00:00Why go public now and what are you going to do with the funds?
00:03Well, I think the tokenization is probably the biggest narrative in the market after stable coins.
00:08So I think that after running the company for over eight years and the last two years making a tremendous
00:13amount of progress in terms of growth ourselves and the industry,
00:16I think that the reception of public markets towards a pure play tokenization company like ours is going to be
00:22pretty good.
00:23And let's talk about the second part of Isabel's question, which is what are you going to do with the
00:29proceeds, you know, coming to the public markets?
00:33What is how does that fit into your vision about where you want to grow this company and what's next?
00:37So we're not, you know, need a lot of cash to operate.
00:40We're not one of those companies that loses a ton of money, which is a good thing.
00:43I think for shareholders or going public and raising the money is not about funding the operations,
00:48but it's about expanding on different services to be able to help with on-chain liquidity.
00:53And more importantly, I think that the crypto industry needs to consolidate.
00:56And I think being publicly traded with public equity as well as cash put us in a very good position
01:01to be able to consolidate the industry with acquisitions.
01:04Give us a sense of scale.
01:06How big could a tokenized assets realistically become in the next five years?
01:09I feel like last year to this year it grew around 300 percent or something like that.
01:13What would it look like in the next five years?
01:15Well, in the last three years, we've gone from like nearly zero to, you know, over $30 billion, right?
01:20So it's a tremendous amount of growth.
01:21It's the fastest growing part of the industry.
01:23I think Citibank recently put out a 2030 goal of $5 trillion.
01:28I think this is very ambitious.
01:30But at the same time, if you think about the magnitude of the assets that we're tokenizing,
01:34just equities and ETFs is already $140 trillion market.
01:37Then I think the $5 trillion is a pretty, you know, good goal to have in mind.
01:42And I do want to talk about where we are in the tokenization narrative, because as we've been discussing,
01:47there's a lot of interest in this space, a lot of momentum, it seems like.
01:51But still, you talk to a lot of the folks on traditional Wall Street,
01:55and it's not necessarily part of the broader conversation yet, the everyday conversation.
02:01So, I mean, what signs are you seeing that, you know, it's becoming more ubiquitous,
02:06or at least, you know, becoming more socialized?
02:09And what's still left to do here?
02:11I think you're absolutely right.
02:12Within the crypto community, and they have people working on digital assets on the banks,
02:16and the asset managers, everybody talks about tokenization.
02:18But now that, you know, when I talk to other people in other parts of the financial markets,
02:22they don't really, they've heard the term, but they don't really know what it is.
02:25I think us going public is also part of bringing tokenization to more of the mainstream media,
02:29like, you know, so people start understanding that this is basically the biggest revolution
02:33happening in capital markets, probably since electronic trading happened.
02:37And I think that, you know, bringing more assets on chains,
02:39and also figuring out how we can get people to consume them,
02:42is the best way for, you know, exposing them to the benefits of tokenization.
02:46In this show, we always talk about tokenization, how you can tokenize nearly everything,
02:50but there must be an asset class that maybe not be the most well-suited in an on-chain wrapper.
02:55What would that be, in your view, if there is one?
02:57I think that the illiquid assets, you know, historically,
03:02they were like the ones that people thought that were more suitable for tokenization,
03:05and I think people realize that starting with liquid assets first,
03:09like the dollar actually arguably is the biggest tokenized asset with stable coins,
03:12and next things like treasuries or equities, et cetera, is a better place to start,
03:16because you take a liquid asset and you put it on blockchain range,
03:19and then you make it even more liquid, you make it 24-7, tradable,
03:22you make it easier to transact and move, et cetera.
03:25And do you think that the future runs on one blockchain,
03:27or is it becoming clear that there will be multiple
03:29and that it really won't be as fragmented as with people?
03:32I think at this point in time, we need to assume that we're going to have a multi-chain environment,
03:35because there's already too many large blockchains like Ethereum, Solana,
03:39but there is all the ones coming, like Circle is releasing ARK,
03:42and Stripe is releasing Tempo, et cetera, that I think are here to stay.
03:45So we are, as a company, are working in a multi-chain environment.
03:47So we are, as a company, are working in a multi-chain environment.
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