Yuval Rooz

inherently does the same, is really how do we streamline the management of these books and records across all these different financial players.

So what we're doing is we're focusing on capital markets to begin with.

So we just announced with DTCC the first US treasury that would be able to be available on Canton.

So you'll be able to move U.S.

treasuries in real time, 24-7.

We work on private markets, so private equity, private credit.

But we do stuff in insurance, commodities, mortgages, and pretty much every financial instrument that you can imagine.

Yes and no, right?

So, and I'm not going to be the person who says that everything with tokenization gets solved just because you tokenize something or you put it on a blockchain.

One of the challenges in doing, for example, like you mentioned DPIs, is what does it mean to administrate

doing that, right?

So one element of that is when I think about these greenfield funds is can I actually manage my distributions, my cash withdrawals versus deposits?

And I would say that that has nothing to do with blockchain, right?

That's just, do I have a strategy where the manner in which I deploy capital to which I can project cash withdrawals, right?

So I can actually on a quarterly basis feed these withdrawals.

Do I have a business model that actually supports it?

Assuming that I had zero friction

in the underlying infrastructure.

And that is unrelated to blockchain.

I think that there's a very big component of the infrastructure not being as efficient as possible to actually help administrate these things very efficiently.