Fireblocks

And right now, I would tell people to go to the BDIC website, bdicinsurance.com, but go to the media dropdown and read the BDIC Bulletin.

It's a magazine we've had out now, published in print, in distribution, for going on month 10 and the insights and the education and the perspective of the industry leaders that are in there, people from Station 70, from Fireblocks, from Exodus, and right down the line of qualified industry people to give people like you and I that are on the steep side of learning a little bit more of some insights of what's going on.

So it sounded by the people that you mentioned that it's not really mainstream and that it's not really consumer guy friendly, like I'm consumer guy, let's say.

It's interesting because in the midst of it, much like what I say with the Internet is one day we woke up, we stopped talking about how we're using the Internet or going on the Internet or going on the Web.

And so I think this is bullish for banks coming on and being able to implement.

It's my understanding this is not really like a Fireblocks Anchorage style competitor.

This is something that a bank or another firm that's trying to build a MPC competitor to Fireblocks would leverage the tooling and then they would build the application layer above it for it to be used.

So these are wildly bullish, but I think at the end of the day, when banks and fintechs realize Bitcoin's money and their clients or their users demand for it to be treated as such, they're going to acknowledge that those keys need to be offline, especially for a significant balance.

And I think that's really where the proof of ownership versus proof of reserves also goes from a game theory position that if you're going to go to a firm and you can imagine them building an exchange on multi-institution custody, it would be logical for you to go to that firm because the notion of them in a single point of failure losing those assets like binance the next day uh cannot happen and in a world where these things continue to happen the market's going to coalesce around well why would i do that and so i think it's going to take time but a lot of these implementation methods sadly i think are going to be um you know have some bad things going on especially because it doesn't necessarily have to be at the implementation level it can effectively be at the control level as we saw with binance

And so I think this is bullish for banks coming on and being able to implement.

It's my understanding this is not really like a Fireblocks Anchorage style competitor.

This is something that a bank or another firm that's trying to build a MPC competitor to Fireblocks would leverage the tooling and then they would build the application layer above it for it to be used.

So these are wildly bullish, but I think at the end of the day, when banks and fintechs realize Bitcoin's money and their clients or their users demand for it to be treated as such, they're going to acknowledge that those keys need to be offline, especially for a significant balance.

And I think that's really where the proof of ownership versus proof of reserves also goes from a game theory position that if you're going to go to a firm and you can imagine them building an exchange on multi-institution custody, it would be logical for you to go to that firm because the notion of them in a single point of failure losing those assets like binance the next day uh cannot happen and in a world where these things continue to happen the market's going to coalesce around well why would i do that and so i think it's going to take time but a lot of these implementation methods sadly i think are going to be um you know have some bad things going on especially because it doesn't necessarily have to be at the implementation level it can effectively be at the control level as we saw with binance

The new ones can.

All right, Fireblocks is the one that had layoffs.

Security platform for transferring digital assets.

I'm not sure what that means.

I'm not familiar with Fireblocks, but they confirmed they are reducing their global workforce as part of a restructuring.

So no numbers there, anything like that.

Plenty of other stuff to talk about, though.

The new ones can.

All right, Fireblocks is the one that had layoffs.

Security platform for transferring digital assets.

I'm not sure what that means.

I'm not familiar with Fireblocks, but they confirmed they are reducing their global workforce as part of a restructuring.

So no numbers there, anything like that.

Plenty of other stuff to talk about, though.

And then I shifted from the customer side, let's say, to the supplier.

I went to work at Fireblocks, where I was their CIO and CISO in the last five years, where actually, you know, all the crypto industry, which is rising and growing, I truly believe it's going to be how financial industry will work in the next 20 or even less years.

So that was an interesting journey to join this crypto industry and take the company 10 times larger from where we started.

both in people and revenues and i'm super excited to be today in ledger so thank you for having me

But this is a really interesting move from an organization that has historically been looking to break into enterprises, look to serve them.

And if you look at the options for institutional crypto custody, you know, it's Fireblocks, it's Utila.

I think there's probably a few other names I'm neglecting to mention, and you guys can jump in and screenshot them.

Defense, of course.

Before you know it, you are the one-stop shop.

And so Google is very well-placed to do this, but this is just one step along that journey.

And I think although it was rumored and then denied, a Visa-Fireblocks matchup could be a very competitive angle here because Visa already has banks as one of their core stakeholders and customer bases.

And does that help you get through the procurement angle? Now, both of those angles have different levels of kind of nuances in terms of whether banks want to work with a potential competitor.