Vlad Tenev

So each trade essentially results in the minting of one token and you get the token.

And then if you sell, then we actually, the token engine burns the token and then we end up selling it.

So that's phase one.

And in phase one, as you're building the liquidity and building the supply of the tokens, each trade goes to the traditional market.

Now phase two is where things start to get really interesting.

So we have an exchange that we acquired about a year and a half ago called Bitstamp.

It's actually the oldest and the longest continuously running exchange, older than Robinhood.

Then what happens is,

we connect the tokenization system to Bitstamp.

And what happens then, once you want to sell or buy the token, Apple, you have an option.

You can either go to the TradFi market or you can go to Bitstamp and get the token directly.

So in this flow, it's token to token.

So you don't have to go to the TradFi market.

Not directly.

Not directly.

Yeah.

I mean, obviously there's, you can imagine in phase two, there's arbitrage bots and everything.

So if the stock moves in one place and doesn't in the other, like there will be an economic incentive to draw them closer together.

And this happens also because there's multiple exchanges happening.

already that trade the same stock, like between NYSE and NASDAQ that could happen, or also a foreign exchange if a stock is listed in Canada and in the US.