Theo Golden

speaker

442 appearances 1 recordings 1 series first heard Jul 2026 last heard 9 Jul

Theo Golden’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Talking Tokens: Crypto, Onchain Finance, Investing · A 117-Year-Old Asset Manager Goes “Fully Native,” Seeing Tokenization as OS upgrade | Theo Golden · 9 Jul 2026 podcast

You can think about letters to email.

And that's what we see with tokenization.

It's just ownership going from essentially from kind of manual share certificates to

digital ownership through an intermediary to outright ownership, um, and control.

I think it's a great question.

This is why we have this very strong hypothesis at VG, which is everything we do in digital assets must pass a hurdle rate, right?

Which is this idea which is same but better.

And the articulation of that thesis is that the traditional book of businesses ceiling is our floor.

And the reason for that is because, as you say, why would anyone care if it's not better than what they have today?

And like, you know, for many people that can look like cost, many people that can look like access, maybe it can be from utility.

But for a number of folks, it can just also be about like reducing operational leverage and upping legal robustness.

And that's something that we've thought a lot about with tokenization, which is this idea of creating an on-chain books and records.

So the blockchain is a legal source of truth.

Which means that the unlock there is when you are trading these assets 24-7 or using them 24-7, you're not taking implicit operational leverage with your transfer agent who you might trust, you might not trust, but you're taking operational leverage, you're maxing your operational leverage in a way which you don't currently do today.

Maybe not necessarily for obvious benefits as well today.

the way I think about that as an investor is that that's a lower Sharpe ratio trade.

I'm getting maybe the same amount of return for higher risk.

I don't want that.

I want to maximize my units of return for my units of risk.

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