The Final Block by Investre

In this episode of The Final Block, Georges Bock is joined by Max Costet, Sales Director at Fireblocks, to discuss the infrastructure layer behind institutional digital assets.They explore what wallets actually are, why private key control matters, and why financial institutions need governance, compliance and approval workflows on top of wallet infrastructure. The discussion also covers MPC, safekeeping, embedded wallets, tokenised money, and how wallet architecture supports the full lifecycle of tokenised funds.A practical episode on how digital asset control, operational design and regulated infrastructure come together in fund tokenisation.

What is a wallet in regulated digital finance?In this episode of The Final Block, Georges Bock speaks with Max Costet from Fireblocks about the infrastructure behind institutional wallets and how cryptographic key control reshapes custody, governance and settlement.As tokenised assets grow across funds, bonds and collateral markets, wallet infrastructure becomes the control layer of digital finance.Full episode launching on 19th March 2026.

Franklin Templeton launched a 40-Act fund natively on-chain five years ago. Today, its shareholder record operates exclusively on blockchain.In this episode of The Final Block, Georges Bock sits down with Robert Crossley, Head of Digital & Industry Advisory Services at Franklin Templeton, to discuss what this actually changes for asset managers and the broader capital markets.The discussion explores real-time shareholder records, programmable assets, collateral mobility, and why adoption will ultimately be driven by utility rather than technology itself.A conversation about how tokenization is moving from experimentation to real-world infrastructure in the global fund industry.

Five years ago, Franklin Templeton launched a 40-Act fund natively on-chain. Today, its shareholder record operates exclusively on blockchain.In this episode, Robert Crossley, Head of Digital & Industry Advisory Services at Franklin Templeton, joins Georges Bock to discuss what native tokenization changes in practice.From real-time records and interest accrual to programmable assets and collateral mobility, this is a conversation about utility — and what happens once clients begin to expect it as the baseline.A deep dive into the industrial application of fund tokenization in global asset management.

On 30 December 2024, MiCA entered into force — and tokenisation moved from experimentation to boardroom priority.In this episode of The Final Block, Georges Bock speaks with Patrick Hennes, Head of Digital Asset Servicing at DZ PRIVATBANK and one of Luxembourg’s early blockchain pioneers.Patrick explains why the industry has reached a structural inflection point.For nearly a decade, blockchain in finance was dominated by proof-of-concepts and vision papers. Today, traditional banks are building roadmaps. Committees are redesigning infrastructure. And digital assets are no longer innovation theatre — they are becoming core infrastructure.This conversation explores:Why MiCA marked a regulatory turning pointThe difference between tokenisation and true DLT transformationHow legacy systems (Excel, SWIFT, manual reconciliation) shape today’s asset servicing modelWhy smart contracts can automate parts of the value chainThe reality behind “programmable money” and stablecoinsWhy trust still matters in digital financeHow banks are preparing for the next generation of financial infrastructurePatrick shares insights from nearly ten years in the space, including his role in Luxembourg’s first blockchain initiative, FundChain, and his work within ALFI’s Digital Asset Committee.

A preview of our upcoming episode on traditional banks and fund services in a DLT world.Patrick Hennes discusses what may become the killer use case for tokenisation, how banks are approaching DLT today, and why the conversation has shifted from experimentation to infrastructure.Full episode launching on 12 February.

Stablecoins are often presented as the missing piece for faster settlement in fund markets.This conversation takes a different view.Drawing on decades of experience in clearing and fund infrastructure, Dr. Paul Newton explains why settlement can already improve without changing how investors pay, and why the real constraints sit elsewhere. The discussion moves from hybrid fiat–on-chain models to delivery-versus-payment, liquidity limits inside funds, and what becomes possible once fund units exist on-chain.This is a practical conversation about operating models, not ideology. About what changes first, what changes later, and why confusing the two slows real adoption.

In this episode of The Final Block, Dr. Paul Newton explains how funds can be issued as native digital assets while continuing to use existing fiat payment rails and market infrastructure.The conversation looks at how tokenization enables incremental adoption, compresses settlement cycles, and increases transparency without forcing changes to current operating models. It also explores how on-chain settlement and delivery-versus-payment open the path toward real-time markets and secondary trading.A practical discussion on what is already possible today — and how tokenization fits into existing fund structures.

In Episode 5 of The Final Block, Georges Bock speaks with Nasir Zubairi, CEO of LHoFT and member of the EU Blockchain Observatory Forum, about the external forces reshaping Europe’s market infrastructure.The conversation focuses on the US GENIUS Act and why it could accelerate US dollar stablecoins as a core settlement asset, with knock-on effects for Europe’s competitiveness, monetary sovereignty, and capital markets plumbing.Key takeawaysWhy the GENIUS Act could lock in demand for US dollar stablecoinsThe difference between stablecoins as payment tools vs settlement infrastructureWhy tokenised money market funds may become a pivotal liquidity use caseWhat Europe (and Luxembourg) can do next to avoid infrastructure dependenceWhy “manage risk” beats “eradicate risk” when building new railsIf you work in funds, banking, market infrastructure, regulation, or fintech, this episode is a practical lens on what’s coming next.

In this trailer for The Final Block – Episode 5, Nasir Zubairi, CEO of The LHoFT and member of the EU Blockchain Observatory Forum, explains why the US Genius Act could redefine global financial infrastructure.From US-dollar stablecoins to tokenised money market funds, Nasir argues that capital markets are rapidly shifting — and that Europe risks falling behind if it continues to treat stablecoins purely as payment tools rather than settlement assets.A conversation about risk, regulation, and why the next generation of financial infrastructure is being built now.

In this episode of The Final Block, Georges speaks with Nadia Manzari, former Head of Financial Innovation, Corporate Governance and Payment Services at the CSSF and founder of Manzari Legal.The conversation focuses on how MICA, MiFID, and Luxembourg’s Blockchain Laws apply to tokenisation in the fund business. Nadia explains the regulatory boundary between crypto assets and tokenised financial instruments, why MiFID continues to apply regardless of the technology used, and how Luxembourg’s four Blockchain Laws were designed to give legal certainty to DLT-based financial services.The episode also explores Blockchain IV Law, including the introduction of the control agent, who can take on this role, and how issuance and settlement models change when using distributed ledger technology.A precise, experience-based discussion for professionals navigating fund tokenisation and digital asset regulation in Europe.

In this episode, former CSSF Head of Innovation Nadia Manzari breaks down the regulatory foundations shaping Europe’s tokenised fund ecosystem — with clarity and precision.We unpack:The real distinction between MICA and MiFIDWhat qualifies as a crypto asset under MICAWhy Luxembourg introduced four Blockchain LawsThe implications of Blockchain Law 4How the Control Agent works and who can become oneTechnology neutrality and how it applies to DLT-native financial servicesThe grey zones around wallets, payments and settlement using stablecoinsIf you work in fund operations, tokenisation, compliance, regulation, custody, blockchain infrastructure, or digital assets, this conversation gives you the clarity needed to navigate Europe’s evolving framework.Full episode releases Thursday, December 18, 2025.

In this episode, Georges Bock sits down with blockchain expert Dr. Eric Falk to unpack the real mechanics behind tokenised funds: wallets, custody, smart contracts, minting/burning, freezing, recovery, interoperability and settlement logic.Eric explains why blockchain is not just a new database but a shared record for the entire fund value chain, and why the industry is finally moving toward T+0.A clear, practical guide for anyone building or operating tokenised fund infrastructure.

This trailer gives you a first look at Episode 3 of The Final Block, where we strip blockchain down to its essentials — the cryptographic links, the shared ledger, the custody models and the smart-contract logic that makes tokenised funds work.If you want a simple, no-jargon breakdown of the real infrastructure behind tokenisation, this episode is for you.

Luxembourg now has one of the most advanced DLT frameworks in the world — and it changes everything for tokenised funds.In this episode, Georges Bock speaks with Raoul Heinen (Partner, Linklaters Luxembourg) to unpack Blockchain Laws I–IV, the Control Agent model, and what “native” fund tokens really mean from a legal and operational perspective.They explore how tokenisation removes legacy bottlenecks, simplifies the holding chain, enables direct investor accounts, and opens the door to real secondary markets for AIFs.Themes covered:• How Luxembourg built Blockchain Laws I–IV• Full legal equivalence of DLT-held securities• The Control Agent and why it unlocks real adoption• Ending mirrored registers and chains of custodians• Native vs non-native fund tokens• Gradual vs full migration for asset managers• Secondary markets for AIFs and DLT-based liquidity• The missing euro-settlement rails• Why US progress (Genius Act) should accelerate EuropeSubscribe for more episodes on the future of tokenised funds, regulation and digital finance.

Tokenisation has moved from theory to adoption — fast.In this opening episode of The Final Block, Georges Bock sits down with Sébastien Schmitt (PwC Luxembourg) to break down why global interest in tokenisation has exploded and what this means for the fund industry.They explore the acceleration across money market funds, ETFs, digital settlement rails and retailisation — and why a new generation of investors coming from 24/7 crypto will reshape expectations for traditional funds.Themes covered:Why tokenisation is surging globallyNASDAQ, Franklin Templeton and the move toward tokenised assetsMMFs as the first major use caseFractionality, instant settlement and intraday collateralRetailisation of private marketsWhy ETFs are only the intermediate stepThe new investor experience vs T+3How tokenisation rewires the fund value chain and distributionWhat asset managers should do todayListen and subscribe for weekly conversations on the future of tokenised funds.

Welcome to The Final Block — the podcast where Luxembourg’s fund industry meets the future.In this short introduction, Georges Bock shares why we created The Final Block, what the industry needs to understand about tokenised funds right now, and why Europe can’t afford to fall behind.You’ll learn:• Why tokenisation has moved from theory to reality• What’s pushing asset managers, regulators, and investors to adopt DLT• How Luxembourg’s framework positions it to lead the next wave of fund innovation• What to expect from the upcoming episodes — from technology and regulation to operations and real-world use casesIf you want to stay ahead of the shift toward digital fund structures, this series is for you.

In this trailer, Sébastien Schmitt breaks down why tokenisation is accelerating globally, why major institutions can’t afford to sit on the sidelines, and how new infrastructure is making digital assets the default, not the exception.Full episode launching on November 20th.

In this exclusive conversation, Raoul Heinen breaks down how Luxembourg’s new blockchain framework (the “Blockchain IV” law) lets securities exist natively on distributed ledgers — without the need for traditional transfer agents. Full episode launching on November 20th.

Heard the word tokenisation one too many times lately? We get it.That’s why we made The Final Block — the podcast that finally makes sense of fund tokenisation.Real conversations with the people actually building the tokenised fund industry.No jargon. No hype. Just what matters: regulation, operations, and the future of digital funds in Luxembourg.Hosted by Investre, the regulated infrastructure powering the next generation of funds.