Matthew Sigel

And I mentioned that there's eight companies that have received these special purpose banking charters.

There's another half dozen or so that are pending Coinbase among them that we think is really going to put some of these stable coins on a more equal footing with traditional bank rails.

Right.

And it's the companies that administer those corp chains, they're in it for their own profits.

And like, yeah, they need to provide a better product to the market so that their customers can move money cheaper, faster on weekends, move back and forth between tokenized cash and tokenized T-bills, right?

If you can do that on the weekend, that's a big unlock.

And if you can do that without going through a corresponding bank, that's a big unlock.

And Ethereum doesn't have a banking charter, right?

So yeah, we're still underweight alts.

I think if Clarity Act can pass, there's a possibility for a big mean reversion trade there.

And we'll capture a little bit of that because I don't have zero.

But I want to see user growth and apps going viral and institutions –

actually buying and operating on permissionless chains in order to get excited about the fundamentals because the market caps are still really high you know for kind of these l1s and they've got new competition now from from corp chains um you also have figure uh technologies i've been an investor for a long time it seems like you guys are somewhat excited about that what's going on there

Yeah, I think figure is the best example of a company that is bringing blockchain benefits to a traditional securitization market.

So what they've figured out is –

How can you originate a home equity line of credit faster and cheaper than the competition?

And it turns out that when you use an open source ledger like the provenance blockchain and you get the buy-in from all the banks who are used to transacting in these securitized loans, and you get the buy-in from the auditor,

And in the case of figure, the auditor says, wow, like this is so transparent that the information that you have to input to register your loan on the blockchain is.

We actually need less of it because it's all super transparent.

And so their cost to originate a loan is just much lower than the competition.