What’s Wrong with Crypto Custody & How to Fix It | Live From DAS
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You imagine? It's like you click on an address. You see everything that someone has. Mhmm. So it's not super in terms of privacy, and so we need to be very careful with this because this is money. And if you fast forward in the future, what if it's not just your ease, but now it's your, you know, real estate deed and, you know, everything that you own, your identity, etcetera. Hey,
everyone. Quick disclaimer before we get into today's episode. Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely our opinions, not financial advice. Our guests and I may hold positions in the companies, funds, or projects discussed. Alright. Pascal, great to have you at Digital Asset Summit. Thank
you. Yeah. Great to be here. Hello, everybody. Hello,
everyone. How are we all feeling in the audience? Yay. Woo. Alright. We are gonna be talking about institutional custody today. And I thought, Pascal, you've been, such a stalwart of the industry for so and you've been here for so long. You've seen, you know, you were kind of there in the very early days of crypto, and now you're at the forefront of helping secure billions of dollars worth of crypto, today. So one thing that I'm very curious to get your take on is, you know, I think one of the early tenants of crypto was, you know, not your keys, not your coins. Right? And this idea of self cu
Well, that's a that's a great question, and I hope you have sort of forty five minutes. Yeah. Yeah. Look. So first of all, you know, this industry exists because of the failure of the, you know, of Lehman Brothers in 02/2008. And, you know, Bitcoin was a reaction to to that, in a sense that nobody is too big to fail, and you shouldn't put all your eggs in the same baskets. And so to trust a third party is something that you don't have to do, when you're in Bitcoin or crypto. You can actually hold the asset yourself, and it's been designed to do so. It's a peer to peer electronic payment system
And what do you think you know, we, we opened this conference, with a speech or a talk with David Mercer, actually, from LMAX where he was describing, you know, there's a very different market structure in finances in crypto today where, you know, in somewhere like a Coinbase or a Binance or something like that, it's it's almost the combination of a brokerage model and an exchange and custody. Right. And there's potentially value for actually segregating out those different businesses within different companies for safety. And so, you know, when you look out into the future, you know, do you s
To be honest, for me, the future is not this at all in a sense that why do we need to centralize everything? Mhmm. You know? It defeats the purpose of why we're building all of this in the first place. Like, you know, what's great about crypto is Bitcoin. It's not you know, and no offense, by the way. Coinbase is a great business, but I'm trying to make the point of decentralization versus centralization. You know, what's great is Bitcoin, the fact that, you know, it's censorship resistant, the fact that it's available twenty four seven everywhere, the fact that you can program on top of it, y
I think one of the, you know, one of the we've been talking quite a bit about regulation over the course of the last couple of days, and I think something that's a little bit challenging, especially for regulators and market participants to get their heads around is that, you know, this is actually a huge tech upgrade to th
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