WSJ Apr. 18 NYSE

How a 233-Year-Old Wall Street Institution Went All In on Crypto

NYSE has placed its bets that digital assets are part of its futures

纽交所如何全力押注加密货币？

纽交所已押注数字资产将成为其未来发展的重要组成部分

Centralized, gated and closed on weekends, the New York Stock Exchange is the ultimate architectural symbol of everything bitcoin was created to disrupt. And yet, the 233-year-old titan of Wall Street has quietly positioned itself as an unlikely crypto powerhouse.

纽约证券交易所采取中心化管理，设有准入门槛，并且周末休市。它是传统金融架构的终极象征，而比特币诞生的初衷正是想要颠覆这一切。然而，这家拥有233年历史的华尔街巨擘却已悄然布局，成为加密比版图上一个异军突起的权力中心。

Between a multibillion-dollar blitz into digital assets and a planned 24/7 trading platform for blockchain-based securities, the storied exchange is undergoing its grandest—and likely riskiest—transformation yet: using the distributed ledger technology behind bitcoin to reinvent the very system it spent centuries building.

从斥资数十亿美元大举投资数字资产，到计划推出一个全天候的区块链证券交易平台，这家历史悠久的交易所正经历着其史上最宏大、也可能是风险最高的一场变革：利用比特币背后的分布式账本技术、重塑其耗费数百年建立起来的整个体系。

"We've been on the forefront of the evolution of markets from analog to electronic, and I think now we've seeing, quarter-century later, the next wave of transition from electronic to digital," said Michael Blaugrund, vice president of strategic initiatives at Intercontinental Exchange, NYSE's owner.

纽约证券交易所母公司洲际交易所的战略计划副总裁迈克尔·布劳格伦德说：“我们一直站在市场从模拟化向电子化演变的前沿，我认为现在，25年后，我们正看到下一波从电子化到数字化的转型浪潮。”

He foresees a "highly probable future" where blockchain becomes a major venue for NYSE's core operations, such as trading, clearing, settlement, capital formation and data distribution, Blaugrund said.

布劳格伦德表示，他预见到一个“极有可能出现的未来”，届时区块链将成为纽约证券交易所核心业务的主要载体，例如交易、清算、结算、资本形成和数据分发。

The conviction, led by Intercontinental Exchange founder and Chief Executive Jeffery Sprecher, paved the way for a roughly /$200 million investment in the crypto exchange OKX in March, according to people familiar with the matter. The deal values OKX at $25 billion and comes a year after the China-founded exchange agreed to pay more than half a billion dollars to resolve a federal investigation.

据知情人士透露，在洲际交易所创始人兼首席执行官杰弗里·斯普雷彻的主导下，正是这种信念促成了今年3月对加密比交易所OKX一笔约2亿美元的投资。这笔交易对OKX的估值为250亿美元。一年前，这家在中国成立的交易所同意支付超过5亿美元，以了结一项联邦调查。

The investment is part of a much broader movement on Wall Street to wade into risk bets that were previously seen as off limits, from prediction markets to crypto. The Trump administration's friendly regulatory stance toward nontraditional financial assets, as well as individual investor's demand for such audacious trades, has help fuel the frenzy.

这笔投资反映出华尔街更广泛的动向，即涉足以前被视为禁区的风险押注，无论是预测市场还是加密货币。美国总统特朗普政府对非传统金融资产的友好监管立场，以及散户对此类大胆交易的需求，都助长了这股热潮。