What is Athena Pay?

Yeah, for sure.

So this is really our vision, I guess, for taking our core savings stablecoin products out to an audience that doesn't exist within crypto at the moment.

I think the super high level opportunity and sort of thesis we have around this is that We think that one of the largest TAM products that exists within the space is just providing a basic dollar worth of yield for anyone on earth.

And I think we've kind of seen the demand for Tether being the first example of that.

But I think this is really trying to take this to the next level, which is how do you actually build a consumer experience around that core idea of dollar rails for everyone that exists outside of the US.

I think the interesting piece about this is Really, it's one of the very few cases I think you can point towards for crypto and stablecoin rails just making the product ten times better for users.

So, Guy, can you talk about, like, owning that entire customer relationship and just how the economics allow for Athena to deliver a better product for users? Yeah, I think it's

What do you characterize as having worked well over that period in the context of what you guys have done, but also in the context of the broader industry?

Thanks, obviously, for having me on.

Always glad to be back.

In the beginning, I guess the piece that we took a slightly different approach to different builders who are sort of working within the dollar asset issuance space.

And I mean that broadly between the on-chain products and then the centralized stablecoin issuers as well.

I think we recognize that with these relatively commoditized products, there wasn't very many ways to differentiate your product versus the large entrants who are coming to market.

And I think we've seen that play out in the last cycle where you had extremely well-capitalized large entities enter the space and not find anywhere near as much traction as we managed to achieve, I think, in sort of the first 18 to 24 months of our launch.

Do you think we will be back in a market regime like that? Or is it structurally different now? And therefore, we should reset expectations around what the next bull market would look like.

Explain Athena Pay to your girlfriend.

It's just an app where you can save, spend, and send to anyone in the world.

And yeah, I think the core thesis that we sort of started this with was You know, even just looking at Revolut as a business, I think we sort of were describing, how do you think about taking a product and making that 10 times better for the user? Spoken about different areas of that.

And then if you manage to achieve that, have you made a 10 times better business as a result of creating that 10 times better product? There's always, I think, the two important questions to ask with any of these new ideas.

And I think we've sort of described why we think both of those pieces are correct.

And I think from Athena's perspective as to why is this an interesting avenue for us to explore and why is this interesting for us to pursue, I do think a lot of the products in the market right now haven't got the full vertical integration between owning the stablecoin infrastructure and the yield generation engine and the front end or the near bank that sits on top.

So taking like a debit card and putting it on someone else's stable coin kind of means that you'd like lose the most valuable piece of the entire chain, which is like the stable coin that's sitting in the background.

makes athena different

Now, what are the typical symptoms that children have? Do most of them require some sort of injury or trauma to get the bleeding problem? Or what percentage get the spontaneous bleeding, which you mentioned earlier?

No, thank you for asking that question.

And one really important categorization in hemophilia is that we have three groups.

We have severe, we have moderate, and we have mild.

And these are based entirely on the laboratory testing.

It's not a clinical phenotype.

It's a laboratory phenotype.

Now, what were the main treatments for hemophilia before the newer options like hempavzi, which we talk about some more, became available?