So turning back to you, Ollie, where does Connexus fit into that roadmap?

Connexus, as JPMorgan's digital asset business, plays a central role in that roadmap.

We effectively run two things, a digital money business out of payments, and a firm-wide platform business that supports all the other lines of businesses in delivering their digital asset strategies in one coherent way.

Since 2015, JPMorgan has been building one of the earliest bank-led blockchain platforms.

In production, we have transacted over $4 trillion to date, and we process approximately $7 billion a day.

On the payment side, Connexus supports digital money through on-chain commercial bank money, for example, blockchain deposit accounts, and our JPMorgan deposit token on public blockchains.

We also support near real-time 24-7, 365 transfers, both through the BDAs, the blockchain deposit accounts, and JP Morgan Coin, our deposit tokens.

So if we look forward, what do you see as the biggest opportunities and the biggest challenges that the industry needs to overcome? And where do you think we'll be in five years' time?

And I wouldn't be surprised if they end up making an acquisition to actually accelerate into this versus building it

in-house themselves.

Yeah.

One of the teams I built out at Goldman was the Bitcoin lending desk.

And It was the first 24-7, 365, like genuinely fully automated business, which was awesome.

I think we were happy to do that for institutions because it's very easy to...

It's not easy.

What's your take here?