With nearly half a billion in assets, Franklin Templeton's pioneering tokenized money market fund - popularly known as BENJI - is clearly a success. But…how did it come about?

What does the $1.6 trillion asset manager think tokenized assets will do for capital markets? And what still needs to happen for blockchain rails to go “big time” in the global world of finance?

Franklin Templeton’s Head of Digital Assets Roger Bayston sat down with Ian Simpson to discuss all this and more on RULEMATCH Spot On.

1:46 - Intro

2:46 - The motivation behind FOBXX / BENJI

5:33 - Why a tokenized money market fund?

6:45 - Who is buying BENJI?

8:00 - Interest from crypto-native hedge funds

9:40 - Why tokenize when the market isn’t ready?

11:23 - Upgrading the velocity of money moving in funds

13:30 - Why the BENJI app?

15:17 - How does BENJI trading work?

18:00 - The “white-label” ecosystem of Franklin Templeton

20:50 - Who should get into tokenization as well?

21:54 - An “ideal” relationship between Franklin Templeton and Morgan Stanley

23:33 - The massive adoption of Web 3.0 wallets

24:38 - The innovation of intraday yield

25:30 - Adoption among market makers

26:49 - The real advantages of going fully “on-chain”

28:46 - The hot topic of stablecoins

29:56 - The “cold hard geopolitical fact” of US-backed stablecoins

31:22 - The holy grail of yield with stablecoins

32:19 - J.P. Morgan and Web 3.0 wallet-based organizations

34:48 - Franklin Templeton’s conviction about Web 3.0

35:02 - Coming to terms with the “financialization” of crypto

37:33 - The amazing thing about financial advisors in the US

38:07 - Financial institutions’ attitude towards tech

40:12 - What comes next for tokenization?

41:14 - CALPERS and tokenized investments

44:29 - Shifting what “is possible” for investments

45:29 - The considerations for choosing a blockchain to use

48:08 - Working with “digital nation states”

49:55 - What could come next?

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ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Zürcher Kantonalbank is Switzerland’s 2nd (or 3rd…) largest bank by balance sheet. One year ago it launched a crypto service offering with much fanfare.

Now in an exclusive session, RULEMATCH Spot On host Ian Simpson sat down with two of the main persons responsible for the launch of ZKB’s crypto services - Head Digital Assets Solutions Pedro Hubli and Product Manager Digital Assets Michael Rausch.

They dove into the backstory of the bank’s move into crypto, how being a state-owned, AAA-rated bank influenced what (and how) ZKB implemented its offering.

Plus - Pedro and Michael discussed how crypto fits into the bank’s overall view on digital assets - and what “could” be a motivating factor for the bank to get involved in stablecoins.

Show notes:

2:13 - How big (and important) is Zurcher Kantonalbank?

3:31 - What does it mean to be a state-owned bank?

4:29 - The background of ZKB’s crypto offering

6;:28 - Evaluating AML, risk, trading/custody setup

9:09 - Consulting the competition about custody and more

10:29 - How tokenization started the ball rolling

12:17 - Is it now “bitcoin AND blockchain” ?

13:22 - The lifecycle of crypto at ZKB: buying BTC with a broker

16:04 - The lifecycle of crypto at ZKB: booking and custody

18:44 - FOMO in the market because of ZKB’s crypto offering

20:49 - Best pricing for clients

22:50 - “Just another asset class” ?

23:46 - (Negative) surprise along the way

25:24 - The average ZKB crypto investor

26:54 - ZKB’s visibility in the market with crypto

30:14 - Crypto, digital assets and the changing face of finance

32:03 - PoCs are dead, real value reigns

32:53 - The missing cash leg (stablecoins)

35:33 - The missing cooperation in Switzerland

37:19 - Different kinds of stablecoins

38:34 - Where does tokenization take off?

43:00 - ZKB and non-bankable assets

44:37 - ZKB’s potential role in an on-chain finance world

45:40 - What is still missing for tokenization?

46:30 - The need for secondary markets

50:02 - Building on Ethereum and following the trend

51:30 - Final advice for other banks moving into crypto

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ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

The largest financial institutions in the world are taking technology seriously - both as an opportunity and a risk. The same goes for the nascent crypto and digital asset industry.

In conversation with Ian Simpson, J.P.Morgan Managing Director and Head Markets Digital Assets Scott Lucas discussed the tectonic plates moving in capital markets, the potential for DLT and blockchain to bring value to established market participants - and how large financial institutions are thinking about the future of markets.

He also discussed the value (real and perceived) of tokenization, the potential for stablecoins, including why “competition is good” - and how settlement could and should look in digital asset markets.

(00:58) - Intro
(3:40) - What makes "good markets" ?
(6:06) The "optimal mix" or "minimal threshold" for new markets
(7:31) How J.P. Morgan looks at markets - new and old
(8:48) - The minimum barrier in crypto markets
(11:34) - The art of the possible and the useful
(12:34) Evaluating risk factors in new markets like crypto
(14:44) New technology alongside existing frameworks
(15:31) J.P. Morgan's inter-day repo as an example
(17:01) The high-level benefits of DLT and blockchain tech
(18:18) A wider-flatter market vs narrow and centralized
(19:15) If a regulator said "yes" today...
(20:07) When innovation comes to the table
(21:08) "Entitled" transparency
(22:07) Top-down vs bottom-up "shift"
(24:56) US vs Switzerland in the regulatory race
(26:24) Placing the "barrier" in the right spot
(28:18) The opportunity for Switzerland
(29:43) Capital requirements as a "gating factor"
(32:24) Financial market infrastructure for a bank like J.P. Morgan
(33:29) The downside of disintermediation
(34:12) Copying current capital market processes
(37:06) Some things are here for a reason...
(38:37) The ideal settlement model for big banks in digital assets
(40:41) The meaning of stablecoins for big banks
(43:53) Stablecoins in the wider capital markets
(45:05) Stablecoins as a settlement mechanism
(46:28) J.P.Morgan and tokenization
(49:13) Mobilizing (tokenized) collateral to support margin
(53:25) Different markets or one market?
(55:22) Partnerships moving the market forward
(57:11) What would really draw J.P. Morgan into crypto and digital assets?

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ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

As the crypto and digital assets industry continues to “grow up” - a lot of hard work is being done. Some of it is known - some of it “under the radar”.

And some of the most foundational work in digitizing capital markets is being supported by some of the largest TradFi trading houses in the world.
In Part 2 of the episode, Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW and RULEMATCH Spot On host Ian Simpson discussed some of the latest developments present - and future - in the crypto and digital assets space.

Will OTC and lit markets continue to co-exist side by side?

What will the US GENIUS and Clarity Acts mean for stablecoins and digital assets?

How will tokenization among financial institutions develop?

What early theses in crypto have not come true?

2:16 - OTC and CLOB in Cumberland's view of market structure
5:03 - The effects of regulation on the number of market participants
7:27 - A story about Chris as a "market structure geek"
11:00 - DeFi as the sandbox and how TradFi is "cherry-picking"
12:55 - The "state of play" in tokenization
14:24 - Two important steps for the industry
15:18 - Reducing uncertainty with collateral tokenization
17:34 Tokenization in repo markets & a $100 million example
19:39 - Who will push tokenization forward?
20:03 - Privacy as a "headwind" and cooperation with Canton Network
21:27 - Why Chris treats US crypto regulation as his "kids"
23:19 The crucial role of the Clarity Act
25:26 - The chances of the SEC and CFTC working together
27:42 - Interacting with regulators and giving feedback
28:53 - A thought experiment with Reg-NMS and tokenized equities
31:14 - A comparison of US and European crypto regulation
32:49 - How Cumberland tries to stay "efficient" with regulation
34:33 - The amazing things about stablecoins and being integrated into Cumberland
37:03 - How the stablecoin bill (GENIUS Act) unlocks new utility
37:21 - The debate about fully-backed or tokenized fractional deposits
39:08 - Crypto M&A picks up
41:59 - A look back into the crystal ball

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ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

X: https://x.com/ian_simpson80LinkedIn: https://www.linkedin.com/in/iasimpson80/

More about RULEMATCH: https://www.rulematch.com/

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Capital markets are in a state of flux - because of geopolitics, macro trends - as well as technology, like crypto and blockchain.

But some things remain the same - a need for effective use of capital, transparency and reducing uncertainty.

Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW, knows all about it. From the early days of DRW’s foray into crypto, Chris has been involved in building Cumberland’s digital asset business and exploring all the challenges and opportunities.

In Part 1 of the episode, Chris and Ian Simpson explore:

- The resiliency of crypto markets- How crypto market structures have changed in 10 years

- Risk management principles related to trading and settlement

- The need for tokenized collateral

...and much more.

1:38 - Intro and bio of Chris Zuehlke

3:15 - How healthy are crypto markets today?

4:56 - What would help market resiliency?

5:25 - Addressing one of the biggest TradFI weakenesses

6:34 - The beginning of Cumberland

8:49 - Staying true to TradFi risk management best practices

9:59 - The rapidly evolving market

10:26 - A trading firm’s perspective on market opportunities

11:43 - Curiosity with a “big boy” attitude

12:44 - Being a trusted counterparty

14:14 - Building robust processes in crypto markets

16:20 - What is “counterparty risk” today?

17:43 - Why Cumberland is a “thoughtful organization”

19:16 - Making painful decisions about market opportunities

21:05 - How “new entrants” could raise the standard

23:41 - Has handling risk in crypto gotten easier?

24:33 - The “staggered development” of the market

26:22 - The state of vertical integration in crypto market players

29:49 - How DRW/Cumberland thinks of trading opportunities in crypto today

32:53 - Does self-interest lead to a more balanced market?

33:09 - How will low-latency tech change the game going forward?

36:24 - Avoiding pre-funded trading…and why

38:33 - How (and when) does Cumberland settle trades?

ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Sophistication in financial markets is inevitable. In crypto markets it is just getting started. And banks - especially those with a long track record in the industry - are set to play a key role. One of these is Bank Frick, a pioneering bank from Liechtenstein who has been active in the blockchain and crypto space since 2015.

In this episode of RULEMATCH Spot On, host Ian Simpson sat down with Adam Retkes, Digital Assets Analyst at Bank Frick and discussed how the bank is levelling up its services - adding sophisticated solutions for more demanding institutional clients, also with the addition of Sponsored Access to RULEMATCH.

(00:45) Intro

(1:28) The number of Bank Frick clients

(3:02) The changing clientele and changing tech stack

(5:27) How the space is becoming more professional

(6:56) Getting “used to” banking-grade compliance

(8:52) Bank Frick as an educator

(10:36) Bringing degens into a private bank

(12:09) The entrepreneurial spirit

(12:45) Talking about crypto funds

(14:24) The new world of algo hedge funds

(15:52) TradFi old-timers seeking alpha with old tools

(17:13) Continued fragmented liquidity and the global dollar

(19:10) Serving hedge funds better

(19:54) Announcing Sponsored Access on RULEMATCH

(20:25) Explaining Sponsored Access

(22:16) Capital efficiency with Sponsored Access

(23:19) What is built-in leverage?

(24:20) How clearing makes things easier

(25:41) Low-latency as a key benefit

(27:03) The old becomes new

(28:27) Maintaining the same compliance and risk standards for banks

(30:26) The thing about “walled gardens”

(31:13) The challenge of crypto-fiat transfers and Bank Frick’s solution

(32:29) A lack of correspondent banks

(33:19) Bank Frick as a crypto “systemically relevant bank”

(34:13) Stablecoins as the way forward

(35:48) The landscape of regulated stablecoins

(37:08) The role of the euro and euro-denominated stablecoins

(40:31) Building walled gardens for stablecoins

(42:04) Looking into the crystal ball

ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

On X: https://x.com/ian_simpson80

On LinkedIn: https://www.linkedin.com/in/iasimpson80/

More about RULEMATCH: https://www.rulematch.com/

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

The future of capital markets is being formed today.

But not everything is completely new...especially when it comes to electronic trading, risk management, and data quality.

Low Observable Technology (Lo:Tech) CEO and Co-Founder Tim Meggs - a veteran of TradFi markets - sat down with host Ian Simpson to discuss how his firm is helping promote "ethical market making", build advanced data services and getting set up for real high-frequency trading.

(1:10) Intro

(2:39) Where is the market right now?

(5:18) BTC season vs altcoin season

(6:53) How is institutional flow affecting the market?

(8:35) The “trickle-down effect” of Bitcoin ETFs

(9:12) Other sources of market liquidity

(11:02) Shrinking arbitrage and low-latency opportunities

(11:34) How big firms get comfortable with crypto

(12:22) Focus on market making

(14:54) How Lo:Tech is building for the future

(15:57) Who stands to benefit?

(17:58) The demand for high-quality market data

(18:57) What is ethical market making?

(22:11) Following best practices from TradFi?

(23:48) The tech for “doing it the right way”

(25:39) Raising the quality of data…and its side-effects

(26:50) What had to be changed?

(30:28) Getting to a state of clarity for risk management

(31:49) The state of play in crypto risk systems

(34:14) Shifting gears into HFT

(35:56) The REAL role of an HFT

(36:59) The tech “check-list” for Lo:Tech

(39:32) The “bare metal” infrastructure

(40:29) The new world of high-performance trading venues

(42:29) The founding team of Lo:Tec

(44:47) The geographical perspective on crypto

(47:10) What to expect with stablecoins

(49:27) Regulation - good, bad or…?

(51:40) Making the agreements right

(53:27) The crystal ball

ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

Trading is deep in the DNA of Swissquote, one of Switzerland's largest digital-first banks. The forward-thinking firm was also early in the crypto market - in a big way.With Chief Sales and Marketing Officer Jan de Schepper, host Ian Simpson dove into the details of how Swissquote approaches its trading services for cryptocurrencies today - and how the bank's clients approach their investments in the space.

(1:24) Welcome and intro

(2:18) Why is Switzerland so good for banks in crypto?

(3:15) The backstory of Swissquote's start in crypto

(6:10) The building blocks of Swissquote's crypto offering

(7:25) "Red lines" for a bank in crypto

(8:32) The (liquidity) risk evaluation for a crypto offering

(10:46) Due diligence and education on new coins

(11:39) The sticky question of capital requirements for banks in crypto

(12:45) Crypto as a client acquisition driver

(14:46) Engaging with FINMA(15:51) Changing client appetite for coins

(16:41) How Swissquote clients trade the market

(18:52) Feature requests from actively trading crypto clients

(20:30) Balance between coins and crypto financial products

(21:49) Moving from retail to institutional

(24:12) Copycat banks in crypto?

(26:20) Swissquote and internal counterparty risk

(29:07) Crossover between forex and crypto

(30:13) Getting ready for tokenized assets

(31:44) "The current technology is not so bad..."

(32:41) Tokenize what...?

(34:52) Global competition coming...

(38:01) Is MiCA good for the industry?

(38:58) Competition on fees

(41:53) Looking into the crystal ball

ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

------Disclaimer:

The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

RULEMATCH Spot On - Winter Edition 2025: During the World Economic Forum in Davos, host Ian Simpson spoke to Alexandre Kech, CEO of the Global Legal Entity Identifier Foundation (GLEIF). They discussed the evolving crypto and digital asset market, the need for universal identity to enable mass adoption of tokenized assets and the collaboration needed between public and private organizations to enable interoperability between blockchains and on-chain assets.

RULEMATCH Spot On - Winter Edition 2025: In Davos, host Ian Simpson spoke to Ronit Ghose, Global Head, Future of Finance at Citi. They discussed the changes in finance with the rise of crypto and digital assets, how banks are engaging with the "future of money" and what stablecoins and tokenized assets will mean for the industry.

RULEMATCH Spot On - Winter Edition 2025: During WEF in Davos, host Ian Simpson caught up with Sanja Kon, Vice-President Europe at Circle, the leading global stablecoin provider. They discussed the growing uses of stablecoins like USDC among financial institutions, the use cases for capital markets and the key ingrediants to support stablecoin usage as a part of the tokenized asset value chain.

RULEMATCH Spot On - Winter Edition 2025: In Davos, host Ian Simpson spoke to Anatoly Crachilov, CEO and Founding Partner of Nickel Digital Asset Management, one of the industry's largest and most well-established crypto hedge fund managers. They discussed the evolving crypto and digital asset market, with perspectives from Davos - as well as how big hedge funds are operating in crypto, the evolving strategies and lingering challenges for asset managers, including counterparty risk and capital efficiency.

RULEMATCH Spot On - Winter Edition 2025: As MiCA regulations roll out in the European Union, European Commission Principal Economist Dr. Joachim Schwerin checks in with Ian Simpson in St Moritz - discussing reactions, potential global competition from other jurisdictions - plus the future of "public vs private" money, including stablecoins.

RULEMATCH Spot On - Winter Edition 2025: From the UK to Switzerland and all around, Ellipitic CEO Simone Maini shared her thoughts on where the institutional crypto market is going, what role compliance and regulation has to play - and why the industry cannot "mess up" its big moment.

RULEMATCH Spot On Winter Edition 2025 - “Transformational and fundamental” - David Newns of SIX Digital Exchange talks with Ian Simpson about how important custody and collateral management are for digital asset markets - especially for trading.

And why RULEMATCH and SDX are a perfect match to combine trading and custody services of the highest order.

RULEMATH Spot On - Winter Edition 2025: Digital Asset Co-founder and Head of Network Strategy Eric Saraniecki sat down with Ian Simpson in St Moritz to discuss the current state of institutional adoption in crypto, the (continued) rise of stablecoins, the need for privacy in crypto finance and where tokenization will go...eventually.

RULEMATCH Spot On Winter Edition 2025 - B2C2 Global CEO Thomas Restout sat down with Ian Simpson in St Moritz to talk about global liquidity in crypto markets, developments in 2025 and the activities of global hedge funds and trading firms in the digital asset space.

RULEMATCH Spot On Winter Edition 2025 - “TradFi experience and rules matter” - In St Moritz, Amar Kuchinad, Global CEO of Copper spoke to Ian Simpson and shared his experience in crossing over from traditional finance to crypto finance - including what unique experience he is bringing to one of the industry’s leading crypto custody and collateral management providers.

Offering innovative financial products based on crypto assets may sound exciting - but it isn’t easy. Especially for banks.

What kind of structuring is needed? How is trading executed? What kind of risks are involved - and how can you control those risks?

These are the kinds of questions that faced Vontobel, one of Switzerland’s earliest banks to offer crypto structured products.

In the final 2024 episode of RULEMATCH Spot On, Vontobel Head Blockchain Solutions Florian Marty shares a “behind-the-scenes look at how the bank dealt with these topics in the past.

He also shares a first-hand look at how Vontobel is evolving its offering to grow and expand in the future…

(00:55) Intro

(2:03) The backstory of Vontobel's entry into crypto

(3:39) Built "in-house" tech

(5:23) What was "under the hood" of the first crypto tracker certificate?

(7:25) Why plugging into "exchanges" was tough...

(8:30) Vontobel's expertise in structured products

(9:56) The complexities of offering structured products

(11:45) The tough thing about sketchy counterparties...

(12:40) The "complexity" of pre-funded crypto trading

(13:05) Vontobel's joint-venture for future crypto products

(14:15) The evolution of crypto products at Vontobel

(16:00) Changing investor appetite for crypto products

(17:31) The effect of other (new) crypto products

(19:16) Two minds and two profiles of crypto investors

(21:40) Balancing the needs/wants of private banking and investment banking

(22:50) Looking at Europe and MiCAR

(24:39) The challenge of a fragmented regulatory landscape

(26:00) Is the financialization of crypto good or bad?

(27:21) The prospects for a borrowing/lending market for crypto

(31:37) Will there be "regulated DeFi?"

(34:10) Learnings from a first attempt at a tokenized structured product

(36:49) Why a lack of proper exchanges is a problem

(37:32) Does it take a "big boy" like BlackRock to push adoption?

(39:02) What are clients asking for?

(41:33) Looking into the crystal ball

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Disclaimer:

The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.

For financial institutions, there is only one way to do crypto - by the rules. Whether it is custody of crypto assets, asset management, wealth management - or simple trading, banks and securities firms have to follow the 'narrow path' to provide the highest level of certainty and security for their clients.

This is top of mind for regulated companies like tradias - a spin-off of Bankhaus Scheich in Germany - which recently received a BaFin license for its crypto trading operations.

In this episode of RULEMATCH Spot On, host Ian Simpson sat down with tradias founder Christopher Beck. They discussed the sometimes difficult path to getting a license, the state of liquidity in crypto spot markets plus implications of upcoming MiCAR rules and the challenges (and opportunities) in crypto market making.

Episode show notes:
(2:42) The best of times for banks moving into crypto?
(4:10) The risk for banks to not be in crypto
(4:49) The mind-shift of banks in the crypto asset class
(5:59) Keeping the best of TradFi in the crypto industry
(8:44) Processes for managing risk in crypto markets
(9:20) The “big picture” for tradias
(11:01) The “sweet spot” for tradias’s business
(11:48) Determining what institutions want in crypto
(14:20) “Why a license for crypto?”
(16:10) Considerations when going for a license
(16:35) Thinking about MiCAR…
(20:25) The outlook for stablecoins in Europe
(22:37) MiCAR as an “iron curtain”?
(23:47) The difference in mindset between European and US banks
(29:58) Technical challenges for banks moving into crypto
(32:00) Looking for robustness in crypto trading infrastructure
(33:48) Dealing with crypto capital requirements for banks
(35:30) Hurdles to true crypto borrowing/lending
(39:33) Thinking like a new hedge fund manager in crypto
(41:10) Is Europe a target for crypto hedge funds?
(43:58) The space for new fund strategies
(44:54) Looking ahead…

ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

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Disclaimer: The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.