Matthew Sigel

And hopefully that'll be by the end of the year.

But this is this is the year of corp chains.

And I know a lot of people want to hate on that because we went through a couple cycles where people tried with these corporate chains and didn't fail.

But I think the third time is the charm.

What is a corporate?

Corporate chain is when a company like Circle, who manages the USDC stable coin, they also have an internal blockchain called ARK.

And so they're trying to capture some of the payment flow that might otherwise go over the ACH or the banking wires.

Stripe has a corp chain that they're working on.

You've got Tempo.

So it's basically these – Canton, another one.

These quasi-public blockchains where the administrator can control part of the validator set and capture some of the profits.

But the fees are more predictable for the end user.

They are integrated into the regulatory rules and requirements.

Yeah, the biggest tailwind for the corp chains is that

Eight different crypto companies have gotten banking charters this year.

Why is that a tailwind?

because they can on-ramp and off-ramp with much less friction than working on Ethereum.

I think that's really the unlock is that when you have a banking charter, you can access a Fedmaster account.

You don't need to rely on a correspondent bank in order to get your clients on and off between fiat and crypto.

You're really integrated into the financial system in a way that we've never had before.