Yuval Rooz

We rely on some of the clients starting to publish their activity numbers.

So for example, Broadridge built an application on Canton, which is to more efficiently manage the US treasury repo market.

So they do bilateral repo, intradealer repo, intraday repo.

And today they're getting close to 10% of the daily volume of that market.

So I don't get to see which client of theirs have been onboarded, who trades what, but they do publish daily volumes of what they are doing on the platform.

So we have a company called Zinnia.

They're in the life insurance and annuity.

We know that they're issuing life insurance payments

products.

I don't know what is the quantum, but we are hopefully soon going to start being able to see how many policies have been issued over time.

And that just goes.

So what we are doing

is we are working with all of our clients to try to have more real-time reporting of the activity that they're doing on the network.

But again, it's their proprietary information and that's the best that we can do.

Our belief is that to date, we have seen the digitization or tokenization of a few trillion dollars of US treasuries.

And activity on a daily basis is in the hundreds of billions of dollars across the network.

But we're trying to bring more transparency into kind of like the daily numbers from those players.

It's not in the last 12 months, but it's something that I've learned is, you know, as an engineer, you always assume that things will just steer towards the right solution from a capital cost, capital structure efficiency.

That is just not the case.

I'll give you an example.