披露：Multicoin已制定、保持和执行合理设计的书面政策和程序，以识别和有效管理与其投资活动有关的利益冲突。Multicoin Capital拥有BNB代币。Multicoin Capital对本报告中所列资产在公开发布后3天内（“无交易期”）遵守“无交易政策”。
今年早些时候，我们发表了一篇关于币安和币安币(Binance Coin, $BNB)的分析，这是我们几个月研究和努力的成果。从那以后，我们一直密切关注着这家公司如何以惊人的速度持续增长。对于只是如蜻蜓点水般偶尔关心币安进展的观察人士，可以通过Reid Hoffman在《闪电式扩张》(Blitzscaling)中的这段话来解释币安的快速增长：
“当一个市场面临着争夺时，风险并非无效——风险在于大打安全牌。如果你赢了，效率不是那么重要；如果你输了，效率就完全无关紧要。多年来，许多人一直批评亚马逊在没有持续盈利的情况下消耗资本的风险战略，但亚马逊可能很满意，因为它的“低效”帮助它赢得了几个关键市场——在线零售、电子书和云计算等等。
当你进行闪电式扩张时，即使你的信心水平远低于100%，你也会有意识地做出决定并全力以赴。你接受做出错误决定的风险，并愿意为运营效率显著低下付出代价，以此换取更快行动的能力。这些风险和代价是可以接受的，因为动作过于缓慢带来的风险和代价尤甚。”
Reid Hoffman，领英(Linkedin)创始人兼前首席执行官。《闪电式扩张》(pp24-25)。
在区块链行业中，币安的执行力度比其他任何公司都要大。举一例证明：仅在第三季度，币安就迅速推出了12个重要产品/项目，超过了所有其他“10大”交易所（Coinbase、Kraken、Bitfinex、Poloniex、Bittrex、Gemini、Bitstamp、itBit和bitFlyer）的总和。
虽然这些产品和项目本身都很重要，但迄今为止还没有人将视野放远，把它们整合在一起。而币安正在战略性地构建某种比加密货币交易所要广大得多的东西：他们正在构建金融的未来。我们认为，市场尚未完全理解这一战略的目标。币安不再仅仅是一家交易所，而且它也将不仅仅是一家公司。
币安正在勉力成为全球开放金融体系的核心。从历史上看，币安只是一个加密货币现货交易所，而它现在它在一个生态系统中提供期货、保证金、贷款和期权产品——并且还将继续发展，提供许多目前由传统金融系统提供的产品。虽然币安提供的产品的广度已经达到了无与伦比的程度，但它们才刚刚开始。
这种策略已经成功地催生出其他实体无法比拟的新颖而独特的交叉销售能力。例如，币安将允许交易人员利用他们在币安账户上的余额来维持跨期货、期权和保证金交易的担保要求。除此之外，币安现在会自动代用户将资产质押，并将收益分配给他们。这鼓励用户将资产托管在币安上，并解锁了快速交易这些资产的能力，而无需将其解质押并汇入某个交易所。这推动了币安交易所上更多的流动性和更多的资产托管，这反过来又驱动了更大的网络效应。
通过结合质押、交叉保证金、自己的基于区块链的DEX和一个原生生态系统代币，币安正在创造以前从未曾有过的新型网络效应。
Kyle最近在《交易所即开放金融》一文中探索了交易所即将推出的一些未来的开放金融产品。正如他在那篇文章中提到的（如果你还没有读过，请先阅读那篇），我们有理由期待币安提供附息存款账户、支付渠道（包括信用卡/借记卡）以及传统银行系统提供的其他服务。
互联网和现代消费者行为正在推动金融服务业的重新整合。从这个角度看，币安实际上是在与诸如Betterment这样的智能投资顾问、TransferWise这样的汇款公司以及诸如Robinhood这样的证券公司竞争，力图成为未来的新银行。甚至像优步(Uber)这样的公司也加入了竞争。
这些新银行将利用它们在狭窄的金融服务中赢得的信誉，向作为传统银行核心业务的高利润服务领域扩张，比如存款账户和支付解决方案。
由于金融服务的强劲规模回报，我们预计未来最大的新银行将被设计为服务于尽可能广泛的市场。能够在抗审查的支付轨道上开展国际业务，这极大地扩展了币安的市场，使其相对于其他新银行拥有巨大的竞争优势。
币安所从事的，不仅是加密货币交易所市场的闪电战，也是整个全球新银行市场的闪电战。
在我们关于币安的后续报告中，我们探讨了该公司在加密市场的主导地位，以及他们如何扩展他们的产品。我们还讨论了BNB的价值捕获、加密交易所的竞争格局，以及为什么我们认为BNB在当前价格上被严重低估。
现在下载报告，阅读我们对币安的分析。
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