Anything exciting to update us about?

The first thing that happened is we really nailed digital identity.

So we're basically able now to incorporate legal entity identifiers, which the whole TradFi world already uses off-chain.

We can now do that on-chain, embed that into the tokens.

Amazingly.

Second thing, the whole world is on Fireblocks, right? So we just announced a Fireblock deep integration.

Cardano, of course, has always been integrated, but now we do a native integration all the way down to what we call native asset, native token level.

And what really, like outside of tokenization, what really fires you up inside about the crypto industry more broadly right now? What are you really excited about for crypto?

Sure.

And...

I said, yeah, I'm not leaving before speaking to the manager, right? And the manager said, well, you know, you do not have the qualifications, the access, and said, well, I can cover the margin for my futures trade.

So let me in, right? And it ended escalating up all the way up to the executive of the local bank, right? It became very clear to me.

that it doesn't matter really if you're born in a Western country or if you're born in a non-Western country or if you're born in the right family, there is people who have access and has rights and the people who doesn't.

So I really sort of started thinking about what would it mean if we democratize access to capital markets, if we create equal opportunities and by that also create distribution.

So how amazing would it look like that if, you know, capital markets and financial market infrastructure were servicing all people people on earth and not just a few.

How, are they really becoming core to the financial system?

Are they, like, creating an AI agent on the blockchain itself? No, so

that's not how it works with Kadana, right? Now, there is blockchain who's trying to do that, right? But then you need a much...

bigger data lake environment to do that, right? And you need a different architecture.

What we do here in this case is we use Cardano for what Cardano is very good at.

Cardano is very good at identity, right? So we might not have that many expressions of identity right now, but we started really from the Cardano Foundation with the Viridian wallet, right? But we now have DITs and VCs all the way up to first level quantum secure identity.

So what's really important is that when you have an AI from one company who needs to delegate work or find answers from an AI from another company, you are in a very bad situation from a privacy perspective.

Because if you are the end consumer who's trying to get an offer on a ticket to Tokyo or you're trying to optimize something, you have not given company A the permission to go fishing for your data and company B.

Is there anything else on your roadmap that you want to highlight maybe that's going to happen, let's say, in 2026?

But I'd like to know again, you guys specifically, how do you get to that vision? What are you doing? What are you seeing coming through from a consumer acquisition perspective?

Yeah, let me try and give you a couple of examples because I think this is easier to grasp for everybody, right? Yep.

So back in 2021, Cardano is a proof of stake blockchain, which gives you an economic opportunity to support the security of the blockchain by running a node.

So basically participating in security, running this node allows you to earn some rewards.

And what we did as the Cardano Foundation is we saw that there was a specific stake pool operator working together with a university in Buenos Aires in Argentina.

And we basically delegated to him.

Basically, we said, hey, you're doing something special down there about education and about, you know, you have a vision for what you do, not just the security, but also a vision.

Just roughly then, if we can all do that, what type of treasury are you sat on then, Frederik?