度。区块链采用公众化的账本技术，即“可以通过投资所需信息来更快更自信地进行投资操作。由于商业地产涉及多方参与，因此信息的清晰性和一致性尤为重要。”

 

Blockchain keeps data up-to-date and stores it, making it available for viewing at any time, and “creating what is analogous to a Carfax for commercial real estate properties”. This ledger can contain records such as “as title history, insurance claims, financial information, debt associated with a property, purchase agreements, brokerage agreements, rental contracts and (potentially) a plethora of other information previously unattainable or found from multiple disparate sources”.  Each property is assigned a unique ID, and information is accessible via blockchain, which can be viewed and edited according to various permissions.  This brings efficiency and security to asset information.  That is, all parties have access to this center of tamper-resistant data.  This integration allows multiple entities to access a tamper-resistant, single source of truth regarding the state of an asset. Greater visibility into real estate assets also grants property owners more confidence to lease, buy, build or manage properties. Information related to the supply, demand, and cost of real estate allows investors to properly assess and analyze the value of both the real estate asset itself and the securities which rely on the real estate for their value.  The implications of this transparent way of documenting transactions can really act as a driving force for a borderless real estate market, where investors have more opportunities that are less daunting.[Smith et al. “Tokenized Securities & Commercial Real Estate” MIT Digital Currency Initiative, 14 May 2019, https://mitcre.mit.edu/wp-content/uploads/2019/11/Tokenized-Security-Commercial-Real-Estate2.pdf]

区块链技术能确保区块链的及时性并进行实时存储以便于随时查看，还“为商业房地产创造出了类似于Carfax的产物”。此类账本可涵括诸如“所有权历史记录，保险索赔，财务信息，与财产相关的债务，购买协议，经纪协议，租赁合同以及（可能）以前无法获得或从多个不同来源找到的大量其他信息”在内的所有记录 。每个项目都会被分配一个独一无二的ID，信息可以通过区块链进行访问并根据权限的不同执行查看和编辑操作。这便能提升资产信息的高效性和安全性。也就是说，所有相关方都可以访问这个防篡改数据中心。这种集成允许多个实体访问有关资产状态的数据信息源，且此类信息具有抗篡改性和单一真实性。对房地产资产的更多可见性也让业主能以更饱满的信心租赁、购买、建造或管理房产。有关房地产的供给、需求和成本的信息能使投资者正确地评估并分析房地产资产本身以及那些依赖房地产来取得收益的证券的价值。在无国界房地产市场中，投资者将拥有更多的机遇，而挑战却往往并不那么艰巨。透明化的交易记录方法实则可成为无国界房地产市场中的驱动力。

 

Funds 基金

 

Like the traditional real estate market, investment funds are highly illiquid, with transactions being very costly to initiate, and replete with various processes that slow down trading because of their lack of automation.

与传统房地产市场相仿，投资基金亦具有高度的非流动性，交易启动成本极高，且自动化的缺失导致了交易流程的繁琐，降低了交易速度。

 

This is where the concept of the tokenized fund comes in, due to the simple fact that it solves each of the above problems because shares in a tokenized fund are traded on a distributed ledger.  “Tokenized securities are centralized financial instruments using a decentralized infrastructure”, bringing issuers control of their tokens and investors impervious to loss of securities, regardless of access to their own wallet.[Tokeny. “Tokenized Funds” Tokeny https://tokeny.com/tokenized-funds/.]

为解决上述痛点，应用分布式账本进行交易的数字基金便应运而生。“数字证券是采用去中心化基础架构的集中式金融工具”，使发行人在无需动用自己钱包的情况下，便可实现对数字证券和未受证券损失影响的投资者们的控制。

 

Onto the subject of barrier to entry, tokenized funds can alleviate this problem in multiple areas.  Issuers can see their custody fees slashed and investors may not have to deal with them at all.  Investors can also expect less costs when doing direct, investor-to-investor transfers.  The process of distribution in the primary market is faster, due to the utilization of standardization and digital tools.  This distribution can happen directly or through online marketplaces.  Liquidity in marketplaces and exchanges is also improved on the secondary market due to interoperability on the chain.  Also, because a tokenized fund is decentralized, investors can deal directly and “execute corporate actions”, without intermediaries.  This solves the problem of information asymmetry and saves the agency fee. The compliance enforcement ensures that only eligible parties can join the trading. Since all the information is public, trading volumes and market liquidity will increase.[Smith et al. “Tokenized Securities & Commercial Real Estate” MIT Digital Currency Initiative, 14 May 2019, https://mitcre.mit.edu/wp-content/uploads/2019/11/Tokenized-Security-Commercial-Real-Estate2.pdf]

在准入壁垒方面，数字基金可在诸多领域缓解这一问题。发行方的托管经费大幅削减，投资人或许根本无需再承担此项费用。此外，进行直接的、投资人 - 投资人的交易还有助其节约成本。得益于标准化及数字化工具的应用，初级市场的分派流程变得更加快捷，分派过程可直接或经由在线市场完成。链上的互操作特性也能提升二级市场和交易所中的流动性。此外，由于基金的授权是分散化的，因此投资者可以无需代理而直接交易并“执行公司决策”。这样既解决了信息不对称的问题，又可节省中介费用。

合规执行确保只有符合条件的交易方方可进行交易。鉴于所有的信息都是公开的，交易量和市场流动性都会有所增加。

 

 

References

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2.Barone, Adam. “The Role of the Financial Custodian.” Investopedia, Investopedia, 18 July 2020, www.investopedia.com/terms/c/custodian.asp

 

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7. “Global Study of Digital Securities Ecosystem.” The Tokenizer, 1 Nov. 2019, thetokenizer.io/2019/11/01/global-study-of-digital-securities-ecosystem/.

 

8.Gross, Jonas, and Philipp Sandner. “The State of the Security Token Ecosystem: Token Issuance and Primary Trading Platforms.” Medium, Medium, 21 Dec. 2019, medium.com/@jonas.ku1994/the-state-of-the-security-token-ecosystem-token-issuance-and-primary-trading-platforms-fc9acc19ac7b.

 

9. Hargrave, Marshall. “How an Investment Bank (IB) Works.” Investopedia, Investopedia, 12 Mar. 2020, www.investopedia.com/terms/i/investmentbank.asp.

 

10.Lyons, Ruth. “REIT Investing: Do They Make a Good Long-Term Investment?” Investor Junkie, 26 July 2020, investorjunkie.com/real-estate/is-reit-good-long-term-investment/.

 

11. “Neo Investment Banking Firm, Blockchain, Decentralized Finance.” Chaineum, chaineum.com/. 

 

12.Pinto, Daniel. “Capital Markets: Innovation and the FinTech landscape.” Innovative Finance, EY. https://www.ey.com/Publication/vwLUAssets/EY-capital-markets-innovation-and-the-finTech-landscape/$FILE/EY-capital-markets-innovation-and-the-fintech-landscape.pdf

 

13.Sandner, Philipp, et al. “Conclusive Insights: The Global Digital Securities Ecosystem Study.” Medium, Medium, 22 May 2020, medium.com/@philippsandner/conclusive-insights-the-global-digital-securities-ecosystem-study-d8533f8e97f3.

 

 

14.Smith, Julie, Manasi Vora (CFA), Dr. Hugo Benedetti, Kenta Yoshida, and Zev Vogel (CFA). “Tokenized Securities & Commercial Real Estate” MIT Digital Currency Initiative, 14 May 2019, https://mitcre.mit.edu/wp-content/uploads/2019/11/Tokenized-Security-Commercial-Real-Estate2.pdf

 

15. Tokeny. “Tokenized Funds” Tokeny https://tokeny.com/tokenized-funds/. 

 

16.Werner, Swen. “What Is Custody of Digital Assets?” Global Custodian – The Leading Quarterly Magazine Covering the International Securities Services Industry, 16 Aug. 2019, www.globalcustodian.com/blog/custody-digital-assets/.