I think a great place to start is just what is Providium Commander? What did you guys announce? Why now?

Previdium Commander is a platform for institutions, banks, FMI's, trading venues to launch and run digital asset businesses on their own terms.

So it's a control plane that helps them operationalize the business of digital assets or any initiatives that they have.

And the reason we built that, or rather separated the part of Previdium overall digitalized platform into Commander, was that we realized in working with financial institutions for the last two years that a large friction that they face very early on in going from pilots to actual production is the operational complexity of running this business.

It's not Just building the blockchain technology, that's difficult.

That's a challenge on its own, but they kind of master it already.

They understand digital assets, what blockchain enables, smart contracts.

What can people expect to see from Providium Commander over the next few months?

What problem does this solve for institutions that they weren't able to address before?

We've been working with institutions now for over two years.

Uh, sh- you know, we're, we're coming from the crypto native background, building blockchains with zero knowledge proofs.

And as we entered this space, we realized that, uh, the, uh, big gap between the pilots and actual adoption of blockchain technologies and digital assets, uh, is, to a very, very large degree, operational friction.

It's very hard for the institutions to operationalize, uh, the, uh, you know, pilots, the, the, uh, the experiments that they have done, um, uh, because the initial implementation of the digital asset services can be done with a s- small team.

Uh, but as you roll it out to, uh, the larger organization that is heavily regulated, that has a lot of rules that have to be all followed, a lot of compliance requirements, uh, things become a lot more complex.

So you can think of any kind of SAS software, like, uh, an AI system or, or a messaging even.

I know ZK solves on the privacy front and performance, but what are you hearing from institutions?

What problem does this solve for institutions that they weren't able to address before?

We've been working with institutions now for over two years.

We're coming from the crypto-native background, building blockchains with their knowledge proofs.

And as we entered this space, we realized that the big gap between the pilots and actual adoption of blockchain technologies and digital assets is to a very large degree, operational friction.

It's very hard for the institutions to operationalize the you know, pilots the experiments that they have done because the initial implementation of the digital asset services can be done with this small team.

But as you roll it out to the large organization that is heavily regulated, that has a lot of rules that have to be all followed, a lot of compliance requirements, things become a lot more complex.

So you can think of any kind of software like an AI system or a messaging even When you experiment with it, you run it for yourself, maybe you invite two colleagues, you try sending messages during some basic operations, it works.

I know ZK solves on the privacy front and performance, but what are you hearing from institutions?

Um, Alexey, I'm keen just to get your sort of overall reaction to this, um, and also maybe specifically around that jump from forty-one percent to seventy-one percent and maybe what's happened in the last twelve months to, to sort of drive that.

Uh, that sounds very plausible to me.

This is actually what reflects our experiences, uh, um, talking to our customers and prospective customers.

Uh, there is indeed this, this move to, uh, uh, broader, uh, acceptance, uh, of the fact that the digital assets are the future of all of finance, and eventually everyone will, uh, will have to embrace it.

And, uh, the, the, uh, uh, institutions are moving forward.

Um, uh, I think there's a combination of factor that led to this, uh, where they're all reinforcing each other.

So there was a very, uh, beneficiary, uh, regulatory climate, primarily in the US, but it then translates to all the other countries, uh, which made the institutions more confident that they can explore this, uh, new technology and, and new possibilities, new products, which led to investment in the pilots and exploratory projects where they gain more confidence technologically and business-wise on the, on the process side.

But actually, there's so many more use cases that are so much more ambitious that, um, I think, you know, maybe further down the track we could start to get excited about.

Okay, Alex, so go ahead with your main criticisms.

Sure.

To, uh, uh, I think this is gonna be a really interesting debate.

Um, uh, to give some context to, to the, to the viewers, uh, we are building Previdium, a, uh, private institutional blockchain infrastructure on Ethereum.

So naturally, we are solving the, the same problem as you all formulated.

We want to bring traditional institutions, issuance, uh, issuers, and capital markets on chain.

And so we are in many of the same rooms where these conversations happen, and we kind of-- we understand the, the perspective, uh, as it's presented to the capital market, uh, participants in traditional finance, and we see the debate that's happening publicly on X and in other public spaces.

UTXO, yes.

Like, why have you gone through all that work to say, like, we have to continue to have the EVM versus just creating another equivalent or competitor to it?

That's an extremely interesting question.

So I think the divergence started three years ago when Vitalik introduced the roadmap, roll-up centric roadmap for the first time.

And we started going this direction and the creation and proliferation of a number of L2s on Ethereum has reached a point where...

Ethereum is L2s and layer one, you cannot separate them.

Like now every application has some form of multi-chain concept.

And of course, now it extends beyond just L2s, especially with the ease of bridging stable coins, which is a lot easier than traditional assets like ETH.

Do you want to talk about what that is and then maybe just zoom out to the UAE's