WEBVTT 1 00:00:00.080 --> 00:00:02.640 We originally talked about that vision with colored coins in 2 00:00:02.680 --> 00:00:07.400 twenty twelve of real world assets moving on chain really 3 00:00:07.440 --> 00:00:11.400 required that policy change, and now it's happening, and now 4 00:00:11.640 --> 00:00:14.759 is basically when things get rial right with real world 5 00:00:14.839 --> 00:00:15.759 assets on chain. 6 00:00:16.239 --> 00:00:18.359 Do you envision that we're going to need the support 7 00:00:18.359 --> 00:00:21.879 of AI agents when we're sleeping to manage our portfolio. 8 00:00:22.079 --> 00:00:26.199 I have no doubt that retail investors can become significantly 9 00:00:26.239 --> 00:00:30.719 more successful investors using AI and using AI agents that 10 00:00:30.920 --> 00:00:36.159 operate easily over those APIs. 11 00:00:38.520 --> 00:00:40.840 This episode is brought to you by v Chain. V 12 00:00:41.000 --> 00:00:43.920 chain is one of the top layer one enterprise blockchains 13 00:00:44.000 --> 00:00:47.119 in the crypto asset class, and they are getting adoption 14 00:00:47.280 --> 00:00:50.039 by many big brands and companies around the world who 15 00:00:50.079 --> 00:00:54.200 are building Web three and decentralized application technologies. I've been 16 00:00:54.240 --> 00:00:56.560 a vet token holder for many years. In fact, I 17 00:00:56.640 --> 00:01:00.200 started investing in v chain back in twenty eighteen, and 18 00:01:00.280 --> 00:01:02.600 some of the key features of the v chain blockchain 19 00:01:02.600 --> 00:01:06.840 includes its secure, affordable, scalable, fast, and sustainable. Some of 20 00:01:06.879 --> 00:01:12.519 the companies and brands working with v chain include Jivon, Chi, Walmart, China, BMW, 21 00:01:12.760 --> 00:01:16.640 Boston Consulting Group, and many more. Most recently, they partnered 22 00:01:16.680 --> 00:01:19.799 with Dana White in the UFC, and Dana White even 23 00:01:19.840 --> 00:01:23.319 said recently that he purchased over a million dollars of 24 00:01:23.359 --> 00:01:26.799 the VET token and v chain also recently launched staking 25 00:01:26.879 --> 00:01:30.239 where you can stake the vet token and earn great rewards. 26 00:01:30.480 --> 00:01:32.280 So if you'd like to learn more about v chain, 27 00:01:32.400 --> 00:01:35.280 go to vchain dot org. Link will be in the description. 28 00:01:35.879 --> 00:01:38.840 Hey folks, welcome into the Thinking Crypto Podcast. I'm your 29 00:01:38.840 --> 00:01:41.799 host Tony Edward and joining me today's Yoni Asia, who 30 00:01:41.840 --> 00:01:45.359 is the co founder and CEO of e Toro. Yoni, 31 00:01:45.439 --> 00:01:47.920 it is great to have you back on. Thank you 32 00:01:48.000 --> 00:01:48.640 for having me. 33 00:01:49.280 --> 00:01:49.599 Yoni. 34 00:01:50.000 --> 00:01:52.400 Really excited to dive into the latest with e Toro. 35 00:01:52.959 --> 00:01:56.319 Just a few months back, e Toro went public listing 36 00:01:56.400 --> 00:01:59.040 on the Nasdaq, and you've made a lot of progress 37 00:01:59.079 --> 00:02:02.439 with developments in news services and solutions. Maybe we can 38 00:02:02.519 --> 00:02:05.519 kick it off with it Toro's IPO. What led up 39 00:02:05.519 --> 00:02:07.159 to that and what does it mean for the company. 40 00:02:08.080 --> 00:02:10.840 Well, you know, we've been building e Toro since two 41 00:02:10.840 --> 00:02:15.080 thousand and seven, always with a vision of opening the 42 00:02:15.120 --> 00:02:18.280 global markets capital markets for everyone to trade and invest 43 00:02:18.319 --> 00:02:22.280 in a simple and transparent way. I've always known that 44 00:02:22.360 --> 00:02:25.439 at some point Etro will become a part of public markets, 45 00:02:25.479 --> 00:02:29.159 will become a public company, and we definitely felt that 46 00:02:29.319 --> 00:02:34.680 after an amazing record year in twenty twenty four, this 47 00:02:34.960 --> 00:02:38.039 is the time for us to become public and to 48 00:02:38.199 --> 00:02:44.199 stage basically our plans for the next stage of growth 49 00:02:44.240 --> 00:02:48.439 for Etro as a public company. It's definitely been one 50 00:02:48.520 --> 00:02:52.520 of the most exciting journeys I've ever been to. I 51 00:02:52.599 --> 00:02:56.879 think last time we spoke, just after the Warren Buffet dinner, 52 00:02:56.919 --> 00:02:59.240 I told you about like the three bigg Aha moments 53 00:02:59.280 --> 00:03:02.400 I had in my life. One of them was, obviously 54 00:03:02.439 --> 00:03:05.439 the first time I saw the Internet, the second was 55 00:03:05.479 --> 00:03:08.360 the first time I traded stock, and the third was 56 00:03:08.400 --> 00:03:14.439 looking at crypto and bitcoins specifically understanding how blockchain technology 57 00:03:14.479 --> 00:03:20.439 eventually replaces everything in the financial services industry and everything 58 00:03:20.520 --> 00:03:25.280 becomes digital. And no doubt that being in this process 59 00:03:25.319 --> 00:03:28.680 of the IPO process and meeting investors who manage more 60 00:03:28.719 --> 00:03:32.240 than thirty trillion dollars, which is mind blowing, like the 61 00:03:32.280 --> 00:03:35.560 size and scale of US capital markets and how you 62 00:03:35.680 --> 00:03:39.680 meet investors from all around the world is definitely another 63 00:03:39.759 --> 00:03:43.000 one of those amazing moments where you come out a 64 00:03:43.039 --> 00:03:46.240 bit of a different person understanding how the markets work. 65 00:03:47.039 --> 00:03:50.400 Absolutely, and congrats on all the success and the growth. 66 00:03:50.599 --> 00:03:53.039 It's just exciting. And Yoni, you know, you and I 67 00:03:53.039 --> 00:03:55.879 have spoken over the years, and over the past four years, 68 00:03:56.280 --> 00:04:00.240 I couldn't even imagine crypto companies doing IPOs, you know, 69 00:04:00.240 --> 00:04:03.400 because there was so much aggression against the industry. What 70 00:04:03.439 --> 00:04:05.360 are your thoughts on how the environment has changed, and 71 00:04:05.360 --> 00:04:09.199 obviously that has benefited you going public and much more so. 72 00:04:09.240 --> 00:04:12.840 It's definitely been an amazing, you know process to see 73 00:04:13.319 --> 00:04:18.879 how much the US administration and SEC administration really shifted 74 00:04:19.439 --> 00:04:25.480 from negative sentiment in crypto markets to an extremely positive sentiment. 75 00:04:25.839 --> 00:04:30.360 I've never would imagined five years ago to see your 76 00:04:30.600 --> 00:04:35.800 US President talking about crypto NonStop and administration where the 77 00:04:35.839 --> 00:04:44.319 cryptos are in it. SEC chairman Paul Atkins revealing crypto projects, 78 00:04:44.399 --> 00:04:47.279 saying America is going to be the front and center 79 00:04:47.439 --> 00:04:51.120 of crypto market. So I think it's definitely amazing to 80 00:04:51.199 --> 00:04:56.000 see how US and US public policy have really adopted 81 00:04:56.040 --> 00:05:00.759 the crypto mindset, the fact that capital markets are being digitizer, 82 00:05:00.839 --> 00:05:03.920 being tokenized, and have brought that into the front and 83 00:05:04.040 --> 00:05:08.639 center of policy. And that's definitely a very big difference 84 00:05:08.800 --> 00:05:11.519 from where it was and by the way we were 85 00:05:11.560 --> 00:05:15.160 regulated at ICTURO. Today still our biggest market is Europe, 86 00:05:15.399 --> 00:05:19.360 which has now NIKA, which is a Pan European a 87 00:05:19.399 --> 00:05:24.040 digital asset regulation. We have the UK, which has been 88 00:05:24.199 --> 00:05:28.680 relatively early into crypto, the FC the regulator there with licenses, 89 00:05:28.720 --> 00:05:33.920 also in Australia, Singapore, Abu Dhabi and of course the US. 90 00:05:34.199 --> 00:05:37.759 So it's really amazing to see how their shift globally 91 00:05:37.839 --> 00:05:40.240 moved from where it was, you know, five and ten 92 00:05:40.319 --> 00:05:43.959 years ago very anti crypto. Banks are very anti crypto 93 00:05:44.199 --> 00:05:48.240 ten years ago, five years ago, gradually adopting talking about 94 00:05:48.279 --> 00:05:52.279 it to where we are today. Every single financial institution 95 00:05:52.360 --> 00:05:55.360 in the world, every single bank, central bank has their 96 00:05:55.399 --> 00:06:00.959 blockchain strategy, their digital asset strategy. The largest financial services 97 00:06:01.040 --> 00:06:04.199 or asset managers in the world, including partners of ours 98 00:06:04.240 --> 00:06:09.480 and smart portfolios like Franklin Templeton, like Blackrock, like Fidelity, 99 00:06:09.839 --> 00:06:14.000 are launching their own tokenized assets. So it's quite amazing 100 00:06:14.079 --> 00:06:17.800 to see that vision where we originally talked about that 101 00:06:17.920 --> 00:06:20.839 vision with colored coins in twenty twelve, of real world 102 00:06:20.879 --> 00:06:25.800 assets moving on chain really required that policy change, and 103 00:06:26.040 --> 00:06:29.720 now it's happening, and now is basically when things get 104 00:06:29.759 --> 00:06:32.199 real right with real world assets on chain. 105 00:06:33.000 --> 00:06:36.000 Yeah, well said, what an amazing change, and it seems 106 00:06:36.040 --> 00:06:39.560 everyone is recognizing the benefits and potential of this technology. 107 00:06:39.920 --> 00:06:42.920 Now you mentioned tokenization of markets and much more. E 108 00:06:43.079 --> 00:06:46.079 Toro has been leading the charge doing a lot there. 109 00:06:46.399 --> 00:06:49.600 Tell us about your plans for tokenizing assets such as stocks. 110 00:06:50.759 --> 00:06:53.920 So generally we were very early into the concept of 111 00:06:53.920 --> 00:06:56.519 how do you tokenize real world assets? Were the colored 112 00:06:56.519 --> 00:06:58.959 coins protocol actually with vitallic put are in The founder 113 00:06:58.959 --> 00:07:03.680 of ethere in two twelve and ever since have been 114 00:07:03.800 --> 00:07:07.680 very involved in this space. It's amazing to see, I say, 115 00:07:07.680 --> 00:07:13.000 obviously the most famous large tokenized assets being stable coins 116 00:07:13.079 --> 00:07:16.839 or the USDC and USDT stable coins, which have emerged. 117 00:07:17.199 --> 00:07:21.040 We started tokenizing assets in twenty nineteen and then continuously 118 00:07:21.439 --> 00:07:25.399 now started expending it. The biggest challenge has always been 119 00:07:25.519 --> 00:07:29.879 one regulation and the other part is liquidity. So if 120 00:07:29.920 --> 00:07:33.399 you think of the sort of aha moment when starting 121 00:07:33.480 --> 00:07:36.720 to use bitcoin, it's really about the fact that this 122 00:07:36.920 --> 00:07:40.639 asset is potentially self custodied, whether it self is an 123 00:07:40.639 --> 00:07:44.360 individual or firm, right, so you can own the actual 124 00:07:44.560 --> 00:07:51.519 asset yourself, and it's twenty four seven transferable, which also 125 00:07:51.639 --> 00:07:55.480 means it's tradable twenty four to seven, and I think 126 00:07:55.720 --> 00:08:01.879 that coming to financial markets, meaning of ventually all markets 127 00:08:02.000 --> 00:08:06.319 become twenty four to seven. And we are already seeing 128 00:08:06.360 --> 00:08:10.759 that shift in stocks, with many stocks moving from just 129 00:08:11.439 --> 00:08:13.839 nine hours a day to suddenly twenty four hour a 130 00:08:13.920 --> 00:08:18.079 day trading. That shift has come also in futures, which 131 00:08:18.079 --> 00:08:22.560 we recently launched, which are twenty three hours a day, 132 00:08:22.680 --> 00:08:26.920 five days a week. I think that transition where assets 133 00:08:26.920 --> 00:08:31.480 become digital, movable on chain without a dependency necessarily on 134 00:08:31.519 --> 00:08:35.279 a centralized entity being open at that time is the 135 00:08:35.320 --> 00:08:38.919 future of all assets, from bonds to real estate. And 136 00:08:38.960 --> 00:08:43.360 I think now we're starting to see just again very 137 00:08:43.480 --> 00:08:48.759 early days of tokenizing real world assets and enabling global 138 00:08:48.799 --> 00:08:52.679 access into the global markets in the form of digital assets. 139 00:08:53.000 --> 00:08:56.000 And again super interesting to see how front and center 140 00:08:56.120 --> 00:08:59.720 that is for now US policy talking about taking capital 141 00:08:59.759 --> 00:09:02.840 market it's on chain, and I do believe and we 142 00:09:02.879 --> 00:09:06.840 are already seeing many other market participants that are very 143 00:09:06.919 --> 00:09:10.720 keen to see how this creates more liquidity, more opportunity, 144 00:09:10.759 --> 00:09:15.039 more capital for formation opportunities across different industries. 145 00:09:15.519 --> 00:09:18.360 Yeah, and well said, And you know, one of the 146 00:09:18.360 --> 00:09:21.159 things I've been thinking about is the tokenization of these 147 00:09:21.200 --> 00:09:23.759 assets gives a lot of people around the world who 148 00:09:23.759 --> 00:09:26.720 didn't have access to financial services and being able to 149 00:09:26.759 --> 00:09:29.279 invest and make their lives better. Right, even if they're 150 00:09:29.320 --> 00:09:31.799 just buying a handful of token ied stocks. They don't 151 00:09:31.799 --> 00:09:34.200 have to be millionaires. But maybe you're in some country 152 00:09:34.200 --> 00:09:36.360 in Africa or Latin America, any want to buy some 153 00:09:36.440 --> 00:09:40.159 Tesla stock, maybe to buy two tokenized versions of it. 154 00:09:40.279 --> 00:09:42.840 That is the access they never had before, and they 155 00:09:42.919 --> 00:09:45.840 can benefit from the appreciation of those stocks. 156 00:09:46.320 --> 00:09:48.519 One hundred percent of Again, our view has always been 157 00:09:49.240 --> 00:09:53.080 to help people get educated about the markets. I think 158 00:09:53.559 --> 00:09:57.279 you know, everything around the crypto is also connected to inflation, 159 00:09:57.759 --> 00:10:02.039 to people talking about inflation and money printing. Understanding the 160 00:10:02.159 --> 00:10:07.159 value again of bitcoin specifically as a hedge against inflation, 161 00:10:07.799 --> 00:10:11.799 relates also directly to owning stocks and capital markets. And 162 00:10:11.919 --> 00:10:17.080 I think the four hundred million research people using digital 163 00:10:17.080 --> 00:10:21.799 assets or crypto assets will now shift into those individuals 164 00:10:22.440 --> 00:10:26.639 will relearn how to invest in trading crypto assets into 165 00:10:26.679 --> 00:10:28.519 also capital markets. 166 00:10:29.600 --> 00:10:32.559 And then do you envision that there's also the DeFi 167 00:10:32.639 --> 00:10:35.440 component that if I can own these tokenized versions of 168 00:10:35.799 --> 00:10:39.240 these stocks, I can probably put into some lending program 169 00:10:39.279 --> 00:10:42.399 earned yield if that's available along with stable coins and 170 00:10:42.440 --> 00:10:44.519 other crypto acids a hundred percent. 171 00:10:44.600 --> 00:10:47.519 So the big advantage of i'd say the last five 172 00:10:47.600 --> 00:10:50.559 years is if you look at sort of the crypto 173 00:10:50.679 --> 00:10:54.399 asset technology DeFi technology, I've always said it's like an 174 00:10:54.480 --> 00:11:00.879 island filled with engineers that are constantly like building technology solutions, 175 00:11:01.200 --> 00:11:03.759 but can connect to like the real world, where the 176 00:11:04.039 --> 00:11:08.200 vast majority of assets physical assets, real assets are. The 177 00:11:08.240 --> 00:11:09.759 beautiful thing is if you look at a lot of 178 00:11:09.840 --> 00:11:16.000 the DeFi projects, everything around lending, collateral, everything around things 179 00:11:16.039 --> 00:11:18.679 like flash loans, which are you know, mind blowing, don't 180 00:11:18.759 --> 00:11:22.759 exist in the wural world of multi party smart contracts, 181 00:11:22.799 --> 00:11:26.679 which again are extremely hard to do between financial institutions. 182 00:11:27.039 --> 00:11:31.240 When all of that get unlocked in financial services, in 183 00:11:31.399 --> 00:11:37.240 connecting financial services entities and companies and people around the world, 184 00:11:37.879 --> 00:11:41.639 I believe that unlocks a lot of innovation that for 185 00:11:41.759 --> 00:11:44.039 some extent it's hard for us to imagine. But if 186 00:11:44.440 --> 00:11:47.759 you just think of the simple, like big benefit of 187 00:11:47.879 --> 00:11:51.879 smart contracts. Within a smart contract, you define the contract 188 00:11:51.919 --> 00:11:57.320 as code, then you have multi you know a lot 189 00:11:57.320 --> 00:12:01.360 of different individuals, whether it's user or companies, and then 190 00:12:01.480 --> 00:12:04.159 access to that con If you compare that to how 191 00:12:04.200 --> 00:12:08.320 traditional financial services work, it's like us as a company 192 00:12:08.440 --> 00:12:12.600 Toro with Goldman Zacs or black Rock or another participant. 193 00:12:12.679 --> 00:12:15.679 Each of us need to have a contract between ourselves. 194 00:12:15.759 --> 00:12:20.879 It's very hard to create innovation that basically pens around 195 00:12:21.080 --> 00:12:25.519 multiple participants, and I think again we're very early stages 196 00:12:25.559 --> 00:12:27.720 of that. We've seen a lot of that technology evolve 197 00:12:27.840 --> 00:12:31.519 in the crypto space. The benefits of those technologies coming 198 00:12:31.519 --> 00:12:38.519 into basically mass retail usage are again very exciting. 199 00:12:39.519 --> 00:12:41.360 You know, you mentioned Goldman Sachs and some of these 200 00:12:41.399 --> 00:12:46.559 traditional institutions. You know, with the emergence of the Internet 201 00:12:46.720 --> 00:12:50.159 around the globe, people having smartphones being able to trade 202 00:12:50.559 --> 00:12:53.600 on e Toro or other apps. Right, do you see 203 00:12:53.600 --> 00:12:57.559 in the future we're less dependent on investment banks like 204 00:12:57.600 --> 00:13:00.000 a Goldman Sachs because we have to token ize version 205 00:13:00.159 --> 00:13:02.960 of these assets. The markets are opened up and I 206 00:13:02.960 --> 00:13:04.960 could just do it from my phone. I have more 207 00:13:05.120 --> 00:13:08.799 education because I'm learning from brands and companies like e Toro, 208 00:13:08.919 --> 00:13:11.679 but also the wealth of information on the Internet that 209 00:13:11.879 --> 00:13:14.039 trad file is kind of losing some of their market 210 00:13:14.080 --> 00:13:15.440 share or power, so to speak. 211 00:13:16.320 --> 00:13:20.080 So obviously I believe in what ITRO does, which is 212 00:13:20.120 --> 00:13:24.320 direct to consumer. And there's no doubt that you know, 213 00:13:24.399 --> 00:13:27.320 direct to consumer technologies if you just think about the 214 00:13:27.360 --> 00:13:32.159 Internet and companies like Google and Apple have grown significantly 215 00:13:32.279 --> 00:13:35.159 bigger than just sort of B to B companies or 216 00:13:35.200 --> 00:13:38.000 a lot where you have a lot of intermediaries. I 217 00:13:38.080 --> 00:13:40.480 have no doubt that our generation and again this is 218 00:13:40.600 --> 00:13:44.720 generational shift. And if you look at this generational shift, 219 00:13:44.759 --> 00:13:46.799 you can sort of split into two front in the 220 00:13:46.919 --> 00:13:50.960 mechan On the front end, you have what will become 221 00:13:51.000 --> 00:13:55.080 in the next twenty five years the wealthiest cohort of 222 00:13:55.200 --> 00:13:58.879 individuals on the planet. Younger generations gen Y is going 223 00:13:58.919 --> 00:14:04.480 to roughly have eighty more trillion dollars in the US alone, 224 00:14:04.519 --> 00:14:08.360 sixty trillion additional dollars in US and Europe, so that's 225 00:14:08.360 --> 00:14:12.039 one hundred and forty trillion dollars moving from older generations 226 00:14:12.039 --> 00:14:16.159 to younger generations. Where our generations gen Y really expects 227 00:14:16.200 --> 00:14:20.600 to access technology through their mobile phone. It's it's going 228 00:14:20.639 --> 00:14:25.360 to be your AI glasses, but it's technology first, product 229 00:14:25.480 --> 00:14:31.360 first approach where people expect to basically interact with whoever 230 00:14:31.480 --> 00:14:37.879 provides them financial services across different verticals, whether it's money transfers, 231 00:14:37.919 --> 00:14:42.000 whether it's trading and investing, with constant focus on how 232 00:14:42.039 --> 00:14:45.799 can I use the latest technology, any tous case to 233 00:14:45.840 --> 00:14:49.960 help make me a better, more successful investor. So on 234 00:14:50.039 --> 00:14:53.360 the front end, we're moving to where my father used 235 00:14:53.360 --> 00:14:57.000 to tell me that, you know, a financial product is 236 00:14:57.039 --> 00:15:00.440 a hedge fund or an ETF, basically a list tread 237 00:15:00.519 --> 00:15:04.320 fi product, usually denominated in a local currency, the local 238 00:15:04.360 --> 00:15:07.919 exchange to asking jen y what's the financial products and 239 00:15:07.960 --> 00:15:11.360 they would say any Toro app or basically nick app 240 00:15:11.399 --> 00:15:14.200 on their phone. That's happening on the front end. Then 241 00:15:14.240 --> 00:15:19.360 on the back end, that's where blockchain technology transforms from 242 00:15:19.360 --> 00:15:23.720 being dependent on basically local financial institutions. So if you 243 00:15:23.799 --> 00:15:28.240 think you know the world, it's still extremely fragmented. Every 244 00:15:28.320 --> 00:15:32.399 country has their own financial institutions. We operate in seventy 245 00:15:32.399 --> 00:15:36.200 five countries and it's quite amazing you go into almost 246 00:15:36.240 --> 00:15:39.320 each of those countries. Because I've been doing this for 247 00:15:39.360 --> 00:15:41.799 eighteen years, I can name you where the brokers, banks 248 00:15:41.799 --> 00:15:44.840 and insurance companies in France and Metally and Spain in 249 00:15:44.879 --> 00:15:47.480 the UK and Australia and Singapore in the US very 250 00:15:47.480 --> 00:15:52.039 different companies. Because again financial services has grown from being 251 00:15:52.080 --> 00:15:54.879 basically a local industry on the B to B side 252 00:15:55.360 --> 00:16:00.000 a global industry, but still all of the consumer company 253 00:16:00.200 --> 00:16:03.799 are very much still hyper local. When you think of 254 00:16:04.000 --> 00:16:09.759 blockchain unlock basically access to all of those markets twenty 255 00:16:09.799 --> 00:16:12.799 four to seven, so a lot of new technologies on 256 00:16:12.840 --> 00:16:18.480 the beck and transforming the entire financial services paradigm. That's another. Okay, 257 00:16:18.559 --> 00:16:20.240 maybe it's by the way, the same one hundred and 258 00:16:20.279 --> 00:16:23.240 forty trillion dollars who are going in my view to 259 00:16:23.360 --> 00:16:27.279 move on chain, right, So you have one is those 260 00:16:27.279 --> 00:16:29.879 assets are going to move from older generations to younger 261 00:16:29.919 --> 00:16:36.000 generations which have a very different user experience expectations from 262 00:16:36.279 --> 00:16:40.000 the firms constantly providing them with the most advanced technology. 263 00:16:40.320 --> 00:16:42.559 And on the other hand, you have those assets that 264 00:16:42.600 --> 00:16:45.080 are moving from our cake by the way, in some 265 00:16:45.159 --> 00:16:48.159 cases cobol systems and banks that were written in the 266 00:16:48.480 --> 00:16:51.759 eighties of the nineties moving to twenty four to seven 267 00:16:52.159 --> 00:16:57.919 blockchain based technologies, and those basically two very very big 268 00:16:58.039 --> 00:17:02.799 paradigm shifts are going to transform everything around finance in 269 00:17:02.840 --> 00:17:04.599 my view, to the better. 270 00:17:05.279 --> 00:17:07.960 Absolutely, and with the move to twenty four to seven 271 00:17:08.000 --> 00:17:10.880 markets and access to all these new assets because they're 272 00:17:10.880 --> 00:17:13.839 being tokenized. Do you envision that we're going to need 273 00:17:13.880 --> 00:17:17.200 the support of AI AI agents when we're sleeping to 274 00:17:17.319 --> 00:17:20.599 manage our portfolio? So a two part question, will the 275 00:17:20.799 --> 00:17:23.400 envision AI being part of it? And is Etra looking 276 00:17:23.440 --> 00:17:25.319 to leverage that technology as well? 277 00:17:25.640 --> 00:17:28.640 So one, we're already leveraging that technology. So we recently 278 00:17:28.680 --> 00:17:33.240 announced a two very big AI projects that in my view, 279 00:17:33.480 --> 00:17:37.400 are going to be extremely significant for Etro's growth and 280 00:17:37.480 --> 00:17:41.720 also what becomes the user experience in an AI world. 281 00:17:42.160 --> 00:17:45.000 So I do think these are definitely the two biggest 282 00:17:45.039 --> 00:17:49.000 technologies happening right now. AI and smart contracts, and the 283 00:17:49.039 --> 00:17:53.160 relationship between the fact that AI agents can actually interact 284 00:17:53.240 --> 00:17:59.359 both viapis as well as via a ricly smart contracts, 285 00:17:59.680 --> 00:18:04.039 and we launched is one an AI analyst story enables 286 00:18:04.119 --> 00:18:07.480 all of our customers to actually interact through chat to 287 00:18:07.559 --> 00:18:11.119 basically look and understand what other people are doing on 288 00:18:11.160 --> 00:18:16.000 the platform. To immediately after earnings, ask the analysts to 289 00:18:16.119 --> 00:18:19.200 compare what's happened right now in earnings, how does that 290 00:18:19.400 --> 00:18:23.799 impact my personal portfolio, what's happening in the markets, how 291 00:18:23.799 --> 00:18:26.680 does that impact my portfolio? Or to other people like 292 00:18:26.799 --> 00:18:29.759 me are doing? Me can do all that through chat 293 00:18:30.200 --> 00:18:33.839 and on the back end, we're opening APIs for all 294 00:18:33.839 --> 00:18:38.200 of our pro investors to actually build apps with vibe coding. 295 00:18:38.279 --> 00:18:41.400 So think about the difference of I've been passionate about 296 00:18:41.559 --> 00:18:44.720 building algorithmic systems since I was about I think thirteen 297 00:18:44.759 --> 00:18:48.440 I started to trade. Sixteen I already wrote my first 298 00:18:48.720 --> 00:18:54.119 program trying to basically build algorithmic trading for me, which 299 00:18:54.559 --> 00:18:58.440 was a very very big project. And over time what 300 00:18:58.519 --> 00:19:02.359 you see is the ability and how fast you can 301 00:19:02.359 --> 00:19:06.559 actually launch a quantitative strategy, an agent that looks at 302 00:19:06.640 --> 00:19:09.720 your portfolio, that looks at what's happening in the world 303 00:19:09.839 --> 00:19:12.799 in real time, that's able to adjust to what's happening 304 00:19:12.799 --> 00:19:15.519 in the world twenty four to seven. Maybe another agent 305 00:19:15.599 --> 00:19:18.559 which is your chief risk officer who's managing the risk 306 00:19:18.599 --> 00:19:23.319 parameters of your portfolio. I have no doubt that retail 307 00:19:23.359 --> 00:19:28.640 investors can become significantly more successful investors using AI and 308 00:19:29.079 --> 00:19:34.440 using AI agents that operate easily over those APIs. We're 309 00:19:34.480 --> 00:19:37.559 opening that world now on top of obviously real world 310 00:19:37.640 --> 00:19:41.279 assets stocks on etoral from twenty two different capital markets, 311 00:19:41.319 --> 00:19:47.119 and obviously that connects directly to our Toro Proper Investor program. 312 00:19:47.160 --> 00:19:50.960 So when our most sophisticated investors are starting to use 313 00:19:50.960 --> 00:19:54.759 those APIs and tools, the rest of our customers can 314 00:19:54.799 --> 00:19:59.960 actually copy them on our platform very easily, basically gaining 315 00:20:00.319 --> 00:20:01.920 that alpha themselves as well. 316 00:20:02.720 --> 00:20:05.599 That's great. I love that. And you know, the AI 317 00:20:05.640 --> 00:20:08.240 agents can really help people who are new to this 318 00:20:08.279 --> 00:20:10.599 stuff to hold their hands right and educate them. And 319 00:20:10.640 --> 00:20:13.400 I love that you can also, you know, mimic the 320 00:20:13.400 --> 00:20:16.720 top traders and investors. I really love that. That's a 321 00:20:16.720 --> 00:20:19.400 great concept. One of the things I read recently is 322 00:20:19.400 --> 00:20:22.680 that you're expanding your crypto assets that you offer to 323 00:20:22.839 --> 00:20:25.039 users in the US. Talk to us a bit about that. 324 00:20:25.039 --> 00:20:27.559 I believe it's going from three to over one hundred. 325 00:20:28.400 --> 00:20:31.400 So we always support more than one hundred and fifty 326 00:20:31.400 --> 00:20:37.279 crypto assets worldwide, constantly adding more and more crypto assets 327 00:20:37.319 --> 00:20:41.039 to global offering, and with a shift of policy in 328 00:20:41.119 --> 00:20:45.440 the US and more clarity in the US about the 329 00:20:45.480 --> 00:20:50.599 ability to trade crypto under obviously the right rigid environment 330 00:20:50.880 --> 00:20:55.720 and the right listing requirements as well as taking we 331 00:20:55.839 --> 00:20:59.279 do see now better clarity and more positive clarity and 332 00:20:59.319 --> 00:21:02.319 the ability to launch more crypto assets. And as they said, 333 00:21:02.319 --> 00:21:05.559 we already support one hundred crypto assets, and we do 334 00:21:05.720 --> 00:21:10.400 plend to continuously now expand basically more and more assets 335 00:21:10.440 --> 00:21:13.880 on nitauros only Toro. We're constantly looking not only at 336 00:21:14.160 --> 00:21:17.240 let's say, more crypto assets, but we add futures trading, 337 00:21:17.559 --> 00:21:21.960 twenty four or five trading, starting to look at tokenized 338 00:21:22.279 --> 00:21:27.559 stocks trading, as well as options trading. So continuously expanding 339 00:21:27.559 --> 00:21:31.759 the universe to find opportunities eventually for people to trade 340 00:21:31.799 --> 00:21:32.359 and invest in. 341 00:21:32.799 --> 00:21:35.240 Yeah, that's great. I love there is more options. And 342 00:21:35.279 --> 00:21:38.279 obviously to your point, the US being more friendlier to 343 00:21:38.359 --> 00:21:39.720 crypto definitely helps. 344 00:21:39.920 --> 00:21:40.119 You know. 345 00:21:40.160 --> 00:21:42.079 One of the things on the note of being friendlier, 346 00:21:42.240 --> 00:21:44.839 the Clarity Act, the Market Structure bill is set to 347 00:21:44.880 --> 00:21:47.920 potentially pass this fall, the Senate pushing it through and 348 00:21:47.960 --> 00:21:51.000 it goes to President Trump for signatures. What impact do 349 00:21:51.039 --> 00:21:53.279 you think that bill will have because it you know, 350 00:21:53.400 --> 00:21:56.839 has the meat and potatoes tokenization, DeFi all the different things. 351 00:21:56.880 --> 00:21:59.640 What's the security, what's not? What impact would that have 352 00:21:59.759 --> 00:22:02.039 on you business? And you know, your your growth here 353 00:22:02.039 --> 00:22:02.799 in the United States. 354 00:22:02.880 --> 00:22:07.640 So I think the biggest again in Europe. Europe. Actually, 355 00:22:08.279 --> 00:22:10.519 if there's one thing, Europe is very good at this 356 00:22:10.640 --> 00:22:15.519 regulation and what it has been able to do is 357 00:22:15.680 --> 00:22:21.200 create a very significant build of MICA, which basically covers 358 00:22:21.400 --> 00:22:26.000 stable coins to organization trading in crypto assets. So we've 359 00:22:26.039 --> 00:22:29.039 been actually very much involved in that. We've go to 360 00:22:29.160 --> 00:22:33.440 licenses this year across crypto assets after a lot of 361 00:22:33.480 --> 00:22:37.200 work with regulators across the globe to really understand the 362 00:22:37.279 --> 00:22:41.119 risks and benefits of crypto assets and digital assets. And 363 00:22:41.200 --> 00:22:45.279 I do believe US being by far the largest capital 364 00:22:45.319 --> 00:22:50.880 markets in the world now adopting better regulations and have 365 00:22:51.279 --> 00:22:55.920 more clarity will bring in just more liquidity into the markets. 366 00:22:56.359 --> 00:22:59.359 And more liquidity into the markets means more assets in 367 00:22:59.400 --> 00:23:03.720 the market that are more liquid potentially and eventually twenty 368 00:23:03.720 --> 00:23:06.920 four to seven. So I think this is definitely the 369 00:23:06.960 --> 00:23:11.759 steps in the right direction to again foster innovation and 370 00:23:11.920 --> 00:23:15.880 enable companies to succeed in a more clear way both 371 00:23:15.920 --> 00:23:17.440 in the US and outside the US. 372 00:23:18.319 --> 00:23:20.559 And on the other side of the token, you have 373 00:23:20.680 --> 00:23:22.759 the Genius Act that was passing to law. That's a 374 00:23:22.759 --> 00:23:25.920 stable cooin bill. Of course, do you expect a stable 375 00:23:25.960 --> 00:23:29.599 coin innovation explosion, is etal looking at launching its own 376 00:23:29.599 --> 00:23:32.039 stable coin or will you be using stable coins already 377 00:23:32.039 --> 00:23:32.559 in the market. 378 00:23:33.240 --> 00:23:37.480 So we are using stable coins. As we are expending 379 00:23:37.559 --> 00:23:42.000 more the ability of our users to actually convert crypto 380 00:23:42.079 --> 00:23:46.359 that they bring in from other exchanges into etro, so 381 00:23:46.440 --> 00:23:49.880 it is something we're opening more and more the total 382 00:23:49.960 --> 00:23:54.119 platform to be able to actually not only trade crypto 383 00:23:54.160 --> 00:23:57.240 and trade stocks, but actually bring in your crypto and 384 00:23:57.279 --> 00:24:01.519 trade stocks from your crypto directly. It's definitely a place 385 00:24:01.559 --> 00:24:04.559 where I do believe the fact that there's better clarity 386 00:24:05.359 --> 00:24:10.319 on regulation helps more people actually expand from crypto or 387 00:24:10.359 --> 00:24:14.839 diversify it from crypto into the stock markets. We haven't 388 00:24:15.440 --> 00:24:21.200 thought on us basically launching our own stable coin. I'd 389 00:24:21.200 --> 00:24:25.559 say never say never, but again definitely that unification. I 390 00:24:25.559 --> 00:24:29.279 think what's happening really is unifying the world eventually. People 391 00:24:29.440 --> 00:24:32.200 right now when they look at it Toro and they 392 00:24:32.240 --> 00:24:34.839 look at our customers three and a half million customers, 393 00:24:34.880 --> 00:24:37.359 who then of Q two add seventeen and a half 394 00:24:37.480 --> 00:24:41.640 billion dollars of assets, you actually see almost every quarter 395 00:24:42.119 --> 00:24:45.759 our customers have the same amount of stocks and crypto 396 00:24:46.200 --> 00:24:48.240 in their accounts, which is very unique because if you 397 00:24:48.279 --> 00:24:51.799 look at traditional brokers, even if they have added crypto, 398 00:24:52.119 --> 00:24:54.759 it's going to be a very small part of their 399 00:24:54.759 --> 00:24:58.519 assets and e towards roughly fifty to fifty between crypto 400 00:24:59.119 --> 00:25:03.200 and crypto assets and the stock markets for the past 401 00:25:03.240 --> 00:25:06.400