187: Money Talks #50 | Techstars Demo Day Recap | Building the Bear | EU’s MiCA | Web3 as Embedded Finance

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Hey there, I'm Pete Townsend and
this is money, never sleeps.

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We look inside the minds of
entrepreneurs and at the

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crossover of startups and our
prize Finance technology and

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Life.
As We Know It, This episode of

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money.
Never sleeps is sponsored by

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Phillip Lee, one of our Islands
fastest growing corporate law

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firms and expert advisors at the
heart of the Dublin in London

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startup fintech and crypto
communities.

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Just a heads up before we dive
in will be moving to a monthly

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release for the summer, instead
of weekly this time to recharge

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after a few months of running at
full speed, we'll check in in

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early August with an episode.
And that will return to the

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regular weekly Cadence come
September.

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As for this week Owen Fitzgerald
and I recap techstars first-ever

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demo day in Dublin as part of
the launch pool web three

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techstars accelerator.
And we wrap up that our hats and

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mittens for a look at crypto
winter, with FTX block, Phi and

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Voyager with a Similar story at
hand for the likes of Clara and

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they're down round.
We also look at those continuing

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to build in the face of the
overall Financial downturn with

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revolutes new card reader and Al
Gore and bringing Napster back

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to life that we hit on some of
the highlights of the recently

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agreed Mica or markets and
crypto assets regulation in the

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EU before closing with a riff on
open, banking the crossover from

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embedded finance and to crypto
and digital assets.

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All right here on money never
sleeps.

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Oh, and we're back on at night.
Peace.

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It's been a while.
I know it's been two months

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since my last confession.
No, it's been two months since I

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was like, I know, I know since
we've been have we've done it

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episode.
Just you and me.

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You did it.
A few of the tech sergeants we

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did ya but ya know.
Good too good to be chatting.

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It was good to see it in person
on Thursday night I know

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brilliant.
Yeah.

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D techstars and the event.
I was brilliant and the and The

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team's I couldn't believe how
far they'd come after the

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Thirteen weeks.
Yeah, that's a point that

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acceleration, right?
So, this is the launch pool.

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Where three textures
accelerator?

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It's the first techstars program
in Ireland.

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The first chain agnostic program
for techstars in the very first

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textures, demo Day in Ireland,
which is kind of, you know,

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expected.
I had to come up with three

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first though, right?
Of course, if there's a first

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techstars program and I know
it's gonna be the first

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textures, download and Ireland,
unless you take a demo day on

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the road, but it was awesome to
do this at the button factory,

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as you know, which is a no Some
music venue I saw Airborne Toxic

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Event play there a few years ago
and just being up on stage

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there, with the lights with the
smoke, the fake smoke, whatever

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it is, it was incredible.
And I absolutely enjoyed it and

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it is by far the single most
joyful moment of my career in

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seeing each of those nine
Founders get up there and Pitch

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their hearts out and just do so
well, it was an awesome feeling

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for them and someone said to me
afterwards Pete, you must feel

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great about this and I'm like, I
do.

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But you know what?
I'll feel a lot better.

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When the first investor turns up
and writes that first check for

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one of those, not yet, a couple
of them are already well on

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their way to funding.
But, you know, coming out of

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this, obviously, that's going to
be a big Benchmark of success.

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Right?
So it was brilliant because it's

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awesome experience.
Awesome.

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I remember texting you after the
first Mentor, modernist a and

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specifically about one or two
companies and saying, I

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genuinely spent half an hour
with him and had no clue what

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they were doing.
Yeah.

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Yeah.
And yes I was you, I was there

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my wife care, and she was there,
too.

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Be 21 or 22 companies,
specifically and but like she

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totally got it, you know, you
sitting there listening to the

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presentations completely could
understand not being.

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Someone can barely up to speed
on Reb tree and blockchain but

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completely understood what each
company was doing what they were

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offering and ins and outs of it.
Like so, you know, someone not

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not aware of what's going on
that space, you know.

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We just showed a far.
They come from and I'd met them.

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Yeah.
Do a testament to the program.

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Yeah, I mean, that's what it was
all about.

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Is about making web, three more
accessible and everyone needs to

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tell a story.
Three.

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And at the very beginning, what
their pitching is a product, not

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a vision.
Now, they're pitching, something

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that they figured out that they
think that they can wrap some

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technology around and saying, we
can deliver acts, but it's

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really about, and I went through
this so many times, because we

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probably did 10 pitch practice
sessions across the last couple

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weeks of the program.
And then they did, the founders

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would do their own practice with
each other.

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That was one of the best things
about this program was seeing

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how the founders all came
together as a group.

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As a unit, we're just friends
and relying on.

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Each other and helping each
other.

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But going through all those
pitch, practice sessions and

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getting those reps in was
critical and I kept score every

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single time.
What's your hook?

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What's your problem?
What's your solution?

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What's your Market?
What's your business model?

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But your traction, what your
team, what's your vision, right?

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Those eight things and kept
score in my little notebook the

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whole time and just saw them all
come along and eat.

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They need to be able to not just
pitch their business, but pitch

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it in their own.
Own narrative.

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So many of them wrote scripts
that then they're like this

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isn't me talking.
Yeah right it was somebody else

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and the words that they thought
they should be saying and then

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when they all got into their own
story and told it in their own

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words, that's where it just went
through the roof.

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So it's great to see them all.
Come along so far.

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You know, like I said, really,
really proud of all of them.

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That's really interesting about
this.

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Best thing about this is that
this is for Life.

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Yeah, so it'll continue
obviously the 13 week program is

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over.
But now I'm you know, I'm

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invested.
So this is, you know, I'm going

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to be following up with each one
of them on a regular basis and,

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you know, just being as helpful
as I can and it's really know my

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my partner-in-crime human burger
from the program, you know, him

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doing that.
You know, with me is just going

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to be, it's going to be awesome.
So shout out to you, he was

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incredible throughout the whole
programs made this happen at a

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team was brilliant.
Yeah, yeah, yeah.

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Fantastic team had adopts and
Paula Palermo.

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Sorry as the Leslie Winston are
experts and residents with Dave

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Cunningham.
Big shout out to Dave, he knows

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where he is, he knows who he is,
Dave out there and Barna and

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then and Roots is Ali from
Phillip Lee and Mary Hennessey

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from Phillip Lee along with Paul
Smith, our coaching residents

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who was just amazing and then
Tim Boss, who was our CTO and

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residence, and then Laura Walsh.
The CEO of gamify.

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Part of the alphabet group,
along with being Robertson,

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chain McQuillan who lobbied so
hard to get this program to

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Ireland.
I could go on and on and naming.

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All the people mentors, Jesus,
Christmas, the loss.

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They were fantastic including
yourself, mr.

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Owen Fitzgerald.
And it was just seeing how

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people just really embodied give
first, you know, so, but you

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know, some of it.
Some of the takeaways for me is

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like I said, getting your reps
in and just getting out there

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and telling your story and
pitching it to whoever will

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listen, you know going through
and pitching it to a hunted

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90-plus mentors over the course
of those three, four weeks of

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Mentor, Madness.
That's where it just all begin.

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Is all that magic begins and
when you're pitching to really,

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really smart people like
yourself rather than just random

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errs.
That's where it's like, okay

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well that doesn't work.
Yep.

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You know, or I don't get that or
what are you talking about?

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And that's where they got to go
back to work, right?

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And and figure it out.
The other thing, this is not an

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easy program.
You know, there are companies

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out there that just looks a.
Well, let's go from one

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accelerator to the next, but
this one is an easy.

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You got to get full commitment
or you'll get much out of it and

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alongside add that there's no
silver platter here.

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Put this wonderful, Mentor
group, in front of you this

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network, but if you don't use
it, It's not worth anything.

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Right, so you got it you gotta
just run after every single

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opportunity.
So you know, it was a fantastic

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experience to go through myself
and I'm really looking forward

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to doing the next one because of
all the lessons learned the

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first time around and it's just
going to make it that much

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better.
The second time around and how

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soon does the next one follow
applications will open in

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September and then we've got and
then 13th of March, 20, 23,

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cool.
So we'll have all the founders

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in Ireland for the two weeks of
the program in Dublin.

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Just like we did this time
except the first Friday, the

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program will be st.
Patrick's Day.

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Oh nice.
So that's going to be

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interesting but you know just
out on the investor side of all

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this Owen.
What was really interesting was

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just with all the investors that
we engage with throughout the

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program.
But really in the last month of

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the program to get them all
interested in demo day.

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And whether that was a live
stream or turning up in person

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at the button factory was seeing
how the Tech investors are very

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much interested in defy and
those forward-thinking fintech

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investors or even just fintech
investors in general.

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Are really looking at defy, and
they want to learn more, and

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they're making bets, and they're
making Investments.

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Those that had been looking at
consumer, been looking at media.

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They're now, looking at those
that are bringing the sports,

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the gaming, the metaverse
projects, to life, right?

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And talking to a number of those
VC.

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He's who are really interested
in the gaming, the sports

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metaphor swans and then on those
VCS that we're investing in

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Marketplace, they're really
excited about the Creator

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economy once and it's really
interesting and seeing how the

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mindsets are shifting.
Is that web 3 as a segment is

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becoming less and less of a
thing already.

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Dare, I say, I know, I can't say
that what three isn't really a

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segment.
It's an in the way that we're

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classifying, all of these, all
nine of these projects is that

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okay.
You are Gaming first You Are

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music first, you are
entertaining.

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You are, you know, financial
services fintech and then great

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will grab the tag for crypto or
blockchain or web three whatever

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you want to call it and put that
on it as well because you want

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to, you know, you want to get
both kinds of investors in

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there, but it's really about
bringing these real-world

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projects to life.
And you know what?

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That piece is a key best.
You know, making us kind of

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clear because, like I said, I
remember meeting some of them

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and, you know, we talked about
this sort of stuff a lot and I

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read about it.
A lot but I'm not as far down

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the web tree tunnel is most
people would be so like they did

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a great job of bringing it back
towards real the real world.

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Whereas I think when I first met
a lot of it was you know, it was

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all on web tree and crypto on
blockchain and you're trying to

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see well, you know, where where
does this fit, and what does

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this look like?
And is this, you know, does this

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may even make sense?
Does this need to be a product?

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You know, we're not something
already out there so I think

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like what kind of stood out for
me was the fact that they were

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able to bring all of it into the
kind of real.

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World and into the almost, you
know, they did a great job of

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showing how relates to the kind
of Web 2.0 World which I think

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would help a lot of investors to
kind of come to terms with the

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stuff better.
Yep, absolutely coming to terms

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with.
It is one thing, but then

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investor having the ability to
be able to sort out the wheat

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from the chaff.
When it comes to those that are

225
00:10:56,500 --> 00:10:59,400
building, economies, not just
companies.

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And that's one of the key things
here.

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But in reality, in order for you
to take the position of hey, I'm

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00:11:06,700 --> 00:11:10,000
building an economy, I'm not
building a company, you need to

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00:11:10,000 --> 00:11:12,800
be fully decentralized, and no
one can be fully decentralized

230
00:11:12,800 --> 00:11:15,100
from the start unless you are
Bitcoin, right?

231
00:11:15,100 --> 00:11:18,000
That is the only truly, really
decentralized project but you

232
00:11:18,000 --> 00:11:21,000
can look at maker Dow but that's
become truly decentralized over

233
00:11:21,000 --> 00:11:23,000
the years.
But, you know, it's hard to

234
00:11:23,008 --> 00:11:24,800
start out as truly
decentralized.

235
00:11:24,800 --> 00:11:29,600
So you need to start out with an
MVP just like any other startup

236
00:11:29,600 --> 00:11:32,500
and you need to get something
live and get it out there and

237
00:11:32,600 --> 00:11:35,100
you need to get it to you
needed, something recognizable

238
00:11:35,100 --> 00:11:36,500
and people's hands and then over
time.

239
00:11:36,600 --> 00:11:41,400
I'm if you decentralized and
whoever built the network to

240
00:11:41,400 --> 00:11:44,200
begin with just becomes a user,
the network they built rather

241
00:11:44,200 --> 00:11:47,100
than the owner and operator,
well, that is when you become

242
00:11:47,100 --> 00:11:49,900
truly decentralized, but that's
going to take time, but will

243
00:11:49,900 --> 00:11:53,200
take time and how I know because
we're about to move on to that

244
00:11:53,200 --> 00:11:55,600
topic.
But the timing wasn't idea loves

245
00:11:55,600 --> 00:11:59,100
the in terms of what an
economist cryptic crypto Palace

246
00:11:59,100 --> 00:12:00,500
or is a.
Yeah.

247
00:12:00,800 --> 00:12:04,400
Calling it pretty much
everything crashing down from

248
00:12:04,700 --> 00:12:06,400
all around.
You guys just come in today.

249
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End and coming near demo day.
Yeah well like the world like

250
00:12:10,700 --> 00:12:13,000
they say about the weather in
Ireland, there's no such thing

251
00:12:13,000 --> 00:12:15,000
as bad weather, just
inappropriate clothing.

252
00:12:15,600 --> 00:12:19,400
So as we head into crypto,
winter, are you prepared to

253
00:12:19,400 --> 00:12:23,900
weather the storm, right?
So yeah, and the, a, a storm is

254
00:12:23,900 --> 00:12:27,400
underway.
And the, you know what, started

255
00:12:27,400 --> 00:12:30,800
with, well, you could call any
starting point you want, but the

256
00:12:30,800 --> 00:12:35,400
one that I'm focusing on is Tara
Luna and what happened with call

257
00:12:35,400 --> 00:12:38,400
it a trade call.
And attack depending upon how

258
00:12:38,400 --> 00:12:41,200
you want to look at this.
But, you know, there were

259
00:12:41,200 --> 00:12:46,100
reserves backing UST or the
Terrace table coin in Bitcoin

260
00:12:46,500 --> 00:12:50,200
and in aetherium and when
they're a bunch of withdrawals,

261
00:12:50,200 --> 00:12:54,200
those need to be sold and we got
that much of a big balance in

262
00:12:54,200 --> 00:12:58,000
volume, a bit coin, and a theory
of these major cryptocurrencies

263
00:12:58,000 --> 00:12:59,900
out there being held as
reserves.

264
00:13:00,200 --> 00:13:03,100
They got to go and that's
downward pressure on price and

265
00:13:03,100 --> 00:13:05,100
yesterday obviously down below
20,000 again.

266
00:13:05,100 --> 00:13:09,700
So for Bitcoin which is the The
the Bellwether but it's a lot

267
00:13:09,700 --> 00:13:13,700
harder to finance a crypto
project when Bitcoin is at

268
00:13:13,700 --> 00:13:16,400
20,000 versus when it's at 60 or
70,000.

269
00:13:16,400 --> 00:13:19,300
Yeah, you know.
So yeah, we're we are in the

270
00:13:19,300 --> 00:13:22,100
bear Market, everyone saying
Build The Bear, right Bill?

271
00:13:22,100 --> 00:13:24,900
The dip that those that come out
of this will be the best

272
00:13:24,900 --> 00:13:29,400
position to and we've got there
was a comment that nft NYC

273
00:13:30,000 --> 00:13:33,500
conference where someone said
there was so much dead wood on

274
00:13:33,500 --> 00:13:35,500
the trees.
We just needed a big, big storm

275
00:13:35,500 --> 00:13:37,400
to come and blow.
Have it off.

276
00:13:37,700 --> 00:13:40,100
Yeah.
Sounds like it just it actually

277
00:13:40,100 --> 00:13:43,500
shows what from the outside.
It shows how interconnected

278
00:13:43,500 --> 00:13:47,400
everything was and which is not
necessarily what a good thing,

279
00:13:48,200 --> 00:13:50,800
Totally Secure, so Voyager,
domino effect, everything

280
00:13:50,800 --> 00:13:52,700
started falling.
Yep.

281
00:13:52,800 --> 00:13:56,000
So Voyager one of the funds that
is, you know, entering into

282
00:13:56,000 --> 00:13:58,700
liquidation.
Now 60% of their loan book was

283
00:13:58,700 --> 00:14:02,200
in three arrows Capital, which
just went under into liquidation

284
00:14:02,200 --> 00:14:05,100
last week.
So all of this interconnected

285
00:14:05,100 --> 00:14:08,800
stuff smells Smells and tastes a
little bit like, you know,

286
00:14:09,000 --> 00:14:11,800
Lehman Brothers to AIG with
credit default swaps and all

287
00:14:11,808 --> 00:14:14,200
this other stuff.
You know, the difference is that

288
00:14:14,200 --> 00:14:16,000
you can trace all this and you
could see all this.

289
00:14:16,000 --> 00:14:19,000
So it should have been not.
That was preventable, but that

290
00:14:19,000 --> 00:14:23,400
you can move from ether scan,
two blocks can two polygons can

291
00:14:23,400 --> 00:14:26,300
to whatever and be able to see
all of this in real-time and see

292
00:14:26,300 --> 00:14:28,300
these assets moving around.
You need to know what the

293
00:14:28,300 --> 00:14:30,900
address is our.
But, you know, this stuff is

294
00:14:30,900 --> 00:14:34,000
traceable and more traceable
than these opaque credit.

295
00:14:34,000 --> 00:14:37,400
Default swaps were, everything
was just me Moved around from

296
00:14:37,400 --> 00:14:39,100
one letter to the next, you
know.

297
00:14:39,100 --> 00:14:42,400
But I'd say the biggest, you
know, one of the big signs of

298
00:14:42,400 --> 00:14:47,100
what's going on right now.
FTX are stepping into a JP

299
00:14:47,100 --> 00:14:48,000
Morgan.
Yeah.

300
00:14:48,000 --> 00:14:50,400
Right.
It was back on Friday and this

301
00:14:50,400 --> 00:14:55,000
was in CNBC that it was
announced that FTX closed in on

302
00:14:55,000 --> 00:14:59,700
a deal to buy block 5, the
embattled crypto lender for 25

303
00:14:59,700 --> 00:15:02,800
million dollars in a fire sale.
Now that turned out to be false,

304
00:15:03,300 --> 00:15:05,400
right?
It wasn't actually 25 million

305
00:15:05,800 --> 00:15:08,100
and I think it just Monday.
It was announced that it's

306
00:15:08,100 --> 00:15:12,000
actually an option to buy it
that FTX now have to buy block

307
00:15:12,000 --> 00:15:15,000
fi for.
I think 240 million, which is

308
00:15:15,000 --> 00:15:18,900
still way below their original.
You know what, I think their

309
00:15:18,900 --> 00:15:21,600
last valuation was somewhere up
around.

310
00:15:21,600 --> 00:15:24,700
Well, 4.8 4.8 billion is what it
was.

311
00:15:24,900 --> 00:15:28,800
Yeah, so you ever use block fi I
have not.

312
00:15:29,600 --> 00:15:32,900
It was pretty easy.
All I had to do was send over my

313
00:15:33,000 --> 00:15:36,400
etherium from my coinbase
wallet, over two blocks.

314
00:15:36,600 --> 00:15:40,700
Do the kyc, open an account and
I start getting 5% interest on

315
00:15:40,700 --> 00:15:42,900
that or whatever it was, it was
somewhere around five percent

316
00:15:43,700 --> 00:15:46,400
but whatever was happening in
the background, I don't know.

317
00:15:46,500 --> 00:15:50,000
But I mean, obviously with the
drop in the values, I don't

318
00:15:50,000 --> 00:15:51,900
think anything untoward was
going on in the background.

319
00:15:51,900 --> 00:15:54,000
I think it's just with drop in
the values of everything.

320
00:15:54,300 --> 00:15:57,900
People were just withdrawn, and
if it gets withdrawn to a level

321
00:15:58,100 --> 00:16:00,300
below a certain, you know,
low-water Mark.

322
00:16:00,300 --> 00:16:03,000
Then there's not much of the
business can do.

323
00:16:03,600 --> 00:16:07,600
So Sam back.
Been freed is the CEO of FTX.

324
00:16:07,600 --> 00:16:10,600
And like I said, kind of
stepping in he's now, and this

325
00:16:10,600 --> 00:16:13,700
is in the CNBC article.
He has an ownership stake in

326
00:16:13,700 --> 00:16:16,500
Robin Hood Alameda.
Research is his business, right?

327
00:16:16,500 --> 00:16:19,000
And that is the old school
business that he started with,

328
00:16:19,000 --> 00:16:23,500
and then FTX, there's also a bit
W that he has an ownership stake

329
00:16:23,500 --> 00:16:25,800
in as well as Voyager.
Which is that fun that we just

330
00:16:25,800 --> 00:16:28,500
mentioned going into liquidation
and he's extended credit lines

331
00:16:28,500 --> 00:16:31,000
to Voyager and also obviously to
block Phi.

332
00:16:31,000 --> 00:16:33,700
So I think there's going to be
more to come here.

333
00:16:34,100 --> 00:16:38,300
If I think this isn't the end, I
We're going to see some more run

334
00:16:38,300 --> 00:16:41,100
into trouble.
And, you know, the way I like to

335
00:16:41,100 --> 00:16:44,700
look at this is that just
because these big, big

336
00:16:44,700 --> 00:16:50,600
businesses that are unicorns,
doesn't mean actually have

337
00:16:50,600 --> 00:16:54,500
incredibly well controlled
governed product development

338
00:16:54,500 --> 00:16:58,100
operations, client service.
You know, you start out as a

339
00:16:58,100 --> 00:17:00,700
technology company, and then
you're trying to become a

340
00:17:00,700 --> 00:17:04,000
financial institution.
It's really, really hard to do.

341
00:17:04,099 --> 00:17:06,099
Yeah.
And it's not just going after

342
00:17:06,099 --> 00:17:09,000
the Elation, it's just the
internal mindset that people

343
00:17:09,000 --> 00:17:12,099
have on, oh hey, I can just go
develop this Tack and we'll

344
00:17:12,099 --> 00:17:15,800
solve that problems like now he
can't, you know, there's because

345
00:17:15,800 --> 00:17:18,400
you forget you forget from the
outside like I'm looking at

346
00:17:19,200 --> 00:17:21,700
trying to work with a company in
the space at the moment.

347
00:17:21,700 --> 00:17:24,700
And you know, you forget from
the outside that there's an

348
00:17:24,700 --> 00:17:27,400
operational entity, there are
like there's always an

349
00:17:27,400 --> 00:17:29,500
operational entity there
somewhere in this scenario.

350
00:17:29,500 --> 00:17:31,700
In this case it's an Irish
registered entity.

351
00:17:31,700 --> 00:17:34,200
You know what has employees?
It's trying to run a business

352
00:17:35,100 --> 00:17:37,200
you know in the background.
That's a We'd be looking to

353
00:17:37,200 --> 00:17:40,400
invest in like that, that, that
business needs to be run.

354
00:17:40,400 --> 00:17:43,300
Well, so I don't know.
What do you want to call it?

355
00:17:43,300 --> 00:17:44,900
The Crypt APA lips doesn't like,
see.

356
00:17:44,900 --> 00:17:47,800
It's roll off the tongue to,
isn't it, you know, it's just a

357
00:17:47,800 --> 00:17:49,800
bear Market.
It's a bear market, and that's

358
00:17:49,800 --> 00:17:52,100
what happens.
It's, we it's, you know, sorting

359
00:17:52,100 --> 00:17:53,600
out.
What is it the wheat from the

360
00:17:53,608 --> 00:17:56,100
chaff or whatever they say, you
know, it's probably good, but

361
00:17:56,100 --> 00:18:00,300
look, it's in the context of a
wider you know, I suppose

362
00:18:00,800 --> 00:18:05,400
Reckoning for tech companies.
So like that in some in some of

363
00:18:05,408 --> 00:18:07,800
these cases, there's Oddly not
much wrong with some of these

364
00:18:07,800 --> 00:18:09,900
businesses order isn't anything
wrong with any of these

365
00:18:09,900 --> 00:18:11,700
businesses.
It's just that they were

366
00:18:11,700 --> 00:18:13,700
overvalued, you know, like, you
know good.

367
00:18:13,700 --> 00:18:16,900
We were going to mention Clara.
I like that was a drop from what

368
00:18:16,900 --> 00:18:20,000
46 billion to six and a half
billion for a new funding round.

369
00:18:20,000 --> 00:18:21,900
Nothing wrong with the
fundamentals that a business

370
00:18:21,900 --> 00:18:25,300
just heavily overvalued and it's
just time, Robin Hood.

371
00:18:25,300 --> 00:18:27,400
Same as some of the others I
guess there might be losing a

372
00:18:27,400 --> 00:18:29,700
bit of business or did a bit of
tightening and regulation or

373
00:18:29,700 --> 00:18:31,900
whatever but they're still
fundamentally good businesses.

374
00:18:31,900 --> 00:18:34,800
We could users and good user
number and underneath them.

375
00:18:35,100 --> 00:18:38,500
So it's going on everywhere.
Suppose the point of making it

376
00:18:38,500 --> 00:18:42,600
is it is and, you know, the FED
raising rates 75 basis points

377
00:18:42,600 --> 00:18:45,900
and then expecting to raise it,
another 75 basis points isn't

378
00:18:45,900 --> 00:18:48,700
making it any easier because for
years and years and years, it

379
00:18:48,700 --> 00:18:50,800
was just cheap money and now
it's getting more expensive.

380
00:18:51,300 --> 00:18:57,500
So you know, those pumping into
3, 400 million into a single

381
00:18:57,500 --> 00:19:04,200
deal because the cost of capital
is Tiny, it's a no-brainer

382
00:19:04,200 --> 00:19:06,000
because that's the only place
you're going to get returned.

383
00:19:06,000 --> 00:19:09,900
But now, Now, when that interest
rate rise, not only puts

384
00:19:09,900 --> 00:19:12,400
pressure on the investors but it
also puts pressure on the

385
00:19:12,400 --> 00:19:15,500
companies as opposite operating
entities like you until you

386
00:19:15,500 --> 00:19:17,700
start to finally see who's
actually got a profitable

387
00:19:17,700 --> 00:19:20,300
business or a path to
profitability.

388
00:19:20,800 --> 00:19:23,400
You know because it's definitely
opened and we've talked about it

389
00:19:23,408 --> 00:19:26,700
before which Revolution oh
consistently relying on a

390
00:19:26,708 --> 00:19:30,700
further funding round.
Yeah the end and they will keep

391
00:19:30,700 --> 00:19:34,200
doing that, you know, and that's
other new their new product

392
00:19:34,200 --> 00:19:38,000
today with their card.
So, I think it's enabling them

393
00:19:38,000 --> 00:19:41,900
to skip the merchant acquirers.
Perhaps where, if you've got a

394
00:19:41,908 --> 00:19:45,600
revolute business account, you
can use this revolute card

395
00:19:45,600 --> 00:19:48,800
reader and that, you know, for
retail payments for point of

396
00:19:48,808 --> 00:19:52,500
sale.
So and that those payments go

397
00:19:52,500 --> 00:19:54,900
directly into your revolute
business account.

398
00:19:55,600 --> 00:19:59,400
So they're going down the ruched
us square of come from the

399
00:19:59,400 --> 00:20:01,100
exactly.
Exactly.

400
00:20:01,100 --> 00:20:02,800
My friend.
And it makes I mean it makes

401
00:20:02,800 --> 00:20:05,800
sense as a an angle for them
over decided World.

402
00:20:05,800 --> 00:20:09,900
Anyway, I kept, I keep seeing
more and more of these examples

403
00:20:09,900 --> 00:20:14,000
of, you know, of the, the
hardware or this connectivity

404
00:20:14,000 --> 00:20:16,700
into in person, it connectivity
and to, in real life.

405
00:20:16,700 --> 00:20:20,000
And when I read that, bit about
revolute today in the card

406
00:20:20,000 --> 00:20:23,100
reader, I thought.
Okay, here's another one and,

407
00:20:23,100 --> 00:20:28,100
you know, stripe or doing a lot
obviously, and with square like

408
00:20:28,100 --> 00:20:32,300
you mentioned or block now they
are going to continue to just

409
00:20:32,300 --> 00:20:36,300
plow ahead on all of that but
it's can you do this true?

410
00:20:37,100 --> 00:20:40,700
Vertical integration where you
can own as much of that payment

411
00:20:40,700 --> 00:20:43,900
flow as possible.
And eliminate the external tap,

412
00:20:43,900 --> 00:20:46,000
touchpoints means you get you
have more control.

413
00:20:46,000 --> 00:20:47,700
You have a deeper relationship
with the consumer.

414
00:20:47,700 --> 00:20:49,300
You have deep relationship with
a business.

415
00:20:49,600 --> 00:20:51,200
You get your little fintech
flywheel going.

416
00:20:51,900 --> 00:20:54,900
You know, everyone's happy.
You just wonder like when you

417
00:20:54,900 --> 00:20:56,800
when you think it through with
some of them like there's so

418
00:20:56,800 --> 00:21:00,300
many of them now connect
competing in numerous different

419
00:21:00,300 --> 00:21:02,400
fields with each other.
Obviously, there's an example of

420
00:21:02,400 --> 00:21:05,700
Revolution know going into this
space, that square would be in.

421
00:21:06,400 --> 00:21:10,200
Obviously they're, you know,
they're encroaching into Stripes

422
00:21:10,200 --> 00:21:14,100
space would like realistically,
if you've already got the

423
00:21:14,100 --> 00:21:17,400
customers, their know you're
probably just adding more value

424
00:21:17,400 --> 00:21:20,000
to them and you're keeping them
are revolute.

425
00:21:20,000 --> 00:21:22,800
Really going to poach customers
from Square.

426
00:21:22,800 --> 00:21:26,200
For example, a block in in that
scenario at the merchant side at

427
00:21:26,200 --> 00:21:29,200
the point of sale unless they're
already poaching Revit, like

428
00:21:29,200 --> 00:21:32,700
revolute customers and they're
just adding further features.

429
00:21:32,700 --> 00:21:36,500
Yeah you know embedding those
customers more maybe but it You

430
00:21:36,500 --> 00:21:39,700
find it, hard to see people as
well as winning customers from

431
00:21:39,700 --> 00:21:41,700
each other.
Yeah, you need to have a

432
00:21:41,700 --> 00:21:43,300
revolute business account, or do
this.

433
00:21:43,300 --> 00:21:45,600
And I've got plenty of
experience with that roughly

434
00:21:45,600 --> 00:21:47,400
business account.
Didn't make me very happy.

435
00:21:47,900 --> 00:21:49,700
Yeah.
So yeah, I wouldn't be the first

436
00:21:49,700 --> 00:21:54,000
one to jump in and use that but
you know I ate all of these

437
00:21:54,000 --> 00:21:56,900
things.
Happening still are good.

438
00:21:57,200 --> 00:22:00,400
Seeing new product announcement
in the face of what's going on

439
00:22:00,400 --> 00:22:03,000
in the financial markets overall
and the Carnage that's out

440
00:22:03,000 --> 00:22:04,900
there.
Both in traditional financial

441
00:22:04,900 --> 00:22:06,700
markets as well as in crypto.
Tickets.

442
00:22:07,200 --> 00:22:09,800
Seeing the projects, for
example, coming out of this

443
00:22:09,800 --> 00:22:12,100
techstars accelerator that are
like, well, we're going to go

444
00:22:12,100 --> 00:22:13,500
out and going to raise an equity
round.

445
00:22:13,800 --> 00:22:18,400
We may be thinking about a token
round as well, a private sale.

446
00:22:18,700 --> 00:22:20,300
We're going to wait a little bit
on that and they have the

447
00:22:20,300 --> 00:22:22,300
opportunity because of the type
of business that they're

448
00:22:22,300 --> 00:22:26,600
building to do an equity round
later, on some may be able to

449
00:22:26,600 --> 00:22:30,100
just do a token around in that
sit and wait and just keep

450
00:22:30,100 --> 00:22:32,200
things close to the vest for a
little while.

451
00:22:32,200 --> 00:22:35,400
Until the markets return, I was
talking to someone today, who is

452
00:22:35,400 --> 00:22:37,200
doing an equity round The token
round today.

453
00:22:37,200 --> 00:22:40,800
Someone completely outside of
the, the scope of techstars and

454
00:22:40,800 --> 00:22:44,800
I said, well, what happens if
you're going to raise your a

455
00:22:44,800 --> 00:22:48,200
round, you're not going to do
your around until some point

456
00:22:48,200 --> 00:22:52,000
next year but you're planning on
doing your token round later

457
00:22:52,000 --> 00:22:54,300
this year.
What if the markets don't come

458
00:22:54,300 --> 00:22:55,900
back to a level?
He's like well I hadn't really

459
00:22:55,900 --> 00:23:00,400
thought about that yet.
Mike, I think about that because

460
00:23:00,400 --> 00:23:04,000
you need the markets that crypto
markets come back to a certain

461
00:23:04,000 --> 00:23:09,000
level or people start to feel
Optimistic again, I will forever

462
00:23:09,000 --> 00:23:11,600
be optimistic about a crypto but
that's just me.

463
00:23:12,400 --> 00:23:15,300
So you need to you know the
bigger broader crypto investor

464
00:23:15,300 --> 00:23:18,200
base at the institutional level
the funds to really feel

465
00:23:18,200 --> 00:23:20,800
comfortable to say.
Well listen we're going to start

466
00:23:20,800 --> 00:23:23,100
opening up Capital again and and
that's going to take a little

467
00:23:23,100 --> 00:23:24,400
while.
What's interesting is that some

468
00:23:24,400 --> 00:23:27,500
of the consumer, the media plays
like I talked about we're going

469
00:23:27,500 --> 00:23:32,100
to one more of those in the
second was the we talked about

470
00:23:32,100 --> 00:23:35,000
this it at demo day on stage
with Laura Walsh in, with

471
00:23:35,000 --> 00:23:39,300
Alejandro Gutierrez and Or
Cantwell on how we got it.

472
00:23:39,400 --> 00:23:42,300
We won't stop saying n ftes or
non fungible tokens because

473
00:23:42,300 --> 00:23:45,600
that's just how people see them
but we really got to Define what

474
00:23:45,600 --> 00:23:49,600
they are digital Collectibles.
Yep, I mean during this Market

475
00:23:49,600 --> 00:23:52,000
if people are still spending six
hundred billion a year on

476
00:23:52,000 --> 00:23:55,300
sports, right?
There's an opportunity there

477
00:23:55,300 --> 00:23:59,600
because of where n of T, we're
digital Collectibles are moving

478
00:23:59,600 --> 00:24:02,100
so fast and that they're
available in different formats

479
00:24:02,100 --> 00:24:05,800
whether that's picks whether
that's videos and with those

480
00:24:05,800 --> 00:24:08,800
being I can access card into
metaverse experiences like big

481
00:24:08,800 --> 00:24:12,000
fan or doing all of that stuff
is going to continue and even

482
00:24:12,000 --> 00:24:15,100
though the major nft markets
like board, apes or down, I

483
00:24:15,108 --> 00:24:18,000
don't know. 75% of what they
were back in.

484
00:24:18,000 --> 00:24:22,000
April, there's still some real
utility here in new experiences

485
00:24:22,000 --> 00:24:23,900
and that's what people want.
They want experiences.

486
00:24:24,400 --> 00:24:30,300
So I, you know, like we're
saying this is, there's no bad

487
00:24:30,300 --> 00:24:31,800
weather, just inappropriate
clothing.

488
00:24:32,000 --> 00:24:34,400
Yeah, I think you gotta, you
gotta pick what you're going to

489
00:24:34,408 --> 00:24:36,200
wear, you know, what kind of
code.

490
00:24:36,300 --> 00:24:38,800
Are you going to go into this
winter with and it is it a

491
00:24:38,808 --> 00:24:42,000
little, you know, windbreaker
that you know isn't going to

492
00:24:42,008 --> 00:24:44,100
protect you too much when it
gets really shivery or you going

493
00:24:44,100 --> 00:24:48,000
to put on the big parka, the big
Park a cost more, right then a

494
00:24:48,000 --> 00:24:50,800
little one breaker but you got
to figure it out.

495
00:24:50,900 --> 00:24:52,200
I don't know.
I like my analogies.

496
00:24:52,200 --> 00:24:56,900
You know, I'm not sure that
would work, we'll see.

497
00:24:57,300 --> 00:25:03,000
We'll see if that one takes off.
Hey everyone, this is Pete.

498
00:25:03,100 --> 00:25:04,500
Let me tell you about the folks
at Phillip.

499
00:25:04,500 --> 00:25:07,700
Lee few years ago is that my
first Venture Capital industry

500
00:25:07,700 --> 00:25:10,400
dinner in Dublin and honestly I
felt a bit lost.

501
00:25:10,700 --> 00:25:13,500
I bumped into and Rita's Ali.
One of the partners at Phillip

502
00:25:13,500 --> 00:25:15,800
Lee.
He bought me a pint introduced

503
00:25:15,800 --> 00:25:17,900
me to the team and they took me
under their wing.

504
00:25:18,300 --> 00:25:20,600
That take you under their wing
approach has been what I've

505
00:25:20,600 --> 00:25:23,700
heard consistently from fintech.
And crypto startups who I know

506
00:25:23,700 --> 00:25:26,600
have worked with Phillip, Lee,
and Dublin, and London to help

507
00:25:26,600 --> 00:25:28,200
them.
Wrap the right legal framework

508
00:25:28,200 --> 00:25:31,000
around their business, fun.
Raising and Regulatory needs,

509
00:25:31,300 --> 00:25:32,600
and I can't recommend them
enough.

510
00:25:33,100 --> 00:25:35,900
Get in touch with a team at
Philip lead that IE or on money.

511
00:25:35,900 --> 00:25:38,400
Never sleeps.
That IE /, Phillip Lee to learn

512
00:25:38,400 --> 00:25:45,200
more.
The one I wanted to mention

513
00:25:45,200 --> 00:25:49,600
that's in this space is is
Napster Napster of Sean Parker

514
00:25:49,600 --> 00:25:53,600
Fame from the late 90s, early
2000s.

515
00:25:53,600 --> 00:25:56,500
Did you ever use Napster?
I do what I didn't have a

516
00:25:56,500 --> 00:25:59,400
computer good enough at home to
use Napster but I used.

517
00:25:59,400 --> 00:26:02,400
What was it LimeWire things like
a further?

518
00:26:02,400 --> 00:26:03,800
Evolution of Napster.
Yeah.

519
00:26:03,800 --> 00:26:07,900
What do you use LimeWire to
download songs of it was now

520
00:26:07,900 --> 00:26:11,100
Napster you know hit all the
legal troubles and for those

521
00:26:11,100 --> 00:26:14,900
that don't know, Napster allowed
You two, just do this

522
00:26:14,900 --> 00:26:20,300
peer-to-peer Music Exchange and
it was, they ran into some

523
00:26:20,300 --> 00:26:21,900
trouble.
I'll leave it at that because

524
00:26:21,900 --> 00:26:24,000
some of the big artists
especially Metallica, I think

525
00:26:24,000 --> 00:26:25,500
Metallica.
Want to one of the big ones that

526
00:26:25,500 --> 00:26:27,000
gave him.
The hardest time said, listen,

527
00:26:27,300 --> 00:26:29,900
this is piracy, this is
copyright infringement.

528
00:26:29,900 --> 00:26:33,400
You're enabling people to steal
music and so they ran into

529
00:26:33,400 --> 00:26:35,400
trouble.
I think I forget who it was,

530
00:26:35,400 --> 00:26:37,400
that acquired them but then they
ran it.

531
00:26:37,400 --> 00:26:40,500
A basically ran it into the
ground and then Al Gore and the

532
00:26:40,500 --> 00:26:43,600
blockchain protocol ended up
buying the rights to it.

533
00:26:43,600 --> 00:26:46,800
And bro, Buying the rights to
the name and they bring it now

534
00:26:46,800 --> 00:26:49,900
back to life and they're
starting at a music streaming

535
00:26:49,900 --> 00:26:55,100
service on Al Gore and obviously
on a blockchain on one algorithm

536
00:26:55,100 --> 00:26:57,600
blockchain and they're now going
to be launching a Napster token,

537
00:26:58,100 --> 00:27:02,500
which will allow you.
Allow you to pay for the music

538
00:27:02,500 --> 00:27:05,300
streaming services, pay for
songs, but also I think pay

539
00:27:05,300 --> 00:27:10,700
artists perhaps as well.
So that's like 22 years ago as I

540
00:27:10,708 --> 00:27:13,500
was using that when I lived in
Bermuda, right?

541
00:27:13,500 --> 00:27:16,400
And that was Year 2000.
That was a long time ago, crazy

542
00:27:16,600 --> 00:27:18,500
week.
So I sorry it makes a lot of

543
00:27:18,500 --> 00:27:21,400
sense because we've talked
about, obviously, you know, that

544
00:27:21,400 --> 00:27:24,600
piece and I know it was it was
it Stacks they were under Texas

545
00:27:24,600 --> 00:27:26,700
program we had them on the steak
and eggs.

546
00:27:26,700 --> 00:27:29,000
Sorry apology steaks.
Yeah, obviously looking at stuff

547
00:27:29,000 --> 00:27:31,900
in that space around supporting
artists and given them that

548
00:27:31,900 --> 00:27:35,400
ownership and I find ownership.
So I do think it's one of the

549
00:27:35,400 --> 00:27:38,600
areas in particular that there's
a lot of opportunity to build

550
00:27:38,600 --> 00:27:41,500
interesting Solutions there and
for someone, you know, I don't

551
00:27:41,500 --> 00:27:43,800
know who the winner will be in
that space But specifically on

552
00:27:43,900 --> 00:27:47,100
The music rights and royalties
and all that was definitely a

553
00:27:47,108 --> 00:27:49,700
big opportunity there.
That makes a lot of sense as a

554
00:27:49,700 --> 00:27:51,300
business.
We taught it.

555
00:27:51,400 --> 00:27:54,900
This area was going to be taken
over by block and they're kind

556
00:27:54,900 --> 00:27:57,300
of title acquisition and that's
what that was gonna end up

557
00:27:57,300 --> 00:27:58,700
looking.
Like I haven't seen any further

558
00:27:58,700 --> 00:28:00,700
announcements because I've been
keeping an eye out because

559
00:28:01,000 --> 00:28:03,100
again, we kind of were hoping
are predicting that.

560
00:28:03,100 --> 00:28:05,700
That's what I was going to go.
So I haven't seen any

561
00:28:05,700 --> 00:28:09,200
announcements on that, nor have
I seen anything from Spotify

562
00:28:09,200 --> 00:28:12,600
coming out in the token or nft
space either?

563
00:28:12,700 --> 00:28:14,700
No interesting it.
They might have been looking to

564
00:28:14,700 --> 00:28:16,400
partner with somebody.
Yeah.

565
00:28:16,600 --> 00:28:19,200
We'd have to think that they're
going to have, they may have to

566
00:28:19,200 --> 00:28:22,100
reinvent, their Tech stack a
bit, you know, after them to do

567
00:28:22,100 --> 00:28:25,600
something.
So they may start, you know, it

568
00:28:25,600 --> 00:28:29,000
may be an idea to start up a
experimental product called

569
00:28:29,000 --> 00:28:31,400
Spotify digital or something
like that, whatever you want to

570
00:28:31,400 --> 00:28:34,700
call it.
And, you know, just try to get

571
00:28:34,700 --> 00:28:37,400
something off the ground and see
if it sticks.

572
00:28:38,300 --> 00:28:40,600
See if you're cannibalizing,
their existing revenue streams.

573
00:28:40,600 --> 00:28:41,900
All that type of stuff right
buddy.

574
00:28:42,000 --> 00:28:44,600
Anyone from Spotify once again,
touch He to chat to them.

575
00:28:45,600 --> 00:28:46,800
Absolutely.
Absolutely.

576
00:28:46,800 --> 00:28:48,300
What will Point them in the
right direction?

577
00:28:48,400 --> 00:28:51,000
Yeah, for a nominal fee.
For a nominal fee.

578
00:28:51,000 --> 00:28:52,100
Exactly.
Yes.

579
00:28:52,200 --> 00:28:56,200
So that one, you know, it's
interesting to see that one.

580
00:28:56,300 --> 00:28:59,500
They're launching 10 billion
Napster tokens.

581
00:28:59,500 --> 00:29:01,700
So I'll keep my eye on this one
for you.

582
00:29:01,900 --> 00:29:06,100
Yeah, cool.
And up like a mixed bag of

583
00:29:06,100 --> 00:29:08,600
crypto news over the last couple
of weeks, but I suppose the

584
00:29:08,600 --> 00:29:11,600
interesting one, and I mean, I
haven't read the detail.

585
00:29:11,600 --> 00:29:14,300
I'm familiar with where I was
going, but obviously, The mica

586
00:29:14,300 --> 00:29:17,700
regulation that.
I can't remember what it stands

587
00:29:17,700 --> 00:29:21,000
for Market in crypto assets.
You go.

588
00:29:21,200 --> 00:29:24,900
Yep, yep.
Land so he you regulation but it

589
00:29:24,900 --> 00:29:28,700
sounds good.
So yeah, so it got to the level

590
00:29:28,700 --> 00:29:32,100
and this was just announced on
Friday.

591
00:29:32,100 --> 00:29:34,500
Yep.
Enfin extra the EU, reach

592
00:29:34,500 --> 00:29:37,800
agreement on Landmark Micah
regulation for crypto and I've

593
00:29:37,800 --> 00:29:42,800
heard it pronounced Mica Mica
and yeah, I think that's it.

594
00:29:42,800 --> 00:29:45,700
That's how you Michael.
Mica and mega mega.

595
00:29:45,700 --> 00:29:48,700
I've heard someone say make as
well, but basically what

596
00:29:48,700 --> 00:29:52,600
happened is that the council
presidency of the EU and the

597
00:29:52,600 --> 00:29:58,400
European Parliament have settled
on the the final draft and

598
00:29:58,400 --> 00:30:01,500
saying that crypto acid service
providers will require

599
00:30:01,500 --> 00:30:05,900
authorization to operate in the
EU but excluding and ftes or

600
00:30:05,900 --> 00:30:08,300
media-related digital assets.
Yes.

601
00:30:08,500 --> 00:30:10,800
Thank you.
Yeah, because that should not be

602
00:30:10,800 --> 00:30:12,900
in there.
No end to really targeting

603
00:30:12,900 --> 00:30:15,400
Financial.
That's it for financial

604
00:30:15,500 --> 00:30:19,700
services, really?
Exactly the other thing that was

605
00:30:19,700 --> 00:30:24,600
big was that there was a long
discussion and debate about

606
00:30:24,600 --> 00:30:26,600
what's called non hosted
wallets.

607
00:30:26,900 --> 00:30:31,800
So these are basically like a
metal mask wallet which is just

608
00:30:31,800 --> 00:30:35,500
something you download, it's a
piece of technology, you own

609
00:30:35,500 --> 00:30:37,700
that wallet virtually.
It's yours.

610
00:30:37,700 --> 00:30:40,800
There's no service provider
behind that and that you just

611
00:30:40,800 --> 00:30:43,800
use out like you would use a
leather wallet and that instead,

612
00:30:43,900 --> 00:30:46,900
Ted of someone walking up to you
when you taking out your wallet

613
00:30:46,900 --> 00:30:50,000
and handing them over you know
50 Euro.

614
00:30:50,400 --> 00:30:54,100
It's that you have someone's
address for their wallet and you

615
00:30:54,108 --> 00:30:58,500
can send them that 50 Euro or
$50 and stable coins or

616
00:30:58,500 --> 00:31:00,000
whatever.
The amount is in any other

617
00:31:00,000 --> 00:31:02,200
cryptocurrency, you can send
that to them directly.

618
00:31:02,700 --> 00:31:08,100
So there was a entry point of
debate in this regulation.

619
00:31:08,100 --> 00:31:10,600
That said we are going to
regulate that.

620
00:31:10,600 --> 00:31:13,600
I'm like how the heck can you
regulate someone walking up to

621
00:31:13,600 --> 00:31:19,800
someone Outs and handing them 50
Euro or $50, you can't and do

622
00:31:19,800 --> 00:31:22,400
then start to regulate these
technology companies like metal

623
00:31:22,400 --> 00:31:25,500
mask that you can download it on
the App Store, do you say,

624
00:31:25,500 --> 00:31:27,800
sorry, you can't download Meadow
mask on the App Store.

625
00:31:28,200 --> 00:31:30,700
And that was really starting to
get into some very, very

626
00:31:30,700 --> 00:31:33,400
difficult implementation root.
So it's like, alright, that's

627
00:31:33,400 --> 00:31:37,200
out, which is great.
And then it's, if you are a

628
00:31:37,500 --> 00:31:40,500
centralized crypto service
provider, you need to get

629
00:31:40,500 --> 00:31:43,800
authorized and you need to do am
lky see you.

630
00:31:43,900 --> 00:31:47,300
You need to I think the limit
was anything over a thousand

631
00:31:47,300 --> 00:31:50,500
dollars, you need to be able to
track and Trace where that's

632
00:31:50,500 --> 00:31:53,900
going, which is fine because the
most of the biggest players are

633
00:31:53,900 --> 00:31:57,300
doing that already anyway.
So it's I think we ended up in

634
00:31:57,300 --> 00:32:01,200
and we ended up in a good place
on that, it's going to be

635
00:32:01,200 --> 00:32:03,500
implemented.
I think it will go into law in

636
00:32:03,500 --> 00:32:07,000
2023 and they'll be 18-month
implementation period.

637
00:32:07,300 --> 00:32:11,400
So a lot more to come on that
because I was in the industry in

638
00:32:11,400 --> 00:32:13,800
the financial services industry
when that piece of Regulation,

639
00:32:13,900 --> 00:32:17,200
All the alternative investment
fund managers directive went in

640
00:32:17,700 --> 00:32:20,600
and that was a big piece of work
for everybody to do and that was

641
00:32:20,600 --> 00:32:24,500
basically regulation on a hedge
funds and we knew it was coming

642
00:32:24,500 --> 00:32:28,300
for 18 months.
All the big for Consultants made

643
00:32:28,300 --> 00:32:31,600
loads of money with all of their
prep programs, all their

644
00:32:31,600 --> 00:32:34,100
Consulting programs, not that
there's anything wrong with big

645
00:32:34,100 --> 00:32:37,700
for and, you know, it was all.
Hey, we got to get ready for

646
00:32:37,700 --> 00:32:39,700
this new regulation, coming at
the same thing will happen again

647
00:32:40,000 --> 00:32:44,400
with mica and, you know, it will
go in and hopefully, It's going

648
00:32:44,400 --> 00:32:46,400
to bring everything to to
another level.

649
00:32:46,400 --> 00:32:48,600
But like I said that one of the
best things about this is that

650
00:32:48,600 --> 00:32:50,700
the media assets have been left
out of this because they just

651
00:32:50,700 --> 00:32:54,300
don't belong and people talk
about well you know, man united

652
00:32:54,300 --> 00:32:57,600
launching digital Collectibles
and that you know they're going

653
00:32:57,600 --> 00:33:00,200
to launch them and then the
value will drop and it's like

654
00:33:01,700 --> 00:33:04,300
well that's what that's what's
that going to make me do right?

655
00:33:04,300 --> 00:33:07,200
Is that going to make me go on
to open sea and make me sell and

656
00:33:07,200 --> 00:33:10,900
liquidate my, you know,
Cristiano Ronaldo digital

657
00:33:10,900 --> 00:33:12,800
collectible.
I won't say n of T, I just did

658
00:33:12,800 --> 00:33:14,400
but you know, my digital
collectible.

659
00:33:14,400 --> 00:33:16,600
No, it's not.
I want to hold onto the

660
00:33:16,600 --> 00:33:17,600
Cristiano.
Ronaldo.

661
00:33:17,600 --> 00:33:21,000
I actually don't, but my son
would ya, you know, hold on to

662
00:33:21,008 --> 00:33:24,600
my Cristiano Ronaldo digital
collectible because he's a fan.

663
00:33:24,600 --> 00:33:29,700
So, you know those things just
don't belong and Mica no, or

664
00:33:29,700 --> 00:33:30,900
under regulation, I'm glad
they're not.

665
00:33:31,200 --> 00:33:35,300
Because, you know, I'm gonna
there's going to be a situation

666
00:33:35,300 --> 00:33:37,600
coming up in the next week or
so, we're all be able to be

667
00:33:37,600 --> 00:33:40,200
looking at all of my old
baseball cards, right?

668
00:33:40,200 --> 00:33:42,700
And if any of those were two
regulated, I would just, I don't

669
00:33:42,700 --> 00:33:43,800
know what I do.
Yeah.

670
00:33:44,400 --> 00:33:47,200
But if that's the equivalent of,
you know, trying to put those

671
00:33:47,200 --> 00:33:50,400
things into in Tamika.
So that was that was a wind, see

672
00:33:50,400 --> 00:33:51,600
that.
And I think there was more

673
00:33:51,600 --> 00:33:55,400
stories out there that will put
into the show notes on, you

674
00:33:55,400 --> 00:33:57,600
know, cryptos, free reign coming
to an end.

675
00:33:57,600 --> 00:34:00,000
I think it was wired that.
Had that headline and saying

676
00:34:00,000 --> 00:34:03,300
that not only in, In Europe.
But also in the US the US or at

677
00:34:03,300 --> 00:34:05,300
kind of some of the beginning
stages with some bills being

678
00:34:05,300 --> 00:34:08,300
introduced and there's a lot
longer that the US needs to go

679
00:34:08,300 --> 00:34:11,500
on this.
So you know, the EU setting The

680
00:34:11,500 --> 00:34:14,199
Benchmark here which is pretty
cool to be over here while

681
00:34:14,199 --> 00:34:15,900
that's all going on.
Never mind.

682
00:34:15,900 --> 00:34:17,600
All that other crap going on in
that country.

683
00:34:17,600 --> 00:34:22,500
I came from we leave that one
alone we will we absolutely

684
00:34:22,500 --> 00:34:26,800
will.
But yeah that was that one I

685
00:34:26,800 --> 00:34:31,400
know that our friends Mike
Brennan at Finch capital Out to

686
00:34:31,400 --> 00:34:35,400
Mike, but really helpful to me
today on one thing actually,

687
00:34:35,400 --> 00:34:39,699
social again, shout out to Mike
and I don't finish Capital, put

688
00:34:39,699 --> 00:34:44,100
out a, an embedded Finance
Report with stripe, didn't they?

689
00:34:44,300 --> 00:34:46,300
Yeah, yeah.
I have it open here.

690
00:34:46,300 --> 00:34:48,400
I've glanced through it.
H look at in more detail,

691
00:34:48,400 --> 00:34:52,000
incredibly detailed by it's by
Far and Away one of the better

692
00:34:52,000 --> 00:34:54,600
reports I've seen.
So I'm slowly making way through

693
00:34:54,600 --> 00:34:56,500
it and it's great aside from
anything else that has some

694
00:34:56,500 --> 00:34:58,600
great charts in it but no it's
really good.

695
00:34:58,700 --> 00:35:03,000
It's heavily obviously leaning
towards Type with examples, but

696
00:35:03,000 --> 00:35:06,000
it talks about obviously, it was
a number of kind of industry.

697
00:35:06,000 --> 00:35:08,600
Deep dive gives you some value
to the market investor

698
00:35:08,600 --> 00:35:09,700
perspective.
Yeah.

699
00:35:09,700 --> 00:35:11,000
Really.
Really good.

700
00:35:11,000 --> 00:35:11,900
Really good.
Detail.

701
00:35:11,900 --> 00:35:14,800
On embedded Finance, something.
I'm looking to quite closely in

702
00:35:14,800 --> 00:35:16,700
a number of different ways at
the moment but it talks about

703
00:35:16,700 --> 00:35:19,100
them in different Industries
like Financial Services

704
00:35:19,900 --> 00:35:23,200
platforms and marketplaces
travel Hospitality retail and

705
00:35:23,200 --> 00:35:25,300
e-commerce.
So there's lots of different use

706
00:35:25,300 --> 00:35:28,200
cases that Ox, true predictions
takeaways, that sort of thing.

707
00:35:28,200 --> 00:35:30,800
So yeah, shout out to Mike and
the team there.

708
00:35:30,800 --> 00:35:33,200
It's And you've done some great
work on putting together.

709
00:35:33,200 --> 00:35:35,600
What is probably one of the
better reports out there on a

710
00:35:35,600 --> 00:35:38,300
European point of view.
Anyway, on embedded Finance.

711
00:35:38,500 --> 00:35:40,800
Yeah, yeah.
They're two inches.

712
00:35:40,800 --> 00:35:43,800
Really double down on this whole
area and bedtime reading.

713
00:35:44,100 --> 00:35:47,300
Yes, Sophie gebo who was on the
show last year.

714
00:35:47,500 --> 00:35:51,100
She has written a book with and
it will co-authored a book about

715
00:35:51,100 --> 00:35:53,800
embedded Finance.
Yes, shout out to Sophie and I

716
00:35:53,800 --> 00:35:55,900
haven't picked that up yet, but
it is on my list.

717
00:35:55,900 --> 00:35:59,100
So no, yeah, I was going to
mention it.

718
00:35:59,100 --> 00:36:01,800
Bring it in, then on the back of
that, so we Obviously, we didn't

719
00:36:01,800 --> 00:36:05,000
get to chat about Apple and pay
later, but that kind of came on

720
00:36:05,000 --> 00:36:07,800
the back of we talked before
about their acquisition of

721
00:36:07,800 --> 00:36:11,100
credit, Kudos, in the UK, which
was the UK open banking provider

722
00:36:11,100 --> 00:36:16,000
and then on the first of July go
cardless, which is I'm going to

723
00:36:16,000 --> 00:36:18,800
read from their website because
I'm familiar with them but at

724
00:36:18,800 --> 00:36:20,700
the same time not familiar with
them but it's today.

725
00:36:21,300 --> 00:36:25,300
So go card is our paycheck firm.
They are acquiring North again

726
00:36:25,300 --> 00:36:30,000
which is a Latvian freemium open
banking data provider so really

727
00:36:30,000 --> 00:36:33,200
interested wants So go cardless
are the global leader in direct

728
00:36:33,200 --> 00:36:35,300
Bank payments and they have
acquired.

729
00:36:35,300 --> 00:36:39,800
So northagen has its
connectivity to 2,300. 2,300

730
00:36:39,800 --> 00:36:43,100
banks in 31 countries and it's
bringing go-kart, is it, bring

731
00:36:43,100 --> 00:36:45,000
it all into its account account
Network.

732
00:36:45,300 --> 00:36:49,200
So it's free open banking
connectivity at scale which is,

733
00:36:49,400 --> 00:36:53,400
you know, another huge
investment in the node was no

734
00:36:53,400 --> 00:36:56,300
price announced on that, but I'd
imagine it was quite a

735
00:36:56,308 --> 00:36:59,800
considerable deal, but it's
another big flag being planted

736
00:36:59,800 --> 00:37:01,200
in the open banking.
Case.

737
00:37:01,200 --> 00:37:03,300
And I had a really good
conversation with a mutual

738
00:37:03,300 --> 00:37:05,300
friend of ours.
This morning around open banking

739
00:37:05,300 --> 00:37:08,000
in the UK.
And he talked about the fact

740
00:37:08,000 --> 00:37:10,300
that, you know, Nordegren was
kind of disrupting some of the

741
00:37:10,300 --> 00:37:12,400
other players in the market
because it was offering

742
00:37:12,400 --> 00:37:13,600
everything for free.
Yeah.

743
00:37:13,700 --> 00:37:16,800
But like that its range of
connectivity was better than

744
00:37:16,800 --> 00:37:19,800
most other players.
So that's obviously a big big

745
00:37:19,800 --> 00:37:23,100
deal for go cardless but the
latest data out of the open

746
00:37:23,100 --> 00:37:26,000
banking the obiee, which I can't
remember what the i in the E

747
00:37:26,000 --> 00:37:30,900
stand for but it's the UK entity
that kind of runs the open.

748
00:37:31,200 --> 00:37:34,100
Or manages everything related,
open banking, in the UK, they

749
00:37:34,100 --> 00:37:36,100
were talking about the fact
that, you know, took them,

750
00:37:36,100 --> 00:37:39,300
nearly 18 months to get to kind
of two to two or three million

751
00:37:39,300 --> 00:37:42,200
people using open Banking and
other at six million.

752
00:37:42,200 --> 00:37:45,200
And it's only it only took four
months to go from 5 to 6 million

753
00:37:45,700 --> 00:37:48,600
or from 4 to 6 million.
I think it was very short space

754
00:37:48,600 --> 00:37:51,400
of time to get more and more.
People know using open banking

755
00:37:51,400 --> 00:37:54,400
understanding is trusting it and
now allowing it to be used in

756
00:37:54,400 --> 00:37:56,900
more kind of financial services
products that they're trying to

757
00:37:56,900 --> 00:37:59,600
get access to.
So you know, clearly is a lot

758
00:37:59,600 --> 00:38:02,700
more growth to go there.
Are in the UK alone but more

759
00:38:02,700 --> 00:38:06,200
broadly across Europe, then so
yep, I know it away.

760
00:38:06,200 --> 00:38:07,800
It's all going, it's a way it's
all going.

761
00:38:07,800 --> 00:38:11,300
It's like open banking for me
and having a bank account

762
00:38:11,300 --> 00:38:12,600
number.
And if there's a bank account

763
00:38:12,600 --> 00:38:15,300
number, then you have there,
there's access to data that you

764
00:38:15,300 --> 00:38:19,400
can grant others.
Their just like on either scan.

765
00:38:19,600 --> 00:38:22,600
If you have a crypto address,
you haven't etherium address,

766
00:38:22,600 --> 00:38:25,400
you can go look and see the
transaction data on either

767
00:38:25,400 --> 00:38:27,500
schizo.
Can everybody else and it there

768
00:38:27,500 --> 00:38:29,200
is no permission required,
right?

769
00:38:29,200 --> 00:38:31,400
Yeah.
And I think it's That's a way

770
00:38:31,400 --> 00:38:35,000
this is all going.
Yeah, it gives rise to what I've

771
00:38:35,000 --> 00:38:36,700
seen referred to in other
places, cash.

772
00:38:36,700 --> 00:38:38,400
Flow underwriting.
What?

773
00:38:38,400 --> 00:38:40,600
Ultimately, it's underwriting
people on their transaction

774
00:38:40,600 --> 00:38:44,200
history, live, transaction
history, as opposed to your

775
00:38:44,200 --> 00:38:46,900
typical credit score model that
you get from, you know what

776
00:38:46,900 --> 00:38:48,500
Equifax and Experian or one of
these.

777
00:38:48,500 --> 00:38:51,300
So, you know, it opens up far
more opportunities because

778
00:38:51,300 --> 00:38:54,700
obviously, we're seeing the, the
blowback now, on the buy, now

779
00:38:54,700 --> 00:38:57,100
pay later companies and the
default rising and the

780
00:38:57,100 --> 00:38:59,000
regulation coming because
obviously they weren't

781
00:38:59,000 --> 00:39:01,600
underwriting.
They weren't on the writing any

782
00:39:01,600 --> 00:39:04,600
of the loans and they weren't
necessarily reporting credit

783
00:39:04,600 --> 00:39:06,700
bureau.
So people's loans are like death

784
00:39:06,700 --> 00:39:09,600
has been run up and it wasn't
being factored in then on, you

785
00:39:09,600 --> 00:39:11,400
know, normal underwriting
process.

786
00:39:11,400 --> 00:39:14,800
But, you know, that's just one
example of where open Banking

787
00:39:14,800 --> 00:39:17,600
and make a huge difference.
The ability to really understand

788
00:39:17,600 --> 00:39:20,100
your customer and their
transaction history and the good

789
00:39:20,100 --> 00:39:21,500
bad indifferent of what they
spend.

790
00:39:21,500 --> 00:39:24,300
Their money on provides, huge
amount of huge opportunities in

791
00:39:24,300 --> 00:39:27,100
terms of providing a better
service to your customers.

792
00:39:27,200 --> 00:39:31,700
Mmm, it's all there, it's all
there and now I'm looking at my

793
00:39:31,700 --> 00:39:36,300
chart here of the nine companies
in the accelerator and thinking

794
00:39:36,300 --> 00:39:41,600
about, obviously the defy ones
being X attacks, your diamonds

795
00:39:41,700 --> 00:39:46,100
and secure, I'll Finance
obviously, you know, think about

796
00:39:46,100 --> 00:39:50,300
defy Alig ously to fintech.
When you look at a, you know, a

797
00:39:50,300 --> 00:39:53,600
financial Marketplace or and an
emerging market economy, which

798
00:39:53,600 --> 00:39:56,800
is example I gave.
And then when you think about

799
00:39:56,800 --> 00:40:01,000
the others that are in gaming
and metaverse and media, Mega

800
00:40:01,000 --> 00:40:05,900
fans, big fan, live dual crowd
class in the crater economy,

801
00:40:05,900 --> 00:40:09,900
barter chain in the crater
economy, steaks that a lot of

802
00:40:09,908 --> 00:40:13,800
this is embedded Finance.
That's what it is that you're

803
00:40:13,800 --> 00:40:17,500
in.
And and I got to talk to Sophie

804
00:40:17,500 --> 00:40:20,200
about this.
I got to talk to to finish about

805
00:40:20,200 --> 00:40:22,900
this because there is a nice
parallel there.

806
00:40:23,000 --> 00:40:26,900
Yeah, because you are embedding
Finance into these consumer apps

807
00:40:26,900 --> 00:40:31,000
that are doing other things out.
So keeping an eye My and staying

808
00:40:31,000 --> 00:40:35,700
close to where this all came
from, for me for you, in terms

809
00:40:35,700 --> 00:40:37,500
of fintech.
Absolutely critical.

810
00:40:38,000 --> 00:40:39,400
That's cool.
Yeah.

811
00:40:39,400 --> 00:40:42,000
There we go.
And anything else to Riff on

812
00:40:42,000 --> 00:40:45,000
this fine evening?
No, I've come on a really

813
00:40:45,000 --> 00:40:47,100
interesting projects I'm working
on at the moment.

814
00:40:47,200 --> 00:40:49,000
Couple of interesting other side
projects.

815
00:40:49,000 --> 00:40:51,500
I'm looking at as well.
It's plenty to keep me busy.

816
00:40:51,500 --> 00:40:54,000
No, I suppose.
I'm looking more closely at

817
00:40:54,000 --> 00:40:57,500
lending for my suppose in terms
of the day job and a few other

818
00:40:57,500 --> 00:40:59,100
things.
But yeah, really kind of getting

819
00:40:59,100 --> 00:41:02,300
up to speed on Open Banking and
what's going on across in the

820
00:41:02,300 --> 00:41:05,600
UK, and across Europe, had a
real, like I said, a deep dive

821
00:41:05,600 --> 00:41:09,800
this morning with a good friend
of ours, who kind of really kind

822
00:41:09,800 --> 00:41:11,900
of opened my eyes to some of the
opportunities.

823
00:41:11,900 --> 00:41:14,200
And some of the stuff going on
there, I've always kind of had

824
00:41:14,200 --> 00:41:16,200
lending in the background in
terms of their job.

825
00:41:16,200 --> 00:41:17,700
So, it's always something I've
kept an eye on.

826
00:41:17,700 --> 00:41:20,500
So yeah, trying to see about
doing a bit more and not space

827
00:41:20,900 --> 00:41:23,900
good and where that goes to.
So, yeah, that's me.

828
00:41:23,900 --> 00:41:28,100
I put speaking being busy,
obviously, this is the summer

829
00:41:28,500 --> 00:41:31,000
and we haven't done this before
but we are To do it.

830
00:41:31,000 --> 00:41:34,200
Yeah.
Now we are going to move to

831
00:41:34,200 --> 00:41:38,200
monthly for the summer and
obviously we didn't have an

832
00:41:38,200 --> 00:41:41,100
episode the last two weeks with
all the demo day prep going on

833
00:41:41,100 --> 00:41:43,700
for me.
Yeah, and but we'll have this

834
00:41:43,700 --> 00:41:46,600
episode 4 July will have an
August episode and then we'll be

835
00:41:46,600 --> 00:41:50,900
back on a weekly Cadence in
September.

836
00:41:51,400 --> 00:41:55,300
So everybody enjoy your summer,
that's a little check-in.

837
00:41:55,300 --> 00:41:57,200
Midpoint, see how everybody's
doing?

838
00:41:57,800 --> 00:42:00,200
And then like I said, we will be
back.

839
00:42:00,400 --> 00:42:03,800
In full swing, come September of
this year.

840
00:42:04,000 --> 00:42:08,800
So listen, I'm going to say
sayonara for this evening on.

841
00:42:09,500 --> 00:42:17,700
Adios, amigo, That does it for
this week folks, you can learn

842
00:42:17,700 --> 00:42:19,600
more about the stories we
covered in the show, notes on

843
00:42:19,600 --> 00:42:21,500
our website money, never sleeps
that I eat.

844
00:42:21,600 --> 00:42:24,100
Also, thanks to Conan Brophy
from creates, an for mixing and

845
00:42:24,100 --> 00:42:27,200
editing this episode, Conan is
an excellent medium and get in

846
00:42:27,200 --> 00:42:28,800
touch with when you're thinking
about launching your own

847
00:42:28,800 --> 00:42:31,500
podcast.
As for me, I'm an early stage,

848
00:42:31,500 --> 00:42:34,100
startup investor and advisor.
Focus on where fintech meets

849
00:42:34,100 --> 00:42:35,700
crypto, and crypto me to up
three.

850
00:42:36,000 --> 00:42:38,200
If you like to talk to me about
your business, drop me a line on

851
00:42:38,200 --> 00:42:39,800
info at money.
Never sleeps, die.

852
00:42:40,200 --> 00:42:42,500
Finally, till next time, Time.
Thanks for listening.

853
00:42:42,500 --> 00:42:43,000
See you