Something I know that folks have been wondering about since, um, equities have become available to investors all over the world twenty-four-seven is this, you know, if I buy Micron at, let's say, three AM on a Sunday, when the Nasdaq is closed, whose shares am I buying? How does that work, and, and where does the price come from?

Yeah, it's a great question.

So the shares are held natively inside of a brokerage.

So there's always this question when you're thinking about tokenized stocks, um, or stocks more gener-generally, of like, what actually is the asset that you're buying, right? Is it a proper stock, a proper security entitlement, or is it some other thing? Right.

Twenty-four-seven trading, you know, just to step back for a moment, twenty-four-seven trading in crypto has been around for quite some time, right? This is like the key thing that tokenization brought into the world.

And if you look at what the asset issuers are doing for tokenized stocks right now, uh, what they're really doing is they're putting shares inside of a brokerage.

They're then wrapping those shares and creating a completely new security.

You know, if, if I go to Backpack, I, I pick up a traditional security, what, what's the use case for me, um, in having that available to me on, on the blockchain?

So what does that mean for Bakpak?

Yeah.

Thank you so much, Morgan.

I'm super excited to be here.

Um, good morning.

Maybe I should say good evening, given I'm calling in from Tokyo.

Uh, just real quick, you know, Bakpak is a modern brokerage, but we're not just a brokerage.

Um, but how is what you're offering, when we talk about spec- specifically the stocks themselves, how is this different than what else is out there?

But I guess what else do you think it is that Backpack has done right and done well before we dive deeper there?

Yeah, I think there's... a couple of different topics that are worth discussing.

So I think really starting with the stocks conversation, one of the things that I think we really care about is the synergy between you know, these public blockchain networks and the underlying financial institution, we really kind of have this perspective that, you know, the financial institution, the regulated centralized exchange is a big pipe.

It's a big pipe of value flowing from the traditional economy into the crypto economy.

And that's like its fundamental role.

And this really started with the on and off ramping story with exchanges.

This is how a lot of the exchanges really made their initial mark in their businesses.

I'm curious your view and how you think that kind of shapes your view of what you're doing with Backpack over the next few years in terms of What does a token even mean at some point in the future? Does that idea kind of collapse as we tokenize all other assets? Is it, you know, you just become some form of a commodity or an equity or some other asset that kind of already exists? And this this idea of just like, you know, a naked token kind of disappears? Or do you think that there's still some kind of separate category here that that still exists? And I don't know, how do you think that kind of shapes what happens with, you know, Backpack and other crypto based things?