Matt Hougan, the Chief Investment Officer at Bitwise Asset management joins the show. In this episode we discuss: Bitwise's new OTC trust product "BITW" The state of play for cryptoasset adoption in the RIA channel The evolving thesis for Bitcoin and other cryptoassets Prospects for a Bitcoin ETF in 2021 To learn more visit Bitwise Asset Management and follow Matt on Twitter . Sponsor notes: Withum is a forward-thinking, technology-driven advisory and accounting firm committed to helping our cli...
Dec 21, 2020•40 min•Ep. 160
Matt and Nic return to cover a blockbuster week of ATHs. We invite a pseudonymous bond trader to give a rebuttal to our somewhat misguided take on the Microstrategy bond offering on last week's episode. Also in this episode: Our take on the STABLE Act (again) Are balances on the Dunkin and Starbucks apps stablecoins Paxos raises a $142m Series C SBI acquires B2C2 The BITW premium explodes Ruffer's telling reasons for investing $740m in Bitcoin The CME announces ETH futures ... three years to the...
Dec 18, 2020•35 min•Ep. 159
Compliance expert Amber Scott joins the show to explain why crypto-firms are systematically excluded from the bank sector in Canada. In this episode: Our objective in launching a series on bank suppression of the crypto industry The current bank landscape in Canada Why crypto firms struggle to get access to banking in Canada Why money transmitters face a more burdensome treatment from banks What derisking is and why it is so common Whether MSBs and crypto firms deserve the treatment they get fro...
Dec 14, 2020•46 min•Ep. 158
Nic and Matt return to cover an avalanche of news and deals. In this episode: Blockstack's transmutation Bitso raises $62m Matt breaks down the Microstrategy bond offering Mass Mutual buys $100m worth of Bitcoin through NYDIG A bipartisan group of Representatives asked Jay Clayton for clarity on broker dealer custody for cryptoassets The looming crackdown on noncustodial wallets from Treasury The effect of requiring transactional metadata for on-chain transactions More comments on the STABLE Act...
Dec 11, 2020•44 min•Ep. 157
Muneeb Ali , cofounder of Blockstack, joins the show to talk about the launch of Stacks 2.0 and its evolution from a securities offering to a freely tradable instrument in the U.S. New developments with Stacks and a novel legal opinion What constitutes sufficient decentralization and how Blockstack took cues from regulators Why Blockstack felt empowered to list their token on public US exchanges The current state of Blockstack governance Reflections on Ethereum's purported transmutation How Bloc...
Dec 09, 2020•1 hr 5 min•Ep. 156
Mustafa Yilham , VP of global business development at Bixin , joins the show. Bixin is an early Asia-based Bitcoin miner; they operate a popular wallet app , and they run a Bitcoin-denominated quant fund of funds . We cover prevailing myths around industrial Bitcoin mining and the reality of sourcing energy at competitive prices for mining. In this episode: The story behind Bixin's Bitcoin-denominated quant fund How Bixin's fund of fund employs a Bitcoin benchmark Why Bixin as a firm is not mark...
Dec 07, 2020•48 min•Ep. 155
In this week's episode, Nic and Matt torch the STABLE Act cosponsored by their local representative Stephen Lynch (MA-8). Also covered: Stephen Lynch and Rashida Tlaib's STABLE Act What the STABLE Act requires of fintech providers hosting user balances What stablecoin issuers are not like banks Why the STABLE Act would be disastrous for competition in the Fintech space Why the moral positioning for the bill is internally inconsistent The prospects for the STABLE Act Why legislation like the STAB...
Dec 04, 2020•36 min•Ep. 154
Mathias Imbach , cofounder and CEO of Sygnum Singapore, joins the show. In this episode: How Mathias came to cofound Sygnum The state of affairs in Crypto Valley in Switzerland today Why crypto banks are necessary and useful Why the company is split – cofounders, offices, and investors – between Zurich and Singapore Why Switzerland and Singapore are suitable venues for a crypto bank The case for convergence between traditional financial infrastructure and the crypto industry Sygnum's product lin...
Dec 02, 2020•49 min•Ep. 153
Pelle Brændgaard , the cofounder and CEO of Notabene, an enterprise software company building compliance tools to enable trusted cryptoasset transactions between financial services firms, joins the show. In this episode we discuss: Pelle's early work in distributed systems and pre-bitcoin cyber-cash projects His path to cofounding Uport and his views on decentralized identity systems The vision of Notabene how the firm is addressing the compliance needs of financial institutions and crypto excha...
Nov 30, 2020•57 min•Ep. 152
Nic and Matt return with a special Thanksgiving issue of OTB. In this episode: How Castle Island VC was almost Brink VC The difference between financialized walled-garden gold and its Bitcoin equivalent How USDC is being used in Venezuela via AirTM How stablecoins are now tools of geopolitical power projection Vaneck lanches an ETN on the Deutsche Bourse Is GBTC the cause of the rally The OCC proposes fair access to banking services A few people and organizations that we're thankful for Chaincod...
Nov 27, 2020•38 min•Ep. 151
John Newbery, Bitcoin Core developer and founder of Bitcoin Optech, announces an independent nonprofit organization to support Bitcoin development, Brink . Donate here . In this episode, we discuss the formation and mandate of Brink, as well as the developer funding context that we find ourselves in. Covered in the episode: John Newbery's core developer story and how he came to found Brink Why John left Chaincode and struck out on his own Brink's mandate and foundational purpose Lessons learned ...
Nov 24, 2020•55 min•Ep. 150
Nic and Matt return for deals and news of the week. In this episode: Nic's appearance on Bloomberg TV Is Jay Clayton's departure good for the SEC? Our dark horse pick for SEC Chair Scaramucci's fund considers a Bitcoin position Is Binance decentralized? How are enterprise blockchains still going? How Bitcoin is akin to gold in the 1970s Bitcoin's changing narratives as a strength How our quiet rally isn't quiet How to interpret the BTC inflow into GBTC Why digital asset interest rates are struct...
Nov 20, 2020•34 min
Parker Lewis, head of Business Development at Unchained Capital , and author of the Gradually then Suddenly series, joins the show. In this episode: Parker's progress in our Bitcoin fantasy league Our views on how Bitcoin gives purpose Bitcoin's relationship to the prospects for fiscal spending How the virus may have been an excuse to extend the fragile credit system Why Covid-related spending is often framed in moral, rather than economic terms How Bitcoin eschews academic debates Unchained's m...
Nov 16, 2020•1 hr 13 min•Ep. 148
Nic and Matt return for news and deals of the week. In this episode: Cred files for bankruptcy Why Bitcoin banking is uniquely robust Why we should not be discouraged by the occasional failure of Bitcoin banks The ECB looks to create a CBDC within 2-4 years Gary Gensler's influence on the Biden administration XRP's fate hangs in the balance Stephen Lynch's letter to Brian Brooks criticizing his stance on crypto Zelle's influence in Venezuela and the reality of crypto-dollarization Why crypto-dol...
Nov 13, 2020•38 min•Ep. 147
Alan Lane, the CEO of Silvergate Financial joins the show. In this episode we discuss: How Silvergate came to bank blockchain companies. The challenges and opportunities in providing services in this fast growing market. Silvergate Exchange Network – how this product is driving growth and solving customer pain points. Alan's perspectives on stablecoins and how Silvergate plans to play in this area. Views on the long-term opportunities for digital asset custody and lending. To learn more about Si...
Nov 09, 2020•43 min•Ep. 146
Matt and Nic cover deals and the news of the week. In this episode: The latest on Matt's bike saga Possible election outcomes and the prospect for inflation How Kelly Loeffer's runoff election might affect Bitcoin Were prediction markets vindicated by the election? The government seizes $1b worth of Bitcoin Why the seized bitcoin is good news Our take on the big Blockchain Voting Debate Our explanation for why people are curious about blockchains for voting Longtime Bitcoin holder Cynthia Lummis...
Nov 06, 2020•43 min•Ep. 145
Josh Cincinnati , former Executive Director of the Zcash Foundation, joins the show to talk about his tenure at that organization, and lessons he's taken from the experience. In this episode: The genesis of the Zcash Foundation Prior foundation mistakes that Josh sought to avoid The difference between governing a non-cryptocurrency FOSS project and an open source protocol with an explicit monetary element Why Josh chose to step down from the Zcash Foundation How the monetary distribution of Zcas...
Nov 02, 2020•1 hr 19 min•Ep. 144
Matt and Nic cover deals and news of the week. In this episode: Matt's bike is stolen in mysterious circumstances Our top takeaways from the Brian Brooks interview with Laura Shin The state of financial regulation in the US as it pertains to crypto Is the permissioned pseudonymity model of stablecoins sustainable? SoFi's application for a new bank charter approved Why lowering the barrier to entry for new bank charter approvals is so important is there any merit to personal tokens? Avanti gets t...
Oct 30, 2020•44 min•Ep. 143
Yoann Turpin, cofounder of Wintermute Trading joins the show. In this episode we discuss: Yoann's background in trading and how he made his way to trading cryptoassets His views on the evolving market structure for cryptoassets and where the industry is headed How important market makers are for new token launches The role of stablecoins and how these instruments are changing the landscape for traders Wintermute's decision to raise capital from VCs and how they see themselves are a technology fi...
Oct 28, 2020•34 min•Ep. 142
Joel Revill is the cofounder and CEO of Two Ocean Trust , a Wyoming Chartered Trust Company offering wealth management services to high-net-worth individuals and family offices. Two Ocean Trust has recently received a no-action letter from the Wyoming Division of Banking stating the division's determination that Two Ocean is a "qualified custodian" under the Investment Advisers Act of 1940 and the SEC Custody Rule. This letter states the division's determination that Two Ocean may provide custod...
Oct 26, 2020•46 min•Ep. 141
Matt and Nic cover deals and news of the week. In this episode: PTJ's latest comments on Bitcoin How Bitcoin is akin to a cathedral Franklin Templeton invests in Curv PayPal launches a crypto offering Will PayPal open up its walled garden? The Kik story finally reaches a conclusion Coinbase publishes their first transparency report Paradigm's big bet Is CBDC going to be pro-inflationary? The bank lobby pushes back at the Wyoming SPDI Why this bull run is more sustainable than that of 2017 How Bi...
Oct 23, 2020•35 min•Ep. 140
Bruce Fenton, founder of the Satoshi Roundtable and Chainstone Labs, joins the show to talk security tokens and tokens-which-are-securities. In this episode: About Bruce's company Chainstone labs How the Bitcoin Roundtable is intertwined with Bitcoin history and the blocksize debate Coinbase's ongoing rapprochement with Bitcoiners Why longevity is so difficult in the crypto industry Are we living in the most historically aggressive period in terms of regulatory oversight into the industry? What ...
Oct 19, 2020•1 hr 8 min•Ep. 139
Matt and Nic cover deals and news of the week. In this episode: NYDIG emerges from stealth and announces a Bitcoin balance sheet position More companies add Bitcoin to their balance sheet Filecoin launches at a $200b implied fully diluted valuation Is the Filecoin SAFT different from the other SAFTs? Why token projects are strongly incentivized to be untransparent about their tokens CFTC chair Heath Tarbert praises Ethereum The relationship between securities and commodities Ripple complains abo...
Oct 16, 2020•38 min•Ep. 138
Kyle Samani , cofounder and managing partner at Multicoin , joins the show to talk his current views on Bitcoin, Ethereum, and to give an update on web3 and how Multicoin is approaching the opportunity. In this episode: Kyle's current views on Ethereum, its positioning, and its prospects for filling out the roadmap Whether liquidity network effects for smart contract chains are insurmountable What it would take to reach global scale for public blockchains Kyle's changing view of Bitcoin over tim...
Oct 12, 2020•56 min•Ep. 137
Matt and Nic cover deals and news of the week. Repeat guest Zachary Kelman joins the show to give his view of the FinCEN files and how the crypto industry should interpret the revelations. In this episode: How fees affect DeFi liquidity and the price of ETH Braintrust raises $18m Bitnomial raises an $11m Series B Arthur Hayes and Sam Reed step down from their roles at 100x Despite everything, Bitmex is still operational BitMEX keeps processing withdrawals India's legislature turns hostile to Bit...
Oct 09, 2020•45 min•Ep. 136
Mitchell Nicholson is the founder of DACS Conduit and formerly an economist at the Bank of Canada. Mitchell's views are his own and not those of the Bank of Canada. In this episode: His path to joining the Bank of Canada Why he chose to start his career in central banking Mitchell's work on the Band of Canada Bitcoin awareness surveys Why the Bank of Canada put resources to the Bitcoin awareness surveys Mitchell's masters thesis on Bitcoin How covering Bitcoin was part of Mitchell's mandate at t...
Oct 07, 2020•1 hr 12 min•Ep. 135
Mason Borda , CEO and cofounder of Tokensoft , joins the show. In this episode: Tokensoft's ERC-1404 standard Why put securities on chain? Commonalities between the spirit of securities laws and the values of crypto markets The possibility of making stock transactions into a real time phenomenon Transparency through registered security offerings versus on-chain cash flows and freely viewable contracts How on-chain tokens are transparent and where they should volunteer additional disclosures Toke...
Oct 05, 2020•1 hr 3 min•Ep. 134
Nic and Matt cover a tumultuous week in the crypto markets. In this episode: We investigate the Dollar Milkshake Theory BitPanda raises $52m Genesis announces the official launch of their custody product Our breakdown of the BitMEX situation Where the BitMEX situation leaves the remaining offshore crypto exchanges The prospects for users who currently have funds on BitMEX How the BitMEX lawsuit potentially improves the prospects for a Bitcoin ETF Whether BitMEX was a source of sell pressure for ...
Oct 02, 2020•53 min
Trent and Brock Elmore, two of the five creators of Yam Finance, a decentralized finance protocol, join the show. In this episode we discuss: The inspiration for starting Yam Finance The story behind the launch, the initial bug and the subsequent re-launch Contextualizing DeFi – what is a fad and what is enduring The future for Yam Finance and the long term sustainability of fair launch platforms To learn more about Yam Finance visit: https://yam.finance/...
Sep 30, 2020•42 min
Chase Lochmiller, cofounder and CEO of Crusoe Energy Systems joins the show. In this episode we discuss: Crusoe's approach to addressing the issue of natural gas flaring by monetizing stranded energy The process by which Crusoe turns this stranded energy into Bitcoin How Chase sees the compute use cases that can benefit from capturing stranded energy Chase's career path from finance to crypto to founding Crusoe The impact that successfully climbing Mount Everest has had on his career. To learn m...
Sep 28, 2020•53 min•Ep. 131
