WEBVTT NOTE Open Interest — lito-coen-ethena-pay. Text from the editor's caption file of the released edit (S19-platform-rebased-VERBATIM-REVIEW.srt); speaker labels automatic (resemblyzer on faster-whisper segments); small spelling fixes for product names; repeated fragments from the caption file collapsed. Not reviewed line by line. 1 00:00:00.170 --> 00:00:01.580 Welcome back to the content suite 2 00:00:01.580 --> 00:00:02.380 in Singapore. 3 00:00:03.000 --> 00:00:04.170 Today, we have the 4 00:00:04.250 --> 00:00:05.170 go-to market lead 5 00:00:05.250 --> 00:00:06.500 at Ethena Pay, 6 00:00:06.500 --> 00:00:06.880 Lito. 7 00:00:07.120 --> 00:00:08.380 Super excited to 8 00:00:08.460 --> 00:00:09.380 be talking to you. 9 00:00:09.830 --> 00:00:10.960 Ethena is at a really kind of 10 00:00:11.040 --> 00:00:12.000 changing moment, 11 00:00:12.620 --> 00:00:13.880 and Ethena Pay is a big 12 00:00:13.960 --> 00:00:14.750 product of it. 13 00:00:14.830 --> 00:00:16.000 But before we get into that, 14 00:00:16.080 --> 00:00:16.830 I would love to learn a 15 00:00:16.920 --> 00:00:17.250 little bit more 16 00:00:17.330 --> 00:00:17.830 about yourself 17 00:00:17.920 --> 00:00:18.960 and how you got into crypto. 18 00:00:19.380 --> 00:00:19.580 Sure. 19 00:00:20.000 --> 00:00:20.460 Yeah, I'm Lito. 20 00:00:20.670 --> 00:00:21.670 Like I said, GTM 21 00:00:21.750 --> 00:00:22.790 lead of Ethena Pay. 22 00:00:23.500 --> 00:00:25.460 I got into crypto like nine 23 00:00:25.540 --> 00:00:26.380 years ago now. 24 00:00:27.330 --> 00:00:28.080 I don't know, like everyone 25 00:00:28.170 --> 00:00:29.290 just stumbled on 26 00:00:29.380 --> 00:00:31.250 on the ICO craze. 27 00:00:31.580 --> 00:00:32.000 Was working at 28 00:00:32.080 --> 00:00:32.830 PayPal at the time. 29 00:00:33.380 --> 00:00:34.580 Very interested in payments, 30 00:00:34.880 --> 00:00:35.420 always have been. 31 00:00:35.830 --> 00:00:36.830 And so like crypto just 32 00:00:36.920 --> 00:00:38.290 seemed like a natural fit. 33 00:00:39.420 --> 00:00:40.460 Have done a bunch of stuff. 34 00:00:40.540 --> 00:00:42.540 Have led like GTM for a lot 35 00:00:42.620 --> 00:00:43.290 of crypto 36 00:00:43.380 --> 00:00:44.250 projects in the space. 37 00:00:45.040 --> 00:00:46.380 Was also a founder in crypto. 38 00:00:46.880 --> 00:00:48.210 Built like a crypto education 39 00:00:48.290 --> 00:00:49.880 platform back in 40 00:00:49.960 --> 00:00:52.540 like 2017 to like 2020. 41 00:00:53.380 --> 00:00:54.420 Before I then transitioned 42 00:00:54.500 --> 00:00:56.540 into like operational world 43 00:00:56.620 --> 00:00:57.540 at DeFi projects. 44 00:00:58.080 --> 00:00:59.710 But yeah, very passionate 45 00:00:59.790 --> 00:01:00.460 about like 46 00:01:00.540 --> 00:01:02.000 onboarding people into crypto, 47 00:01:02.080 --> 00:01:02.750 which is why I had this like 48 00:01:02.830 --> 00:01:03.670 education platform. 49 00:01:04.330 --> 00:01:05.790 And so now like leading 50 00:01:05.880 --> 00:01:07.540 Ethena Pay go to market was 51 00:01:07.620 --> 00:01:08.790 the perfect fit for me 52 00:01:08.880 --> 00:01:10.290 because I'm really like 53 00:01:10.380 --> 00:01:12.460 onboarding normies to crypto. 54 00:01:12.540 --> 00:01:13.540 At least that's the aim. 55 00:01:13.620 --> 00:01:14.330 We're just getting started. 56 00:01:14.710 --> 00:01:16.620 But that's what I'm here for. 57 00:01:16.880 --> 00:01:17.790 And being able to spend your 58 00:01:17.880 --> 00:01:18.540 crypto is really 59 00:01:18.620 --> 00:01:19.460 one of the more 60 00:01:19.670 --> 00:01:20.710 for consumer use 61 00:01:20.790 --> 00:01:22.210 cases of money. 62 00:01:22.290 --> 00:01:22.490 Right. 63 00:01:23.040 --> 00:01:23.960 Tell me a little bit about 64 00:01:24.040 --> 00:01:25.210 what excited you 65 00:01:25.290 --> 00:01:26.210 about Ethena Pay 66 00:01:26.790 --> 00:01:27.620 and what you guys are 67 00:01:27.710 --> 00:01:28.620 currently working on since 68 00:01:28.710 --> 00:01:29.120 you've joined. 69 00:01:29.710 --> 00:01:29.920 Yeah. 70 00:01:30.330 --> 00:01:31.710 So what excited me about 71 00:01:31.790 --> 00:01:34.750 Ethena Pay is really like if 72 00:01:34.830 --> 00:01:35.500 you think about it, 73 00:01:36.000 --> 00:01:37.420 like short term, right? 74 00:01:37.540 --> 00:01:38.670 Like we're going to focus on 75 00:01:38.750 --> 00:01:39.710 crypto natives because that's 76 00:01:39.790 --> 00:01:40.790 just like the 77 00:01:40.880 --> 00:01:42.580 path of resistance. 78 00:01:43.000 --> 00:01:43.200 Right. 79 00:01:43.250 --> 00:01:43.450 They're the 80 00:01:43.380 --> 00:01:44.830 easiest to onboard. 81 00:01:44.920 --> 00:01:45.120 They know 82 00:01:45.120 --> 00:01:46.170 stablecoins and Ethena. 83 00:01:46.580 --> 00:01:47.040 They trust the 84 00:01:47.120 --> 00:01:48.000 brand and so on. 85 00:01:49.000 --> 00:01:50.580 Long term, like I said, or 86 00:01:50.670 --> 00:01:51.500 even medium term, 87 00:01:51.790 --> 00:01:53.210 really want to go after like 88 00:01:53.290 --> 00:01:53.960 everyone basically, 89 00:01:54.250 --> 00:01:56.080 especially like in the 90 00:01:56.170 --> 00:01:56.920 developing world. 91 00:01:57.460 --> 00:01:57.920 And we can talk 92 00:01:58.000 --> 00:01:58.790 more about that later. 93 00:01:59.540 --> 00:02:00.580 But basically for crypto 94 00:02:00.670 --> 00:02:02.620 natives, I just think it's 95 00:02:02.710 --> 00:02:05.120 like a natural fit to use a 96 00:02:05.210 --> 00:02:05.710 crypto neobank 97 00:02:05.790 --> 00:02:07.380 because I'm a 98 00:02:07.460 --> 00:02:08.210 crypto user myself. 99 00:02:09.250 --> 00:02:10.580 I've always found it quite 100 00:02:10.670 --> 00:02:12.830 like, I don't know, 101 00:02:12.920 --> 00:02:15.420 inconvenient to like have 102 00:02:15.500 --> 00:02:16.460 these two worlds, 103 00:02:16.540 --> 00:02:16.750 right? 104 00:02:16.830 --> 00:02:18.120 Like of like the fiat world 105 00:02:18.210 --> 00:02:19.540 and the crypto world that are 106 00:02:19.620 --> 00:02:20.290 basically very 107 00:02:20.380 --> 00:02:22.290 isolated from one another. 108 00:02:22.920 --> 00:02:25.000 And periodically I would have 109 00:02:25.080 --> 00:02:26.790 to like off-ramp crypto to fund 110 00:02:26.880 --> 00:02:28.120 my everyday life and so on. 111 00:02:28.420 --> 00:02:30.790 And it was always like send 112 00:02:30.880 --> 00:02:32.460 money to an exchange, like 113 00:02:32.540 --> 00:02:34.170 offer and sell the crypto, 114 00:02:34.920 --> 00:02:35.880 send it to your bank account. 115 00:02:35.960 --> 00:02:37.290 It took a lot of time. 116 00:02:37.380 --> 00:02:38.170 And so you only do 117 00:02:38.250 --> 00:02:38.830 it very periodically. 118 00:02:38.920 --> 00:02:40.000 So you do it for big amounts. 119 00:02:40.580 --> 00:02:41.540 So a crypto neobank is 120 00:02:41.620 --> 00:02:43.460 like, yeah, much more like 121 00:02:43.540 --> 00:02:45.040 logical and seamless because 122 00:02:45.120 --> 00:02:45.960 you kind of have 123 00:02:46.040 --> 00:02:48.250 your crypto money, your 124 00:02:48.330 --> 00:02:49.000 stablecoins 125 00:02:49.080 --> 00:02:51.580 sitting in that neobank. 126 00:02:52.210 --> 00:02:53.500 And it's just earning, you 127 00:02:53.580 --> 00:02:56.460 know, like an interest rate, 128 00:02:57.290 --> 00:03:00.380 a reward rate that so you 129 00:03:00.460 --> 00:03:00.750 don't have that 130 00:03:00.830 --> 00:03:02.380 opportunity cost of, you 131 00:03:02.460 --> 00:03:03.540 know, of ramping 132 00:03:03.620 --> 00:03:04.460 the money or not. 133 00:03:04.540 --> 00:03:05.250 It's just sitting there 134 00:03:05.330 --> 00:03:07.500 earning and then you can like 135 00:03:07.580 --> 00:03:09.960 spend with the card when you 136 00:03:10.040 --> 00:03:10.920 need to fund like 137 00:03:11.210 --> 00:03:11.620 your everyday 138 00:03:11.710 --> 00:03:12.460 life transactions. 139 00:03:12.960 --> 00:03:13.170 Anywhere that 140 00:03:13.250 --> 00:03:14.330 accepts a Visa basically. 141 00:03:14.710 --> 00:03:14.920 Exactly. 142 00:03:15.040 --> 00:03:16.250 Any any merchant, there's no 143 00:03:16.330 --> 00:03:17.290 compatibility issue. 144 00:03:17.380 --> 00:03:18.040 We don't need to educate 145 00:03:18.120 --> 00:03:18.880 merchants or something. 146 00:03:18.960 --> 00:03:19.620 It just works everywhere 147 00:03:19.710 --> 00:03:20.620 where Visa is accepted. 148 00:03:21.250 --> 00:03:22.830 And should you need that like 149 00:03:22.920 --> 00:03:25.000 dollar liquidity in crypto, 150 00:03:25.460 --> 00:03:26.170 it's just a simple 151 00:03:26.250 --> 00:03:27.120 withdrawal back to 152 00:03:27.210 --> 00:03:28.080 your crypto wallet. 153 00:03:28.170 --> 00:03:28.370 Right. 154 00:03:28.330 --> 00:03:28.960 Like it's which 155 00:03:29.040 --> 00:03:29.670 takes seconds. 156 00:03:29.920 --> 00:03:31.540 And because often, you know, 157 00:03:31.880 --> 00:03:34.120 people want to be like very 158 00:03:34.210 --> 00:03:35.210 quickly in either 159 00:03:35.290 --> 00:03:35.920 of the two worlds, 160 00:03:36.000 --> 00:03:37.080 either they need to offer 161 00:03:37.170 --> 00:03:39.000 them to buy something or they 162 00:03:39.080 --> 00:03:41.040 they need to, you know, 163 00:03:41.250 --> 00:03:41.960 withdraw to crypto 164 00:03:42.040 --> 00:03:43.540 wallet to trade because the 165 00:03:43.620 --> 00:03:44.080 market is picking 166 00:03:44.170 --> 00:03:44.670 up or something. 167 00:03:44.750 --> 00:03:45.000 Right. 168 00:03:45.540 --> 00:03:46.290 That that is now 169 00:03:46.290 --> 00:03:47.120 a solved problem with 170 00:03:47.120 --> 00:03:47.580 crypto neobanks. 171 00:03:47.790 --> 00:03:49.250 You can just like, right. 172 00:03:49.620 --> 00:03:51.170 Hold it and decide very like 173 00:03:51.250 --> 00:03:52.250 in the moment what you want 174 00:03:52.330 --> 00:03:53.080 to do with that money. 175 00:03:53.170 --> 00:03:53.960 That makes a lot of sense. 176 00:03:54.040 --> 00:03:54.750 So really giving the 177 00:03:54.830 --> 00:03:56.250 accessibility that you would 178 00:03:56.330 --> 00:03:57.120 have money in your bank 179 00:03:57.210 --> 00:03:58.040 account, but with your 180 00:03:58.120 --> 00:03:59.540 stablecoins or even any 181 00:03:59.540 --> 00:04:01.960 type of coin or token. 182 00:04:02.880 --> 00:04:04.080 Taking a step back, I'm 183 00:04:04.170 --> 00:04:04.370 really 184 00:04:04.330 --> 00:04:06.080 interested in this term, 185 00:04:06.380 --> 00:04:07.750 neobank, you used 186 00:04:07.830 --> 00:04:08.620 it multiple times. 187 00:04:08.960 --> 00:04:09.670 You worked at PayPal. 188 00:04:10.290 --> 00:04:11.040 How do you describe 189 00:04:11.120 --> 00:04:12.000 what a neobank is? 190 00:04:12.080 --> 00:04:13.290 Yeah, yeah. 191 00:04:13.380 --> 00:04:15.500 For me, the word neobank 192 00:04:15.580 --> 00:04:18.420 really is, you know, if 193 00:04:18.500 --> 00:04:19.620 you're trying to do something 194 00:04:19.710 --> 00:04:22.460 in finance that 195 00:04:24.000 --> 00:04:25.580 requires like a new approach 196 00:04:25.670 --> 00:04:26.290 or is utilizing 197 00:04:26.380 --> 00:04:27.250 a new technology. 198 00:04:27.670 --> 00:04:29.250 So if you remember, like five 199 00:04:29.330 --> 00:04:30.380 or six years ago, there was 200 00:04:30.460 --> 00:04:32.000 also a wave of neobanks 201 00:04:32.790 --> 00:04:33.960 come from the Fintech world, 202 00:04:34.170 --> 00:04:35.620 the likes of like Revolut or 203 00:04:35.710 --> 00:04:36.620 Wise and so on. 204 00:04:37.040 --> 00:04:38.040 They were also neobanks. 205 00:04:38.420 --> 00:04:40.620 But now, like they were also, 206 00:04:40.710 --> 00:04:41.250 by the way, they were not 207 00:04:41.330 --> 00:04:43.080 banks technically speaking, 208 00:04:43.170 --> 00:04:43.960 right, because like Revolut 209 00:04:44.040 --> 00:04:44.420 didn't have a 210 00:04:44.500 --> 00:04:45.380 license back then. 211 00:04:45.750 --> 00:04:46.670 Neither did like 212 00:04:46.750 --> 00:04:47.500 Wise and so on. 213 00:04:47.580 --> 00:04:48.500 They were kind of, you know, 214 00:04:48.880 --> 00:04:50.290 using work arounds like 215 00:04:50.380 --> 00:04:52.210 E-Money 216 00:04:52.290 --> 00:04:53.830 licenses or, you know, 217 00:04:53.920 --> 00:04:54.830 renting the banking license 218 00:04:54.920 --> 00:04:56.250 of a net like a 219 00:04:56.330 --> 00:04:56.960 platform bank. 220 00:04:58.330 --> 00:05:00.830 And so like we use the word 221 00:05:00.920 --> 00:05:02.250 like crypto neobank to 222 00:05:02.330 --> 00:05:03.460 describe that we're basically 223 00:05:04.540 --> 00:05:07.120 doing something that is 224 00:05:07.210 --> 00:05:08.290 powered by a new technology 225 00:05:08.380 --> 00:05:09.670 that's like, let's say 226 00:05:09.750 --> 00:05:10.210 revolutionary. 227 00:05:11.420 --> 00:05:14.460 And yeah, like also we're 228 00:05:14.540 --> 00:05:17.750 providing banking services to 229 00:05:17.830 --> 00:05:19.290 a crypto audience. 230 00:05:20.790 --> 00:05:22.670 And whether that's a card or 231 00:05:22.750 --> 00:05:23.460 these like virtual bank 232 00:05:23.540 --> 00:05:24.290 accounts that allow 233 00:05:24.420 --> 00:05:26.210 our users to make bank 234 00:05:26.290 --> 00:05:26.830 transfers to 235 00:05:26.920 --> 00:05:27.670 anywhere in the world. 236 00:05:28.420 --> 00:05:29.420 So yeah, for these reasons, 237 00:05:29.500 --> 00:05:30.580 we call it a crypto neobank. 238 00:05:30.670 --> 00:05:32.750 I think the term is also kind 239 00:05:32.830 --> 00:05:34.290 of accepted by the industry 240 00:05:34.380 --> 00:05:36.120 to describe what we and like 241 00:05:36.250 --> 00:05:37.080 competitors are doing. 242 00:05:37.500 --> 00:05:38.580 And I think that feature set 243 00:05:38.670 --> 00:05:40.500 of being able to send money 244 00:05:40.580 --> 00:05:41.580 through a bank, 245 00:05:41.670 --> 00:05:42.250 wire transfers, 246 00:05:42.750 --> 00:05:43.580 actually gigantic. 247 00:05:43.670 --> 00:05:44.290 It's something that you would 248 00:05:44.380 --> 00:05:45.710 have to work with an exchange 249 00:05:45.790 --> 00:05:47.830 and off-ramp, right? 250 00:05:48.080 --> 00:05:49.250 Is that current feature set 251 00:05:49.330 --> 00:05:50.330 live in Ethena Pay? 252 00:05:50.420 --> 00:05:51.830 I know it's only been live 253 00:05:51.920 --> 00:05:52.880 for a very short 254 00:05:52.960 --> 00:05:53.750 period of time. 255 00:05:54.790 --> 00:05:55.790 If you could tell users a 256 00:05:55.880 --> 00:05:56.960 little bit more about kind of 257 00:05:57.040 --> 00:05:58.040 what is the core feature set 258 00:05:58.120 --> 00:05:58.540 that you want 259 00:05:58.620 --> 00:06:00.330 available in Ethena Pay? 260 00:06:00.920 --> 00:06:01.330 Yeah, totally. 261 00:06:01.670 --> 00:06:03.290 So yeah, we're live as of 262 00:06:03.380 --> 00:06:04.500 like a month 263 00:06:04.580 --> 00:06:05.330 ago or something. 264 00:06:05.710 --> 00:06:07.620 We have around 1000 users 265 00:06:07.710 --> 00:06:09.750 that are using the app today 266 00:06:09.830 --> 00:06:11.040 and we have around 267 00:06:11.120 --> 00:06:12.250 like 12,000 on the 268 00:06:12.330 --> 00:06:12.670 wait list. 269 00:06:12.960 --> 00:06:14.380 So right now we have actually 270 00:06:14.460 --> 00:06:16.040 the problem that we have too 271 00:06:16.120 --> 00:06:17.380 much demand versus like 272 00:06:17.830 --> 00:06:19.120 what we can handle because 273 00:06:19.210 --> 00:06:21.330 something that we realized we 274 00:06:21.420 --> 00:06:22.420 kind of already knew it, 275 00:06:22.500 --> 00:06:24.000 but we realized that even 276 00:06:24.080 --> 00:06:25.790 more once we put the product 277 00:06:25.880 --> 00:06:26.580 out there, it's like, 278 00:06:26.830 --> 00:06:28.960 it's a different beast than 279 00:06:29.040 --> 00:06:30.080 doing a DeFi product. 280 00:06:30.330 --> 00:06:31.540 It scales very differently. 281 00:06:32.040 --> 00:06:33.170 You have a lot more like ops 282 00:06:33.250 --> 00:06:35.880 involved and so we're 283 00:06:35.960 --> 00:06:37.710 training our ops 284 00:06:37.790 --> 00:06:38.380 engine right now 285 00:06:38.460 --> 00:06:39.790 with all these like users 286 00:06:39.880 --> 00:06:41.620 coming in, getting up to 287 00:06:41.710 --> 00:06:42.620 speed and hopefully 288 00:06:42.710 --> 00:06:43.830 onboarding users 289 00:06:43.920 --> 00:06:44.790 more quickly in 290 00:06:44.880 --> 00:06:45.920 the coming weeks. 291 00:06:47.000 --> 00:06:47.880 The feature set that's 292 00:06:47.960 --> 00:06:49.420 available right now is 293 00:06:49.500 --> 00:06:51.080 basically very basic, but 294 00:06:51.170 --> 00:06:51.960 also very powerful 295 00:06:52.330 --> 00:06:53.170 because if you think about 296 00:06:53.250 --> 00:06:55.540 it, what users really want 297 00:06:55.620 --> 00:06:56.710 from a financial 298 00:06:56.790 --> 00:06:58.880 app is like saving, 299 00:06:59.830 --> 00:07:03.580 spending and sending, right? 300 00:07:03.880 --> 00:07:05.120 Saving, spending and sending 301 00:07:05.210 --> 00:07:07.540 and everything else is sort 302 00:07:07.620 --> 00:07:09.540 of nice and good to have, 303 00:07:09.620 --> 00:07:11.080 especially if you want to 304 00:07:11.170 --> 00:07:12.170 become like a super app or 305 00:07:12.250 --> 00:07:12.710 something, but like 306 00:07:12.790 --> 00:07:13.580 really at the core, 307 00:07:13.960 --> 00:07:15.000 people want to earn on their 308 00:07:15.080 --> 00:07:16.580 money and they want to be 309 00:07:16.670 --> 00:07:17.460 able to spend it and they 310 00:07:17.540 --> 00:07:18.250 want to be able to 311 00:07:18.420 --> 00:07:20.830 send it to a friend to settle 312 00:07:20.920 --> 00:07:23.830 a peer-to-peer transaction, 313 00:07:24.960 --> 00:07:25.330 like a dinner 314 00:07:25.420 --> 00:07:25.880 that someone paid 315 00:07:25.960 --> 00:07:27.080 or something. So you can do 316 00:07:27.170 --> 00:07:28.790 that. You can settle via like 317 00:07:28.880 --> 00:07:31.250 crypto or fiat in our case. 318 00:07:31.460 --> 00:07:32.580 And then the earn piece is 319 00:07:32.670 --> 00:07:34.170 obviously our bread and 320 00:07:34.250 --> 00:07:35.460 butter, right? That's what 321 00:07:35.540 --> 00:07:38.080 the Ethena is known for. We 322 00:07:38.170 --> 00:07:39.420 have this digital 323 00:07:39.500 --> 00:07:40.380 dollar called USDe. 324 00:07:41.460 --> 00:07:43.170 This produces like a yield 325 00:07:43.250 --> 00:07:44.830 engine attached to it. It 326 00:07:44.920 --> 00:07:47.380 produces like a reward rate. 327 00:07:47.880 --> 00:07:49.670 And so when users have 328 00:07:49.750 --> 00:07:53.120 dollars in their Ethena Pay 329 00:07:53.210 --> 00:07:54.960 wallet, they automatically 330 00:07:55.040 --> 00:07:56.620 get this earn rate. 331 00:07:56.960 --> 00:07:57.960 So they get a daily reward 332 00:07:58.040 --> 00:07:59.620 paid out into their account. 333 00:08:00.380 --> 00:08:00.880 And there's no 334 00:08:00.960 --> 00:08:02.380 like need to put this 335 00:08:02.460 --> 00:08:04.000 into like an earn vault or 336 00:08:04.080 --> 00:08:05.170 any like extra service, just 337 00:08:05.250 --> 00:08:06.040 like automatically you 338 00:08:06.120 --> 00:08:07.290 deposit and you earn 339 00:08:07.380 --> 00:08:09.080 on it. And then the other 340 00:08:09.170 --> 00:08:10.830 piece is like the card, which 341 00:08:10.920 --> 00:08:11.880 is a virtual card that you 342 00:08:11.960 --> 00:08:12.620 add to Apple Pay, 343 00:08:13.210 --> 00:08:14.500 like we discussed earlier, 344 00:08:14.580 --> 00:08:15.960 you can spend at like any 345 00:08:16.040 --> 00:08:16.960 merchant in the world 346 00:08:17.040 --> 00:08:19.420 via the Visa network. 347 00:08:19.500 --> 00:08:21.620 And you get a cashback on it, 348 00:08:21.710 --> 00:08:26.330 which is currently 5% for up 349 00:08:26.420 --> 00:08:30.120 to 5%. And then, yeah, I 350 00:08:30.210 --> 00:08:31.880 think that's it. 351 00:08:32.620 --> 00:08:33.830 The ability to basically send 352 00:08:33.920 --> 00:08:35.120 money that earns interest as 353 00:08:35.210 --> 00:08:36.210 well is very nice, 354 00:08:36.290 --> 00:08:37.120 right? By default. 355 00:08:37.210 --> 00:08:41.040 I think that ability to not 356 00:08:41.120 --> 00:08:42.750 have to sign contract in 357 00:08:42.830 --> 00:08:43.960 order to get the yield is 358 00:08:44.040 --> 00:08:44.670 actually gigantic. 359 00:08:45.290 --> 00:08:46.830 I've had moments myself where 360 00:08:46.920 --> 00:08:48.460 I'm in a vault, but I have 361 00:08:48.540 --> 00:08:49.670 money in my account. But 362 00:08:49.750 --> 00:08:50.460 because it's not 363 00:08:50.540 --> 00:08:52.170 outside of the vault, I can't 364 00:08:52.250 --> 00:08:53.920 use it. So I think Ethena 365 00:08:54.000 --> 00:08:56.380 having this earn feature by 366 00:08:56.460 --> 00:08:57.710 native default 367 00:08:58.080 --> 00:08:59.080 Can you tell us 368 00:08:59.080 --> 00:09:00.120 a little bit about 369 00:09:00.120 --> 00:09:01.380 what's been surprising as 370 00:09:01.380 --> 00:09:02.540 a go-to market lead 371 00:09:02.540 --> 00:09:03.420 of like things that 372 00:09:03.420 --> 00:09:04.580 you didn't expect 373 00:09:04.580 --> 00:09:05.670 working with so many countries 374 00:09:05.670 --> 00:09:08.500 I realized, like, a lot of 375 00:09:08.580 --> 00:09:09.210 things through this launch, 376 00:09:09.290 --> 00:09:11.790 it was super insightful. 377 00:09:11.880 --> 00:09:13.750 I think, like I said, like, 378 00:09:13.830 --> 00:09:16.250 the difficulty of ops 379 00:09:16.330 --> 00:09:18.830 in such a product, 380 00:09:19.210 --> 00:09:22.380 which touches a lot of like, 381 00:09:22.460 --> 00:09:26.790 regulated banking financials. 382 00:09:26.880 --> 00:09:27.380 Yeah, exactly. So 383 00:09:27.460 --> 00:09:28.040 like, for example, 384 00:09:28.120 --> 00:09:30.330 we have like, we don't do 385 00:09:30.420 --> 00:09:31.710 like any banking services 386 00:09:31.790 --> 00:09:33.830 ourselves, but we're working 387 00:09:33.920 --> 00:09:34.790 with partners and 388 00:09:35.210 --> 00:09:37.960 obviously, wherever such a 389 00:09:38.040 --> 00:09:39.330 product or services involved, 390 00:09:39.880 --> 00:09:41.000 there's KYC needed. So 391 00:09:41.080 --> 00:09:42.380 imagine just KYC, 392 00:09:42.460 --> 00:09:44.500 right? Like, which in DeFi is 393 00:09:44.580 --> 00:09:45.580 not a concept, right? You 394 00:09:45.670 --> 00:09:46.290 just connect with 395 00:09:46.380 --> 00:09:47.500 your wallet to a website, 396 00:09:47.580 --> 00:09:48.710 and you just transfer funds, 397 00:09:48.790 --> 00:09:50.210 and it's all smart contracts. 398 00:09:50.290 --> 00:09:50.790 There's no human 399 00:09:50.880 --> 00:09:51.540 touchpoint, right? But 400 00:09:51.620 --> 00:09:52.830 like, the moment you 401 00:09:52.920 --> 00:09:55.580 introduce KYC, there's a lot 402 00:09:55.670 --> 00:09:57.330 of friction, because, you 403 00:09:57.420 --> 00:09:58.170 know, especially if you 404 00:09:58.250 --> 00:10:00.170 do KYC in, you know, 50 405 00:10:00.250 --> 00:10:01.080 different countries, right? 406 00:10:01.170 --> 00:10:02.790 Like, the documents that 407 00:10:02.880 --> 00:10:03.750 users receive, 408 00:10:04.000 --> 00:10:05.250 like the ID documents are 409 00:10:05.330 --> 00:10:07.580 different, right? Like, the, 410 00:10:08.580 --> 00:10:09.500 for example, for proof of 411 00:10:09.580 --> 00:10:10.210 address, you need 412 00:10:10.290 --> 00:10:11.170 like a bank statement or 413 00:10:11.250 --> 00:10:12.120 utility bill or something 414 00:10:12.210 --> 00:10:13.500 like, you know, there's 415 00:10:13.580 --> 00:10:15.790 probably 100 utility 416 00:10:16.000 --> 00:10:17.500 providers in each country, so 417 00:10:17.580 --> 00:10:18.830 multiply that times 50. 418 00:10:19.170 --> 00:10:19.580 Right. And like, 419 00:10:19.670 --> 00:10:20.960 you know, the KYC 420 00:10:22.330 --> 00:10:23.580 needs to recognize those 421 00:10:23.670 --> 00:10:24.790 documents and need to make, 422 00:10:24.880 --> 00:10:25.580 needs to make sure that 423 00:10:25.670 --> 00:10:26.420 they're real, right? 424 00:10:26.710 --> 00:10:27.750 Obviously, we're also in the 425 00:10:27.830 --> 00:10:29.710 age of like, AI and so on. 426 00:10:29.790 --> 00:10:30.880 So, you know, if you need to 427 00:10:30.960 --> 00:10:31.710 make sure that 428 00:10:31.790 --> 00:10:32.880 this is not like a forged 429 00:10:32.960 --> 00:10:35.170 document, so users come to 430 00:10:35.250 --> 00:10:35.750 you and they're like, you 431 00:10:35.830 --> 00:10:37.460 know, I, you know, 432 00:10:37.540 --> 00:10:38.750 uploaded the wrong document 433 00:10:38.830 --> 00:10:41.620 or, you know, like, I need to 434 00:10:41.710 --> 00:10:42.290 change my email 435 00:10:42.380 --> 00:10:43.420 address or, you know, 436 00:10:43.500 --> 00:10:45.330 like, and these are all like, 437 00:10:45.420 --> 00:10:49.250 you know, I lost my iPhone 438 00:10:49.330 --> 00:10:50.670 and whatever it 439 00:10:50.750 --> 00:10:51.790 is, right? Like, and 440 00:10:52.330 --> 00:10:54.830 it all requires like human 441 00:10:54.920 --> 00:10:57.250 intervention. And so, 442 00:10:58.000 --> 00:10:59.380 obviously, yeah, something 443 00:10:59.460 --> 00:11:00.380 that you need to like, 444 00:11:01.040 --> 00:11:03.040 learn and get up to speed. 445 00:11:04.250 --> 00:11:05.290 So, this was pretty 446 00:11:05.380 --> 00:11:06.670 interesting. Then, like, I 447 00:11:06.750 --> 00:11:07.750 also underestimated 448 00:11:08.330 --> 00:11:09.920 how much users care about 449 00:11:10.000 --> 00:11:13.330 like, localization. You know, 450 00:11:13.540 --> 00:11:14.750 you'd think sort of, 451 00:11:14.960 --> 00:11:15.540 especially this, 452 00:11:15.670 --> 00:11:17.120 like, internet native 453 00:11:17.210 --> 00:11:19.620 generation is super 454 00:11:19.710 --> 00:11:21.330 comfortable in English and, 455 00:11:21.420 --> 00:11:21.960 you know, putting, 456 00:11:22.380 --> 00:11:23.290 doing your product only in 457 00:11:23.380 --> 00:11:25.420 English will, will be okay. 458 00:11:26.170 --> 00:11:27.500 But, no, like, 459 00:11:28.670 --> 00:11:30.210 Brazilians want the app 460 00:11:30.330 --> 00:11:33.290 in Portuguese or Brazilian. 461 00:11:34.500 --> 00:11:36.170 And, you know, I don't know, 462 00:11:36.290 --> 00:11:36.830 like, like someone 463 00:11:36.920 --> 00:11:38.120 in the Philippines 464 00:11:38.620 --> 00:11:40.380 wants it in their native 465 00:11:40.460 --> 00:11:41.710 language and so on. So, it's, 466 00:11:42.750 --> 00:11:45.540 yeah, it's a lot of, yeah. 467 00:11:46.330 --> 00:11:47.880 I'm curious on that note, you 468 00:11:47.960 --> 00:11:48.830 guys are supporting so many 469 00:11:48.920 --> 00:11:49.420 different regions, 470 00:11:49.500 --> 00:11:50.580 I believe 50 at the 471 00:11:50.670 --> 00:11:51.380 moment. What are the ones 472 00:11:51.460 --> 00:11:53.540 that are number one or have 473 00:11:53.620 --> 00:11:55.540 been surprising big areas of 474 00:11:55.620 --> 00:11:55.920 growth for you? 475 00:11:56.000 --> 00:11:58.210 So, from the countries that 476 00:11:58.290 --> 00:12:02.000 we currently support, I 477 00:12:02.080 --> 00:12:04.960 really like, you know, these 478 00:12:05.040 --> 00:12:06.250 areas like Singapore, 479 00:12:07.000 --> 00:12:11.620 Hong Kong, UAE, for the 480 00:12:11.710 --> 00:12:12.960 reason that they're just like 481 00:12:13.040 --> 00:12:14.830 financial hubs. 482 00:12:15.170 --> 00:12:16.290 Right. A lot of like. 483 00:12:16.670 --> 00:12:18.170 I could imagine big spenders. 484 00:12:18.250 --> 00:12:19.790 Big spenders, exactly. Big, 485 00:12:19.880 --> 00:12:20.330 big purchasing 486 00:12:20.420 --> 00:12:20.960 power. But also, 487 00:12:21.040 --> 00:12:23.120 a lot of like crypto natives 488 00:12:23.210 --> 00:12:24.830 and or just like high crypto 489 00:12:24.920 --> 00:12:28.120 adoption. So, just the 490 00:12:28.210 --> 00:12:29.170 average person 491 00:12:29.250 --> 00:12:31.080 in the UAE knows about like 492 00:12:31.170 --> 00:12:31.880 crypto and is not like 493 00:12:31.960 --> 00:12:34.330 freaked out by it. Right. But 494 00:12:34.420 --> 00:12:35.290 then, like I said, 495 00:12:35.380 --> 00:12:39.000 also, like, we serve, we can 496 00:12:39.080 --> 00:12:40.120 onboard people from most 497 00:12:40.210 --> 00:12:41.170 countries in LATAM 498 00:12:41.250 --> 00:12:43.170 today. And there's a lot 499 00:12:43.250 --> 00:12:44.460 of demand from there, 500 00:12:44.540 --> 00:12:44.960 obviously different 501 00:12:45.040 --> 00:12:46.790 purchasing power, but very 502 00:12:46.880 --> 00:12:48.420 strong demand nevertheless. 503 00:12:49.580 --> 00:12:51.670 And just Asia in general is 504 00:12:51.750 --> 00:12:53.250 very interesting. Right. I 505 00:12:53.330 --> 00:12:53.750 mean, on that 506 00:12:53.830 --> 00:12:55.250 note of kind of big 507 00:12:55.330 --> 00:12:56.420 spenders, I think there's 508 00:12:56.500 --> 00:12:58.000 been some traction on Twitter 509 00:12:58.080 --> 00:12:59.080 this week between 510 00:12:59.170 --> 00:13:00.880 VIP buses not showing 511 00:13:00.960 --> 00:13:02.460 up on time at the airport, 512 00:13:03.250 --> 00:13:05.250 concierges, cashback rates. 513 00:13:06.000 --> 00:13:07.290 What do you think a crypto 514 00:13:07.380 --> 00:13:08.380 audience really 515 00:13:08.460 --> 00:13:10.330 needs as like the number one 516 00:13:10.420 --> 00:13:12.290 feature or North Star for 517 00:13:12.380 --> 00:13:14.000 Ethena Pay did become number 518 00:13:14.080 --> 00:13:15.040 one or whoever's 519 00:13:15.120 --> 00:13:16.210 going to win in this market? 520 00:13:17.000 --> 00:13:19.710 Good question. Yeah. Yeah. It 521 00:13:19.790 --> 00:13:20.250 was funny, this 522 00:13:20.330 --> 00:13:21.290 like whole VIP 523 00:13:21.420 --> 00:13:22.790 shuttle service, because I 524 00:13:22.880 --> 00:13:25.540 saw that, you know, a lot of 525 00:13:25.620 --> 00:13:27.330 their power users then 526 00:13:27.420 --> 00:13:28.250 complained that, 527 00:13:28.460 --> 00:13:29.540 you know, they didn't get 528 00:13:29.620 --> 00:13:31.170 right. They didn't get picked 529 00:13:31.250 --> 00:13:31.960 up maybe because 530 00:13:32.040 --> 00:13:32.620 they didn't have a big 531 00:13:32.710 --> 00:13:33.420 Twitter account or something, 532 00:13:33.500 --> 00:13:35.080 but they had spent enormous 533 00:13:35.170 --> 00:13:39.500 amounts on this app. And so, 534 00:13:40.380 --> 00:13:43.080 I thought this was quite like 535 00:13:43.170 --> 00:13:46.000 telling because I had just 536 00:13:46.080 --> 00:13:46.830 this hunch when I had seen 537 00:13:46.920 --> 00:13:47.290 this promotion 538 00:13:47.380 --> 00:13:50.460 that like it seems more 539 00:13:50.540 --> 00:13:51.500 catered towards like, you 540 00:13:51.580 --> 00:13:54.620 know, looking good on socials 541 00:13:54.710 --> 00:13:55.460 than, you know, 542 00:13:55.540 --> 00:13:57.080 actually being like useful 543 00:13:57.170 --> 00:13:58.920 for the majority of your 544 00:13:59.000 --> 00:14:00.290 users. Right. Like 545 00:14:00.380 --> 00:14:02.540 we just made it like 546 00:14:03.290 --> 00:14:05.670 free first Grab ride for 547 00:14:05.750 --> 00:14:08.330 everyone, right? Not for VIPs 548 00:14:08.420 --> 00:14:09.170 or anyone like 549 00:14:09.250 --> 00:14:10.120 really just for everyone. 550 00:14:10.710 --> 00:14:12.670 And our users loved it. We're 551 00:14:12.750 --> 00:14:13.670 probably going to extend it 552 00:14:13.750 --> 00:14:14.380 for longer because 553 00:14:14.460 --> 00:14:15.380 they loved it so much. 554 00:14:16.080 --> 00:14:17.750 And also it was like much 555 00:14:17.830 --> 00:14:18.460 less friction because you 556 00:14:18.540 --> 00:14:19.290 don't need to coordinate. 557 00:14:19.750 --> 00:14:20.960 You pick up with anyone, 558 00:14:21.170 --> 00:14:22.620 right? You just like exit the 559 00:14:22.710 --> 00:14:23.620 airport and you 560 00:14:23.710 --> 00:14:24.960 jump in the first Grab. 561 00:14:25.460 --> 00:14:27.540 So, I think this is kind of 562 00:14:27.620 --> 00:14:28.670 like telling for like the 563 00:14:28.750 --> 00:14:29.790 different approaches here. 564 00:14:29.880 --> 00:14:30.750 Like we don't want 565 00:14:30.830 --> 00:14:32.790 to do stuff just for like the 566 00:14:32.880 --> 00:14:33.790 headlines or something. We 567 00:14:33.880 --> 00:14:35.080 want to like 568 00:14:35.170 --> 00:14:36.330 create real utility 569 00:14:36.460 --> 00:14:38.080 for all our users, wherever 570 00:14:38.170 --> 00:14:39.960 they are in the world. And 571 00:14:40.040 --> 00:14:42.330 honestly, I think really what 572 00:14:42.420 --> 00:14:43.120 people care about 573 00:14:43.210 --> 00:14:45.830 is like transparency, right? 574 00:14:45.920 --> 00:14:48.500 Like we don't hide stuff in 575 00:14:48.580 --> 00:14:49.750 our terms of services 576 00:14:49.830 --> 00:14:51.210 regarding, for example, 577 00:14:52.120 --> 00:14:54.960 custody of users’ funds. 578 00:14:55.040 --> 00:14:56.460 or something, right? 579 00:14:56.460 --> 00:14:58.920 Or like cashback limits or like, 580 00:14:59.500 --> 00:15:01.750 you know, the, I don't know, 581 00:15:01.830 --> 00:15:02.830 the reward rate or something. 582 00:15:03.040 --> 00:15:04.000 We really want to, 583 00:15:04.330 --> 00:15:05.120 I think this is what 584 00:15:05.210 --> 00:15:05.460 I think this is what Ethena 585 00:15:05.540 --> 00:15:07.670 is known for. We want to be 586 00:15:07.750 --> 00:15:10.880 transparent and trusted and 587 00:15:10.960 --> 00:15:12.540 do a very good job 588 00:15:12.620 --> 00:15:15.120 at the stuff that we do and 589 00:15:15.210 --> 00:15:16.580 that we offer via the app and 590 00:15:16.670 --> 00:15:17.540 not start like 591 00:15:17.620 --> 00:15:19.170 branching out in a million 592 00:15:19.250 --> 00:15:20.290 different things that we do 593 00:15:20.380 --> 00:15:22.460 poorly, basically. That 594 00:15:22.540 --> 00:15:23.210 doesn't mean we're not going 595 00:15:23.290 --> 00:15:23.750 to branch out, 596 00:15:23.830 --> 00:15:24.880 but we're going to do that at 597 00:15:24.960 --> 00:15:26.210 the right time. Because as I 598 00:15:26.290 --> 00:15:27.120 said before, I 599 00:15:27.210 --> 00:15:27.420 think the users 600 00:15:28.080 --> 00:15:29.330 care the most about these 601 00:15:29.420 --> 00:15:30.920 core services, like earning, 602 00:15:31.000 --> 00:15:31.790 spending and 603 00:15:31.880 --> 00:15:33.420 sending and make these 604 00:15:33.500 --> 00:15:35.670 things work really well as 605 00:15:35.750 --> 00:15:37.500 the prime focus. Nice. I 606 00:15:37.500 --> 00:15:39.750 Taking a step back regarding 607 00:15:39.830 --> 00:15:42.170 Ethena, you can see how 608 00:15:42.250 --> 00:15:42.830 they're going 609 00:15:42.920 --> 00:15:44.120 towards more products. 610 00:15:45.250 --> 00:15:46.380 First question on this note 611 00:15:46.460 --> 00:15:48.290 is like, how might the 612 00:15:48.380 --> 00:15:50.540 success of Ethena Pay help 613 00:15:50.620 --> 00:15:51.830 the Ethena ecosystem, 614 00:15:52.330 --> 00:15:53.920 or maybe even ENA token 615 00:15:54.000 --> 00:15:58.170 holders? Yeah, I mean, the 616 00:15:58.250 --> 00:15:59.420 instrument that 617 00:15:59.500 --> 00:16:01.330 people hold within the 618 00:16:01.420 --> 00:16:03.460 Ethena Pay app is USDe and 619 00:16:03.540 --> 00:16:05.170 that's what enables this 620 00:16:05.250 --> 00:16:06.830 reward rate that people get 621 00:16:06.920 --> 00:16:09.460 natively and daily. 622 00:16:10.710 --> 00:16:12.000 And so obviously, like the 623 00:16:12.080 --> 00:16:14.500 more people sign up to Ethena 624 00:16:14.580 --> 00:16:16.960 Pay, the more 625 00:16:17.040 --> 00:16:19.210 dollars they hold in their 626 00:16:19.290 --> 00:16:21.710 Ethena Pay account, the 627 00:16:21.790 --> 00:16:24.620 larger our AUM grows and 628 00:16:24.710 --> 00:16:25.250 that's kind of like 629 00:16:25.330 --> 00:16:26.960 North Star KPI for 630 00:16:27.040 --> 00:16:31.040 Ethena as a whole. We also 631 00:16:31.120 --> 00:16:33.040 are introducing these tiers, 632 00:16:33.380 --> 00:16:34.750 right? There's like a 633 00:16:34.830 --> 00:16:36.380 standard tier and then 634 00:16:37.000 --> 00:16:38.040 standard, obviously, like 635 00:16:38.120 --> 00:16:39.250 free as the name implies and 636 00:16:39.330 --> 00:16:39.960 then pro and VIP. 637 00:16:40.710 --> 00:16:42.040 And those will require 638 00:16:43.000 --> 00:16:45.210 locking some amount of ENA to 639 00:16:45.290 --> 00:16:48.710 obtain the tier. And so this 640 00:16:48.790 --> 00:16:49.920 is sort of like a 641 00:16:50.000 --> 00:16:51.210 demand thing for the 642 00:16:51.290 --> 00:16:54.250 token and already is massive 643 00:16:54.330 --> 00:16:55.880 demand from like all the 644 00:16:55.960 --> 00:16:56.710 people that are using the 645 00:16:56.790 --> 00:16:58.670 product and those 646 00:16:58.750 --> 00:16:59.830 on the waitlist to actually 647 00:16:59.920 --> 00:17:02.620 get onto these tiers. And so 648 00:17:02.710 --> 00:17:05.040 we think we'll be 649 00:17:05.120 --> 00:17:06.620 seeing some interesting 650 00:17:06.710 --> 00:17:07.960 numbers there. Very cool. 651 00:17:08.170 --> 00:17:09.290 It'll be a nice physical 652 00:17:09.380 --> 00:17:11.000 metal representation of how 653 00:17:11.080 --> 00:17:11.750 much ENA you hold. 654 00:17:12.120 --> 00:17:13.540 Exactly, exactly. Totally. 655 00:17:13.920 --> 00:17:15.120 Yeah, exactly. And the thing 656 00:17:15.210 --> 00:17:16.290 is, like a lot of 657 00:17:16.380 --> 00:17:17.000 people, especially 658 00:17:17.080 --> 00:17:18.380 people who already hold ENA, 659 00:17:18.460 --> 00:17:19.830 so it's kind of like just 660 00:17:19.920 --> 00:17:23.000 giving some utility to the 661 00:17:23.080 --> 00:17:23.580 asset that they 662 00:17:23.670 --> 00:17:25.620 already hold and obviously 663 00:17:25.710 --> 00:17:27.420 others will need to buy it. 664 00:17:27.620 --> 00:17:29.330 But that's one thing. And 665 00:17:29.420 --> 00:17:30.750 then also what 666 00:17:30.830 --> 00:17:31.880 I'm really interested in, 667 00:17:32.880 --> 00:17:35.080 more long term instead of on 668 00:17:35.170 --> 00:17:36.620 top of just like growing AUM 669 00:17:36.710 --> 00:17:37.580 and creating a 670 00:17:37.670 --> 00:17:40.040 demand thing for ENA, I think 671 00:17:40.120 --> 00:17:43.250 being able to distribute 672 00:17:43.330 --> 00:17:44.380 other products 673 00:17:44.460 --> 00:17:45.500 to users directly, 674 00:17:45.790 --> 00:17:47.120 right? Like imagine we launch 675 00:17:47.210 --> 00:17:49.580 new products, new assets, 676 00:17:49.670 --> 00:17:51.040 right? Like I'm just 677 00:17:51.120 --> 00:17:51.920 speculating here, 678 00:17:52.000 --> 00:17:53.670 right? Let's say, you know, 679 00:17:53.920 --> 00:17:58.250 tokenized currencies of like 680 00:17:58.330 --> 00:18:00.580 other countries or gold or 681 00:18:00.670 --> 00:18:01.500 whatever, right? 682 00:18:01.580 --> 00:18:03.380 Stocks, whatever the product 683 00:18:03.460 --> 00:18:05.920 is, we now can like 684 00:18:06.000 --> 00:18:06.750 distribute it to users 685 00:18:06.830 --> 00:18:07.920 directly without 686 00:18:08.000 --> 00:18:09.620 like doing deals with third 687 00:18:09.710 --> 00:18:11.500 parties, right? So that's one 688 00:18:11.580 --> 00:18:12.290 thing. And then 689 00:18:12.380 --> 00:18:14.460 also selling other 690 00:18:14.540 --> 00:18:18.040 services to our user base, 691 00:18:18.120 --> 00:18:19.250 whether that's like DeFi 692 00:18:19.330 --> 00:18:20.290 products like credit, 693 00:18:21.170 --> 00:18:22.790 tokenized stocks or 694 00:18:22.960 --> 00:18:23.920 stuff like that, but also 695 00:18:24.000 --> 00:18:25.880 off-chain services like, you 696 00:18:25.960 --> 00:18:27.170 know, travel 697 00:18:27.250 --> 00:18:29.830 booking, eSIMs, commerce, 698 00:18:29.920 --> 00:18:31.210 like whatever people really 699 00:18:31.290 --> 00:18:33.960 do. Because once you're close 700 00:18:34.040 --> 00:18:35.000 to the user's 701 00:18:35.080 --> 00:18:36.080 wallet or money, 702 00:18:36.830 --> 00:18:39.330 you can really like, it's a 703 00:18:39.420 --> 00:18:40.830 very short step away from 704 00:18:40.920 --> 00:18:41.830 selling them all 705 00:18:41.920 --> 00:18:42.830 kinds of services. 706 00:18:43.250 --> 00:18:44.120 Right. And there's so much 707 00:18:44.210 --> 00:18:45.580 benefits of just becoming in 708 00:18:45.670 --> 00:18:46.710 this Ethena ecosystem, 709 00:18:47.170 --> 00:18:48.170 being related to all these 710 00:18:48.250 --> 00:18:50.380 other card issuers. So that 711 00:18:50.460 --> 00:18:51.080 makes a lot of sense. 712 00:18:52.540 --> 00:18:54.040 As we wrap up, I'm curious, 713 00:18:55.040 --> 00:18:56.080 there's so many products that 714 00:18:56.170 --> 00:18:56.460 Ethena is 715 00:18:56.540 --> 00:18:57.580 launching, I think within 716 00:18:57.670 --> 00:18:59.710 the last two weeks or even a 717 00:18:59.790 --> 00:19:01.000 month, if the Ethena Pay has 718 00:19:01.080 --> 00:19:02.000 launched, you guys 719 00:19:02.080 --> 00:19:02.750 have stopped doing 720 00:19:02.830 --> 00:19:04.040 you know, emissions, I 721 00:19:04.120 --> 00:19:05.170 believe on the core protocol, 722 00:19:05.500 --> 00:19:06.000 you're gonna start 723 00:19:06.080 --> 00:19:06.830 doing more institutional 724 00:19:07.000 --> 00:19:09.380 things and I think pairs for 725 00:19:09.380 --> 00:19:09.580 things and I think pairs for equity. 726 00:19:09.460 --> 00:19:10.750 equity. Do you want to talk 727 00:19:10.830 --> 00:19:12.120 on any of that? What 728 00:19:12.210 --> 00:19:13.290 excites you the most? 729 00:19:13.830 --> 00:19:14.920 Obviously, obviously Ethena Pay, 730 00:19:15.000 --> 00:19:16.330 but if you give us a bigger 731 00:19:16.420 --> 00:19:18.290 structure update about 732 00:19:18.290 --> 00:19:18.490 structure update about Ethena 733 00:19:18.380 --> 00:19:19.210 you know, that would be 734 00:19:19.210 --> 00:19:19.410 that would be amazing. 735 00:19:19.290 --> 00:19:21.420 amazing. Yeah, totally. So I 736 00:19:21.420 --> 00:19:21.620 So I mean, there's so much 737 00:19:21.500 --> 00:19:22.120 mean, there's so much 738 00:19:22.120 --> 00:19:22.320 So I mean, there's so much 739 00:19:22.210 --> 00:19:22.960 happening within the 740 00:19:23.040 --> 00:19:25.290 company at any given point 741 00:19:25.380 --> 00:19:26.920 since you know, since since 742 00:19:27.000 --> 00:19:28.500 I've been there, that it's 743 00:19:28.580 --> 00:19:29.250 very hard for me 744 00:19:29.330 --> 00:19:31.040 to follow really what's 745 00:19:31.120 --> 00:19:32.330 happening outside of just 746 00:19:32.420 --> 00:19:32.880 Ethena Pay 747 00:19:32.960 --> 00:19:34.790 because I'm so you know, 748 00:19:35.040 --> 00:19:37.210 busy with Ethena Pay. But you 749 00:19:37.290 --> 00:19:38.580 know, obviously, then I see 750 00:19:38.670 --> 00:19:39.750 some of the like 751 00:19:39.830 --> 00:19:40.710 launches on Twitter 752 00:19:40.790 --> 00:19:41.710 almost like just like 753 00:19:41.790 --> 00:19:42.880 everyone else, because I was 754 00:19:42.960 --> 00:19:44.540 so out of the loop. But I 755 00:19:44.540 --> 00:19:44.740 But I think the most exciting 756 00:19:44.620 --> 00:19:45.830 think the most exciting 757 00:19:45.920 --> 00:19:48.920 thing, like short term is, 758 00:19:49.000 --> 00:19:50.250 you know, entering the equity 759 00:19:50.330 --> 00:19:51.380 based trade, right? 760 00:19:51.460 --> 00:19:52.460 So the crypto basis 761 00:19:52.620 --> 00:19:55.250 trade being this strategy 762 00:19:55.330 --> 00:19:57.170 that you know, he's started 763 00:19:57.250 --> 00:19:58.330 with and that produced these 764 00:19:58.420 --> 00:19:59.960 very interesting 765 00:20:01.170 --> 00:20:03.710 numbers in the past few 766 00:20:03.790 --> 00:20:04.830 years, but that was limited 767 00:20:04.920 --> 00:20:07.080 to only crypto, like 768 00:20:07.170 --> 00:20:08.670 essentially lending 769 00:20:09.250 --> 00:20:10.830 to people that are long 770 00:20:10.920 --> 00:20:13.710 crypto. And now with equity 771 00:20:13.790 --> 00:20:15.040 perps becoming very 772 00:20:15.120 --> 00:20:16.460 big, and you know, 773 00:20:16.540 --> 00:20:17.750 almost flipping crypto and 774 00:20:17.830 --> 00:20:19.620 it's only a matter of time 775 00:20:19.710 --> 00:20:20.540 until they they 776 00:20:20.620 --> 00:20:21.580 actually flip crypto and 777 00:20:21.750 --> 00:20:23.920 I'll go by a couple of order 778 00:20:24.000 --> 00:20:26.250 of magnitudes. We're gonna 779 00:20:26.330 --> 00:20:27.830 like start lending 780 00:20:27.920 --> 00:20:29.670 to people who are long 781 00:20:30.000 --> 00:20:31.790 stocks. And that's a much 782 00:20:31.880 --> 00:20:33.380 bigger market and much 783 00:20:33.460 --> 00:20:35.420 more sort of less cyclical. 784 00:20:36.250 --> 00:20:37.460 And so the benefit 785 00:20:37.540 --> 00:20:40.790 from me as an GTM leader of 786 00:20:40.880 --> 00:20:42.290 Ethena Pay is that we're 787 00:20:42.380 --> 00:20:43.960 going to have like, it's 788 00:20:44.040 --> 00:20:44.460 going to reflect 789 00:20:44.540 --> 00:20:45.710 in the earn rate that users 790 00:20:45.790 --> 00:20:47.920 get with an Ethena Pay, which 791 00:20:48.000 --> 00:20:49.080 is going to get more 792 00:20:49.170 --> 00:20:49.920 people interested in 793 00:20:50.000 --> 00:20:52.170 Ethena Pay and going to get 794 00:20:52.250 --> 00:20:53.420 us more users. And it's very 795 00:20:53.500 --> 00:20:55.000 hard for other neo 796 00:20:55.080 --> 00:20:55.670 banks or even other 797 00:20:55.750 --> 00:20:56.670 DeFi protocols to 798 00:20:56.750 --> 00:20:59.790 replicate the what we've got 799 00:20:59.880 --> 00:21:01.330 going right, because there's 800 00:21:01.420 --> 00:21:02.380 a massive infrastructure 801 00:21:02.460 --> 00:21:03.620 that we've built here that 802 00:21:03.710 --> 00:21:05.540 we've built over three years, 803 00:21:05.620 --> 00:21:06.250 there's a lot of like 804 00:21:06.330 --> 00:21:07.540 bilateral agreements 805 00:21:07.620 --> 00:21:08.960 with exchanges and stock 806 00:21:09.040 --> 00:21:10.380 issues and so on that no one 807 00:21:10.460 --> 00:21:13.460 can reproduce this one to one. 808 00:21:13.540 --> 00:21:17.540 So yeah, very defensible. 809 00:21:17.540 --> 00:21:19.420 Yeah, it's definitely using this moat 810 00:21:19.500 --> 00:21:20.790 and not only helping people 811 00:21:21.250 --> 00:21:22.830 within the Ethena ecosystem 812 00:21:22.920 --> 00:21:24.170 get more yield, but really 813 00:21:24.250 --> 00:21:25.000 anyone who wants 814 00:21:25.080 --> 00:21:25.500 to get leverage 815 00:21:25.830 --> 00:21:27.500 on stocks now, this is going 816 00:21:27.580 --> 00:21:29.250 to be the best venue to trade. 817 00:21:30.250 --> 00:21:31.500 That's fantastic. 818 00:21:31.580 --> 00:21:33.120 As we wrap up, Lito, 819 00:21:33.250 --> 00:21:34.620 I would love for you to be 820 00:21:34.710 --> 00:21:35.670 able to talk about any 821 00:21:35.750 --> 00:21:37.040 updates on your side, 822 00:21:37.040 --> 00:21:37.920 things that we haven't mentioned, 823 00:21:37.920 --> 00:21:38.710 feel free to talk 824 00:21:38.790 --> 00:21:40.420 to the camera, if there's 825 00:21:40.500 --> 00:21:41.710 anything else, or if 826 00:21:41.790 --> 00:21:42.330 you want to wrap up 827 00:21:42.420 --> 00:21:43.620 by talking about maybe your 828 00:21:43.710 --> 00:21:45.120 socials and where people can 829 00:21:45.210 --> 00:21:45.960 find updates about 830 00:21:46.040 --> 00:21:47.080 Ethena Pay. Yeah, 831 00:21:47.170 --> 00:21:49.250 please. Yeah, I mean, I think 832 00:21:49.330 --> 00:21:51.170 we're going to have a couple 833 00:21:51.250 --> 00:21:52.830 of nice announcements 834 00:21:52.920 --> 00:21:54.040 specific to Ethena 835 00:21:54.120 --> 00:21:57.620 Pay in the next two to three 836 00:21:57.710 --> 00:21:59.420 weeks maximum. And honestly, 837 00:21:59.500 --> 00:22:00.580 it's going to be 838 00:22:00.670 --> 00:22:02.460 pretty much every week 839 00:22:02.540 --> 00:22:03.960 after that, because there's a 840 00:22:04.040 --> 00:22:05.080 lot in the pipeline, whether 841 00:22:05.170 --> 00:22:06.120 that's like, you 842 00:22:06.210 --> 00:22:07.500 know, enabling the 843 00:22:08.210 --> 00:22:09.380 features like, you know, 844 00:22:09.460 --> 00:22:10.670 locking in to upgrade your 845 00:22:10.750 --> 00:22:11.540 tier and have high 846 00:22:11.620 --> 00:22:12.830 cashback limits, or 847 00:22:13.080 --> 00:22:15.420 new country support, or, you 848 00:22:15.500 --> 00:22:16.830 know, a new DeFi integration 849 00:22:16.920 --> 00:22:17.620 that we're 850 00:22:17.710 --> 00:22:18.460 building at the moment, 851 00:22:19.710 --> 00:22:21.000 which people are going to 852 00:22:21.080 --> 00:22:21.960 absolutely love. I think 853 00:22:22.040 --> 00:22:23.080 that's the first time, 854 00:22:23.920 --> 00:22:24.620 yeah, that we're going to 855 00:22:24.710 --> 00:22:26.210 really be building something 856 00:22:26.290 --> 00:22:26.960 that no one else 857 00:22:27.040 --> 00:22:29.080 has. Very cool. And 858 00:22:29.920 --> 00:22:32.420 yeah, I think best is to just 859 00:22:32.500 --> 00:22:34.710 like, follow me on my socials, 860 00:22:34.710 --> 00:22:37.000 Lito Coen on Twitter. 861 00:22:37.670 --> 00:22:39.580 And I'm tweeting about Ethena 862 00:22:39.670 --> 00:22:41.080 Pay daily, so you can miss it 863 00:22:41.170 --> 00:22:41.790 if you follow me. 864 00:22:42.330 --> 00:22:43.540 Nice. Well, thank you very 865 00:22:43.620 --> 00:22:44.880 much for listening and 866 00:22:44.960 --> 00:22:46.830 joining. We are now signing 867 00:22:46.920 --> 00:22:47.710 off from Singapore. 868 00:22:48.170 --> 00:22:48.830 Thank you very much, Lito, 869 00:22:48.920 --> 00:22:49.290 for your time. 870 00:22:49.920 --> 00:22:50.380 Appreciate you.