E164: GSR CEO: The New Era of Crypto Is About to Begin

Xin is the Group CEO of GSR Markets, one of crypto's oldest market-making firms - bootstrapped with $20K over twelve years ago and still independently funded today. In this episode, he breaks down why crypto's market structure is fundamentally broken, how misaligned incentives are holding the industry back, and why GSR is transforming into crypto's first full-service investment bank modeled after Goldman Sachs. THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter___________PARTNERS🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries: https://go.kast.xyz/VqVO/SHIFT🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence. Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=102...🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. https://sumsub.com/💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure. https://sui.io/♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com___________Follow Xin Song• Twitter: https://x.com/xinsong86• Twitter: https://x.com/gsr_io• Website: https://www.gsr.io/FOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Introduction1:32 Please Subscribe2:02 Sleep & Age Banter3:15 Advantage Of Age & Maturity7:33 Who Is Xin Song?9:23 What Did You Learn From Your Parents12:47 Partnerships: @JupiterExchange @KASTxyz13:27 What’s Happening With Crypto Right Now Considering The Market16:12 What Broken Market Structure Means19:18 Why Crypto Companies Shouldn’t Be Competing With Each Other21:27 What Shocks You That People Don’t Understand With Crypto vs TradFi26:42 What’s The Incentive To Make These Changes28:41 GSR Explained To Your Mom32:51 Partnerships: @Ethena @sumsub33:53 Why Do Market Makers In Crypto Have Bad Reputations36:48 How To Fix The Crypto Market Makers Reputation40:09 What Does It Mean That GSR Wants To Become The Goldman Sachs Of Crypto42:05 Example: Goldman Sachs Worked With Coca Cola & How GSR Reflects That In The Web 3 World44:50 Why Is It Necessary For GSR To Become The Goldman Sachs Of Web 348:34 You Made 2 Major Acquisitions, Why?51:49 Partnerships: @Trezor @BitwiseInvest @SuiNetwork52:45 Why Is Now The Best Moment For Focusing On Tokenization56:24 What Must Happen For 10% Of $300 Trillion To Be On Chain59:20 Katana Explained Simply1:12:18 Closing Thoughts