alpha un# podcast

Anton Katz, Founder of Talos, built the institutional crypto trading infrastructure that BlackRock, Nasdaq, and Robinhood rely on, and in this conversation with host Sri Misra on alpha un#, he explains exactly what happens to finance next.Anton Katz is a MIT computer science graduate, IDF veteran, and former Head of Trading Technology at AQR Capital Management, who left in 2018 to build the institutional infrastructure his former employer could not. Talos is now a $1.5 billion digital asset trading platform connecting over 100 venues, serving asset managers with $21 trillion in AUM, and powering execution behind BlackRock's Aladdin integration and Nasdaq's tokenized collateral initiative. In this conversation, Katz makes a counterintuitive declaration: Talos is not a crypto company. Crypto was simply the first asset class on digital rails, and equities, bonds, and treasuries are next. He describes three separate financial conversations running simultaneously, why most builders are watching only one, and recounts a real exchange with a Wall Street trading head who admitted 40% of market liquidity will soon be native on-chain with no system to bridge the gap.👉How Talos became the execution layer behind BlackRock's crypto trading workflows and what that integration actually required to build👉Why Anton Katz says "crypto is just the first asset class on digital rails" and what that means for equities, bonds, and treasuries moving on-chain👉What a major US bank's head of trading told Katz four weeks before recording: that 40% of market liquidity will go native on-chain and no bank has a system to operate across both worlds👉How Talos navigated the FTX collapse and the 2022-23 crypto winter by building a churn model that doesn't compete with rivals but instead tracks whether clients' entire businesses survive👉Why DeFi vaults may fundamentally change the cost structure and access model of institutional asset management, from the perspective of someone who ran trading technology at one of the world's top quant funds👉What three financial conversations are running in parallel right now, crypto as an asset class, stablecoins as payment rails, and capital markets tokenization, and why understanding all three simultaneously is where the real opportunity sitsSubscribe to alpha un# for weekly founder and builder conversations, and follow Sri Misra on LinkedIn at https://www.linkedin.com/in/srimisra for daily insights on DeFi, AI, and the future of finance00:00 - Inside Talos: The Institutional Crypto Infrastructure Story 02:04 - What Talos Actually Does for Institutions 08:09 - How Institutions Use CeFi vs DeFi Today 12:28 - Why DeFi Vaults Could Change Asset Management 14:35 - Talos, BlackRock Aladdin, and Crypto Adoption 18:07 - Leaving AQR: The Origin of Talos 24:28 - The Founder Mindset: Optimist and Pessimist 28:55 - The ETF Moment That Unlocked Institutional Crypto 32:21 - Stablecoins as the New Settlement Rail 35:03 - The $130 Billion Remittance Problem Stablecoins Solve 37:06 - Phase 3: Talos Beyond Crypto Assets 40:56 - BlackRock's Warning: 40% Goes On-Chain 43:47 - Is Talos Becoming a DeFi Gatekeeper? 47:18 - No Token, Possible IPO: What's Next#AntonKatz #Talos #InstitutionalCrypto #DigitalAssetTrading #CryptoInfrastructure #BlockchainCapitalMarkets #TokenizationRWA #DeFiForInstitutions #CryptoAdoption #BlackRockCrypto #SriMisra #CryptoStartup #InstitutionalBlockchain #StablecoinPayments #DeFiYield #CryptoFounder #Web3Infrastructure #DigitalAssets #CryptoUnicornDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

"We don't make fees when we liquidate you." Most DeFi protocols profit from your liquidation. Sidney Powell explains why Maple designed the opposite incentive.Full episode at: unhashed.co/sid

The same way Amazon got ahead of Walmart - same business model, different technology stack.Sid Powell on why crypto-native lenders will overtake Apollo and Blackstone. Full episode at: unhashed.co/sid

"No plan survives first contact with the enemy." Sid Powell built Maple through 3 brutal pivots - tokenized bonds → uncollateralized lending → where they are now. Full episode at: unhashed.co/sid

"DeFi is dead" - and the CEO who built $20 billion in institutional DeFi lending is the one saying it. In this conversation, Sid Powell of Maple Finance explains why that declaration is the most bullish signal in crypto, how onchain credit is now undercutting Apollo and KKR on price, and why the $3 trillion private credit market has no idea what is coming for it.Sid Powell spent years at National Australia Bank structuring securitisations and running a $200 million bond funding program before walking away from traditional finance to rebuild those exact instruments on a blockchain - without a bank, a clearing house, or Monday-to-Friday operating hours. Maple Finance, the institutional DeFi lending platform he co-founded with Joe Flanagan in 2019, has since originated over $20 billion in loans, closed a single $500 million transaction in December 2025, and grown AUM tenfold in one year to $5 billion - managed by just 41 people. Among the episode's most counterintuitive revelations: that standard DeFi protocols are structurally designed to profit from borrower liquidations, that there is no real technology moat in DeFi and never was, and that FinTech companies which have never touched a stablecoin are now approaching Maple for credit facilities. Host Sri Misra, founder of aarna.ai, draws out the full arc of this story - the 2022 near-collapse, the vertical integration pivot, and the long-term bet that all capital markets will eventually settle on a blockchain - in a conversation that is as much a masterclass in credit market structure as it is a DeFi episode.👉How Maple Finance built a $5 billion institutional DeFi lending platform with 41 people by automating risk management and leveraging AI to scale without scaling headcount👉Why standard DeFi lending protocols are incentivised to liquidate borrowers, and how Maple's recourse loan model and 24-hour margin call window inverts that dynamic entirely👉What the $500 million single on-chain loan closed in December 2025 signals about where institutional appetite for onchain credit has genuinely arrived👉Why Sid Powell abandone the infrastructure positioning that defined Maple's early years, and how the Apple and Tesla vertical integration model became the blueprint for Maple's rebuild after 2022👉How DeFi's low cost of capital in 2026 is making onchain lenders genuinely price-competitive with private credit funds in card receivables, invoice finance, and SMB lending for the first time👉What the convergence of stablecoin regulation, tokenized assets, and FinTech origination means for the $3 trillion private credit market over the next three years, as explored by Sri Misra and Sid Powell in this alpha un# episode - subscribe to alpha un# for weekly founder conversations and follow Sri Misra on LinkedIn and X for daily insights on the future of onchain finance00:00 - DeFi is Dead: What That Really Means 04:16 - Institutional DeFi Lending Explained Simply 07:09 - The $500M Loan and Maple Finance Scale 09:38 - When Non-Crypto Firms Enter DeFi Credit 13:00 - FinTech Asset-Backed Lending on Blockchain 18:28 - Maple Finance Founding Story and 2022 Crisis 20:53 - Why Vertical Integration Beats DeFi Infrastructure 23:13 - SyrupUSDC, Stablecoin Yield and Composability 27:53 - Onchain Risk Management and Margin Call Process 33:55 - Competing With Apollo, KKR, and Blackstone 36:30 - Tokenized Assets as Collateral by 2027 #Maplefinance #SidPowell #InstitutionalDeFi #DeFiLending #OnchainCredit #StablecoinYield #TokenizedAssets #SriMisra #AlphaUnhashed #DeFi2026 #PrivateCredit #OnchainFinance #SyrupUSDC #CryptoLending #TradFiDeFi #BlockchainFinance #DigitalAssets #OnchainAssetManagementDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

In this episode, host Sri Misra sits down with Eric Saraniecki to unpack why the future of crypto may not be driven by hype cycles, but by durable, repeatable financial activity. From token burns and network activity to the long-term convergence of TradFi and DeFi, this conversation explores what real utility on-chain could actually look like.Full episode at: unhashed.co/eric

In this episode, host Sri Misra speaks with Eric Saraniecki about what may actually be blockchain’s most important breakthrough: composability. Eric explains why the real shift is not just decentralization or immutability, but the ability to coordinate updates across applications without losing privacy. From DeFi’s multi-leg transaction logic to Canton’s vision for globally composable financial apps, this is a sharp conversation on what real blockchain infrastructure should enable.Full episode at: unhashed.co/eric

In this episode, host Sri Misra sits down with Eric Saraniecki to unpack a more practical view of decentralization. Instead of treating it like a universal answer, Eric explains why different layers need different configurations, why institutions need flexibility, and why all of it still has to coexist in a neutral, composable network.Full episode at: unhashed.co/eric

Finance is the last industry on earth where pressing a button does not make something happen instantly, and Eric Saraniecki, Co-founder of Canton Network, has spent 12 years building the blockchain infrastructure designed to finally change that.Canton Network is the public permissionless blockchain with privacy that Goldman Sachs, DTCC, Nasdaq, BNY and 600+ institutions have quietly chosen as the foundation for the next era of on-chain finance. While most of crypto was debating decentralisation, Eric and his team were in the rooms that matter, convincing the most risk-averse institutions in the world to move trillions in real assets onto a single composable network. In this deep-dive founder conversation with host Sri Misra, Eric unpacks the thesis that has guided 12 years of building, why composability is the only blockchain innovation that actually matters, why ZK proofs solve the wrong privacy problem, what the DTCC's decision to tokenize US Treasuries on Canton means for every RWA platform alive today, and why the DeFi versus TradFi debate is a false binary that Canton is already making irrelevant.What you will learn in this episode:👉Why Eric says there is no composability across chains, none, period, and why that single fact determines which blockchain wins the institutional finance endgame👉How Canton Network generates $3.25 million in daily fees with 5.5% of all Canton Coin already burned, before its largest institutional volume catalyst, the DTCC Treasury tokenization, has even gone live👉Why anonymity and institutional privacy are completely different problems, and why ZK proofs and FHE are the wrong solution for stablecoins, RWAs and regulated DeFi👉How Eric convinced Goldman Sachs, Broadridge and the DTCC to build in production, not in pilots, on Canton, and the one word he uses to describe what institutions feel when they first see it👉Eric's prediction on the multi-chain world, the AllFi thesis that merges DeFi and TradFi into a single composable network, and why the DTCC going live is the beginning for everyone, not the end for anyoneIf this episode gave you a sharper view of where institutional blockchain and on-chain finance are heading, subscribe to alpha un# and follow host Sri Misra on LinkedIn and X for more founder-to-founder conversations at the frontier of DeFi and global finance.Chapters:00:00 - What Is Canton Network Really 02:26 - Inside Out, Canton's 12-Year Strategy 04:54 - Composability, the Flaw Every Chain Ignored 10:43 - Decentralisation Does Not Equal Trust 17:06 - Canton Coin Burn and Durable Fee Revenue 22:45 - DAML vs EVM, Privacy Built Into the Language 27:21 - No Composability Across Chains, None 31:28 - ZK Proofs Cannot Save Regulated Finance 35:47 - Why Banks Feel Relief Not Excitement 39:47 - Broadridge, $400 Billion Daily on Canton 41:05 - DTCC Tokenizing Treasuries, The Full Picture 45:26 - DTCC Goes Live, Beginning Not End 46:19 - From DRW Trading Pits to Fixing Finance 49:11 - Canton's Vision, Networks Over Headlines#EricSaraniecki #CantonNetwork #DigitalAsset #InstitutionalDeFi #RWATokenization #BlockchainPrivacy #OnChainFinance #DeFiInstitutional #CantonCoin #DTCC #UST #Tokenization #Composability #DAML #ZeroKnowledge #Stablecoins #Web3Institutional #TradFiOnChain #BlockchainFinance #AlphaUnhashed #CryptoFounder #Web3Podcast #DeFiTradFi #AllFi #Broadridge #GoldmanSachs #FounderToFounder #CryptoInvesting #InstitutionalBlockchain #realworldassets Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

In this episode, host Srikumar Misra sits down with Sandy Kaul of Franklin Templeton to unpack a simple idea most people miss: if something is truly “cash,” it shouldn’t pay yield.They break down why stablecoins and tokenized money market funds can coexist, when “rewards” start looking like an investment contract, and how onchain finance may evolve into a universal liquidity layer, where you can move seamlessly between stablecoins, tokenized funds, deposits, and more.Full episode at: unhashed.co/sandy

In this episode, host Srikumar Misra and Sandy Kaul of Franklin Templeton map the next step in asset management: moving from traditional fund “wrappers” to separately managed accounts (SMAs), and then onchain vaults.Sandy explains the shift in plain terms: instead of one big pooled fund, you’ll have your own vault, holding your wallet and your assets, and smart contracts will help you optimize and put them to work, from earning yield to unlocking new ways to use real-world assets like home equity, art, and IP.

In this episode, host Srikumar Misra asks Sandy Kaul of Franklin Templeton to stargaze 10 years out and she delivers a blunt take: global markets are still running on 1970s-era infrastructure.Sandy breaks down why the real shift starts with one primitive: wallets. Once wallets enter market plumbing, everything else follows, tokenized “digital twin” assets, 24/7 trading, and eventually atomic settlement where assets + payments move instantly.It’ll be an “all of the above” world for a while - legacy accounts + new wallets but the direction is clear: more financial activity moving onchain, faster than most people expect.Full episode at: unhashed.co/sandy

Sandy Kaul reveals how Franklin Templeton built the world's first SEC-approved digital-native money market fund, moved $900M across 10 blockchains, and why she believes the totality of your assets will live in wallets within the decade.In 2018, Sandy Kaul published a paper at Citibank claiming tokenization would replace equities and bonds. Wall Street laughed. Fast forward to 2026, she's the Head of Digital Assets at Franklin Templeton, running BENJI, a $900M tokenized money market fund operating 24/7 across 10+ public blockchains since April 2021. In this episode, Sandy shares the complete institutional playbook for real-world asset tokenization, from convincing the SEC with 50,000+ pilot transactions to building AI agentic frameworks that manage billions. She breaks down why digital-native beats digital-twin, how intraday yield accrual works at block speed, and the strategic decision behind multi-chain deployment over Ethereum maximalism. Sandy reveals the regulatory moats Franklin built, the DeFi integration challenges institutions face, and her roadmap for bringing tokenized ETFs, stocks, and structured products on-chain over the next 12 months. She shared this candid journey with host Sri Misra, covering everything from the 2018 CEO luncheon that launched Franklin's blockchain initiative to the wallet-native future where your home equity, art IP, and investment portfolios all live in one composable vault. This is production-level institutional crypto, not pilot programs or theory.Key Highlights:👉How Franklin Templeton convinced the SEC to approve the first digital-native tokenized fund with a 50,000+ transaction pilot proving blockchain superiority over 1970s mainframe systems👉Why 3.5% regulated yield from tokenized money market funds beats 8% DeFi returns for institutions, and the coexistence model between stablecoins, yield-bearing stablecoins, and tokenized MMFs👉The multi-chain strategy behind deploying $900M across 10+ blockchains, using order routing intelligence to match retail microtransactions vs sovereign wealth fund custody based on security, cost, and duration requirements👉How AI agentic frameworks already manage billions at Franklin Templeton through order routing, compliance screening, wallet whitelisting, risk monitoring, and performance tracking, all with human-set guardrails👉Sandy's vindication story from publishing the mocked 2018 tokenization thesis to building the infrastructure that processes intraday yield splits, 365-day distributions including weekends, and peer-to-peer transfers without intermediaries👉The vault-based future where separately managed accounts evolve into wallet-native portfolios containing tokenized funds, real estate equity, IP rights, and all assets working 24/7 to earn yield and serve as composable collateralIf you found this conversation valuable, subscribe to alpha un# for more deep dives with builders shaping the future of finance and web3. Follow Sri Misra on LinkedIn and X for insights on DeFi, tokenization, and the convergence of traditional finance with blockchain infrastructure.CHAPTERS:00:00 - Sandy Kaul's Path to Franklin Templeton03:36 - Why $1.7T Firm Chose Blockchain06:30 - SEC Approval: Digital Native vs Twin10:40 - Block Speed Recordkeeping Innovation Explained15:00 - BENJI: Four Global Regulatory Versions19:12 - Tokenized MMF as DeFi Collateral21:27 - Multi-Chain Strategy: 10 Blockchains Deployment26:00 - Future of KYC: Transaction-Time Verification28:20 - AI Agents Managing Institutional Billions32:00 - Death of Transfer Agents, Rise of Blockchain38:00 - DeFi Integration Challenge: Chain of Ownership40:30 - Stablecoins vs Tokenized Money Market Funds46:00 - Orange Pill Moment: Smart Contracts Revelation48:50 - 2018 CEO Luncheon That Changed Everything50:00 - Wallet-Native Future: Vaults Replace Accounts #SandyKaul #FranklinTempleton #Tokenization #RealWorldAssets #MultiChain #DeFiIntegration #Stablecoins #CryptoPodcast

In this episode, host Sri Misra speaks with Yat Siu of Animoca Brands about why tokenization is becoming a survival strategy not a crypto gimmick. He compares it to earlier waves of disruption: the internet, being searchable, social platforms where opting out wasn’t “principled,” it was fatal.Yat’s sharper claim: the best hedge against AI is to tokenize because AI tools will become broadly accessible, and advantage from “just using AI” will compress. Tokenized assets, identity, and digital property rails may be the real differentiator.Key insights:👉Why “opt-out” strategies lose to disruption👉Tokenization as a competitive necessity👉AI’s advantage compresses as tools commoditize👉The “tokenize or die” thesis for the next few yearsFull episode at: unhashed.co/yatsiu

In this episode, host Sri Misra speaks with Yat Siu of Animoca Brands about John Locke’s idea of property (“the work of our hands”) and why the modern economy is really built on “the work of our minds” IP, creators, and digital labor. The core question: what should “digital property rights” actually mean for consumers (not just institutions)?👉John Locke’s lens: labor → ownership → trade👉Why IP became the dominant asset class👉The problem: digital value without digital ownership👉What “digital property rights” should mean for users todayFull episode at: unhashed.co/yatsiu

In this episode, host Sri Misra speaks with Yat Siu of Animoca Brands about why over-collateralized lending is fundamentally misaligned with mass adoption  and how on-chain reputation, identity, and trust scores could unlock unsecured credit in crypto.Yat draws parallels with the real world: jobs, education, credit cards  all systems that work because we take calculated risks on people. He explains how mechanisms like airdrops already resemble early forms of unsecured credit  and why scaling this model could open up a multi-trillion dollar market on chain.Why over-collateralization excludes usersReputation vs collateral in DeFi lendingOn-chain identity as a credit primitiveHow trust reduces friction, KYC, and costWhy unsecured credit is key to real adoptionFull episode at: unhashed.co/yatsiu

What if you own nothing you create online, and the platforms extracting $800 billion annually from your content owe you zero? Yat Siu, Co-Founder and Chairman of Animoca Brands, reveals why digital property rights are the foundation of Web3's future and how his company's 400+ portfolio investments are building the gateway to the altcoin economy.Yat Siu didn't set out to become one of Web3's most influential voices, but when Apple deplatformed his entire business in 2012, he discovered firsthand why decentralization matters. Today, as Chairman of Animoca Brands, a multi-billion dollar Web3 conglomerate operating The Sandbox metaverse and Mocaverse identity platform, Yat is on a mission to establish digital property rights as fundamental human rights in the digital age.In this episode, he shares his contrarian thesis on why altcoins will eventually surpass Bitcoin, how reputation is becoming the most valuable asset class, and why everyone must become an investor to survive the AI era. From Abu Dhabi's regulated fund approval to Animoca's upcoming 2026 IPO plans, Yat reveals the strategy behind investing in 628 Web3 companies and building stakeholder capitalism through tokenization. He shared this transformative journey in a candid conversation with host Srikumar Misra, exploring everything from on-chain credit markets to why anonymity is killing crypto's mainstream adoption. This episode offers rare insights into the intersection of gaming, identity, institutional adoption, and the geopolitical shift making Asia and MENA the new Web3 power centers.Key Highlights:👉How Yat Siu built Animoca Brands into a Web3 empire with 400+ portfolio investments valued at billions, creating the most comprehensive altcoin economy index👉Why digital property rights matter more than physical assets in an economy where intellectual property ($80 trillion) already dwarfs gold ($27 trillion)👉Animoca's strategy for the 2026 IPO via reverse merger and why public markets enable long-term crypto holdings better than traditional VC funds👉The path from 500 million crypto owners today to 1 billion users in 12-24 months, reaching the escape velocity needed for mass Web3 adoption👉How Mocaverse is building portable reputation infrastructure to unlock trillion-dollar on-chain credit markets and solve crypto's trust problem👉Why "tokenize or die" is becoming the new business imperative as AI agents prefer decentralized assets and everyone must become investors to survive labor displacementIf you found value in this conversation, subscribe to alpha un# for more deep dives with Web3's most visionary builders. Follow Sri on LinkedIn and X for curated insights from the frontier of decentralized technology and digital economics.#YatSiu #AnimocaBrands #Web3 #DigitalPropertyRights #Metaverse #TheSandbox #Mocaverse #Altcoins #BitcoinVsAltcoins #CryptoIPO #Web3Gaming #NFTGaming #BlockchainGaming #OnChainCredit #DecentralizedIdentity #Web3Adoption #CryptoInvestment #StakeholderCapitalism #Tokenization #TokenizeOrDie #AIandBlockchain #CryptoRegulation #AbuDhabiCrypto #HongKongWeb3 #Web3Funding #VentureCapital #CryptoPortfolio #AltcoinEconomy #DigitalOwnership #PlatformEconomy #CreatorEconomy #ReputationSystems #DeFiCredit #Web3Infrastructure #CryptoUnicorn #AnimocaIPO #Web3Investors #BlockchainAdoption #CryptoFuture #DigitalAssets #NFTUtility #MetaverseEconomy #Web3Identity #CryptoMassAdoption #institutionalcrypto Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

In this episode, host Srikumar Misra speaks with Vivek Raman of Etherealize about why public blockchains haven’t seen real institutional adoption yet - and why that’s changing now. Vivek argues the blocker wasn’t just regulation, it was privacy. With ZK and “programmable privacy,” institutions can finally use public rails without recreating the old financial system off-chain.Full episode at: unhashed.co/vivek

Is the future really multi-chain or just multi-execution on one secure settlement layer?In this episode, host Sri Misra and Vivek Raman of Etherealize unpack why Ethereum plus its L2s is the only path for tokenized assets, RWAs, and institutional finance - and why spreading finance across 15 chains breaks composability and shared security.Full episode at: unhashed.co/vivek

ETH as a global reserve asset. The flippening. Multi-trillion valuation. Host Srikumar Misra talks to Vivek Raman about why he believes Ethereum will become the financial settlement layer and why that makes ETH fundamentally underpriced. We get into store-of-value attributes, yield vs supply caps, and what “adoption” actually means for ETH holders over 1 and 5 years.Full episode at: unhashed.co/vivek

In this episode, Vivek Raman reveals why 2025 was the breakthrough year for tokenizing Wall Street's $16 trillion mortgage market.After 11 years trading distressed credit and high-yield bonds at Morgan Stanley, UBS, and Deutsche Bank, Vivek Raman discovered that the financial system still runs on faxes and Excel files. Now as CEO of Etherealize, he's building zero-knowledge privacy infrastructure to onboard institutions onto Ethereum. Fresh off a $40M Series A from Paradigm and Electric Capital, Vivek shares why he testified before Congress, why he believes Ethereum will eat Wall Street, and why ETH is the most mispriced asset in crypto. From the GENIUS Act unlocking stablecoin regulation to his controversial take on why multi-chain is dead, Vivek makes the definitive case for why all roads lead back to Ethereum. He shared this candid journey with host Sri Misra, unpacking everything from enterprise privacy solutions to the $18.9 trillion tokenization wave reshaping global finance.In this episode, you'll learn:👉How Vivek Raman built Etherealize with backing from Vitalik Buterin and raised $40M to bridge Wall Street and Ethereum👉Why institutional adoption requires zero-knowledge privacy infrastructure and what that actually means for DeFi transparency👉The $16 trillion mortgage tokenization opportunity and why Vivek is targeting Wall Street's messiest, most archaic products👉Why Ethereum maximalism isn't ideology but infrastructure strategy, and the technical case against multi-chain futures👉How the GENIUS Act and regulatory tailwinds are creating a narrow window for institutional blockchain adoption👉Vivek's thesis on ETH as "digital oil" and why he's driving for the flippening against BitcoinIf you found this conversation valuable, subscribe to alpha un# for more founder deep dives into crypto, blockchain, and the future of finance. Follow Sri on LinkedIn and X for updates on upcoming episodes and insights from the world's most innovative builders.CHAPTERS00:00 - Vivek Raman's Wall Street to Ethereum Journey 02:02 - Why Institutions Need Blockchain Now 07:19 - Etherealize's Mission: Tokenizing Wall Street 11:56 - Ethereum vs Solana: The Multi-Chain Debate 16:01 - Enterprise Privacy: Zero-Knowledge Infrastructure 22:18 - Tokenizing the $16 Trillion Mortgage Market 28:01 - Is Crypto Too Americanized? 32:45 - Testifying Before Congress on Blockchain 36:30 - Trump 2.0 and Crypto's Regulatory Future 43:35 - Etherealize's Product Roadmap and Strategy 50:31 - From Trading Desks to Blockchain 56:26 - ETH as Digital Oil: The Valuation Case#VivekRaman #Etherealize #EthereumInstitutional #WallStreetTokenization #CryptoFunding #ParadigmVC #ElectricCapital #RWATokenization #BlockchainInfrastructure #DeFiMeetsTradFi #InstitutionalCrypto #MortgageTokenization #ZeroKnowledgePrivacy #EthereumMaximalism #CryptoRegulation #GENIUSAct #StablecoinRegulation #EthereumETF #TokenizedAssets #EthereumVsSolana #Layer2Ethereum #ETHDigitalOil #CryptoCongressTestimony #BlockchainAdoption2025 #WallStreetBlockchain #financialinfrastructure #VitalikButerin #CryptoStartups #InstitutionalDeFiDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

Perp DEXs have become the catalyst pushing crypto volumes on-chain.Host Sri Misra speaks with Jakob Palmstierna, President of GSR, to unpack Hyperliquid’s rise, DEX vs. CEX dynamics, and the challenge of building liquidity on decentralized venues. Why traders are choosing certainty of execution over ideology and what it means for LPs.Actionable insights for builders, traders, and market makers.Full episode at: unhashed.co/jakob

In this episode, host Sri Misra sits down with DFDV’s Joseph Onorati to unpack one of the most misunderstood narratives in crypto: Retail vs Institutions  :  Who drives adoption? Who front-runs whom? And where does Solana fit into all of this?Joseph breaks down:Why retail historically front-runs institutions in every crypto cycleWhy institutional entry is inevitable  but not the main driver of innovationHow DFDV, now a publicly listed company, represents “Wall Street on Solana”What he means by consumer-grade crypto and why Solana fits that definitionThe long-term adoption thesis:DecentralizationThroughputLatencyDeveloper focus on performanceWhy Solana’s technical roadmap positions it ahead in the L1 raceHow Solana’s ecosystem is scaling toward both consumer and institutional use casesFull episode at: unhashed.co/joseph

In this episode of alpha un#, host Sri Misra sits down with Joseph Onorati, CEO, @DFDV to break down the real mechanics behind institutional crypto risk management  far beyond Twitter takes and retail narratives.Joseph explains:Why every serious crypto business must assume an 80% drawdownHow DFDV models extreme tail-risk (“What if Solana drops another 50%?”)Why DATs get cheaper, safer leverage than funds or prop shopsHow DFDV raised $125M in unsecured convertible debt at 5.5% and why this type of leverage is a structural advantageHow multi-cycle experience shapes decision-making in volatile marketsWhy long-duration planning, not hype cycles, determines who survives.Subscribe for more deep-builder conversations on DeFi, infra, risk, and the future of digital assets.Full episode at: unhashed.co/joseph

Joseph Onorati isn't your typical crypto founder. After spending nearly nine years at Kraken as Chief Strategy Officer and building Canada's first Bitcoin exchange (CaVirtex) back in 2013, he saw an opportunity others missed: the end of Operation Choke Point 2.0 and Solana's regulatory clarity created the perfect window to launch DeFi Development Corp (DFDV), the first non-Bitcoin digital asset treasury company in the United States. Now holding 2.2 million SOL worth $293M, DFDV isn't just passively holding crypto like MicroStrategy does with Bitcoin. Instead, they're running validators, generating 11.4% annualized yield, and deploying sophisticated DeFi strategies including stake looping and liquid staking tokens.Joseph shares the complete playbook in this candid conversation with host Srikumar Misra, covering everything from his Ultima Online hyperinflation experience as a teenager to why he believes virtually all financial transactions will eventually happen on-chain. Whether you're a DeFi native, institutional investor, or crypto-curious, this deep dive into digital asset treasuries, public market leverage, and Solana's technical advantages reveals why some of crypto's smartest operators are choosing speed and yield over Bitcoin maximalism.What You'll Learn:👉How Joseph built DFDV into a $293M Solana treasury using convertible debt, preferred equity, and validator operations👉Why 11.4% annualized yield beats MicroStrategy's passive Bitcoin model and what sophisticated treasury strategies make it possible👉The contrarian thesis: Why Solana's consumer-grade speed and 65,000 TPS will win the Layer 1 race👉Inside the financial engineering: How public companies access five-year unsecured loans at 5.5% for crypto accumulation👉Operation Choke Point 2.0's end and why regulatory timing created the DAT opportunityMSCI exclusion risk, NAV compression, and the future of digital asset treasury companiesCHAPTERS:00:00 - Joseph Onorati's Crypto Journey Begins04:23 - Ultima Online: Teenage Hyperinflation Experience08:31 - Building Canada's First Bitcoin Exchange10:09 - Nine Years at Kraken: Lessons12:16 - Why Solana Over Bitcoin: Treasury Strategy17:35 - DFDV's Validator Operations Generate 11% Yield20:46 - Stake Looping: Low-Risk Leverage Explained22:13 - Highest Quarterly Yield Any DAT Ever24:27 - MicroStrategy vs DFDV: Active vs Passive28:02 - Perpetual Preferred Stock Financial Engineering30:34 - Treasury Accelerator: Global Solana DAT Expansion34:06 - MSCI Exclusion Risk January 2026 Decision39:24 - Long-Term Vision: Patient Capital Philosophy41:15 - Managing Leverage During 80% Drawdowns45:49 - Why DATs Must Lever Up47:29 - Retail Front-Runs Institutions in Crypto #JosephOnorati #DeFiDevelopmentCorp #DFDV #SolanaTreasury #DigitalAssetTreasury #DAT #SolanaInvesting #CryptoTreasury #MicroStrategySOL #SolanaYield #StakeLooping #SolanaValidators #LiquidStakingTokens #SolanaDeFi #CryptoLeverage #ConvertibleDebt #PreferredEquity #OperationChokePoint2 #MSCIExclusion #NAVCompression #PublicMarketCrypto #NASDAQCrypto #KrakenCSO #CaVirtex #BitcoinExchange #CryptoOG #SolanaVsBitcoin #SolanaVsEthereum #Layer1Blockchain #SolanaTPS #SolanaTVL #CorporateCryptoStrategy #TreasuryManagement #InstitutionalCrypto #CryptoRegulation #SoundMoney #SolanaPrice #SOLPrediction #CryptoYield #DeFiStrategies #ValidatorEconomics #SolanaAdoption #CryptoPublicCompanies #DigitalAssetInvesting #SolanaETF #CryptoCapitalMarkets #BlockchainTreasury #alphaun# #CryptoFounders #Web3FoundersDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

In this episode, host Srikumar Misra speaks with Oliver Dang of KAIO about what it feels like to move from a decade in traditional finance to the always-on, 24/7 pace of crypto.Oliver shares:👉How crypto-native teams make fundamental decisions in hours, not weeks👉Why that doesn’t mean cutting corners, but learning to zoom into the core issue fast👉Laser Digital’s long-term vision: becoming a leading institutional-grade digital asset broker👉Why tokenization of “almost everything” will force banks like Nomura to adapt to instant settlement, full transparency, and 24/7 markets👉How future pension funds, insurers, family offices and asset managers will have to trade tokenized assets to meet return targetsFull episode at: unhashed.co/olivier

In this episode, host Srikumar Misra sits down with Oliver Dang from KAIO to unpack the real story of on-chain asset management, not the press-release version.Oliver explains why KAIO didn’t start with bonds or equities, but with alternative assets that retail investors simply cannot access today without private-bank relationships. These are high-grade institutional products with real pain points: high minimums, limited access, no secondary liquidity.KAIO brings these products on-chain, creating:👉True accessibility (no private banker required)👉Secondary liquidity through trading👉Composability with DeFi (automated money markets, vaults, etc.)👉$200M+ in TVL from real institutional demandFull episode at: unhashed.co/olivier

In this episode, Oliver Dang lays out KAIO’s roadmap for RWA composability:👉Using fund tokens as collateral on platforms like Aave-style lending markets👉Borrowing stablecoins (like USDC) against high-grade RWA exposure👉Building custom indexes of multiple funds (credit, money markets, crypto yield) and wrapping them into a single, tradable token👉KYC-gated at mint/burn, but freely tradable on secondary marketsFull episode at: unhashed.co/olivier

In this conversation with host Sri Misra, Arthur Breitman, Co-Founder, Tezos uses a brilliant metaphor to explain why most crypto tokens, even well-designed ones like Uniswap, struggle with value capture. The contract is commodity; distribution is proprietary.Key insights:👉Why Uniswap's front-end captures more value than its token👉 The "toll booth in an open field" problem👉Why deployed contracts are commodities👉Distribution vs. protocol valueThis is essential viewing for anyone building tokenomics.Watch the full conversation: unhashed.co/arthur

Host Sri Misra discusses with Arthur Breitman, Co-Founder, Tezos, the strategic thinking behind uranium.io the world's first venue for trading physical uranium in small amounts. Unlike the 20+ tokenized gold projects, uranium had no accessible market... until now.Why uranium makes sense:👉Commodity + technology convergence (like crypto itself)👉Commodity traders were crypto's early adopters in TradFi👉Nuclear power boom driven by AI data center capex👉Zero global venues for small-amount physical uranium trading👉XU308 token on Etherlink/Tezos as the only game in townMore metals coming soon.Watch the full conversation: unhashed.co/arthur

Host Sri Misra speaks with Arthur Breitman, Co-founder of Tezos, on why most blockchain projects fail the TVL game and how Tezos is building sustainable liquidity through real assets like tokenized uranium instead of chasing mercenary capital.Topics covered:👉The TVL trap: incentives that spike and disappear👉Why Etherlink focuses on products not available elsewhere👉XU308: tokenized physical uranium on Tezos👉Building DeFi that lasts vs. degen playsWatch the full conversation: unhashed.co/arthur

"Most blockchains have no reason to exist." Arthur Breitman, Co-Founder of Tezos and former Goldman Sachs quant, doesn't hold back on the state of crypto in 2025. In this episode, we explore on-chain governance, the real tokenization opportunity, and why Tezos is betting on tokenized uranium.Arthur Breitman has been building in crypto since 2014, surviving multiple bear markets and shipping 19 forkless protocol upgrades through binding on-chain governance. In this wide-ranging conversation with Sri on alpha un#, Arthur dismantles the narratives driving most blockchain projects, from special-purpose chains that exist only to sell tokens to play-to-earn games that function as pyramid schemes. He explains why Ethereum's fork-based governance is actually centralized, how Etherlink achieves sub-second finality as the only non-custodial EVM Layer 2, and why Tezos tokenized physical uranium instead of chasing yet another DeFi token. From his background in quantitative finance at Morgan Stanley to leading Trilitech in London, Arthur brings a rare systems-thinking approach to blockchain infrastructure. This episode delivers contrarian takes on DeFi tokenomics, the $30 trillion RWA opportunity, and what "scaling without compromise" actually means when AI makes intelligence cheap and physical commodities valuable.What You'll Learn:👉Why Arthur believes most blockchains and crypto tokens have no legitimate use case beyond selling tokens👉How Tezos's binding on-chain governance enabled 19 upgrades without hard forks, and why Ethereum's model is centralized👉The strategy behind Uranium.io, reducing uranium investment minimums from $4.2 million to $10 through tokenization👉Why Etherlink uses XTZ as native gas instead of launching a separate L2 token, preventing value leakage👉Arthur's framework for evaluating real-world asset tokenization and why most RWA projects miss the point👉How mercenary capital kills sustainable DeFi growth and what Tezos does differently with liquidity incentives#CryptoInfrastructure #BlockchainInnovation #Web3 #CryptoInterview #AlphaUnhashed #TezosEcosystem #SmartContracts #DecentralizedGovernance #CryptoOG #BlockchainFounder #TrilliTech #EthereumAlternative #L2Scaling #NonCustodialRollup #CryptoRealism #BlockchainNarrativesDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

That Billions episode where characters use crypto to hide from the government? Host Sri Misra sits down with Mriganka Pattnaik, CEO of Merkle Science, who explains what they got wrong and what they got right about criminal use of cryptocurrency.What They Got RIGHT:• Criminals ARE early adopters of crypto• Decentralized nature attracts both good and bad actors• Easier than moving $5M in physical cash across borders• Criminal activity follows mainstream adoptionWhat They Got WRONG:• Everything IS visible on-chain• On-ramps and off-ramps are monitored• Sophisticated analytics can trace movements• It's actually harder to hide than most thinkFull Episode at: unhashed.co/mriganka

In this episode host Srikumar Misra sits down with Mriganka Pattnaik, CEO of Merkle Science, who breaks down why stablecoins particularly USDT on Tron have become the preferred tool for criminal activity in crypto. This isn't about meme coins anymore.Why Criminals Love Stablecoins:👉No price fluctuation = predictable value👉Cross-border ease of movement👉Lower fees than traditional rails👉Less compliance than major exchanges👉Tether's looser KYC vs Circle's USDCFull episode at: unhashed.co/mriganka

Join host Srikumar Misra as he unpacks the ongoing battle between blockchain analytics and sophisticated crypto criminals with Mriganka Pattnayak, Co-Founder and CEO of Merkle Science.What You'll Learn:👉How North Korea (DPRK) creates fake crypto exchanges to launder funds👉Why criminals adapt faster than detection systems can keep up👉The spectrum of crypto criminals: sophisticated vs. amateur👉Why blockchain transparency isn't enough to stop crime👉Real examples of how pattern detection works (and fails)Full episode at: unhashed.co/mriganka

How do crypto criminals stay ahead of blockchain analytics, and why is Tether on Tron now the $1 billion superhighway for illicit activity? In this episode, Mriganka Pattnaik reveals how Merkle Science tracks crypto crime across 125+ blockchains and why compliance is unlocking crypto's next massive adoption wave.Mriganka Pattnaik is the Co-Founder and CEO of Merkle Science, a $27M-backed blockchain analytics company fighting crypto crime for exchanges, banks, and law enforcement worldwide. From witnessing daily hacks at Singapore's Luno exchange to building predictive AI tools that detect North Korean hackers before they strike, Mriganka's journey shows why compliance infrastructure is crypto's most critical unsexy problem. In this conversation with host Sri Misra, he breaks down why criminals prefer USDT on Tron, how cross-chain bridges enable money laundering, why behavioral analytics catches what traditional monitoring misses, and what the stablecoin regulation wave means for DeFi protocols. He also shares why he moved Merkle Science from Singapore to New York, how public-private collaboration with the FBI actually works, and whether MEV can be used for good. This episode is essential viewing for anyone building in crypto, worried about DeFi security, or trying to understand how blockchain forensics actually works in 2025's regulatory environment.Key Highlights👉How Mriganka Pattnaik built Merkle Science into a Forbes 30 Under 30 blockchain analytics leader monitoring 125+ blockchains👉Why USDT on Tron has become the primary network for crypto criminals and money laundering activity👉How behavioral AI and predictive analytics detect North Korean DPRK hackers before $300M disappears👉The privacy vs security debate, why blockchain monitoring doesn't compromise individual privacy, and what really triggers investigations👉Cross-chain bridges as the new money laundering vector and how criminals exploit multi-chain complexity👉Why New York beat San Francisco for crypto compliance infrastructure and Merkle Science's geographic strategy👉Stablecoin regulation creating massive compliance opportunities and how freeze functions actually work#blockchainanalytics #cryptosecurity #cryptoforensics #DeFicompliance #stablecoinregulation #USDTonTron #cryptocrime #moneylaundering #blockchainsecurity #DPRKhackers #NorthKoreacrypto #crosschainbridges #cryptohacks #behavioralAI #predictiveanalytics #cryptoexchanges #lawenforcementtools #blockchainintelligence #Forbes30Under30 #cryptoregulation #compliancetech #MEVprotection #cryptocompanies #SingaporeCrypto #NewYorkCrypto Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

Why Is Building DeFi Infrastructure Harder Than Building Another DEX?Marcus Hardt, CEO of Balancer Labs, shares his unconventional journey from mechanical engineer to leading one of DeFi's most technically sophisticated protocols. In this conversation with host Srikumar Misra recorded before the November 2025 security incident that affected Balancer V2 pools, Marcus offers candid insights into the challenges of building programmable liquidity infrastructure in a competitive and rapidly evolving space. He discusses the strategic decisions behind weighted pools, multi-token liquidity, and the V3 architecture that simplified pool deployment from weeks to minutes. Marcus breaks down how Balancer positions itself differently from Uniswap and Curve, focusing on flexibility and composability rather than pure trading volume. He explores the technical innovations behind boosted pools integrated with lending markets like Aave, liquidity bootstrapping mechanisms for token launches, and the new concentrated liquidity approach with Reclam. The conversation also touches on revenue models, institutional use cases, and the broader question of whether DeFi infrastructure can achieve sustainability beyond token incentives. This discussion provides a realistic look at the operational challenges, security considerations, and strategic tradeoffs involved in building foundational DeFi infrastructure.Key Highlights:👉Marcus's transition from mechanical engineering to crypto CEO and what it takes to lead technical teams without a dev background👉How Balancer differentiates through weighted pools, programmable liquidity, and platform strategy versus direct competition👉Technical architecture of V3, boosted pools with yield integration, and the simplified deployment process👉Institutional treasury management, DAO liquidity provision, and protocol-owned liquidity use cases👉The challenges of building sustainable DeFi infrastructure and competing in a crowded AMM landscape👉Lessons on managing complexity, maintaining security, and evolving protocol architecture over time#DeFiInfrastructure #AMM #AutomatedMarketMaker #DeFiProtocols #WeightedPools #BoostedPools #LiquidityBootstrapping #ProgrammableLiquidity #DeFiSecurity #BalancerV3 #ConcentratedLiquidity #YieldBearingTokens #DAOTreasury #ProtocolOwnedLiquidity #DeFiInnovation #CryptoInfrastructure #UniswapAlternative #CurveDEX #InstitutionalDeFi #SmartContractSecurity #CryptoProtocols #BlockchainInfrastructure #Web3Building #DeFiLiquidity #DeFiFoundersDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

Olivier Dang is rewriting the rules of institutional finance. As the force behind Nomura's Laser Digital and COO of KAIO, he's built a $200M tokenization platform that's bringing hedge funds, private credit, and alternative assets on-chain. From convincing a conservative Japanese megabank to embrace crypto to creating institutional-grade DeFi infrastructure, Olivier's journey reveals how traditional finance is quietly adopting blockchain technology. He shared his contrarian takes on CBDCs, the coming stablecoin wars, and why every asset will eventually be tokenized in this candid conversation with host Srikumar Misra. This episode unpacks the strategies behind one of crypto's most successful institutional plays. With insights on regulatory arbitrage, composable finance, and the intersection of Wall Street and DeFi, it explains how traditional finance meets decentralized protocols. Olivier's blueprint for bridging these worlds offers crucial lessons for founders, investors, and anyone interested in the future of money.Key Highlights: 👉How Olivier Dang built KAIO into a $200M RWA tokenization platform inside Nomura 👉Lessons from convincing traditional banks to embrace DeFi and blockchain technology 👉KAIO's strategy for making hedge funds and private credit accessible through tokenization 👉Regulatory insights on stablecoins, CBDCs, and the global race for digital currency dominance 👉The future of composable finance and why institutional adoption is accelerating 👉Contrarian takes on DeFi regulation and the tokenization of traditional securitiesChapters:00:00 - Olivier Dang's Nomura to DeFi Journey 03:32 - Building Laser Digital Inside Traditional Banking 07:18 - Japan's Crypto Innovation Leadership Strategy 11:37 - KAIO's $200M RWA Tokenization Platform 16:07 - On-Chain Asset Management vs TradFi 20:22 - DeFi Composability and Institutional Adoption 24:33 - RWA TVL Integrity and Market Transparency 30:00 - Global Stablecoin Regulation and CBDC Debate 41:43 - USD Stablecoin Dominance and Geopolitical Impact 47:12 - Crypto Market Outlook and Fed Policy #RWATokenization #InstitutionalDeFi #OnChainAssetManagement #DeFiAdoption #BlockchainFinance #TokenizationPlatform #CryptoRegulation #StablecoinRegulation #CBDCDebate #TradFiMeetsDeFi #InstitutionalCrypto #AlternativeAssets #HedgeFundTokenization #PrivateCreditDeFi #ComposableFinance #DigitalAssetManagement #CryptoInnovationJapanDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

How did Jakob Palmstierna turn GSR into crypto's premier capital markets partner working with 500+ projects? In this episode, we explore the evolution of market making in DeFi, and his bold $10 trillion crypto prediction for 2030.Jakob Palmstierna, President of GSR, shares his journey from traditional hedge fund trading at Two Sigma to building one of crypto's most influential market making and capital markets firms. GSR has evolved far beyond market making, now serving as a comprehensive capital markets partner to over 500 crypto projects through market making, OTC trading, DeFi strategies, venture investing, and systematic liquidity distribution. In this candid conversation with host Sri Misra, Jakob reveals why DeFi yields can sustainably beat traditional finance through composability and disintermediation, discusses GSR's strategic shift from DeFi participant to architect through co-creating Katana blockchain with Polygon, and explains his contrarian pro-regulation stance for crypto's institutional future. He breaks down the technical differences between AMMs and order books, shares insights on managing risk during volatile markets, and offers his bold prediction that crypto markets will reach $10 trillion by 2030. Key Highlights: 👉 How Jakob built GSR into a capital markets partner serving 500+ crypto projects across market making, OTC, DeFi, and venture investing 👉 Why DeFi yields can sustainably exceed traditional finance returns through composability and reduced intermediation 👉 GSR's strategic evolution from DeFi participant to architect through co-creating Katana blockchain with Polygon Labs 👉 Technical insights comparing AMMs versus central limit order books for liquidity provision and trading efficiency 👉 Jakob's contrarian pro-regulation stance and why compliance will drive crypto's next billion users 👉 Bold market prediction: crypto reaching $10 trillion market cap by 2030 and the catalysts driving institutional adoptionChapters00:00 - Jakob's Journey from TradFi to Crypto 05:30 - GSR's Evolution Beyond Market Making12:45 - DeFi Yields vs Traditional Finance 18:20 - AMMs vs Order Books Explained 25:10 - Co-Creating Katana Blockchain with Polygon 32:40 - Pro-Regulation Stance in Crypto 38:15 - Managing Risk in Volatile Markets 44:50 - Institutional DeFi Adoption Barriers 51:30 - $10 Trillion Crypto Prediction 2030 57:20 - Future of Market Making#cryptomarketmaking #DeFiinnovation #cryptotrading #marketmaking #cryptoliquidity #DeFiyields #cryptoregulation #institutionalcrypto #cryptoventures #blockchaintrading #cryptoOTC #DeFicomposability #cryptopredictions #cryptomarkets2030 #tradfivsdefi #cryptocapitalmarkets #polygonkatana #cryptofundingDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

How is China quietly building the world's largest blockchain infrastructure while crypto remains banned? In this episode, we uncover the BSN (Blockchain Service Network) - China's answer to public blockchains that's powering everything from national digital identity to enterprise applications across 2,500+ companies.Yifan He, CEO of Red Date Technology and core architect of China's BSN, reveals the intricate web of blockchain innovation happening behind China's crypto ban. From converting popular public chains like Ethereum and Cosmos into compliant "open permissioned" networks to launching the world's first government-issued DID system, China is quietly rewriting blockchain infrastructure. Yifan shares candid insights on how BSN bundles 12 different blockchain networks into one seamless platform, why Chinese regulators are suddenly paying attention to stablecoins ahead of Hong Kong's licensing regime, and his bold prediction that there's a 50% chance China lifts its crypto ban through a "crypto connect" system similar to Hong Kong Stock Connect. In this conversation with host Sri Misra, Yifan also unveils the UDPN project - a SWIFT-like network for tokenized banking that could transform how banks operate globally, and explains why he believes institutional adoption, not retail, will drive blockchain's mainstream breakthrough.Key Highlights: 👉 How BSN converted Ethereum, Cosmos, and 10 other public chains into China-compliant blockchain infrastructure 👉China's revolutionary national DID system using BSN that enables anonymous KYC verification for 1.4 billion citizens 👉Why Hong Kong's stablecoin licensing regime could trigger China's crypto policy shift 👉The UDPN consortium's vision for token-based core banking systems that could replace traditional bank accounts 👉Yifan's 50% prediction that China opens crypto trading through Hong Kong Stock Connect infrastructure 👉How 2,500+ Chinese enterprises are using BSN for supply chain, NFTs, and data sharing without touching cryptocurrencyChapters:00:00 - China's Secret Blockchain Revolution Revealed 05:20 - BSN: Converting Public Chains for China 13:15 - China's National DID System Breakthrough 21:40 - Hong Kong Stablecoin Licensing Game Changer 32:50 - UDPN: Building SWIFT for Token Banking 44:25 - China's 50% Crypto Ban Reversal Prediction 53:10 - Institutional vs Retail Blockchain AdoptionDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

What draws crypto pioneers to build infrastructure instead of chasing consumer apps? In this episode, Alvin Foo reveals his 10-year framework for separating signal from noise in Web3 and why Asia is the sleeping giant of tokenized assets.Alvin Foo has spent over 25 years at the intersection of technology and finance, transitioning from senior roles at Google and Nokia to become a pioneering force in real-world asset tokenization. As Co-Founder of NASDEX and Venture Partner at Zero2Launch, Alvin has raised over $1.2 million with 16x oversubscription for Asia's first regulated RWA marketplace. In this candid conversation with host Sri Misra, Alvin shares his unique "picks and shovels" philosophy for building Web3 infrastructure, reveals why he pivoted Zero2Launch from crypto VC to AI automation, and breaks down his framework for identifying which technologies will create massive impact versus mere noise. From his early days bringing satellite broadband to remote Asia to tokenizing private credit markets, Alvin offers contrarian insights on China's crypto influence, the future of stablecoins, and why the next decade will see everything valuable move on-chain. This episode provides rare insights into the strategic thinking behind successful Web3 infrastructure plays in Asia's rapidly evolving digital economy.Key Highlights: 👉 How Alvin built his 10-year technology vision framework and applied it from satellite internet to crypto infrastructure 👉 The strategic pivot story behind Zero2Launch's evolution from crypto incubator to AI automation platform 👉 NASDEX's approach to tokenizing Asia's $30 trillion private credit market and regulatory navigation strategies 👉 Why China's crypto ban creates opportunities for Asian RWA infrastructure despite official restrictions 👉 Alvin's prediction for blockchain's hybrid future and which technologies will survive the next consolidation wave 👉 The "picks and shovels" philosophy for building defensible Web3 infrastructure businessesChapters:00:00 - Alvin's Tech Journey: From Law to Web3 Pioneer03:30 - Building Satellite Internet Before Starlink Era08:02 - The 10-Year Framework for Technology Bets15:46 - Why Stablecoins Power the Web3 Economy21:26 - NASDEX: Tokenizing Asia's Private Credit Markets27:28 - China's Crypto Paradox and Asian Opportunities34:01 - Zero2Launch Pivot: From Crypto VC to AI43:16 - Web3's Hybrid Future: On-Chain vs Traditional48:06 - The Consolidation Coming to Blockchain Infrastructure#RealWorldAssets #TokenizationExplained #Web3Infrastructure #AsianCrypto #PrivateCredit #StablecoinAdoption #TradFiMeetsDefi #CryptoRegulation #Web3Builder #TokenizedEquity #CryptoCareerPivot #BlockchainAsia #DecentralizedFinance #CryptoEntrepreneur #Web3TransitionDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

How is custody in crypto evolving from simple storage to the backbone of institutional trust?In this episode, Zodia Custody CEO Julian Sawyer unpacks the global digital asset custody landscape and why banks and institutions are betting big on regulated solutions.Julian Sawyer, former co-founder of Starling Bank and ex-CEO of Bitstamp, now leads Zodia Custody, a Standard Chartered–backed platform redefining institutional crypto custody. In this candid conversation with host Sri Misra, Julian shares the Zodia founding story, its global expansion, and the new products reshaping custody beyond safekeeping - from staking to settlement networks. He breaks down why regulation is not a roadblock but a catalyst, how Interchange is tackling FTX-style counterparty risk, and why Gateway could connect institutions to crypto yield in a bank-friendly way. Timely, insightful, and global in scope, this episode is a must-listen for anyone tracking the future of digital assets, DeFi, and regulated crypto custody.Key Highlights:👉Julian Sawyer’s journey: from Starling Bank to Bitstamp to scaling Zodia Custody👉Why custody is now about yield, staking, and settlement — not just storage👉Zodia’s Interchange and how it could have prevented FTX-style collapses👉How bank DNA and regulation are shaping institutional crypto adoption👉The future of custody bridging CeFi, DeFi, and TradFi👉Zodia’s global growth strategy and recent UAE expansion via Tungsten acquisition#DigitalAssetCustody #InstitutionalCrypto #Blockchain #DeFi #Web3 #CryptoRegulation #TradFi #DigitalAssets #CustodyServices #CryptoInfrastructure #Bitcoin #Ethereum #Stablecoins #CryptoCompliance #FinTech #CryptoSecurity #BlockchainTechnology #CryptoCustody #InstitutionalAdoption #cryptoecosystem Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

"A billion people are going to have crypto wallets, which they won't even call crypto wallets. They'll just call wallets. And once you have a wallet, you're one step from DeFi." - Matthew HouganThis insight reveals how stablecoin adoption could trigger the next wave of DeFi mass adoption.In this episode of alpha un#, Sri Misra sits down with Matthew Hougan, Chief Investment Officer at Bitwise Asset Management, who oversees $5+ billion in crypto assets and manages the world's largest crypto index fund. Matt brings a unique perspective from his previous role as CEO of ETF.com, where he helped legitimize the ETF industry before transitioning to crypto in 2018.Key Insights from the Conversation: 👉Crypto asset management is 30x under-penetrated compared to traditional finance 👉DeFi lending has flipped from 80% CeFi to 60% DeFi in just two years👉Regulatory risk, not volatility, is the biggest barrier to institutional adoption 👉The 4-year crypto cycle may be ending due to institutional flows 👉Second-order effects of stablecoin growth could 100x DeFi usageChapters: 00:00 What Keeps a $5B Crypto CIO Awake at Night 05:55 From $10M to $5B: Bitwise's Incredible Growth Journey 14:28 Why Crypto Asset Management is Massively Under-Penetrated 22:26 The Institutional Appetite for Alt Coins is Changing 27:22 Stablecoins Will Create a Billion Crypto Wallet Users 31:06 How Crypto Regulation Became Rocket Fuel for Growth 38:38 The Death of Crypto's 4-Year Cycle Theory 42:43 Why ETF Veterans Are Flocking to Crypto 47:55 Building a Global Crypto Asset Management Empire 51:00 Bold Predictions: Bitcoin $200K and ETH All-Time Highs#Crypto #Bitcoin #Ethereum #DeFi #CryptoInvesting #BitcoinETF #EthereumETF #CryptoAssetManagement #Stablecoins #Web3 #Blockchain #CryptoNews #InstitutionalCrypto #CryptoRegulation Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

"We're going to have tens of thousands of blockchains" - Marc BoironThis isn't crypto speculation - it's the inevitable result of specialized infrastructure beating general-purpose solutions.In this episode of alpha un#, host Sri Misra sits down with Marc Boiron, CEO of Polygon Labs, to explore why the blockchain landscape will fragment into thousands of purpose-built chains and how unified liquidity layers will make this complexity invisible to users.Marc brings a unique perspective as both a former securities lawyer and crypto operator who has witnessed the evolution from enterprise partnerships to crypto-native focus at one of Web3's most significant infrastructure companies.Key Insights Discussed: 👉 Liquidity fragmentation as DeFi's core problem 👉 Why "opinionated" chains outperform permissionless competition👉 Impact of FTX on enterprise adoption👉Sustainable yields through revenue redirection 👉 Trust trade-offs in centralized sequencers vs L1 block builders#DeFi #Blockchain #Web3 #Crypto #Layer2 #CrossChain #Interoperability #Polygon #Infrastructure #Ethereum #Liquidity #MultiChain #AggLayer #Katana #BlockchainScaling #CryptoInfrastructure #DecentralizedFinance #Web3Infrastructure #BlockchainTechnology #CryptoPodcastDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

What if the financial system could be fair, open, and built for the people - not just Wall Street?In this episode, host Sri Misra sits down with Jeremy Almond, Founder & CEO of Paystand, to unpack his journey from the 2008 financial crash to building a $15B+ commercial blockchain payment network.Jeremy shares: 👉How witnessing the 2008 crash led him to Bitcoin and a mission-driven company 👉Why "money as software" is the key to modernizing B2B payments 👉The Bitcoin-first, Layer 2 infrastructure powering 1%+ of U.S. commercial payments 👉How Paystand integrates with ERPs to replace banks and card networks 👉Why 10% of their profits go to Bitcoin-based empowerment programs in the Global SouthThis is more than a fintech story - it's a blueprint for how decentralized tools can drive real-world impact, financial inclusion, and rebuild trust in capitalism.Chapters:00:00 – Intro: Meet Jeremy Almond, Founder of Paystand 02:02 – Jeremy’s Journey: From Enterprise Tech to the 2008 Financial Crisis 02:21 – Discovering Bitcoin: A Mission Born From Systemic Injustice 05:01 – Sri’s Story: How DeFi Inspired aarna protocol 07:10 – Bitcoin & DeFi as a Societal Movement 09:11 – Jeremy’s Encounter with the Bitcoin White Paper 12:34 – What Paystand Does: Modernizing B2B Payments On-Chain 15:24 – Blockchain Architecture: Bitcoin-First, Layer 2, Ethereum Smart Contracts 19:54 – Corporate Card & Full-Cycle Payment Automation 24:35 – Who Paystand Serves: The Real Economy (Manufacturing, Logistics, Services) 26:20 – Scaling Revenue: Paystand Crosses $75M+ ARR 27:20 – Strategy: “Value-Forward, Tech-Back” to Drive Real Adoption 34:48 – The Future of Decentralization: 3 Epochs of Use Cases 42:26 – Decentralization: Architecture vs Feature 45:48 – Silicon Valley vs Frontier Zones: Where Innovation Is Real 50:57 – Financial Inclusion: 10% of Profits to Bitcoin Circular Economies #CryptoForBusiness #DeFi #Bitcoin #Fintech #Web3 #Decentralization #blockchain #bitcoin #defi #web3 #crypto #b2bpayments #enterprise #fintech #layer2 #stablecoins #paymentprocessing #bitcoinadoption #cryptoadoption #financialinclusion #cryptopodcast #web3podcast #defipodcast Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

In this episode of alpha un#, host Sri Misra sits down with Shawn Douglass, CEO and Co- founder of Amberdata, to unpack how crypto data infrastructure is transforming the future of finance.Shawn shares his journey from Bitcoin mining in 2010 to building Amberdata, now the go-to analytics platform for institutions navigating DeFi, CeFi, derivatives, and stablecoins. With clients like Fidelity, Citibank, Galaxy, and NASDAQ, Amberdata powers real-time decision-making across some of the most sophisticated players in digital assets.Shawn explains how Amberdata built the equivalent of Bloomberg or Refinitiv for crypto, indexing everything from DEX activity and stablecoin flows to dealer gamma and on-chain risk analytics. He dives into why tokenization of $70 trillion in real-world assets (RWAs) is inevitable - already underway at firms like Goldman Sachs, Franklin Templeton, and Apollo - and how stablecoins are set to disrupt global payments, FX, and trade finance at scale.The conversation also covers the maturing landscape of crypto derivatives, the rise of structured products in DeFi, and why platforms like Coinbase and Kraken may one day rival traditional stock exchanges by trading tokenized equities.Shawn reflects on Amberdata’s evolution - from a pivot away from enterprise blockchains like Quorum to early instrumentation of public DeFi protocols like Uniswap and Aave - and what it takes to deliver Wall Street-grade telemetry for digital asset markets.He also shares candid insights on the operational nature of custody risks, the flaws in the accredited investor framework, and the symbolism behind a striking Bitcoin-themed painting in his background.Whether you're building in Web3, allocating capital, or navigating compliance in a digital asset world - this episode delivers an inside look at the data layer powering the next wave of financial infrastructure.Watch now to understand why data is the backbone of digital finance, and how Amberdata is helping institutions navigate and dominate crypto markets.#crypto #bitcoin #defi #blockchain #web3 #digitalassets #institutionalcrypto #derivatives #stablecoins #fintech #tradfi #onchain #ethereum #cryptodata #tokenization #alphaunhashed #cryptopodcast #web3infrastructure #decentralizedfinance #cryptocurrencies #blockchaindata #cryptoanalytics #digitalfinance #cryptoinstitutional #web3investingDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

"We don't need decentralization for banks" - Alex BuelauThis counterintuitive insight from a blockchain infrastructure builder reveals why traditional financial institutions are finally ready to adopt blockchain technology.In this episode, we dive deep with Alex Buelau (Co-Founder & CPTO, Parfin) and Marcos Viriato (Co-Founder & CEO, Parfin) who are building Rayls - the blockchain infrastructure bringing major banks on-chain. With backgrounds spanning early Bitcoin mining and 11 years at BTG Pactual, they're uniquely positioned to bridge the $100 trillion traditional finance world with DeFi.Key Insights Discussed: 👉Privacy trilemma solution using zero-knowledge proofs 👉Why banks specifically demand EVM compatibility 👉The misconception that blockchain replaces accounting systems 👉How user experience complexity limits mass adoption 👉Cross-border regulatory navigation strategiesChapters: 0:00 - The $100 Trillion Vision for Blockchain Adoption 5:39 - From London Startup to Brazilian Banking Giant 10:31 - Rayls Architecture: Private Nodes Meet Public Chains16:32 - Why Banks Don't Want Decentralization 22:08 - EVM Dominance in Enterprise Blockchain 28:33 - Ethereum Price Predictions and Market Utility 36:10 - Enigma Protocol: Privacy Without Anonymity41:15 - Real-World DeFi Integration Through Banks 49:21 - Traditional Finance Misconceptions About Blockchain 56:14 - From Bank Skepticism to Client Adoption #blockchain #defi #tradfi #ethereum #banking #fintech #web3 #crypto #institutionaladoption #cbdc #tokenization #evm #layer2 #rails #parfin #brazilianfintech #bankinginfrastructure #digitalassets #cryptobanking #financialinnovation #blockchaininfrastructure #enterpriseblockchainDisclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved. You may share this video using the YouTube share function.

The regulatory shock in 2018 completely reshaped India's cryptocurrency landscape, gifting millions of users to new exchanges while established players faced extinction.In this episode, we dive deep into India's crypto evolution with Ajeet Khurana, Founder of Reflexical and former CEO of Zebpay. From witnessing Bitcoin's early days to navigating regulatory uncertainty, Ajeet shares firsthand insights into how India's crypto ecosystem transformed from a niche experiment to a derivatives-dominated market.Key Insights from the Conversation:👉Trading Volume Shift: 90% of crypto volume is now derivatives, not spot trading 👉Regulatory Arbitrage: New exchanges thrived while established ones faced scrutiny 👉 P2P Dilemma: Why some exchanges chose user safety over survival tactics 👉 Decentralization Challenge: Starting truly decentralized is harder than progressive decentralization 👉 Ecosystem Building: Why buzzwords like "advisor" and "mentor" have lost meaningChapters[00:00] Guest Overview[01:12] What is an Ecosystem Builder in Crypto?[03:13] Ajeet's Journey into Bitcoin and Cryptocurrency (2014-2016)[04:47] The Princeton Bitcoin Course That Changed Everything[06:17] Early Indian Crypto Associations: DABFI to IAMAI[08:11] Supreme Court Victory and Industry Representation[08:53] Zebpay's Role in India's First Crypto Exchange Era[10:21] India's Oldest Crypto Exchanges: The Real Story[12:15] Order Books vs OTC Trading: Market Evolution[15:02] The 2018 RBI Banking Ban: A Market-Changing Moment[19:17] Peer-to-Peer Trading: Why Zebpay Said No[22:52] New Exchanges vs Old Players: Regulatory Arbitrage[27:59] Current State: Derivatives vs Spot Trading in India[30:26] Building Reflexical: From Advisory to Studio Model[37:11] Web3 Product Development and Decentralization Challenges#Crypto #Bitcoin #India #Web3 #DeFi #ZebPay #CryptocurrencyExchange #Blockchain #RegulatoryPolicy #CryptoTrading #Derivatives #P2PTrading #CryptoEcosystem #DigitalAssets #CryptocurrencyIndia #Web3Startups #BlockchainIndia #CryptoRegulation #DecentralizedFinance #CryptoPodcast Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

"Would you upload all your private information like your bank statement, your personal ID to ChatGPT?"This crucial question from Dr. Max Li highlights the fundamental trust barrier hindering the massive adoption of AI agents in our daily lives.In this episode, host Srikumar Misra sits down with Dr. Max Li, Adjunct Professor at Columbia University and Founder & CEO of OORT, to explore the burgeoning field of Decentralized AI (DeAI). They dive deep into why DeAI is essential for building trust, the components of the decentralized AI stack, the role of blockchain, the challenges ahead, and the future trajectory of AI technology.Key Insights:👉The Trust Deficit: Centralized AI models lack transparency, creating a trust issue for users hesitant to share private data.👉Blockchain's Role: Blockchain provides verifiable data/model traceability and enables crypto payments for decentralized contributors.👉Decentralized Stack: DeAI aims to decentralize the entire AI pipeline: data collection, storage, compute (training/fine-tuning), and inference.👉Compute Challenges: While decentralized compute offers cost benefits, reliability remains a major hurdle compared to centralized providers for critical tasks.👉Reinforcement Learning (RL): RL mimics human trial-and-error learning and can optimize reward mechanisms within decentralized AI systems.Chapters:00:00:00 Intro00:00:38 Why is Decentralized AI Important? The Trust Factor00:05:10 Dr. Li's Journey: From 5G Research to Academia and Decentralized AI00:09:17 Deconstructing the Decentralized AI Stack00:12:31 Blockchain's Role: Verification and Payment00:16:39 Decentralized Storage vs. Traditional Distributed Storage00:20:10 Decentralized Compute: Potential and Reliability Challenges00:27:33 The Future Trajectory of AI: Smaller Models, Powerful GPUs00:31:35 The Vision Behind OORT00:44:05 Reinforcement Learning: Potential and Intersection with DeAI00:50:05 Can Decentralized AI Solve the "Rogue Agent" Problem?00:57:56 Celebrating Milestones & Toast#DecentralizedAI #AI #ArtificialIntelligence #Web3 #Crypto #Blockchain #DeFi #TrustInAI #DataPrivacy #Decentralization #ReinforcementLearning #Podcast #Technology #FutureTech #DataScience #machinelearning Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

The LIBOR scandal, where TradFi's most important interest rate was manipulated for decades, wasn't just a failure of trust – it was a blueprint for how not to build financial benchmarks.This episode explores how DeFi can learn from these past mistakes to create transparent, verifiable, on-chain financial infrastructure from the ground up.Host Sri Misra chats with Darren Camas, CEO & Co-founder of IPOR Labs, a company focused on bringing benchmark interest rates and derivatives to the DeFi space. Darren shares insights from his journey in crypto, starting back in 2011.Tune in to hear about:👉The serendipitous (and slightly confusing) entry into Bitcoin in 2011👉Why benchmark rates (like LIBOR/SOFR) are crucial financial primitives👉Understanding the mechanics and importance of interest rate swaps👉The unique challenges and volatility of the DeFi yield curve👉Innovating in DeFi asset management for simplicity and securityChapters(00:00) Introduction(02:21) Getting into Bitcoin in 2011: A Barbecue Story(07:32) Lessons from Early Crypto Mistakes & Building Through Cycles(11:25) Why DeFi Needs Benchmark Rates: Learning from LIBOR(18:39) The IPOR Index & DeFi Interest Rate Swaps Explained(27:06) Challenges of Building the DeFi Yield Curve(30:31) Simplifying DeFi: The Fusion Asset Management Concept(41:26) Trustless Architecture & Building Secure DeFi Vaults(45:49) Balancing Deep Tech Development with Market Narrative(51:47) Future Strategy: Protocol Rebranding & Token Utility(56:46) Final Thoughts: Simplifying DeFi for the Future#DeFi #Crypto #Blockchain #Web3 #InterestRates #Derivatives #Finance #DecentralizedFinance #IPOR #CryptoPodcast #fintech Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.