hello folks you have reached the cryptocurrency portal and today we’re going to go over a lot of information about ripple and XRP and ripple continues to make headlines especially in this day and age with what’s going on in the world with this crazy Cove at 19 however ripple the company continues to propel forward and we always like to highlight different projects on this this YouTube channel and to highlight the forward momentum these projects have in the crypto world and how it will propel the entire industry up so let’s go through this first one it says visa partner currency cloud is now working with ripple to expand their business to business cross-border payments platform now currency cloud says the ripple partnership will help expand business to places where regulations and limitations restrict opportunities for SMEs or small and medium-sized enterprises according to a press release from the london-based company we’ll go over the press release together as well now says Mike 11 who is the CEO of currency cloud here is the quote currency cloud is all about bringing clarity speed and value to the traditionally opaque costly and time-consuming issues associated with cross-border payments particularly for SMEs that have historically been underserved by traditional banking now ripples solution will help us to extend our network to a new parts of the world removing out more barriers to payments for our clients now it remains unclear however if currency cloud plans to utilize on domain liquidity what used to be called X rapid and they rebranded they as and ripple rebranded to the odl or on-demand liquidity and that’s ripples XRP powered remittance product because anytime that there is a ripple announcement any sort the haters out there was at will put is using XRP you know it’s not moving the price so they are just laying the groundwork for the future folks earlier this year currency cloud raised 80 million in series ii so they’ve actually had a lot of funding over the years since they’re already in series ii funding from a number of prominent companies including Visa SBI group which is very involved with ripple and actually has an equity position in ripple and the World Bank Group’s International Finance Corporation according to TechCrunch the company which launched in 2012 so okay they have an eight year track record it’s regulated in Europe the United States and Canada in praat has processed more than 50 billion dollars in 80 different countries last month Ashish Birla Ripple’s senior vice president of product management which we’re gonna go over an article which she’s Birla wrote here in a little bit he he announced that the San francisco-based company was shifting its emphasis towards SMEs and his quote is we are continuing to focus on supporting low value high-frequency payments with Odile no transaction volume may look different in this new world in particular we are reducing emphasis on large Treasury payments which are traditionally used to fund businesses and services in the absence of real-time transfers to support individual low volume transactions addressing the growing need and remittances in SME payment this may reduce overall odile transaction volumes alright so let’s go to that press release that I was referring to now this is from currency clouds direct website which is currency cloud calm is just as they announced their partnership with ripple to process cross-border payments on ripple net currency cloud to focus on new territories under currently under represented for SMEs to make global movement of money efficient so here is their their press release if you want to pause the video and read that yourself I just wanted to go over the About section here about currency cloud currency clouds technology is unlocking the global economy for payment platforms of the future today currency cloud has 85 different api’s across four modules collect convert pay and manage that cover the entire workflow in b2b cross-border payments the as a service platform is proprietary and is fully cloud-based on AWS that’s Amazon’s grouping using restful api s launched in 2012 currency cloud is based in London and is regulated in Europe United States in Canada which we saw before and again has processed over 50 billion to over 80 180 countries currency cloud works with banks and thin Tech’s globally including Starling Bank Standard Bank South Africa and Brooklyn Bank as well as partnering with Visa to deliver innovation in travel payment so that’s a little extra background on

currency cloud so let’s go to this SBI financial giant SBI and launching crypto asset fund featuring 50% XRP allocation now let’s remember Yoshitaka k’tau who’s I think the chairman and CEO of SBI he is a huge proponent of ripple and XRP and they have a huge around 10% or so stake and ripple for company so Japanese financial giant SBI Holdings says it plans to create a new crypto asset fund that features a 50% allocation to ripples native token XRP and a new briefing the financial giant says the crypto asset fund is expected to launch in the coming months according to SBI the fund is designed to allow its clients to gain exposure to the unique and emerging asset class now when different companies not just SBI when they start setting up these investment vehicles there they’re getting ready to probably give them to their high-value clients and so they create those first let them get in get the early returns before they really open up to the masses so this is probably a good step overall providing individuals with a crypto asset fund that embodies the resources of the SBI group crypto assets which have a low correlation to traditional assets such as stocks bonds etc enhanced the effectiveness of diversification I’ve heard that argument for that in order to diversify you need some sort of segment in your portfolio in crypto now we don’t give investment advice it’s just interesting that a lot of P we’ll say that the other half of the fun will feature 30% Bitcoin and 20% and the theorem so that’s their you know they’re they’re betting the future on xrp Bitcoin and aetherium SBI alternative investments will be in charge of creating and handling the fund in partnership with the anonymous entity SBI securities and SBI Money Plaza will be responsible for the sales of the funds shares to individual investors SBI scripto traded operation SBI VC trade will be maintained custody of crypto assets SBI and this is what I talked about a minute ago is a long term Ripple partner and invested in the San Francisco startup back in 2016 so they invested four years ago and they’re still calling ripple a start-up and it really isn’t at this point when they have a ten billion dollar valuation by the way I did a video about their ten billion dollar valuation this is ripple and I’ll put a link to that video in the comment section below so you can check that out but let me know in the comment section below what you think about SBI and this fund of the day are creating especially with the allocation breakdown a 50% XRP 30% in Bitcoin and 20% etherium let me know if you think that’s smart if they should change that allocation or what have you alright so the next article Ripple partner SBI Holdings now a giant in the crypto industry question mark so it says ripple has been one of the most prominent and popular entities in the cryptocurrency and blockchain industry for a while now and I agree with them the ripple of a company in general they continued to have a lot of positive press there continued with partnerships now I know the people that are not fans of X or P always say oh I like ripple but who cares about x RP in there there even though they’re separate they are married together in a roundabout way SBI Holdings is the largest known shareholder of Ripple and ever since ripple join hands with SBI it’s growth in Asia has been exponential ripple needed the support of a large financial services provider to integrate its services especially from a promotional point of view very true with SBI as its cheerleader and yes Yoshi talk Tao is a big cheerleader if you watch him on Twitter I always I can’t always understand his tweets because they’re in Japanese but the ones that are translated they’re always cheerleading ripple ripple has managed to partner with other exchanges and banks in Asia who have also become a part of ripple net apart from connecting ripple and with other financial service providers SBI has also they’re also pushing money taps settlement network which is the implementation of ripple net software that does not here’s XRP apart from being a symbiotic relationship with ripple SBI holdings shared in its March report news of its planning to occupy 50% of ripple net meaning SBI might soon be transaction transacting 50 percent of the volume according to analysts in fact in its investors relation report the company had provided statistics for remittance business noting Vietnam to be the biggest recipient of remittances from Japan accounting for thirty one point three percent so obviously SBI is a big player furthermore there have been

speculations of a ripple corridor between the two countries despite there being no official announcement yet so if the corridor is present it must be put into great use and has not been the most active corridor for SBI as per the report other countries in Asia accounted for a cumulative fourteen point three percent and nearly half of the remittance market for SBI is made up of remittances sent within Asia with its latest decision to buy a minor stake and b2c to which we’re gonna go over later exchange based in at London SBI is now a part of the crypto exchange that could be an exchange ripple decides to partner with if it opens a corridor in the United Kingdom so again they are laying the tracks for the future this could be a beneficial partnership for ripple especially since today SBI is more than just a financial services provider it is a financial giant of the traditional market that is successfully waded into the waters of the cryptocurrency industry so again let me know in the comments section below what you think about this what SBI doing and what do you think the future will hold MoneyGram rolling out payment system Asia are ripple and XRP ready for launch so just again if you if you haven’t known this or seen this ripple put a investment into MoneyGram last year and I actually did a video on that which goes into greater detail so I’ll put that in a link to that video in the comment section below so feel free to check that out but right now let’s go for this MoneyGram article says MoneyGram is expanding its remittance business across Southeast Asia the leading payments company launched an online presence and Singapore in February in an anil kapoor the company’s head of asia pacific in south asia tells digital news asia that the company is now exploring whether it should bring the money gram app to malaysia monogrammed has recently announced a partnership with global money expressed Company Limited Jimmy one of the largest money transfer and payment fin tech companies in South Korea can you can you see the theme from ripple here they’re really focusing on those remittances I think we all know that we follow that that’s more of a does statement but they’re continuing to show a use case and when there’s upwards of five thousand coins out they’re the ones are gonna survive are the ones that show an actual use case the World Bank reports that South Korea is peer-to-peer payments in remittance market has approximately thirteen point four billion in annual remittance outflows the new partnership will particularly benefit customers who send money from South Korea to China and South Asia according to MoneyGram although MoneyGram is a top user of ripples XRP based remittance product known as ODL or on-demand liquidity the company has not revealed which corridors it plans to support in the future to date ripple has officially launched an OD o in the mid Mexico the Philippines and Australia with Brazil on the way and which is interesting about Brazil because ripple usually recently a very everyone knew the call happened what they think was the Bank of Brazil so look at that on Twitter if you want more background the company says it plans to launch across Asia Pacific Europe in the Middle East Africa and Latin America later this year but has not really specific dates on when that may happen in the last two months the texas-based MoneyGram has seen its digital transactions surged amid the corona virus pandemic in the quarter ending March 31st 2020 monograms digital transactions grew 57 percent year-over-year while walking transactions dropped 6 percent the drops make sense in terms of the walk-ins because because of the pandemic people were sheltering in place even it was only that partial month of March in addition digital transactions represented 18 percent of all money grant permiten says at the end of the first quarter in April the company’s digital transactions rose 81 percent year-over-year as online remittances grabbed 28% of MoneyGram transactions then in May the company reported 100 percent year-over-year digital transaction growth according to Camilla – till who has monograms internationals chief operating officer CEO o the company says it’s utilising XRP to power 10 percent of its transaction volume between Mexico and the United States so let me know in the comment section below what you think of this MoneyGram news again I will put in the comments section below a link to the MoneyGram video that I did

and of course when the ripple put it an investment into MoneyGram alright so continuing along here let’s talk about a little ody l a little further is ripple exploring OD l between Europe Mexico and Australia so continuing down this theme with every passing day the prospect of caches transactions is becoming more and more enticing especially since the pandemic is macing making cash vulnerable that’s very interesting this so just step back and think about that piece of right there look how less appealing it is to touch cash and coins now it was already kind of going away I personally barely use cash I use credit cards to get miles from Airlines but this pandemic has really pushed it even more to be a cashless society and I think that it’s just accelerating the change at this point so many traditional banks have been taking steps towards managing day to day activities online with an eye on making the user experience more convenient and comfortable one of the technologies attempting to streamline the payments Network is ripples on-demand liquidity ODL service ripple has joined hands with banks and exchanges all over the world to enable faster and cheaper cross-border payments as per utility scans monitor there currently exists six active corridors however there may be two more corridors currently an opera core currently in operation according to the odl data provider @h m 8e ejx off the follow them on twitter ODL traffic was registered between bitstamp and bit so in fact payments weren’t merging from Europe based bitstamp exchange and were received by the mexican based bit so according to the observer these were batch transactions and when creasing in size so there you go the source was on Twitter you can kind of pause the video if you want to check this out if you understand the chart and everything you can see the amount via United States dollar over here and the date over here so these small transactions were observed previously as well in some believe that this is evidence of tests being carried out between the two exchanges here a corridor could be established between the two countries if the tests were noted to be successful and if there was an additional need to provide liquidity similarly another pattern batch payments was observed between Australia’s BTC markets and bitstamp so here you go if you want to pause the video check that out yourself again here is the mountain US dollars and down here are the now again this could be a sign of another corridor between Australia and Europe in the works however like the Euro to USD while there was enough liquidity between the countries that did not stop the euro/usd corridor from noting spiked volumes on his charts historically ripple has taken its time to announce the active status of any nude corridor for instance the XRP community had to dig deep to identify activity in the jeep GBP to Philippines corridor before eventually getting a confirmation from a Zemo about using it thus even if the corridors were to pass the test the community may have to wait for a long time before an official announcement came their way in the meantime the existing corridors recorded a sudden surge in volume between July 1st and July 2nd as pervert provided by utility scan the volume spiked from 2.5 9 to 5 million on July 2nd obviously it’s a doubling in one day however the volume quickly dipped on July 3rd as the USD volume stood at one point nine four million at press time all right well let me know in the comment section below what you think of ripple potentially going into these new corridors alright so next is I want to go over I told you earlier that there was a very specific Ashish Birla article that I wanted to go over and in the highlight here it says why real time payments are more important than ever so this was a very timely article especially with the kovin 19 pandemic going on so let’s go through this together it says the world is being pushed into a new normal or simple everyday tasks and functions often take taken for granted are becoming increasingly cumbersome this is no short part due to the ongoing cover 19 global pandemic which continues to force many essential operations like finance and payments into the digital realm out of necessity however this new paradigm has been long long been on the horizon thanks to the overall increasing digitization of the world that’s true this has been on the horizon it has been happening it’s been moving slowly however this is going to jumpstart the movement now in theory

this shift is by no means unwelcome interest and demand and digital payment services is escalating as people around the world increasingly require access to instant and reliable means of pain and transferring money unfortunately today’s global payments don’t quite facilitate these needed attributes and that’s so true and so this is something that’s needed in its solving a problem and a pain point in the in the finance and payment space and if digitizing it will solve this more people will embrace it and since this pandemic happened more people are paying attention therefore more people will embrace it Digital payments are essentially just a series of i/o used passed between various financial institutions this requires institutions across the world to engage in complicated legal arrangements in pre-fund currencies which is no strong investor accounts and I’ve heard there’s 10 trillion 20 trillion trillions of dollars parked in these Vostro nostro accounts that are just dormant capital which could be used for many other things so they pre fund currencies with each other to alleviate counterparty risk created by io u–‘s now these delays inefficiencies especially such in such uncertain times underpin the current correspondent banking system and highlight the need and importance of real-time payments now so what are real-time payments and why do they’re not real-time payments combined speed data and communication in order to execute a payment in a matter of seconds they grant users immediate access to their funds and instant confirmation of their transaction while providing your instantaneous settlement finality the initial desire for real-time payments can be traced back to the rise of instant technology where billions of people now have access to information experience the on-the-go availability in various touch points and channels yeah look what the Internet has done you have information at your fingertips at all times and it’s instantaneous before you’d have to go to encyclopedias you have to be library now informations at your fingertips what if money was at your fingertips the same way so already the snowballing digitization of the world highlighted the demand and need for more efficient ways of settling payments but during the global health crisis in its resulting economic ramifications millions of people are facing less stable income and many businesses are facing dwindling profits all while still continuing with major financial responsibilities in a pre kovat world financed by fiat currencies like the US dollar for example would be the closest answer to instant payments however the exchange of the currency requires face-to-face interaction something that is strictly limited in the ongoing fight to prevent the spread of the disease in real time payments via dedicated and convenient payments apps offer the immediacy and reliability of fiat currencies while empowering users the capability to seamlessly sell payment in our increasingly digital world the role of blockchain and digital assets what I’ll do here is just kind of put this here if you want to check it out pause the video then it says the future of Finance is real-time payments so again what I’ll do is just put this up here if you want to pause the video and read that yourself check it out and so let’s move on to because I want to talk about India policy framework for digital assets in India so India is obviously a huge country with over a billion residents and if you can somehow you know it’s a very poor country if you can somehow get those billion residents into the global market it will help the global economy overall so India is at an inflection point in FinTech innovation the country’s government and policy makers have the opportunity to foster responsible adoption of new digital asset and blockchain technology by creating transparent principles based regulatory frameworks that support it so back in 2019 the United States was at a similar inflection point in ripples CEO Brad Garlin house and executive chairman Chris Larson penned an open letter to the United States Congress urging legislators to support FinTech regulation that fosters responsible innovation and protects consumers now I’ve done numerous videos on regulation in the United States so I will put a link in the comment section below to a video that I did about regulations in general so since the letter was issued various US legislators policy makers and regulators have taken steps to further address the benefits of blockchain

technology whether it be by rulemaking guidance or statements of key officials in a recent example the US Financial Protection Bureau CFPB announced a final rule that would revise the electronic fund transfer Act EFTA as it relates to remittance transfer providers and guess who is very strong in remittance payments and that is Ripple today in an effort to provide Indian policymakers with similar recommendations ripple is releasing a policy paper called the path forward for digital asset adoptions so here you know recently India’s Supreme Court delivered historic verdict and the Internet and mobile association India I am AI versus the Federal Reserve Bank a Federal Reserve Bank of India RBI case enabling millions of Indians to invest buy and sell digital assets through bank accounts safely and responsibly promising an era new era for digital assets in India the verdict offers policymakers the opportunity to develop a thoughtful and globally line regulatory framework for the digital asset ecosystem in India Ripple’s policy paper offers an overview of the global digital assets landscape and proposed measures policy made policymakers may implement over the short and medium term so here are some four bullet points but I’ll do is I will just leave this here if you want to pause the video and check that out yourself feel free to read it but that’s kind of ripples thought process on it what I want go to an article that kind of just does an over overview India’s regulatory uncertainty stifling crypto investment says ripple so a lack of clarity means that technical innovation in India’s crypto market is being crippled says ripple execs so here’s three main bullet points ripple executives say a concrete legislative framework for crypto in India is required to encourage institutional investment and that’s true if you want the institutional investors to get off the dime and actually invest in the crypto space they need regulatory certainty before they start putting the big money behind it bullet to crypto in India has faced uncertainty as lawmakers and regulators have issued conflicting rulings on the status and the last bullet here is the executives in India have faced uncertainty as lawmakers and regulators actually the executives don’t believe that a retails CBD C is likely in India but a wholesale CBD C is feasible okay India’s gray zone of digital asset regulation is preventing banks and institutional investors from entering the crypto space stifling the industry that’s the verdict of two senior leaders based in the country speaking with decrypt media partner forecast ripples Naveen Gupta managing director of South Asia and EMEA and cigar SARP hi the company’s head of government in regulatory affairs for asia-pacific outline what they see is a path forward for crypto in India in light of rumors that the government might push for an outright crypto band once Parliament convenes Ripon recently released a white paper proposing a framework for India to regulate digital assets so I just want to kind of go over that so let me know in the comment section below what you think of what ripple is trying to do in terms of laying out a regulatory framework for India what do you think is gonna happen in India and no matter what happens if they open it up or close it down what do you think will happen all right so let’s continue here is from xrp arcade calm Leonidas follow Leonidas 1 on Twitter and follow his website xrp arcade because it’s amazing wealth of information about ripple and XRP we’re gonna go over two things from him and you can see here the headline is h NB c–‘s a rapid increase in digital remittances uses ripple net again it’s published by Leonidas on XRP arcade calm the Hatton National Bank H and be the fifth largest bank in sri lanka announce a 15% year-over-year increase in digital remittances despite the covert lockdown as cardless withdrawals for lincoln expatriates in the aah in b replimat blockchain facility for enterprise helped ease the difficulties faced by consumers so i just wanted to go over that headline there if you want to pause the video and read this check it out and again go to Leonidas page it’s a wealth of information x RP arcade calm and follow him on twitter so this is the other thing speaking of XRP Arkadin Leonidas this is ripples timeline now if you want to check this out yourself I’m gonna kind of peel through it quickly and just

go to X R P arcade dot-com backslash ripple – timeline that easy x RP arcade comm ripple – timeline alright so 2004 ripple pay ripple was first idealized in 2004 or 4 by Ryan Fuger who developed the first prototype of ripple acid digit decentralized digital monetary system so this is a great timeline of ripple and XRP back in October 2011 jed McCaleb who’s very involved with stella lumens as well pushed for the first commit forex RPL validator jed McCaleb and David Schwartz and Arthur Britto created the XRP ledger these are all very smart men but if you ever want to see probably a genius check out David Schwartz on Twitter find just this clips of him go on youtube find clips of and he’s just a genius you can see why ripple as the company is propelling forward XRP created so Arthur Berto created the hundred billion dollar XRP which was then called X and s talks about open coin here again pause the video at any time if you want to read this yourself here’s a few more things that happened back in 2012 back into 2013 they got an angel round here for open coin another angel funding round of McCoy announced that closed a second round of angel funding Jed McCaleb left ripple back in 2013 openko an efficient renamed itself to ripple labs which is ripple now they collapse completing the seed round FinCEN pendulum ripple received a $700,000 civil monetary penalty which then right after that it’s almost like this penalty they took pave the way to get this funding here because it came on the heels of it they these these people were probably send listen until this you get a letter from them and you clear this up we’re not going to fund put a fund behind your Series A funding and what was that thirteen days later so obviously was in the works already they got their funding ripple and they simplified his names to just ripple their 2015 this is one SBI ripple Asia got involved their bit license back in 2016 Series B fifty five million dollars ripple net committee r3 and ripples sue each other back in 2017 they announced 100 partners report escrow spring was announced I’ve actually done videos on about spring that they invest in incubate acquire and provide grants to companies and projects run by proven entrepreneurs so I’ve done a video on that so check it out on my channel Ryan coffee Sue’s ripples so they’ve got a couple lawsuits still pending another lawsuit here so we’re kind of going through coffee drops his lawsuit ripple and r3 settle ODL goes live almost two years ago which was ex rapid back then now known as odl they announced 200 customers a little over a year ago they invested in money gram which again I’ll leave in the link in the comment section below it’s a nice little phone ring there shut that off ripple hit with patent infringement lawsuit ripple 300 customers Series C again that’s when they got two hundred million in Series C funding and that valued them at ten billion dollars actually and I again I did put a link in the comment section below you wanna check out the video that I did patent infringement case dismissed ripples Sousa YouTube ISO standards ripple net cloud again just positive if you want check anymore these out pay ID this was huge leading technology finance and nonprofit companies join forces to announce the launch of pay ID a Universal payment ID to simplify the process of sending and receiving money globally now I actually did a video about pay ID so I’ll put that in a link to the video in the comment section below as well so again thank you to XR p arcade for doing this timeline of ripple and XRP again go to his website x RP arcade comm backslash ripple – timeline if you want to take a little more time with this and go over it alright so the next article only a couple more left I refer to this earlier in the video SBI invest thirty million dollars in beat to see two largest proclaimed market maker in XRP so SBI invest 30 million a major crypto liquidity startup soon after revealing Japan’s first digital fund comprising a 50 percent XRP we talked about that earlier it was also 30 percent Bitcoin and 20 percent etherium SBI services a subsidiary of giant for Japanese financial giant SBI Holdings has bought a 30 million dollar

minority stake in British crypto liquidity startup and b2c to the investment marks the beginning of a strategic partnership between the firms as B 2 C 2 is set to become SBI’s main liquidity provider as announced on July 1st the collaboration is aimed to expand SBI’s crypto offering to millions of customers b2 c2 is intended to benefit from SBI’s distribution network as the london-based start-up launches an economic electronic prime brokerage a spokesperson at b2 c2 told coin Telegraph that the investment is one of the largest in the digital asset industry this year declining to disclose more details and the representative continued ultimately bringing together b2 c2 sophisticated asset liability management framework valuable climate client base and deep expertise in trading and prime brokerage with SBI’s balance sheet strength will be a game-changer uniquely positioned us to tap the twenty billion dollars a year prime brokerage market so let me know in the comments section below what you think about this investment from SBI ripple exec slow response on blockchain could be potentially catastrophic for the United States so this again is just talking about regulations and how the United States is slow and if the United States doesn’t up their game the United States is going to one lose out on companies they’re going to go overseas and other countries are going to innovate quicker than the United States and unfortunately other countries will get ahead of them so if you want you can you can pause the video and read this if you want it’s just the same theme as the regulations need and the guardrails need to be put in place for crypto where it’s not going to take off all right so the last thing I’m going to go over today is this block stars why mainstream consumers in enterprises are joining the blockchain what I’m going to do because I love listening to David Schwartz there’s me again he’s he is a genius when it comes to anything he talks about but definitely anything crypto related so with that said I’m gonna go ahead and just play this video for you can you know play it in the background if you’re going on a walk just play it and listen to it’s about 35 minutes long and I’ll come in for a wrap-up at the end but you know it’s very he’s again he’s a genius and he’s just a treat to listen to at times so in this episode all things crypto ripple CTO David Schwartz talks to BRD CEO Adam trade Minh and BRD was the very first crypto wall released on Apple’s App Store back in 2014 so Adam is used to explaining digital wallets to the uninitiated so here you go with nearly 5 million customers in 170 countries holding over 6 billion dollars worth of digital assets BRD is enthusiastic about the increasing mainstream adoption of crypto currencies so here it is again it’s 35 minutes long this is a good time to you know pause the video go find out where you want to walk take a little exercise go outside just so you can listen to this and it’s just a great back and forth between the two and they’re very smart and they’re a joy to listen to so here you go folks this is going to bead ripple CTO David Schwartz and the BRD CEO Adam Traven welcome to Black Stars nipples podcast that features leaders in crypto and blockchain to discuss the basics of these technologies the current landscape and the real world problems being solved I’m your host purple CTO David Schwartz I’m joined today by BRD wallet CEO Adam trade men to discuss crypto wallets great to have you on our episode Adam thanks David happy to be here so Adam Feherty wallet was the first crypto wallet released in the App Store back in 2014 tell me about BRD wallet what makes it unique well yeah we started way back at that time as an open source project and my co-founder who was really UX focused mobile app designer actually he had the number two app in the entire App Store globally in 2009 released the VRD wallet as red wallet back on the first day when Apple reopened the App Store for Bitcoin and crypto labs and quickly garnered a lot of interest especially among the Bitcoin maximalist community because there’s a pure decentralized wallet implementation kind of just like Satoshi wrote in the white paper yeah because of that and the fact that it was really easy to use it became really popular as a easy getting started slot for new users to Bitcoin so that’s been six years so I guess things have changed a lot gosh it’s hard to believe it’s been that long yes today the company has about four million customers in a hundred and seventy countries and our users combined have about six billion US dollars worth of crypto assets that they protect with the BRDM including xrp let’s help any of our listeners who might not know exactly what we’re talking about so what is a

cryptocurrency wallet what do they do how do they work what purpose do they serve good question think of it like the physical wallet that you’ve got in your pocket or your purse ideally you know at least in the way that the white paper originally talked about crypto currencies that wallet is very much like that physical wallet that you have meaning that it physically holds cash which you control and you possess it can’t be taken from you unless by force and it’s something that you can hand over and pay for any product or service or you know pay for a friend Sharon uber something of that sort right so the function of the wallet is really to manage your digital asset and if you think about what you use your your wallet or even your bank account for today it’s actually fairly simple it’s paying friends and family it’s receiving your salary it’s paying for other goods and services like paying off a credit card that’s exactly what the vision for a full functioning wallet should be so I’m sure you’ve heard the expression not your keys not your coins or not your keys not your crypto you want to tell people what that’s about yeah you don’t to be honest with you David you’re right we heard that a lot in the past we don’t hear it much anymore and I actually think it’s a good thing that we don’t hear it anymore because I think if crypto was really going to go towards mainstream adoption people shouldn’t be worried about the safety and security of their assets very much like you know at least here in the United States were fortunate to have a reasonably stable banking system so we’re not quite fearful that money’s going to disappear out of our bank account although hard to believe that in the modern world here in 2020 even you know we’ve seen things like that in other countries but anyway the idea is that if you don’t have your private keys meaning if you’re not physically holding your crypto asset which is like holding physical cash mind you right then you know you’re basically leaving that money to the custody of someone else and there’s suppose you know a potential risk associated with that but it’s important to sort of quantify that risk David because if you think about it today most of the earnings that folks like you or I or the listeners may have are being custody by a traditional bank holding that fiat currency and we’re trusting that bank and things like stic insurance in America you know work to kind of protect and give us some money and we can sleep well at night one of the original advantages of cryptocurrency is that notion of financial freedom where you can hold your money you can take it anywhere you want to go and we have continued to provide that type of service with the PRD wallet it being non-custodial means your private keys are right in a hardware encrypted on your phone and you hold that money no one else is holding that money it can seem a little scary at first you think gosh what if I lose my phone I don’t lose all my money right well if you did lose your wallet you kind of do lose your money right but fortunately technology allows us you know a way to securely ensure that even if you lose your phone you can get access to your funds but we the company behind the wallet can never get access to your funds so that’s kind of the tension right like if somebody else is responsible for my funds while they can be professional about it they can spend all their time thinking about that security model Wars if I’m responsible for it how much effort can I put into keeping something secure and I have to worry that I’m going to make a mistake so can we have the best of all worlds yeah that’s that’s exactly the Holy Grail and that’s exactly what we’re working towards and I think it’s it’s a combination of maturely developed applications and software that really have a focus on mainstream user experiences that anyone who uses cash can use including Grandma right as well as state-of-the-art security so that you can get the best of both worlds I would say that we’re getting there however I would say a case in point we’re not using cryptocurrency at Starbucks every time we buy a coffee and you know as a result of you know maybe part of the reason behind that is user experience and the sort of customer advantages that might be offered through something like what we’re talking about I would say that even in countries where you have runaway inflation or you have situations where bank accounts get haircut by the local government such as what happened in Greece years ago right during that meltdown over there even in situations like that I think you still see Greek folks today going to the banks and depositing money right so the real question to me there David is do people really feel that pain are they really scared of that or not and that’s why I said these days we hear less about those types of sort of old or Bitcoin phrases such as if you don’t hold your own keys you know morning because I think that what we’ve realized as an industry is that the general consumer populace is more interested in other and advantages a cryptocurrency and less interested in that sort of notion of financial freedom right and they’re less politically motivated than a lot of early Bitcoin people and they’re more personal and consumer motivated which frankly I think they should be right I mean we’re we’re not here for ideologies at least at the BRD well I think we’re not here for the ideologies we’re here to provide good value to consumers and companies alike well so then that suggests the obvious follow up question which is that the value proposition isn’t you don’t need a bank you’re in complete control of your own finances you’re doing everything yourself the value proposition is something else it’s in the user experience or what is the value proposition then that’s right so for a digital wallet or for the BRD app specifically write a simple on-ramp in order to get started with crypto so it’s very easy to use it’s frictionless onboarding when you start the app there

is no need to register you don’t need to import a lot of information you can very quickly get a well liked going and your friend can send you some XRP or it’s a bit going or something of that sort so you could see what that experience is like the digital cash and then from there you can invest so you can start trading you can start looking at purchasing other assets and this today this notion of speculative investing really to be honest as I’m sure you’re well aware is the primary use case for a lot of cryptocurrency and so that’s sort of the number one reason why people get interested in in our wallet as well as I think would they go to an app store and they search for digital asset limits the crypto wallets in general then I think when you go beyond that one use case that’s to me when even more exciting ones come to arise like remittance and I know today you know ripple technology is used all over the world for remittance and har app is used for that as well people sending money home to their friends and families Runk and so then you know those sort of you know use cases there’s there’s more after that right there’s you know all sorts of online transactions and things of that sort but I think if you look at sort of the the main reason why people use our app today it’s because it’s just really easy to get started no matter which of these and sort of scenarios you have in mind as a user so can we also make the point that this becomes a way to get sort of the benefits of a financial system even for people who don’t have access to banks or a traditional financial system can this bring down the cost to provide services like remittances and digital money to people who might be in locations in the world that aren’t well served by the existing financials another huge use case for the Verdi wallet is those folks who don’t have bank accounts who can log into our app they don’t need to have an ID they don’t need to register that doesn’t mean that it’s anonymous or anyway non-compliant with laws and regulations what it means is that because it’s non-custodial you’re holding your own money you know you were you’re not required to provide all of that information that you would otherwise be required to provide to a traditional bank who does hold you money so what that means is that I’m in rural China or Africa where shockingly a huge percentage of people don’t have bank accounts but gosh over I think 65 percent have smartphones right and that numbers right grown since I saw the young saw the statistics and what you find is that they could download our app somebody could send them some I could send them some cryptocurrency right and then they could they could go spend that for instance – I account in their local village and change the life of their family at a local village forever as a result of that and otherwise they would have to do that with cash that they might literally be hiding in their home which is certainly dangerous especially in that kind of environment or another type of digital asset technology maybe like cell phone minutes which is kind of an older for sort of stepping stone that was used in Africa in order to facilitate exactly this kind of use case that you’re referring to with the unthink and because cell phone minutes went down to almost nothing in value a digital asset doesn’t work very well for this anymore the crypto does but but I would be remiss and sort of not doing my duty David if I didn’t mention that as exciting is that unbanked sort of the use case is one thing that I think people in that kind of a situation don’t want is volatility and so I think that’s where these you know stable quotes which you can access which you can buy and sell and BRD up as well provide a really great solution there so they can actually hold that in something fixed value makes it easier for them to hold assets that they can use for payment I think I think you would agree that BRD wallet is a crypto product in your kind of a crypto company and I think we’re also seeing sort of non crypto businesses and products like Robin Hood for example also giving people exposure to cryptocurrency although probably more on the speculative investing side and less on the sort of payment side how would you contrast like those two groups of services for a consumer adoption absolutely I think it’s great by the way to have companies like Robin Hood or fidelity you know in gosh how long has it even been this year in 2020 or maybe in 2019 starting to offer these types of services the reason I’m really excited about that is it just makes it easier for all sorts of consumers all around the world to move value from fiat currencies into the crypto space right and once that value gets moved it then market forces will determine which experiences which wallets which investing platforms which payment platforms users end up choosing to use based on what gives them the best user experience and what gives them the best potential benefits things like maybe rewards you know like points that we have in airline miles and that credit cards and that kind of thing and so we have taken learnings from the traditional payment space and investing space and tried to implement those into the BRDM things like having a rewards for an oil tea program where you can get special benefits which we do have in the BRDM today I think for this generation especially the Millennials these are the people who go to the App Store for everything these are the people who shop based on search spec and so you know you go in there and you type crypto wallet you see the BRDM come up and then you launch that you have you have a mobile life as a millennial right everything’s done through your phone right and you go and and you go through something with easiest user experience because I think especially in this sort of generation it’s sort of a headline focus less

attention to the details more attention to right now what’s here and what’s the value I think that I don’t know maybe it’s the actual physical display on our phones that is actually people that way David but the point is they expect quick results they expect fast they expect a great user experience and they expect to be able to accomplish what they want very quickly and that’s what we offered the BRD wallet and so those are the kind of users I think that this resonates best with they come to us through the app store and then they download the app they get started right away it’s a lot less overhead a lot less friction than going through a traditional investing platform so we have these traditional platforms that are kind of bringing people who want maybe a little bit of exposure to crypto in from one side and on the other side we have these sort of crypto first platforms that are interacting with traditional finance through stable coins or remittances so when we meeting in the middle yeah yeah we’re starting to see some overlap in the Venn diagram but I think it’s very little and in addition to that I think it’s not even much about the overlap you want to have a little bit of an overlap so that you have a bridge but I think that what you’ll find is that value imagine two balloons I connected together value at some point will start shrinking on the outside and start expanding on the crypto side injected I think case in point since I got started in crypto in 2014 when there was only member now a few couple billion dollars or a few hundred million I think actually a few hundred million USD valued assets that work in cryptocurrency and now you know it’s in the 2020s and the billions and billions it is shocked see every time I go to coin market Katherine look at those numbers it’s it’s already started so I think there is some meeting in the middle right now but I think there’s a long way to go and a lot more opportunity so what do we need to grow this as a technology as it tools and better connections the existing financial system this user experience the use cases for things like remittance or the unbanked and whatnot are way larger I think the speculative use case even so it’s also going to take great software and use your experiences and it’s going to take new companies to come and disrupt and replace old traditional companies just like we’re seeing now in the remittance space and companies like transferwise or technology from companies like ripple which is transforming remittances across various corridors unfortunately though it takes a lot of time it really does there’s a lot of inertia in money because of that same thing I mentioned before people have this fear they don’t want that value to be lost so this is a transformation over decades not a transformation over years and not a transformation over months like Instagram and one issue we’ve heard a lot about is the difficulty with adopting blockchain technology finding qualified developers understanding how these technologies work the fear of getting things wrong that’s why I was excited to hear about mocks at tools and a blockchain data integration platform that gives developers a simple API thanks David blocks it is beardies Enterprise SAS product essentially we looked at our success of our consumer platform and the fact that it’s proven in production with 4 million customers you’ve never had any customers who’ve lost funds or have fun stolen within the platform and we took the back end of that that software technology and we realized that that really would provide great value to enterprises who are looking to build blockchain based software whether it’s about a use case like speculation remittance or just providing crypto baking services and so we took any productized that back-end and like you said there’s a lot of confidence that our enterprise customers can get because of the fact that this is being used in production today with so many customers it’s not just about the safety of those funds it’s also about the fact that there’s no point in reinventing the wheel once a company has already done that and then in addition instead of having to take the time that they would normally take to spit up nodes and do integration and all these different chains we provide just as you said the single unified API which allows them to access any watching including XRP actually as well so that’s software is sort of like an AWS for blockchains or for blockchain sort of functionality and today we’ve got large banks and other accounting firms and system integration companies and other large software companies that are dipping their toes into blockchain starting to use our platform in order to accelerate the developments in those apps and that’s actually another good point to David kind of from the technology side of things when these sort of catalyst platforms start to pop up it can spur an innovation and help things grow dramatically as well it’s kind of like putting kindling on a fire or there’s a lot of dry powder right and he light a match near by that’s I think what these platforms are like it was the same thing when for example say when technology came out on top of keys and VIP now I think a lot of people also don’t realize that the maintenance burden can be enormous keeping a platform reliable when you have a problem with that you have to retain the people who understand how to troubleshoot and analyze it when there are changes in the underlying blockchains you have to make sure that your platform remains reliable it seems like being able to offload that to a company that specializes in doing that is a lot more efficient than everybody trying to maintain their own platform yeah you’re here the day right on the head but just like in the early days when everybody had their own competes arms and their own you know Colo facilities

and all of that and they thought well we want to maintain control you know there is security benefits and all that but look at what happened today with Azur and AWS you know by 2020 I don’t think now anybody does that so much internally anymore unless there’s special applications for it or the costs are just too high but it’s more than that it’s also that if you work with a third party like BRD we can provide SLA s to five 9s we have pups in you know three different of regional geographies across the globe we can do more at scale I think that a lot of other companies could unless they’re a fortune 100 company for example and it would cost them a lot more money to do that so just like something gets outsourced like AWS you can actually achieve a higher level of functionality and therefore offer your end customer a better product or service as the result of using a scalable platform blockset I know like like I am you’re primarily focused on crypto as they store value means of exchange and these financial applications but I feel like I should ask you about the sort of utility phase that people have talked about about crip does I know some of those applications have been absurd but like do you think that there are applications for a blockchain and cryptocurrency type technologies outside of the financial space or is that just too crazy not crazy at all my gosh to me that’s like us talking if we were I did a flashback to I don’t know let’s see when was it that I got involved in the internet you know in the late eighties and you a flash back there and we say well should it be used for anything other than IRC for chatting and maybe you know for some basic email or something like that and I look at it I think gosh can you imagine all the things that have been done today and all the positive changes that have been made for the world and I’m not saying they’re all just positive but there have been a lot of positive changes I think you’re going to see the same thing here with digital asset based or watching based technology one of the ones that I’m excited about is identity and identity verification I think the idea of being able to you know use a blockchain and immutable blockchain for identity provides a lot of benefits not only tangible like things like monetary savings or getting your IDs faster getting a passport faster but actually security and social benefits as well such as being able to provide identification to those who don’t have it today or being able to more easily and more safely traverse the world so I think there’s a ton of different possibilities out there and I don’t think that we in our lifetimes will see even the tip of the iceberg it sounds exciting I’m glad you brought up identity obviously people are very concerned about privacy particularly when it comes to movement of money but also just in general with their digital life and interact with the interconnectedness of all the different things that we work with especially in the final space there’s and money laundering regulations know your customer regulations there’s all kind of regulatory rules like the travel rule the controls information that has to pass between financial services what’s your what’s your experience been like with regulatory compliance well I would say that there was this a historical perspective about early crypto folks and crypto companies that Bitcoin or crypto and general offered an alternative to all of those things like regulatory compliance and I think that perspective is incorrect I think that if you really look at sort of the original vision for crypto there were a lot of financial privacy focus no one can take your money away from you type of benefits and I’m not saying that those don’t exist but what I am saying is that if you want to run reputable businesses in the modern world you really have no choice other than to follow local laws and regulations and compliance and we certainly do that at BRD the trick is this the trick is create the right user experience where the user doesn’t have to feel the friction of say uploading video selfies right until they’re right at the stage where they want to do something that requires that level of regulatory compliance and traditionally their own financial system doesn’t have that separation meaning if you go to the bank even today 2020 and you try to open a bank account you are going to be stuck there for an hour going through all these different verifications and then it takes days to get everything started and in all of this right and so there’s no idea or concept or notion of you being able to like quickly get started and then provide that information later say when you have your first transaction or something of that sort but we can do that with modern technology and we can do that in a digital asset space so I think that for better or for worse consumers and enterprises are used to the traditional mo kyc and other sort of regulatory aspects of the traditional fiat based making and finance system and I think that we in the crypto and digital asset industry will continue to comply and we will continue to follow those rules regulations but we’ll just do so in a way that makes it a lot easier for the customers and makes them feel those things less as they should be sort of in the background right and not get in the way of the actual user experience that the end user is trying to achieve whether that’s investing or sending money back home will there be privacy benefits and benefits of control over information for the consumers not just these abuse I think so but I think the way to think about it would be to model it based on what we know today in the old world so for example if I have physical cash in my

wallet in some sense that’s private because I can literally give that to whoever I want without any know your customer or money laundering checks whether it’s twenty dollars or two million dollars I may be labeled a fool from walking around with two million dollars in cash right that’s another story but the point is that aspect of privacy does exist today even in the Fiat system and actually there’s evidence of countries trying to remove that recently what was it and was it 2018 or 2019 when India was removing some of their physical note currency and we’ve heard similar things from China in 2019 about the digital RMB which I had a lot of taken spell by the way and so I think governments are working to remove some of those last bastions of privacy actually in the traditional system and I think that as they close those sort of you know covers if you will or close those loopholes I think that that’s gonna eventually kind of boil over and roll over into the crypto space as well the fan of travel rule really changes the notion of how people can send crypto currencies around also right by very needing to verify information on both sides like a traditional wire transfer so I think you’re going to continue to see regulatory AML kyc components of the Gion system sort of inched their way towards the crypto system and continue to sort of impress upon the crypto industry these requirements to get it to sort of look and feel more like the traditional fiat world and it’s not clear to me that except in the fringe right in with other digital assets that a privacy focused like a Z cache or the Monaro except in that fringe I don’t think we’re going to see a lot of significant privacy focus features go forward so Adam I have insurance at my bank account that protects me if the bank does some shenanigans goes out of business gets hacked and I I have a broker and they have some kind of insurance I don’t know what the detail is but I really don’t worry about like my broker is stealing my money or going out of business or getting hacked because like there’s infrastructure there to protect me on the cryptocurrency side we don’t have FDIC insurance we don’t have whatever it is that protects you know stock traders is that an issue that you’re actually see is there a solution well that’s a interesting interrelated questions I mean is it an issue today I don’t think it’s holding back the industry on mass maybe from an institutional investor perspective their requirements are a little bit higher in terms of the protections they want to see with those companies that are going to be invested or holding their assets and the consumer perspective I think we’re so used to putting personal information and transferring money to in tech companies that we only see through their mobile apps we’ve never seen physically or at a branch or something like that mindset has already started to shift in that direction so people are more comfortable with that however we are seeing some companies in the crypto space start to offer you know insurance type products that are disconnected from things like FDIC insurance and that could be an interesting aspect of this as well but I don’t think that’s really what holds people back I think what holds people back is just more the overall comfort level with using and investing in something that is just somewhat unknown to them I can’t tell you how many times I still get the question like what is Bitcoin or what is what is the digital asset what does that mean what is its value right so there’s more fundamental questions I think people come to that question of what wait is it insured I think a little bit later than the kind of more basic one which is what am i buying I heard this thing goes up in value and I can make money so it’s about building consumer confidence and understanding yeah and and we’re really focused on that at BRD and the UX is really the primary sort of showcase that you have to try to help and educate potential users or investors in that use case and to that point and we try to take great care of our customers of BRD in fact just last weekend I was literally here in Tokyo and got a phone call directly from a user in Kansas and I had my phone rings and I pick it up and he says I can’t believe he answered the phone and I said to Who am I speaking I had no idea who was it I don’t know exactly how he reached out to me but he did and it wasn’t that he had a problem with the app of course more it was that he didn’t understand something why why you know isn’t this working or how is this supposed to work from the perspective of getting like traditional via into into cryptocurrency and it reminds me actually many people probably don’t know this but years ago BRD we we used to run a a free like 800 number which was sort of like a cryptocurrency a hotline that people could actually call for free we would spend 10 minutes on the phone with anyone who calls from anywhere in the world and just kind of help and educate them and everyone in the company I had to answer the phone for certain blocks of time so that no matter if you were an engineer or you are you know in management you have to sort of experience that because I want everybody to understand the mindset of the customer that’s how we’re gonna go better software right and I remember I once got a call from a retired military officer in Philip in the Philippines and he says to me Adam I just spent all night reading crypto currency for dummies and I have questions but I want to get involved in this I’m interested I want to I want to invest in crypto can

you just tell me about some things can you just talk to me that’s what we need to solve is that education getting people comfortable right and then that will the door to another set of questions about things like insurance and safety and all of that but we’re not even that far yet as an industry and so there’s a lot of greenfield out there so when it’s May of 2020 right now we’re in the midst of the Copa 19 global pandemic I’m think I’m locked down a little bit more tightly than you are since I’m in California but how do you see this affecting the industry and how do you see the industry coming out of this I think right now first of all from the perspective of the virus itself and the notion that it’s passed through physical proximity or physical touch and social distancing rules and whatnot that is a potential significant accelerator of contactless payments here where I am presently in Japan I can tell you that many parts of the country right now are offering a government-backed savings of 5% on normal purchases say in a convenience store when you pay with something cashless such as a subway card or such as NFC based credit card and so that kind of a notion that acceleration of things that minimize contact would be great for the payment use cases of cryptocurrency and it doesn’t mean that at the convenience store today I can go pay with X our key or Bitcoin right but what it does mean is that things are moving in that direction I think the biggest shock to me was seeing the original draft of the first stimulus bill in the US including that concept of the digital ballot and talking specifically about digital wallet technology as well I’m very interested to get you to see a future stimulus bills which are being discussed and you know right now this month in May 2020 will include such a concept so I think little sort of outside events that we can’t predict like a global pandemic could be catalyst for these things but in addition to that I also feel like there’s another sort of layer there and that is a lot of people are working from home right now and they find that they’re sitting at the computers or their phones a lot more and they’re doing things that they didn’t previously have time to do before like checking on their investments and they’re thinking gosh with all this volatility in the market because of Cova 19 you know maybe I should look at something else and so for example for the V idea you know we we’ve had all-time highs in terms of user engagement every month since this started from like monthly active users and volumes of transactions and said I look at it and I think well I hope that people are using the technology to do things that the Cova 19 situation might be precluded for example they can’t travel home with an airplane so they’re sending money instead or something of that sort right and I’m glad that the technology can be used but I think a lot of it is just speculative asset stuff too a lot of people at home right now with more time on their hands and they’re thinking how can I invest my money and so I think you know that’s another catalyst that is unexpected but it could be something that helps to accelerate and grow the industry as well so let me ask you on the payment side we’d probably have governments around the world that are considering stimulus type payments to their to their citizens they have large unemployment payments to make our cryptocurrency applications like VOD Wallet ready to handle those kinds of applications yet or is it just a little too soon well when it comes to our specific technology we don’t have support for fiat currencies directly except through stable you know peg coins right like 2 USD for example and so as a result of that for a stimulus check to go directly into a digital wallet today you would need to have that connected to a bank account in fact I think that would be required in order for the IRS is paying the stimulus cheques at least in the u.s. to check exactly who you are and they trust the banks to have done the AML kyc to ensure their social security matches your identity and whatnot so if they were going to send it via direct deposit the agent to your account or they send it into a mobile app you know in some sense it’s sort of the same thing because all veins have mobile apps today I think they’re not really digital wallets in how I feel but additional one had being more decentralized right but from the end users perspective the general consumer walking around of waiting for that stimulus check you don’t really care about that difference necessarily like I was saying earlier right rather this is an opportunity to accelerate the notion of using digital software and apps to hold money so that it’s not only receiving the stimulus check there but then I don’t have to go to the bank I can use the app to make payments for example or I can use the app to to go shopping the point-of-sale with a contactless scan or something of that sort I think it’s more about to be honest David it’s more about the psychology shifting the mindset of consumers and of big companies then it is about literally receiving that stimulus check in any particular way I think some people would have expected like a global disaster like the pandemic to have caused a new bull run or tremendous increase in price the narrative of a safe haven asset has at least changed a little bit as a result the pandemic do you think that that’s made things better or worse for crypto yeah that’s a good question I think that if you look at the market volatility that we’ve seen in q1 q2 of 2020 and crypto markets overall we saw a little bit different behavior than what I would

have expected and I think what you’re alluding to previously intended to be sort of a a symmetric and uncorrelated asset class compared to say stock markets or bonds or something of that sort and in this case it saw everything fall across the board I think because in our lifetimes and I’m not thinking you and I are probably similar age David and our lifetimes we haven’t seen something so you know impactful in the on the world and as you know unfortunate in its and its impact and so I think that just kind of pushed the psychology down of everything so you know in that sense than what goes down must go up or what goes up must go down which is it well it’s both right and I think that you did see a resurgence in crypto markets which to me was more about the 2020 may halvah date it just occurred versus say some sort of a mindset about the correlation of crypto 2 to equities I think I think a lot of the traditional narratives didn’t hold up in this kind of one-off you know extraordinary then that’s right and then the human psychology goes into people like to just sort of mob and heap on right when something goes down it just gets pushed down more and more and more and unfortunately maybe maybe I’m wrong but I feel like in situations like that those who win are really the institutional investors in the bankers who have direct control and access to a lot of money and it’s the individual consumers who are trying to you know do some investing that end up losing now and so I you know I I am glad that at least in that in crypto space we haven’t even seen as much volatility as we’ve seen in the traditional commodity space it’s it’s a it’s a crazy day when I tell you that I think crypto is a safer investment and some of those traditional commodities so we’re just a lot of time Adam tell me where do you see the industry in the next five years what what experiences are users gonna have what are we gonna do for consumers I think one of the biggest changes David is that as a result of several of the things we’ve talked about today I think there is going to be an increased speed of evolution of national currencies over to digital form and I think China’s leaving that right now with the digital RnB for some reason I don’t think the world fully understands yet that in five years time if you want to do business with China or a Chinese company you’re going to need to support that digital asset class and they’re not necessarily just going to put that digital asset class on traditional you know rails like Swift or you know payment rails and whatnot and I’ve seen evidence of that myself you know being over in China before the Cova 19 crisis so I think China leading that wave and then other countries probably like the u.s following through was we got himself in that first stimulus it’s going to really help to change involve the mindset of the end users and large companies and I think that’s going to do is spawn a new generation of technology that’s gonna facilitate making it easier to interact with all these digital assets and what that’s going to do for the industry is you know I look at the crypto industry and companies like the Rd and wrinkle today as sort of the early internet companies that were there you know in the late 90s right the yahoos the Amazons the eBay’s the PayPal’s and whatnot that ended up being able to sort of provide these foundation level platforms to spawn entire new businesses and we could have even dreamed of that at the time so like I said you know quick those sort of a long-term game David I’m sure you agree this is not something to change this the world and in weeks or months or even in just a couple of years it’s gonna be a while but I think we’ve made greater progress as an industry and helping people in the world and creating opportunities that I would have ever expected when I got involved in 2014 and I think that pace is only going to accelerate you know it’s definitely been an exciting right and I’m sure it’s going to continue to do on thank you Adam yeah thanks very much David I appreciate it all right folks there you go that’s directly from ripples CTO David Schwartz and the BRD CEO Adam trade men so they are a wealth of information it’s great to have that kind of horsepower in the crypto space and it’s a joy to always listen to them I’m new to listening to Adam training he’s very knowledgeable but as always CTO of rupal David Schwartz is just a genius so with that said thank you so much for tuning in to the cryptocurrency portal I deeply appreciate it if you like this video please smash the thumbs up button it puts a smile on my face it actually helps out with the Google and YouTube algorithms and all that and if you have any questions or comments please put it in the comment section below I answer all comments I’d love to get discussions going about the crypto space and if you’re already subscribed to the channel thank you very much I deeply appreciate each and every one of you if you’re not a 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