In this insightful episode of the Crypto Trailblazers series hosted by theCUBE, Mike Cagney of Figure Markets sits down with analysts from theCUBE Research to discuss groundbreaking advancements in blockchain technology and their implications for the finance sector. This video is part of the NYSE Wired digital event, aimed at bridging the gap between Silicon Valley and Wall Street by integrating technology and finance.
Cagney, an eminent figure in fintech, shares expertise on the transformative role of blockchain in financial markets during this interview. Conducted by seasoned analysts at theCUBE, the discussion delves into Figure’s innovative contributions, including their blockchain-native loan origination and securitization process. He outlines how Figure leverages blockchain to achieve cost reductions, enhanced security and improved liquidity in financial transactions.
Key takeaways from the interview highlight insights on the evolution of the Web3 ecosystem, such as the emergence of stablecoins as pivotal to transaction processes and the rise of decentralized finance (DeFi). Oltsik states these developments signify a shift towards democratizing finance, wherein truth and transparency are foundational. The conversation concludes with a look at Figure’s pioneering efforts in creating a new financial marketplace utilizing blockchain technology.
#CryptoTrailblazers #FigureMarkets #BlockchainInnovation #Web3 #NYEWired #BlockchainFinance #DecentralizedFinance #Fintech #Stablecoins
Find more SiliconANGLE news and analysis https://siliconangle.com/.
Follow theCUBE's wall-to-wall event coverage https://siliconangle.com/events/
Learn about the latest theCUBE events https://www.thecube.net/
00:00 - Intro
00:05 - Emerging Innovations in Financial Technology and Market Dynamics
02:45 - Key Elements in Financial Ecosystem Dynamics
06:20 - Blockchain: Truth and Transformation
09:39 - Shaping the Future: Innovations in Financial Markets and Stablecoin Integration
13:15 - Enabling the Future: Navigating Disruptions in Banking and Lending
16:51 - Exploring Opportunities and Building Confidence in the Blockchain Ecosystem
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Andrew Keys, The Ether Machine
In this insightful episode of the Crypto Trailblazers series hosted by theCUBE, Mike Cagney of Figure Markets sits down with analysts from theCUBE Research to discuss groundbreaking advancements in blockchain technology and their implications for the finance sector. This video is part of the NYSE Wired digital event, aimed at bridging the gap between Silicon Valley and Wall Street by integrating technology and finance.
Cagney, an eminent figure in fintech, shares expertise on the transformative role of blockchain in financial markets during this interview. Conducted by seasoned analysts at theCUBE, the discussion delves into Figure’s innovative contributions, including their blockchain-native loan origination and securitization process. He outlines how Figure leverages blockchain to achieve cost reductions, enhanced security and improved liquidity in financial transactions.
Key takeaways from the interview highlight insights on the evolution of the Web3 ecosystem, such as the emergence of stablecoins as pivotal to transaction processes and the rise of decentralized finance (DeFi). Oltsik states these developments signify a shift towards democratizing finance, wherein truth and transparency are foundational. The conversation concludes with a look at Figure’s pioneering efforts in creating a new financial marketplace utilizing blockchain technology.
#CryptoTrailblazers #FigureMarkets #BlockchainInnovation #Web3 #NYEWired #BlockchainFinance #DecentralizedFinance #Fintech #Stablecoins
Find more SiliconANGLE news and analysis https://siliconangle.com/.
Follow theCUBE's wall-to-wall event coverage https://siliconangle.com/events/
Learn about the latest theCUBE events https://www.thecube.net/
00:00 - Intro
00:05 - Emerging Innovations in Financial Technology and Market Dynamics
02:45 - Key Elements in Financial Ecosystem Dynamics
06:20 - Blockchain: Truth and Transformation
09:39 - Shaping the Future: Innovations in Financial Markets and Stablecoin Integration
13:15 - Enabling the Future: Navigating Disruptions in Banking and Lending
16:51 - Exploring Opportunities and Building Confidence in the Blockchain Ecosystem
play_circle_outlineDiscussion on the mainstreaming of crypto infrastructure and innovations in business models.
replyShare Clip
play_circle_outlineMaximizing Ethereum Revenue: Strategies for Managing Infrastructure and Transitioning to Operational Execution in Crypto Investments
replyShare Clip
play_circle_outlineAndrew's background as a commodity pool operator informs his work with Ether Machine.
replyShare Clip
play_circle_outlineEnhancing Ethereum Validator Performance: Strategies for Yield, Risk Management, and Institutional Access in a Converging Tech-Finance Landscape
>> Hello, welcome back to theCUBE here at the NYSE Studio of theCUBE. Of course, we have our Palo Alto studio connecting Wall Street and Silicon Valley tech and money. I'm John Furrier, your host of the Crypto Trailblazers. This is a series where we feature the leaders who are making it happen, bringing in the technology and the business model, innovation around decentralized infrastructure, of course, the digitization of the physical money world. Andrew Keys is here, co-founder and chairman of The Ether Machine. Andrew, great to see you back on theCUBE here at our NYSE location.
Andrew Keys
>> Thanks so much for having me.
John Furrier
>> One of the things that we've been really exploring and discovering is there's a huge appetite for the mainstreaming of crypto infrastructure, the software behind it, the business model innovations. And when people see the money, money doesn't lie. People are making money. And I think in your last interview here with us you talked about your venture around Ether being really a major productive asset versus Bitcoin. And this is one of the key levers to your success. You have an operating history in the sector doing this. Explain the phenomenon of the productive asset relative to crypto. This is a super important nuance, but I really want to get it out there.
Andrew Keys
>> Sure. Sure. Thanks, John. What I would say is that we've seen a proliferation of what we would call treasuries that are predominantly buy and hold strategies. And that is not what we are. The Ether Machine operates and manages Ethereum infrastructure, validators, security systems, yield strategies and production, and we generate revenue to increase our ether per share through continuous operational execution, rather than just hoping that an asset will passively go up. So, we're not relying on the compounded annual growth rate of a specific asset. We're relying on our ability to actually produce additional ether concentration per share through concepts like staking, re-staking, and participation in the decentralized financial economy.
John Furrier
>> First of all, I love the name Ether Machine. It gives the impression of a machine pumping out cash. You have history in this. Explain how you got here, because I think it's super important. You had an operating company, you had experience, you've been doing it. And so talk about that and some of the results you've seen.
Andrew Keys
>> So essentially, when Ethereum transitioned to proof of stake, now this is over five years ago, I created a commodity pool operator and commodity trading advisor registered with the FTC named DARMA, which is an acronym for Digital Asset Risk Management Advisors. And DARMA, what we did was we managed the risk around generating yield on Ether. So, very similar to what we're doing in The Ether Machine. Basically, since the inception of proof of stake, I've been running bare metal servers across continents, actively managing validator performance and risk, managing our security, engineering our yield, running what's called minor extractable value and execution layer operations. And now we are starting to do re-staking, which is essentially taking Ethereum's proof of stake consensus and securing other types of applications. And so, basically what this is, is an institutional vehicle for risk management that we believe is important to have for institutional public market investors. And basically, I took the chassis of what I've already been running for five years, and I'm putting that into a public market vehicle so we can have shareholders and we can also issue capital markets financial instruments.
John Furrier
>> It's really a great story. It's not just, can you buy ether? Can you hold it, earn on it, audit it, and not have all the hidden leverage and liabilities that people are afraid of? Talk about that dynamic of what that means from a trust standpoint. Clearly speculation. We're seeing a speculative market, for sure, but now you're moving into a trust market. This is really kind of where we're transitioning into the large institutionals, and of course, the confidence side of the business.
Andrew Keys
>> Yeah. Yeah. So, at inception this vehicle has no leverage. Basically, there's a large pile of ether and a large pile of dollars, and we will generate yield, ether denominated yield with the sole ... Our sole benchmark is ether per share accretion. So basically, if you have 1,000 shares, that will equal X amount of ether, and our goal is to make that 1,000 shares equal X plus 10% ether, X plus 20% ether, X plus 30% ether. And we're not relying solely on the price of ether going up or down. We are employing risk management to generate that additional yield. With respect to leverage, I think there can be a place for leverage. We're not using it initially, but basically we have institutional backgrounds that are focused on managing that risk. So, we would be modeling things like, what's the largest drawdown? Is it a time duration risk where you have a note that's due over time, or is it a dividend where we have a constant payment? And again, unlike a buy and hold strategy where you don't have kind of the productive yield generation, we do have the ability to satisfy our coupons or dividends with the yield. So, if we were to borrow, let's call it 10% in dollars to buy more ether, we would be able to generate yield to satisfy those dividend payments if we were to create an example, a perpetual preferred share or a convertible bond.
John Furrier
>> You know what I love about your story is that you guys have the platform story at scale, you mentioned servers, you guys have been deploying. You have the institutional standards checked off, you've been doing it, but you also have this productive asset which throws off revenue. All three kind of in combination set the table for a perfect storm. Talk about that aspect of it, because you're generating revenue from the asset. You have institutional standards, and you have scale.
Andrew Keys
>> Yeah. Yeah. So, what I would say is you're completely right. We'll start out the gate with about $2 billion of assets and we'll grow from there. And basically, we're starting at a very interesting time. Because what we've just seen is the GENIUS Act just recently passed where basically gave a green light to institutions to employ stablecoin strategies. The majority of stablecoins settle to Ethereum. Furthermore, we're about to see clarity pass. I imagine it'll be early Q1, and basically that's the market structure. And where we have real world asset tokenization, where we're going to see places like New York Stock Exchange, I'd be willing to bet that you guys are going to be 24/7 before you know it, maybe in a couple of years. And a lot of that technology is based on Ethereum rails. And there's a world where this may start out in a permissioned context, like intranets, before the internet exploded. And then there is the evolution where this technology goes onto public permissionless blockchains when things like privacy, confidentiality, safety are more concrete. And there's a world where we, as one of the largest block builders and block producers could be an institutional counterparty. So basically, I could produce a block as a staking validator, for example, and sell it to the New York Stock Exchange or to Bank of America or to Walmart, because they want to have a clean block that has no transactions from unauthorized parties that haven't been AML KYC-ed, and basically they'll value that. So basically, not only do we have this kind of asset that's productive, we also are at a point in time where we're just about to see the tokenization of all assets. And right now, and I believe in the future, the infrastructure that's in a hegemonic position to be basically the global settlement layer for humanity is Ethereum.
John Furrier
>> Yeah. I mean, I love the platform angle, and everything's being framed these days from a stack perspective. I mean, I've heard many comments like, "Oh, the financial stack." And there's different kind of words for it. I mean, you're kind of bringing in, for lack of a better word, a trust stack. How do you view that in Ether Machine? Because you have the asset, you have the protocols, you have operational capabilities, you got the compliance, the market structure test side of it. Explain the stack. Is that how you see it? How would you describe this stack?
Andrew Keys
>> So, what I would say is, this is an institutional vehicle for those that are seeking alpha specifically in Ethereum. That basically, if we understand that the majority of stablecoins, the majority of stocks bonds, real world assets like commodities, like bars of gold, barrels of oil are going to be tokenized, and are going to settle to a global ledger. Right now, the majority of those are occurring on Ethereum. And basically what we are doing is running the infrastructure for the world global settlement layer, and we are able to generate additional ether and accrete ether concentration per share.
John Furrier
>> Last time you were on theCUBE you talked about clean vehicles, ETFs are constrained, liquidity issues, redemption. Talk about that piece of it, because when you start getting into some simple frameworks and scale, what are some of the important things to consider for folks looking to, one, take advantage of the opportunities that you guys are creating?
Andrew Keys
>> Sure, John. So basically, when I conceptualized this vehicle, I knew that this could be a, let's just call it large capital base. It would be asset heavy. And if I were going to deploy a couple billion dollars, which is what we're starting with, into a vehicle, I had to make sure that that was a clean vehicle. So, basically there are two paths. One, which we've seen a lot of was basically doing a reverse takeover of essentially a previously dying company, and that's what we've seen a lot. And with these reverse takeovers of shells you have a preexisting cap table, preexisting operating business. Maybe it was a biotech company that failed its clinical trials. Maybe it was a former Bitcoin miner that still had hardware that they had exposure to and a data center lease that they had exposure. Maybe it's a gambling company that has preexisting liabilities of the previous operating business. I didn't want any of that. I wanted a clean slate, because as a person that's actually contributing my own capital into the vehicle and friends, family and institutional investors, I had to consider making sure that this was absolutely pristine. So, basically what we did was we created a de novo LLC, brand new, that had no preexisting issues. And anchored that with capital, and that is merging with a public special purpose acquisition company that doesn't have a previous operating business, to create The Ether Machine, the most powerful structure for the long-term accretion and safe custody of Ether.
John Furrier
>> Andrew, one of the things that's compelling to me coming from Silicon Valley and bringing theCUBE to NYSE is seeing the capital markets ethos merge with the ethos of crypto. You have this open access, decentralization, that kind of ethos with this capital markets ethos. There's a lot of trust involved. Talk about the intersection of those two things and how you guys are looking at this, and where's the common ground? Where's the action?
Andrew Keys
>> Well, I think that they're merging, and there's not going to be traditional finance or decentralized finance, it's just going to be finance. And basically, what we're seeing is the real-time evolution of the database where with this technology we should be able to have faster clearing and settlement and the 24/7 nature of ability to trade, and the ability to basically run global infrastructure at fractions of cost.
John Furrier
>> Love the business model innovation, love the tech stack, love the ethos you guys have. Again, love the capitalism side of it, as well as preserving the open access and kind of democratization that everyone wants. How would you explain what you guys are doing compared to some of the hype around treasuries and just some of the ... It's very enthusiastic, but at the same time it's new. How would you explain the difference with where the action will be, where the reliability will be, where the trust will be? Talk about the difference between those two.
Andrew Keys
>> Yeah. So simply put, I look at treasuries as a way to acquire an asset and hold it. Similar to if you had a REIT where there's a building that's sitting there. This is not a treasury where we're just buying a singular asset like a building, or a bar of gold, or a Bitcoin. What this is, is an operating company that can acquire assets like Ether, but we take that a step further where we actually can productively manage the risk and generate more additional ether. So, if you could kind of conceptualize there's a barrel of oil, but there's ExxonMobil that actually takes that oil, distribute it around the world, refines it, and then avails it to retail, institutional, and basically earns across that entire supply chain, we're much more of an ExxonMobil than the barrel of oil.
John Furrier
>> You're an Ether Machine, you're a money machine. Congratulations on the success. Love the business model. Again, all three of those things coming together, just the productivity of the asset, the institutional controls, and of course, you got the scale. Congratulations. And thanks for coming on the Trailblazers as you guys blaze the trail.
Andrew Keys
>> Thank you, sir.
John Furrier
>> All right.
Andrew Keys
>> Good talking to you.
John Furrier
>> Andrew, great conversation. The capital markets are accelerating fast into a commercialization with decentralized. It's just finance, it's money, it's all real world, it's all going to be on chain. This is the future. The Trailblazers are making it happen, ushering in a new era in finance. Of course, theCUBE's doing this part here at the New York Stock Exchange and in Palo Alto. Thanks for watching.
>> Hello, welcome back to theCUBE here at the NYSE Studio of theCUBE. Of course, we have our Palo Alto studio connecting Wall Street and Silicon Valley tech and money. I'm John Furrier, your host of the Crypto Trailblazers. This is a series where we feature the leaders who are making it happen, bringing in the technology and the business model, innovation around decentralized infrastructure, of course, the digitization of the physical money world. Andrew Keys is here, co-founder and chairman of The Ether Machine. Andrew, great to see you back on theCUBE here at our NYSE location.
Andrew Keys
>> Thanks so much for having me.
John Furrier
>> One of the things that we've been really exploring and discovering is there's a huge appetite for the mainstreaming of crypto infrastructure, the software behind it, the business model innovations. And when people see the money, money doesn't lie. People are making money. And I think in your last interview here with us you talked about your venture around Ether being really a major productive asset versus Bitcoin. And this is one of the key levers to your success. You have an operating history in the sector doing this. Explain the phenomenon of the productive asset relative to crypto. This is a super important nuance, but I really want to get it out there.
Andrew Keys
>> Sure. Sure. Thanks, John. What I would say is that we've seen a proliferation of what we would call treasuries that are predominantly buy and hold strategies. And that is not what we are. The Ether Machine operates and manages Ethereum infrastructure, validators, security systems, yield strategies and production, and we generate revenue to increase our ether per share through continuous operational execution, rather than just hoping that an asset will passively go up. So, we're not relying on the compounded annual growth rate of a specific asset. We're relying on our ability to actually produce additional ether concentration per share through concepts like staking, re-staking, and participation in the decentralized financial economy.
John Furrier
>> First of all, I love the name Ether Machine. It gives the impression of a machine pumping out cash. You have history in this. Explain how you got here, because I think it's super important. You had an operating company, you had experience, you've been doing it. And so talk about that and some of the results you've seen.
Andrew Keys
>> So essentially, when Ethereum transitioned to proof of stake, now this is over five years ago, I created a commodity pool operator and commodity trading advisor registered with the FTC named DARMA, which is an acronym for Digital Asset Risk Management Advisors. And DARMA, what we did was we managed the risk around generating yield on Ether. So, very similar to what we're doing in The Ether Machine. Basically, since the inception of proof of stake, I've been running bare metal servers across continents, actively managing validator performance and risk, managing our security, engineering our yield, running what's called minor extractable value and execution layer operations. And now we are starting to do re-staking, which is essentially taking Ethereum's proof of stake consensus and securing other types of applications. And so, basically what this is, is an institutional vehicle for risk management that we believe is important to have for institutional public market investors. And basically, I took the chassis of what I've already been running for five years, and I'm putting that into a public market vehicle so we can have shareholders and we can also issue capital markets financial instruments.
John Furrier
>> It's really a great story. It's not just, can you buy ether? Can you hold it, earn on it, audit it, and not have all the hidden leverage and liabilities that people are afraid of? Talk about that dynamic of what that means from a trust standpoint. Clearly speculation. We're seeing a speculative market, for sure, but now you're moving into a trust market. This is really kind of where we're transitioning into the large institutionals, and of course, the confidence side of the business.
Andrew Keys
>> Yeah. Yeah. So, at inception this vehicle has no leverage. Basically, there's a large pile of ether and a large pile of dollars, and we will generate yield, ether denominated yield with the sole ... Our sole benchmark is ether per share accretion. So basically, if you have 1,000 shares, that will equal X amount of ether, and our goal is to make that 1,000 shares equal X plus 10% ether, X plus 20% ether, X plus 30% ether. And we're not relying solely on the price of ether going up or down. We are employing risk management to generate that additional yield. With respect to leverage, I think there can be a place for leverage. We're not using it initially, but basically we have institutional backgrounds that are focused on managing that risk. So, we would be modeling things like, what's the largest drawdown? Is it a time duration risk where you have a note that's due over time, or is it a dividend where we have a constant payment? And again, unlike a buy and hold strategy where you don't have kind of the productive yield generation, we do have the ability to satisfy our coupons or dividends with the yield. So, if we were to borrow, let's call it 10% in dollars to buy more ether, we would be able to generate yield to satisfy those dividend payments if we were to create an example, a perpetual preferred share or a convertible bond.
John Furrier
>> You know what I love about your story is that you guys have the platform story at scale, you mentioned servers, you guys have been deploying. You have the institutional standards checked off, you've been doing it, but you also have this productive asset which throws off revenue. All three kind of in combination set the table for a perfect storm. Talk about that aspect of it, because you're generating revenue from the asset. You have institutional standards, and you have scale.
Andrew Keys
>> Yeah. Yeah. So, what I would say is you're completely right. We'll start out the gate with about $2 billion of assets and we'll grow from there. And basically, we're starting at a very interesting time. Because what we've just seen is the GENIUS Act just recently passed where basically gave a green light to institutions to employ stablecoin strategies. The majority of stablecoins settle to Ethereum. Furthermore, we're about to see clarity pass. I imagine it'll be early Q1, and basically that's the market structure. And where we have real world asset tokenization, where we're going to see places like New York Stock Exchange, I'd be willing to bet that you guys are going to be 24/7 before you know it, maybe in a couple of years. And a lot of that technology is based on Ethereum rails. And there's a world where this may start out in a permissioned context, like intranets, before the internet exploded. And then there is the evolution where this technology goes onto public permissionless blockchains when things like privacy, confidentiality, safety are more concrete. And there's a world where we, as one of the largest block builders and block producers could be an institutional counterparty. So basically, I could produce a block as a staking validator, for example, and sell it to the New York Stock Exchange or to Bank of America or to Walmart, because they want to have a clean block that has no transactions from unauthorized parties that haven't been AML KYC-ed, and basically they'll value that. So basically, not only do we have this kind of asset that's productive, we also are at a point in time where we're just about to see the tokenization of all assets. And right now, and I believe in the future, the infrastructure that's in a hegemonic position to be basically the global settlement layer for humanity is Ethereum.
John Furrier
>> Yeah. I mean, I love the platform angle, and everything's being framed these days from a stack perspective. I mean, I've heard many comments like, "Oh, the financial stack." And there's different kind of words for it. I mean, you're kind of bringing in, for lack of a better word, a trust stack. How do you view that in Ether Machine? Because you have the asset, you have the protocols, you have operational capabilities, you got the compliance, the market structure test side of it. Explain the stack. Is that how you see it? How would you describe this stack?
Andrew Keys
>> So, what I would say is, this is an institutional vehicle for those that are seeking alpha specifically in Ethereum. That basically, if we understand that the majority of stablecoins, the majority of stocks bonds, real world assets like commodities, like bars of gold, barrels of oil are going to be tokenized, and are going to settle to a global ledger. Right now, the majority of those are occurring on Ethereum. And basically what we are doing is running the infrastructure for the world global settlement layer, and we are able to generate additional ether and accrete ether concentration per share.
John Furrier
>> Last time you were on theCUBE you talked about clean vehicles, ETFs are constrained, liquidity issues, redemption. Talk about that piece of it, because when you start getting into some simple frameworks and scale, what are some of the important things to consider for folks looking to, one, take advantage of the opportunities that you guys are creating?
Andrew Keys
>> Sure, John. So basically, when I conceptualized this vehicle, I knew that this could be a, let's just call it large capital base. It would be asset heavy. And if I were going to deploy a couple billion dollars, which is what we're starting with, into a vehicle, I had to make sure that that was a clean vehicle. So, basically there are two paths. One, which we've seen a lot of was basically doing a reverse takeover of essentially a previously dying company, and that's what we've seen a lot. And with these reverse takeovers of shells you have a preexisting cap table, preexisting operating business. Maybe it was a biotech company that failed its clinical trials. Maybe it was a former Bitcoin miner that still had hardware that they had exposure to and a data center lease that they had exposure. Maybe it's a gambling company that has preexisting liabilities of the previous operating business. I didn't want any of that. I wanted a clean slate, because as a person that's actually contributing my own capital into the vehicle and friends, family and institutional investors, I had to consider making sure that this was absolutely pristine. So, basically what we did was we created a de novo LLC, brand new, that had no preexisting issues. And anchored that with capital, and that is merging with a public special purpose acquisition company that doesn't have a previous operating business, to create The Ether Machine, the most powerful structure for the long-term accretion and safe custody of Ether.
John Furrier
>> Andrew, one of the things that's compelling to me coming from Silicon Valley and bringing theCUBE to NYSE is seeing the capital markets ethos merge with the ethos of crypto. You have this open access, decentralization, that kind of ethos with this capital markets ethos. There's a lot of trust involved. Talk about the intersection of those two things and how you guys are looking at this, and where's the common ground? Where's the action?
Andrew Keys
>> Well, I think that they're merging, and there's not going to be traditional finance or decentralized finance, it's just going to be finance. And basically, what we're seeing is the real-time evolution of the database where with this technology we should be able to have faster clearing and settlement and the 24/7 nature of ability to trade, and the ability to basically run global infrastructure at fractions of cost.
John Furrier
>> Love the business model innovation, love the tech stack, love the ethos you guys have. Again, love the capitalism side of it, as well as preserving the open access and kind of democratization that everyone wants. How would you explain what you guys are doing compared to some of the hype around treasuries and just some of the ... It's very enthusiastic, but at the same time it's new. How would you explain the difference with where the action will be, where the reliability will be, where the trust will be? Talk about the difference between those two.
Andrew Keys
>> Yeah. So simply put, I look at treasuries as a way to acquire an asset and hold it. Similar to if you had a REIT where there's a building that's sitting there. This is not a treasury where we're just buying a singular asset like a building, or a bar of gold, or a Bitcoin. What this is, is an operating company that can acquire assets like Ether, but we take that a step further where we actually can productively manage the risk and generate more additional ether. So, if you could kind of conceptualize there's a barrel of oil, but there's ExxonMobil that actually takes that oil, distribute it around the world, refines it, and then avails it to retail, institutional, and basically earns across that entire supply chain, we're much more of an ExxonMobil than the barrel of oil.
John Furrier
>> You're an Ether Machine, you're a money machine. Congratulations on the success. Love the business model. Again, all three of those things coming together, just the productivity of the asset, the institutional controls, and of course, you got the scale. Congratulations. And thanks for coming on the Trailblazers as you guys blaze the trail.
Andrew Keys
>> Thank you, sir.
John Furrier
>> All right.
Andrew Keys
>> Good talking to you.
John Furrier
>> Andrew, great conversation. The capital markets are accelerating fast into a commercialization with decentralized. It's just finance, it's money, it's all real world, it's all going to be on chain. This is the future. The Trailblazers are making it happen, ushering in a new era in finance. Of course, theCUBE's doing this part here at the New York Stock Exchange and in Palo Alto. Thanks for watching.
John Furrier