299: Pete's Next Chapter: Norio Ventures | Scaling Solana in Ireland | Stablecoin Growth | Tokenized Securities | Alejandro Gutierrez

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Hey there.
I'm Pete Townsend, and This is

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Money Never Sleeps.
We look inside the minds of

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entrepreneurs and at the
crossover of startups,

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enterprise, finance, technology
and life as we know it.

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This week, Alejandro Gutierrez
jump back in with me on the

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return from our summer hiatus.
And as you all know, he's the

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driving force behind Solana
Super Team Ireland.

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We get into how Alejandro was
scaling the community across the

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island, but also zoom out to
talk about the big theme shaping

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on chain finance right now.
Stablecoins moving mainstream

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with new regulation and
tokenized securities continuing

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to breakthrough with NASDAQ and
others stepping in along the

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way.
I share some details on my own

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big announcement kicking off
Norio Ventures Fund One, an

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early stage venture fund backing
unstoppable founders.

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Building on chain finance.
We also look ahead to what's

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coming up.
The Payments Innovation

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Roundtable in Dublin on
September 17th focused on stable

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coins, Crypto Mondays, Ireland
and Belfast on September 22nd

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with our Building our on Chain
Future event and still

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developing plans for episode 300
of Money Never Sleeps, a live

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recording with plenty of room
for friends at a podcast studio

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in Dublin.
If you're into the builders, the

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breakthroughs in the road ahead
for finance on chain, listen up.

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So let's get into it with
Alejandro Gutierrez.

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All right here on Money Never
Sleeps Money.

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Never sleeps.
Pal Alejandro, how you doing,

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pal?
Pete, good to be here again.

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How are you doing?
Good, good to be back.

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The summer hiatus is over in
nearly mid-september now.

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That's it's crazy isn't it, how
fast this year has has gone.

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I know, I know, it's been nuts
and it's I missed the creative

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part of making this podcast over
the summer and it's kind of all

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the momentum to get back.
I was very excited this morning

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bouncing around.
I am on my second double

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espresso.
So that explains a bit as to why

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I'm bouncing around a bit.
All excited to be back here

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recording with you to kick
things off for our fall season.

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Let's just call it that, right?
Yeah, I know it's it's pretty

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exciting as well.
I think getting back into full

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swing of things and getting
their routine back, kids back in

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school, I think it helps.
It helps and also, well, almost

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episode 300 beats so.
Yeah, this is 290-9300 is coming

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up.
We're going to do something

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special for that.
I'm just back and forth in the

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last couple of days from the
guys at Head Stuff who have a

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podcast studio that is big
enough for a small audience.

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So we're going to do episode 300
with a live recording.

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Don't have the date set yet, but
it will be coming up in the next

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couple of weeks and we'll be
inviting a few folks along to

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that.
And we'll have a little

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celebration for episode 300.
Hopefully some surprise guests,

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some old friends, some new
friends.

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Obviously, Alejandro, it'd be
great to have you there with us

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right up recording given how
many of these episodes you've

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done with me now.
So very much looking forward to

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getting that, getting that one
done.

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There is more to come on that.
I will leave that for now what

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we're going to do after episode
300.

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But there's more to come.
Excited to be back doing this

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with you.
I do have a couple of updates

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now.
This is public information now

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that has been shared over the
summer, but perhaps some of the

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listeners may not pick up on
this by the fact that, you know,

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we were on the summer hiatus.
But at the end of June, after we

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had finished the last Techstars
Web 3 Demo Day in New York City,

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which went incredibly well.
And we did the recording of

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that, that I shared his episode
298 back at the end of July.

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In the closing comments that I
made that day, I said there is

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an Irish poet and stage
performer that goes by the name

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of Bono and he was on stage in
1989 at the Point Depot in

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Dublin at the end of the Love
Town tour.

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And he said sometimes you just
have to go away and dream it all

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up again, right?
And I said that to the crowd.

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I said every summer Hugh and I
get together, Hugh Mcgurr,

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investment principal and trusted
investment partner that I've

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been working with the last four
years and friend, I said, we get

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together and figure out if we're
going to do this all again.

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And what we decided was that we
were going to take everything

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that we had built with the
Techstars Web 3 ecosystem over

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the last four years.
We're going to make it available

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to all of the Techstars
programs.

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And what that means is that Hugh
and I will no longer be running

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an accelerator for Techstars.
The Techstars Web 3 accelerator

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is finished.
We've done that for years.

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We invested in 38 companies,
invested about 4 million in

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capital and we built a great
network and we built a great

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portfolio.
And you know I will continue to

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manage that.
I'm staying close to Techstars.

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I am now a Techstars Managing
Director alumnus and so I'm

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helping with a couple of
partnerships.

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I am doing some mentoring of
founders that are coming into

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Techstars just now this week for
the kick off of the fall term.

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And I will be obviously
continuing to help the founders

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that I've invested in over the
last four years and doing my

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best to do that.
That is the end of the chapter,

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but there's obviously new one
coming up as well.

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That's pretty exciting, Pete.
And look, if you ask me, I

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believe that's probably the
right approach and continuation.

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Like we're seeing more and more
now every single industry

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starting using the technology,
which means that having probably

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chapter just dedicated to F3,
yeah, it's still impactful, but

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it's probably better just to
spread this in every single

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different industry and every
single potential application out

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there.
So I I believe these can have a

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bigger impact as well in the
Techstars ecosystem.

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Definitely.
And Techstars having a vertical

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focused accelerator program is
an anomaly for Techstars.

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Techstars is very much focused
on startup communities and in

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person communities.
And there was a Techstars cloud

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program back in 2012 I believe,
and they ran that once or twice.

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But then you don't need a
specific Techstars cloud

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technology program because
everyone's just building on

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cloud, right?
So we took that same type of

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call with Techstars Web 3 and
the mentor group, which you were

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famously part of and as an All
Star mentor, Alejandro, and

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thank you for that and thank you
to all of our mentors over the

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last few years and that we still
have a great community there and

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I'm staying in touch with
everybody.

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We also have a community of
founders and investors that

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we're continuing to manage that
community and keep people

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updated on what's going on.
So still lots going on.

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And that whole network is such a
fantastic network for the next

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thing that I'm going to be
doing.

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But before we get into that,
Alejandro, you've done quite a

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bit over the summer with Solana
Super Team Ireland.

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What tell tell me how that
unfolded?

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You know, it's hilarious because
I was chatting to some more

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leads from the Super teams
around the world and say, OK,

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this is the time to recharge
batteries.

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And I think for us was not the
case whatsoever.

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We we kept pounding and pounding
and there was so much that

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happened just to cement that
foundation for, for super team

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Ireland.
We were extremely busy.

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Like numbers were keep growing
and growing.

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We had our investors dinner.
So this is the first time ever

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it happens in the Irish
ecosystem.

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Just getting together web tree
projects with traditional

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investors and it was fantastic
just to see how interested

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people are in the space right
now.

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Have we tried to do this speed
together a few times?

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I tried to do it probably 2
times.

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He never actually will never
succeed on it.

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And seeing it now, it was
extremely exciting, but also

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what was in in August actually.
Yep, that was amazing, pulling

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people together in the middle of
August.

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And you know, I, I think it's
the approach that you're taking

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Alejandro in that trying to
build bridges and connect the

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dots here and being able to show
people that listen, building on

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Solana is something that doesn't
just need to be focused on

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crypto natives and that if you
are a tech founder, these things

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aren't that complicated to
understand and that there is a

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benefit and advantage to
building on chain.

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And you may not actually have
thought about that before, but

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have a look.
The feeling that I get is that

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with Solana Super team here in
Ireland that you've got the

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resources and the people to help
to bring people on board.

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That's a big difference, to be
honest, Pete, because we knew

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there's talent here.
Like we know that we have tech

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talent, we have fintech talent.
So you're doing that transition.

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It shouldn't be that difficult,
but the fact is like we never

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have real support on the ground
that that didn't really exist

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before.
And that's the reason why we're

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seeing the, the growth in the
in, in super Team Ireland,

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because you have people that are
dedicated just to nurture the

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consistent North Shore talent
scout talent scout companies.

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And more and more we're seeing
Web 2 projects that they have a

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technological gap, they have an
issue and they're finding the

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solution in web tree and not
just on the obvious industries

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like fintech and payments,
because dozens are the easy

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ones, right?
We're seeing these right now in

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some ordered industries like
healthcare, right?

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We're seeing it as well into in
pharma like a startups in pharma

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just reaching out, gaming,
loyalty, all sorts of different

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applications that few years ago
wouldn't be considered or you

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wouldn't see people in the web
too looking for for these

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solutions in the in, in their
own chain or doing a transition

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on chain.
Yeah, and it's almost.

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Exciting.
Like I meant, you know, what the

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the cloud program back in 2012
and that a lot of what happened

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back then was those that were
starting to build the hyper

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scalers like, you know, AWS and
Google cloud and Azure.

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Just trying to turn people on to
this and show them the benefit

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of actually building on cloud.
And that there was a lot of, you

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know, a lot of folks that they
had to help turn the corner on

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that.
And you know, we're, I think

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we're at the stage now with
blockchain where that's just the

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same thing that if you show
founders and tech builders the

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benefits that they can actually
in the same way that building on

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cloud back in 2012 allowed them
to get off the ground for 50K

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instead of 500 K because you
didn't eat all these on Prem

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servers, That building on chain
now allows you to supercharge

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the tech stack of your business,
right?

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And there's a lot of different
applications.

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Sometimes it's not right,
sometimes it is.

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And it's the it's the right
thing to do to help deliver your

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value proposition in a better,
faster and cheaper way, you

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know?
I fully agree.

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I think that experimentation
needs to keep happening and we

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are learning every single day
more and more about how to

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implement this technology into
traditional Web 2 interfaces,

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right?
That is one of the key issues

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like we have been discussing
this a lot, right?

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And for some reason I got
blockchain should be a

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technology that is at the back
like a blockchain hasn't been

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designed to be just up there.
In like cloud.

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Everybody, it's like cloud.
Exactly.

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It's going to be a huge impact.
A lot of the users, they

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probably, they don't even know.
They don't need to know to be

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honest.
And I know you've been doing

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Solana Talent Hub Friday at Doug
Patch Labs all throughout the

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summer as well.
And I was able to stop by for

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one of them and I I need to get
back for more.

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That has been successful.
And you took the show on the

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road last week up to Belfast,
didn't?

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You.
That's it.

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That's it.
Like, I have a extremely busy

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summer, like the way before
Belfast, we have more than 45

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people coming, which is a number
that if you asked me two years

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ago would have been unheard of.
Like, and there's more and more

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people, younger people,
students, web two people that

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are like interested.
And the decision of taking it to

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Belfast.
Well, super Team Ireland is is

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an island wide initiative.
This is not just for the

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Republic.
That is something that we have

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been telling everybody we accept
with with open arms.

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And it was fantastic actually to
share with with that ecosystem.

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We we have already people
building in the Solana

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ecosystem.
We have OG members like like Key

230
00:12:49,840 --> 00:12:54,360
and Brenner that is leading
right now Sky in Solana.

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00:12:55,800 --> 00:12:59,520
And we have the chance actually
to sit down with Vishal.

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He heads all the blockchain
group in Queens University and

233
00:13:05,520 --> 00:13:10,080
just was a really fantastic
discussion about how we can just

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bring all the talent, all these
new talent from from Northern

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00:13:13,720 --> 00:13:17,040
Ireland to look into Solana.
Yeah, for sure.

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00:13:17,040 --> 00:13:18,920
But look into web tree in
general, right?

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I think the important piece is
bringing people into the web

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tree space, bringing people into
blockchain.

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And then look, the way I see it,
there will be people from every

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00:13:27,600 --> 00:13:30,480
single one of those change.
Like I will do our best to just

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attract them into Solana.
But most important is, is just

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creating that, that ecosystem
first, right?

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00:13:36,680 --> 00:13:39,880
And, and I think Queens
University is going to be a

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00:13:39,880 --> 00:13:42,120
fantastic ally to, to make that
happen.

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And I keep it growing.
So there's going to be more of

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these events, probably doing a
satellite of talent Hall in

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Belfast.
We have the numbers.

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I will keep expanding across the
island.

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Does does the the main idea we
need to decentralize a little

250
00:13:57,400 --> 00:14:00,960
bit from from Dublin.
I have this thing that is a

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00:14:00,960 --> 00:14:04,880
double edged sword, right?
Because it's a small enough,

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00:14:05,120 --> 00:14:08,800
right that everybody can travel
to Dublin from everywhere.

253
00:14:09,440 --> 00:14:11,440
But at the same time that
creates that centralization

254
00:14:11,440 --> 00:14:13,360
piece, right?
We have people coming from

255
00:14:13,360 --> 00:14:16,320
Donegal week on week, which is
fantastic, right?

256
00:14:16,320 --> 00:14:18,640
But Yep, well, it shouldn't be
creating something maybe in

257
00:14:18,640 --> 00:14:21,880
Donegal and have the numbers.
So that's probably next stage.

258
00:14:22,280 --> 00:14:24,200
Absolutely, absolutely no.
I love it.

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00:14:24,280 --> 00:14:28,360
Just reaching out across the
entire island, as you said, and

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00:14:28,360 --> 00:14:32,160
that we are, you know, was that
Ian Brown in Belfast?

261
00:14:32,320 --> 00:14:35,720
Yeah, Ian was there team.
And Ian Mitchell, obviously

262
00:14:35,720 --> 00:14:37,840
shout out to Ian Mitchell.
He's been working on Mitchell

263
00:14:37,920 --> 00:14:39,920
with us.
Yeah, I should have mentioned

264
00:14:39,920 --> 00:14:41,720
Ian.
As soon as we mentioned to him,

265
00:14:41,720 --> 00:14:45,800
look, we're going to be doing
this in in Belfast, he just

266
00:14:45,800 --> 00:14:47,760
jumped on it.
Contact the guys at our more

267
00:14:47,760 --> 00:14:51,280
labs and all you go.
Yeah, it was fantastic.

268
00:14:51,640 --> 00:14:53,560
Yeah.
So absolutely.

269
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And we're going to go back up to
Belfast on the 22nd of

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00:14:57,640 --> 00:14:59,200
September.
We've got a few folks from

271
00:14:59,200 --> 00:15:01,320
Dublin heading up for Crypto
Mondays.

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00:15:01,320 --> 00:15:04,000
So we Belfast tech week is going
on.

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00:15:04,200 --> 00:15:08,040
I think it's kicking off that
weekend before Monday the 22nd

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00:15:08,560 --> 00:15:13,720
and we are doing an event called
Building Our Unchained Future.

275
00:15:13,800 --> 00:15:17,200
That's with Super Team Ireland
and also with me with Noria

276
00:15:17,200 --> 00:15:18,800
Ventures.
I'll be sharing more a bit about

277
00:15:18,800 --> 00:15:20,920
that in a second.
Like I said, bringing the show

278
00:15:20,920 --> 00:15:23,520
on the road up to Belfast.
So that's Crypto Mondays

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00:15:23,840 --> 00:15:25,680
Ireland.
As we've said from the

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00:15:25,680 --> 00:15:29,520
beginning, we did our first
three events in Dublin and then

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00:15:29,520 --> 00:15:31,680
it was time to bring it up
north.

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00:15:31,840 --> 00:15:36,200
So looking forward to that.
We also have our Payments

283
00:15:36,200 --> 00:15:40,640
Innovation Roundtable coming up
and this is a closed event.

284
00:15:40,760 --> 00:15:44,920
I'm excited to be doing this as
we're trying to get payment

285
00:15:44,920 --> 00:15:47,640
firms and banks and anyone
building in fintech and

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00:15:47,640 --> 00:15:51,880
payments, just bring them up the
curve a bit with regards to

287
00:15:51,880 --> 00:15:55,520
stable coins and just get this
round table discussion going.

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00:15:55,560 --> 00:15:59,360
Have this setting where people
are comfortable learning in

289
00:15:59,360 --> 00:16:00,800
public.
You're not really learning in

290
00:16:00,800 --> 00:16:04,080
public because it is a closed
session, but Co learning with

291
00:16:04,080 --> 00:16:06,720
your industry colleagues.
And so just to try to open

292
00:16:06,720 --> 00:16:09,320
people's eyes a bit with what's
going on with stablecoin.

293
00:16:09,320 --> 00:16:11,120
So looking forward to doing that
as well.

294
00:16:11,280 --> 00:16:12,360
That would be pretty
interesting.

295
00:16:12,480 --> 00:16:15,560
I'm really excited.
But look, in general we have

296
00:16:15,560 --> 00:16:18,880
been talking about creating
these or, or or hosting these

297
00:16:18,880 --> 00:16:21,720
for for long feet and, and
seeing it happening now, it's

298
00:16:21,720 --> 00:16:23,600
exciting.
I think it's the right time is

299
00:16:23,600 --> 00:16:27,120
the right moment.
Stable coins are at a peak.

300
00:16:27,160 --> 00:16:29,520
Everybody wants to create a
stable coin.

301
00:16:29,520 --> 00:16:31,560
Now, do they need them?
Probably not.

302
00:16:31,880 --> 00:16:34,680
But I think important is that
people want, I think it's

303
00:16:34,680 --> 00:16:38,760
important to for people that are
in the industry to understand

304
00:16:38,760 --> 00:16:41,480
what the impact of this
technology is going to be for

305
00:16:41,480 --> 00:16:43,880
them.
Because probably some of them

306
00:16:43,880 --> 00:16:48,120
know, probably some of them are
just digesting what is to come

307
00:16:49,320 --> 00:16:52,880
and let them know that if that's
the route that they want to

308
00:16:52,880 --> 00:16:57,160
follow, there are options, there
are alternatives, and that there

309
00:16:57,160 --> 00:16:58,640
are people in the ground that
can help.

310
00:16:59,360 --> 00:17:03,400
Definitely, and it's not
shilling that's the big thing in

311
00:17:03,400 --> 00:17:08,560
that this is about opening
people's eyes to innovations and

312
00:17:08,560 --> 00:17:13,440
innovations in their industry
and that this is something that

313
00:17:13,440 --> 00:17:16,240
you can choose to do.
Now if you take stable coins,

314
00:17:16,240 --> 00:17:20,839
for example, stable coins are a
lot more about the importer in

315
00:17:20,839 --> 00:17:25,640
Dubai paying for coffee beans
that are being shipped in mass

316
00:17:25,680 --> 00:17:29,960
from a farm in Kenya and being
able to do so and it with

317
00:17:29,960 --> 00:17:33,600
instant liquidity, instant
settlement and without all the

318
00:17:33,600 --> 00:17:38,000
cross-border hassles of getting
from one local domestic currency

319
00:17:38,000 --> 00:17:41,680
into another, right.
In thinly traded FX markets

320
00:17:41,680 --> 00:17:45,080
where you have the Fiat
currencies that are on legacy

321
00:17:45,080 --> 00:17:47,840
rails.
And it's a lot more about that

322
00:17:47,840 --> 00:17:51,040
type of transaction on the B to
B level than it is someone

323
00:17:51,040 --> 00:17:55,680
walking into a cafe in Nairobi
in Kenya and buying a cup of

324
00:17:55,680 --> 00:17:58,000
coffee.
With all of these discussions,

325
00:17:58,040 --> 00:18:01,520
so much of this in the past in
crypto, people take that word

326
00:18:01,520 --> 00:18:04,640
cryptocurrency and they think
that we're talking about

327
00:18:04,920 --> 00:18:09,040
changing the world's currencies
into other means.

328
00:18:09,480 --> 00:18:12,400
And that's not what it's about.
I wish that word cryptocurrency

329
00:18:12,400 --> 00:18:14,880
was never created.
I wish it was just crypto asset

330
00:18:15,240 --> 00:18:19,280
because that's what these things
are and that you're looking at

331
00:18:19,280 --> 00:18:23,280
alternative forms of payment,
being able to do so in a way

332
00:18:23,560 --> 00:18:27,720
that is better, faster, cheaper.
And so always love to have

333
00:18:27,720 --> 00:18:29,160
conversations with folks about
this.

334
00:18:29,160 --> 00:18:31,640
So looking forward to leaving
that round table with you.

335
00:18:32,040 --> 00:18:38,400
So Speaking of doing new things,
I do have some news to announce.

336
00:18:39,000 --> 00:18:43,320
So I am finally, after all these
years, kicking off Nario

337
00:18:43,320 --> 00:18:48,120
Ventures Fund One and.
Should I do the the the the

338
00:18:48,120 --> 00:18:51,280
drums?
The drums, the gone baby, right?

339
00:18:53,240 --> 00:18:56,920
But what I'm doing is that I'm
backing unstoppable founders,

340
00:18:56,920 --> 00:19:00,840
the precede and Seed stage, who
are building on chain finance,

341
00:19:01,000 --> 00:19:04,320
particularly in the areas of
decentralized infrastructure,

342
00:19:04,600 --> 00:19:09,760
global capital, mobility, and
universal UX, all accelerated by

343
00:19:09,840 --> 00:19:11,880
AI.
Got to be doing a ton of work

344
00:19:12,240 --> 00:19:15,200
around the narrative and a ton
of work around exactly what I'm

345
00:19:15,200 --> 00:19:17,840
doing and why.
I started talking to my network

346
00:19:17,840 --> 00:19:20,520
about it, started telling them
what I was doing, getting ideas,

347
00:19:20,520 --> 00:19:23,200
getting feedback.
Obviously, I've worked with a

348
00:19:23,200 --> 00:19:26,080
ton of founders on raising their
rounds, but when you're raising

349
00:19:26,080 --> 00:19:28,800
from limited partners that are
investing in funds, it's a

350
00:19:28,800 --> 00:19:30,560
different kettle of fish
completely.

351
00:19:30,920 --> 00:19:33,680
I'm talking with a lot of folks
about their experience in doing

352
00:19:33,680 --> 00:19:36,200
that.
This is a niche fund in a niche

353
00:19:36,200 --> 00:19:41,440
segment with a niche strategy.
And this is something where I'm

354
00:19:41,440 --> 00:19:44,800
talking to others who have taken
that same approach, raising

355
00:19:44,800 --> 00:19:48,800
their first time as a solo GP.
And as I've done this in the

356
00:19:48,800 --> 00:19:51,960
past, working with others who
are doing the fundraising and I

357
00:19:51,960 --> 00:19:55,480
was the OPS and structuring guy.
And now I'm at that point where

358
00:19:55,480 --> 00:19:57,680
I'm like, listen, it's about
damn time.

359
00:19:58,040 --> 00:19:59,800
I've been working in this space
for 10 years.

360
00:19:59,880 --> 00:20:01,440
This is what I've been driving
towards.

361
00:20:01,720 --> 00:20:03,720
Just do it, right?
Just get out there and do it.

362
00:20:03,720 --> 00:20:06,600
And if I fall on my face flat,
who cares?

363
00:20:06,680 --> 00:20:09,680
At least I gave it a shot.
No, Peter, I'm I'm so glad to

364
00:20:09,680 --> 00:20:12,400
hear this because you say I was
going to ask you.

365
00:20:12,440 --> 00:20:16,240
I took you so long actually.
The first five years of me in

366
00:20:16,240 --> 00:20:18,080
this space, those were the
hustle years.

367
00:20:18,080 --> 00:20:21,400
And that was me trying to figure
this space out and get to know

368
00:20:21,400 --> 00:20:24,400
founders and work closely with
founders and get myself onto

369
00:20:24,400 --> 00:20:28,160
advisory boards and boards of
directors and all of that.

370
00:20:28,320 --> 00:20:31,840
And then Techstars came along
and Techstars was about me doing

371
00:20:31,840 --> 00:20:34,160
two things.
One, getting my reps with 38

372
00:20:34,160 --> 00:20:36,760
investments, reviewing 2 1/2
thousand applications, doing

373
00:20:36,760 --> 00:20:42,320
over 1000 founder calls, right?
And the second thing was about

374
00:20:42,320 --> 00:20:46,080
building the network and
building those relationships

375
00:20:46,080 --> 00:20:48,640
with mentors, with investors,
but most importantly with the

376
00:20:48,640 --> 00:20:52,680
founders and being able to truly
understand what an unstoppable

377
00:20:52,680 --> 00:20:57,400
founder looks like.
And this culminated in our 2025

378
00:20:57,400 --> 00:21:00,920
cohort where we said we're not
doing 12 investments this year.

379
00:21:00,920 --> 00:21:04,800
We're doing 6, we're doing 6
high conviction bets only.

380
00:21:05,200 --> 00:21:10,800
And that's what's been built
into my own patterns and my own

381
00:21:10,800 --> 00:21:12,680
processes.
And it feels right.

382
00:21:12,680 --> 00:21:14,920
It's high conviction.
And it's not me spraying and

383
00:21:14,920 --> 00:21:17,360
praying.
It's saying these are founders

384
00:21:17,360 --> 00:21:20,920
that I believe in that will
build the next wave of moving

385
00:21:20,920 --> 00:21:24,560
finance on Chain I.
Think that's probably a good

386
00:21:24,560 --> 00:21:27,720
approach because the last you
don't you don't want to be known

387
00:21:27,720 --> 00:21:30,280
in the industry, right?
As an investor, as someone that

388
00:21:30,280 --> 00:21:34,120
is placing money, disappearing,
then coming back, extracting

389
00:21:34,120 --> 00:21:37,440
value and off you go.
Oh yeah, and the knowledge that

390
00:21:37,440 --> 00:21:40,560
you have paid will be on value
for a lot of these companies

391
00:21:40,880 --> 00:21:42,560
opening doors.
Why you call it smart money,

392
00:21:42,560 --> 00:21:44,040
right?
That's exactly what you want.

393
00:21:44,280 --> 00:21:47,200
Yep.
And and that's the bad look, I

394
00:21:47,600 --> 00:21:49,280
I'm extremely excited.
I'm really happy.

395
00:21:49,280 --> 00:21:53,760
I'm really glad for you and
believe that Irish ecosystem.

396
00:21:53,760 --> 00:21:58,080
I'm going to welcome this with
open arms and look for for the

397
00:21:58,080 --> 00:21:59,600
grassroots.
This is going to be so

398
00:21:59,600 --> 00:22:00,840
important.
This could be one of the

399
00:22:00,840 --> 00:22:05,840
cornerstones that will allow us
just to build a proper startup

400
00:22:05,840 --> 00:22:07,920
ecosystem in the web tree space
in Ireland.

401
00:22:08,320 --> 00:22:09,880
Definitely.
And you know, I've been

402
00:22:09,880 --> 00:22:13,560
referring to what you've done,
Alejandro, when I speak with

403
00:22:13,560 --> 00:22:18,440
people about creating investment
opportunities where they may not

404
00:22:18,440 --> 00:22:22,600
otherwise be in that where you
find a founder building an AI

405
00:22:22,640 --> 00:22:24,640
who may not have thought about
building on chain.

406
00:22:24,960 --> 00:22:29,120
And that where they look at that
when you kind of prompt them and

407
00:22:29,120 --> 00:22:31,760
they say, wait a second, yeah,
if we actually built this into

408
00:22:31,760 --> 00:22:35,560
our stack, this would allow us
to do XY and ZA whole lot better

409
00:22:35,960 --> 00:22:39,720
and things like micro payments
in AI and agentic payments in

410
00:22:39,720 --> 00:22:41,160
general, right?
All that type of stuff.

411
00:22:41,600 --> 00:22:45,080
So being able to do a lot of the
stuff that you and I have been

412
00:22:45,080 --> 00:22:49,160
working on together has allowed
me to create this little extra

413
00:22:49,160 --> 00:22:53,080
thing that is interesting.
And on that note, people said,

414
00:22:53,080 --> 00:22:54,600
Pete, where you going to call
your new fund?

415
00:22:54,600 --> 00:22:57,600
I said, you know what?
I created Norio Ventures back in

416
00:22:57,600 --> 00:23:01,840
2016 with purpose.
Norio is Japanese for man of

417
00:23:01,840 --> 00:23:05,720
principle.
OK, Norio is also an anagram of

418
00:23:05,720 --> 00:23:08,280
the word Orion.
Orion is the hunter.

419
00:23:08,440 --> 00:23:11,160
I've always been a hunter for
unstoppable founders, for new

420
00:23:11,160 --> 00:23:13,880
deals, new ideas, new things
that are worth pursuing.

421
00:23:14,120 --> 00:23:17,000
Hunter is also a family name
going back to the 13th century

422
00:23:17,000 --> 00:23:19,480
in Scotland.
It means a lot to me.

423
00:23:19,520 --> 00:23:20,920
I could have come up with
another name.

424
00:23:20,920 --> 00:23:23,200
Someone said Pete, just call it
on chain ventures.

425
00:23:23,200 --> 00:23:27,120
I said no.
Somebody suggested Pete stars.

426
00:23:27,600 --> 00:23:30,280
Yeah, yeah, Pete stars.
Yeah, absolutely could have done

427
00:23:30,280 --> 00:23:33,280
that as well.
But you know, it's I'm, I'm

428
00:23:33,280 --> 00:23:36,280
sticking with it and I'm
excited, as you can tell.

429
00:23:36,520 --> 00:23:39,640
I think like with your
experience and what you have

430
00:23:39,640 --> 00:23:43,320
done actually with tech stars
before that and there would be a

431
00:23:43,320 --> 00:23:46,120
lot of people interested.
I I have no doubt about it.

432
00:23:46,840 --> 00:23:49,200
I'm really excited.
I'm I'm extremely excited about

433
00:23:49,800 --> 00:23:52,880
the like the launch of Mario
adventures and how and out

434
00:23:52,880 --> 00:23:54,240
there.
Like I believe it's going to be

435
00:23:54,240 --> 00:23:56,920
terrific for the ecosystem for
you personally.

436
00:23:57,480 --> 00:24:01,960
So well done, Sir.
Thank you, thank you, me and AI.

437
00:24:02,200 --> 00:24:05,240
You know, GPT has been my best
friend in this so far.

438
00:24:05,480 --> 00:24:08,680
So we have to thank GPT as well
for for getting things to this

439
00:24:08,680 --> 00:24:12,600
stage.
So given the summer hiatus and

440
00:24:12,600 --> 00:24:15,640
given that so much has happened
over the past few months, I just

441
00:24:15,640 --> 00:24:18,760
wanted to do a quick rewind on a
few of these things.

442
00:24:18,760 --> 00:24:21,640
These are important topics for
what you're building through

443
00:24:21,640 --> 00:24:24,920
Super Team, but also with what
I'm going to be investing in

444
00:24:24,960 --> 00:24:29,080
through Norio Ventures Fund 1.
So, and it's no surprise that

445
00:24:29,080 --> 00:24:32,000
these are the topics that you
and I speak about regularly

446
00:24:32,000 --> 00:24:34,920
anyway, because this is the
lifeblood of why I'm doing this

447
00:24:34,920 --> 00:24:38,840
to begin with in that we had the
huge event over the summer with

448
00:24:38,840 --> 00:24:43,120
the passing of the Genius Act
and that is fueling stablecoin

449
00:24:43,120 --> 00:24:45,920
mainstreaming as a regulatory
framework for stablecoins.

450
00:24:46,520 --> 00:24:49,400
So think about things like full
reserve backing, mandatory

451
00:24:49,400 --> 00:24:51,840
audits, state federal
permitting.

452
00:24:52,320 --> 00:24:56,320
It's basically mainstreaming
digital dollars with a great

453
00:24:56,320 --> 00:24:58,480
foundation of regulation behind
it.

454
00:24:58,520 --> 00:25:02,440
McKinsey have predicted that 2
trillion will be driven into

455
00:25:02,440 --> 00:25:05,640
stable coins.
So that's $2 trillion in stable

456
00:25:05,640 --> 00:25:11,080
coin value predicted by 2028.
And that also Europe is going a

457
00:25:11,080 --> 00:25:15,560
bit of its own cautious route.
Mika has a stablecoin framework.

458
00:25:15,640 --> 00:25:18,880
It's a bit unwieldy, right?
I don't think we're going to be

459
00:25:18,880 --> 00:25:22,400
seeing any depth of liquidity in
euro stable coins anytime soon,

460
00:25:22,920 --> 00:25:24,600
OK.
And that will be a topic of

461
00:25:24,600 --> 00:25:26,920
conversation for our Payments
Innovation Roundtable.

462
00:25:27,160 --> 00:25:29,880
We're talking mostly to those
who are operating in euro and

463
00:25:29,880 --> 00:25:34,160
how do we actually enable firms
to take advantage of the stable

464
00:25:34,160 --> 00:25:37,480
coin infrastructure when this is
operating primarily in USD?

465
00:25:38,160 --> 00:25:39,640
There's this stable coin
sandwich.

466
00:25:39,760 --> 00:25:41,760
I won't get into that for now,
but you know, you know what I'm

467
00:25:41,760 --> 00:25:43,840
talking about there.
It would be really interesting

468
00:25:43,920 --> 00:25:47,320
to see how it develops in
Europe, right, Because now

469
00:25:47,320 --> 00:25:51,280
you're seeing every single big
economy in the world push in

470
00:25:51,280 --> 00:25:54,120
that direction.
I don't, I don't see the

471
00:25:54,120 --> 00:25:57,440
appetite in here.
There's a lot of discussion

472
00:25:57,440 --> 00:26:03,080
still about CBDC's and Euro like
a detailed euro by like a like

473
00:26:03,120 --> 00:26:06,920
minted directly by, by the
European Union etcetera,

474
00:26:06,920 --> 00:26:11,120
etcetera, which is personally I
don't think is the right

475
00:26:11,120 --> 00:26:15,240
approach for this and we know
that is not.

476
00:26:16,200 --> 00:26:18,320
But not at.
The same time, at the same time,

477
00:26:18,360 --> 00:26:24,600
I believe that the European
Union has or is a bit afraid on

478
00:26:24,600 --> 00:26:28,920
losing some sort of dominance
from the currency perspective,

479
00:26:28,920 --> 00:26:33,080
because if the dominance goes
straight into the USD, what's

480
00:26:33,080 --> 00:26:35,320
going to happen with the euro?
Yep.

481
00:26:35,920 --> 00:26:38,840
Yeah, I've had some
conversations about this with

482
00:26:38,840 --> 00:26:42,240
people who I cannot get into,
Right.

483
00:26:42,520 --> 00:26:47,760
So I'm right there with you.
The, you know, a digital euro is

484
00:26:47,760 --> 00:26:50,240
not the answer.
It was at least encouraging to

485
00:26:50,240 --> 00:26:53,280
hear that.
There was talk of that being on

486
00:26:53,280 --> 00:26:57,280
a public blockchain, but their
original plans for the digital

487
00:26:57,280 --> 00:26:59,520
euro had nothing to do with
blockchain.

488
00:26:59,520 --> 00:27:03,440
It was a closed system, OK.
And when you have a closed

489
00:27:03,440 --> 00:27:07,240
system that's issuing digital
instruments, digital dollars,

490
00:27:07,240 --> 00:27:11,080
digital securities that can't be
reused elsewhere, and that is

491
00:27:11,080 --> 00:27:13,760
part of the global capital
mobility.

492
00:27:13,760 --> 00:27:17,480
Part of my investment thesis is
that we need these assets to be

493
00:27:17,480 --> 00:27:20,480
able to move around the world
into institutions, hands into

494
00:27:20,480 --> 00:27:24,800
individual hands in ways that
bring them surprise, delight and

495
00:27:24,800 --> 00:27:28,920
joy from the user experience.
And with a closed loop system,

496
00:27:28,920 --> 00:27:33,440
you're not going to get that.
And it was Tony McLaughlin who

497
00:27:33,440 --> 00:27:39,640
is the founder and CEO of Ubix
and he is a stable coin

498
00:27:39,640 --> 00:27:42,360
maximalist and he spoke about
this on LinkedIn and talking

499
00:27:42,360 --> 00:27:46,040
about the difference between
stable coins and tokenized

500
00:27:46,040 --> 00:27:49,720
deposits in CBDC's.
Now I worked on something a few

501
00:27:49,720 --> 00:27:55,200
years ago with a early player in
the common, early player in the

502
00:27:55,200 --> 00:28:02,240
stable coin space, and they were
responding to a tender from the

503
00:28:03,160 --> 00:28:08,080
Treasury in the UK, in England,
and it was on CBD CS.

504
00:28:08,360 --> 00:28:10,320
And they said how do we do this?
And they said there's two

505
00:28:10,320 --> 00:28:12,160
models.
There's one, the central bank

506
00:28:12,160 --> 00:28:16,360
itself can issue a digital
currency, but what that brings

507
00:28:16,360 --> 00:28:20,520
with it is the need to have a
consumer service attached to

508
00:28:20,600 --> 00:28:22,680
that.
You have people worried about

509
00:28:22,880 --> 00:28:24,880
that a transaction didn't
complete correctly.

510
00:28:25,280 --> 00:28:27,680
Can a, can a central bank really
support that?

511
00:28:27,800 --> 00:28:30,560
No.
So the alternative was is that

512
00:28:30,840 --> 00:28:36,080
you create the digital currency
as a framework, but then you let

513
00:28:36,080 --> 00:28:38,880
the commercial banks deliver
that and you let the commercial

514
00:28:38,880 --> 00:28:43,960
banks issue their digital
currencies in that local Fiat

515
00:28:43,960 --> 00:28:47,240
currency.
So you have HSBC, you have

516
00:28:47,600 --> 00:28:51,400
NatWest, you have Barclays,
whatever in the UK that are all

517
00:28:51,400 --> 00:28:54,440
issuing digital pounds.
And they're all fungible against

518
00:28:54,440 --> 00:28:56,440
each other.
In the same way that if you pick

519
00:28:56,440 --> 00:29:01,400
up a euro coin and you flip it
over and you see that that coin

520
00:29:01,400 --> 00:29:04,840
was actually minted in Greece,
and then I've got in my pocket

521
00:29:04,840 --> 00:29:06,360
another one that was minted in
Ireland.

522
00:29:06,360 --> 00:29:08,320
It doesn't make a difference.
They're totally fungible.

523
00:29:08,720 --> 00:29:11,560
And so you can.
And that was the model that was

524
00:29:11,560 --> 00:29:14,320
being proposed.
This was five years ago and then

525
00:29:14,320 --> 00:29:17,280
when I saw the whole tokenized
deposits model coming out of JP

526
00:29:17,280 --> 00:29:21,000
Morgan, it looks the same.
And that the tokenized deposits

527
00:29:21,000 --> 00:29:23,680
model is that you have a bank
that takes a part of its balance

528
00:29:23,680 --> 00:29:29,160
sheet and says we're going to
issue a stablecoin basically

529
00:29:29,440 --> 00:29:31,800
backed by the bank's balance
sheet.

530
00:29:32,760 --> 00:29:34,920
And that's all this is.
Now JP Morgan are doing this

531
00:29:34,920 --> 00:29:38,520
initially with JPMD, but it is a
it's a bit of a closed loop

532
00:29:38,520 --> 00:29:41,960
system only available to their
customers, but at least it's

533
00:29:41,960 --> 00:29:43,960
baby steps in the right
direction with this stuff.

534
00:29:44,480 --> 00:29:46,280
I think we're heading, we're
heading there, we're heading

535
00:29:46,280 --> 00:29:51,120
there and Genius Act was kind of
the trigger for people to put

536
00:29:51,120 --> 00:29:54,000
forward the plans that they have
because all of these guys have

537
00:29:54,000 --> 00:29:58,760
plans like it's not possible
that Genius Act is is passed and

538
00:29:58,760 --> 00:30:04,400
a week after everybody is
unveiling stable coins, layer

539
00:30:04,400 --> 00:30:06,600
ones for payments etcetera,
etcetera.

540
00:30:06,760 --> 00:30:09,360
Like I have been working on this
for a long time, right?

541
00:30:09,480 --> 00:30:12,360
Yeah.
What what I don't, I don't like

542
00:30:12,360 --> 00:30:15,680
it, but I, I think it's part of
of the marketing component is

543
00:30:15,680 --> 00:30:17,040
the hype that is coming out of
it.

544
00:30:17,040 --> 00:30:19,080
Everybody now is launching a
layer one.

545
00:30:19,080 --> 00:30:21,680
Everybody's launching again a
stable coin.

546
00:30:21,680 --> 00:30:25,680
For what purpose I have no idea,
but they're all in there.

547
00:30:25,800 --> 00:30:29,000
What can happen is that we're
getting distracted from from

548
00:30:29,000 --> 00:30:33,880
what is important, right, and is
the application and the

549
00:30:33,880 --> 00:30:36,800
efficiencies that the technology
will bring to a lot of the

550
00:30:37,280 --> 00:30:39,440
players and consumers, right?
Because it's not just the

551
00:30:39,440 --> 00:30:40,920
players, it's the consumers as
well.

552
00:30:41,640 --> 00:30:45,240
Absolutely, but you know, and,
and I, I think we're living in a

553
00:30:45,240 --> 00:30:48,320
world right now, at least for
those in the, you know, crypto

554
00:30:48,320 --> 00:30:51,760
native and crypto fluent, if not
crypto curious where, you know,

555
00:30:52,000 --> 00:30:56,360
Tether and USDC, the two biggest
stable coins can live, can

556
00:30:56,640 --> 00:31:04,360
cohabitate, can cohabitate in my
wallet together and I can use

557
00:31:04,360 --> 00:31:08,440
them for different things.
And I kind of when you know, you

558
00:31:08,440 --> 00:31:10,680
have a look at your app, it adds
it all up together for you

559
00:31:10,680 --> 00:31:13,200
anyway and saying this is your
cash, right?

560
00:31:13,200 --> 00:31:19,040
So, but when we're looking at
10:20, 30-40, that's where

561
00:31:19,040 --> 00:31:21,320
things start to get a bit
unwieldy.

562
00:31:21,800 --> 00:31:25,560
So yeah, and I, I, you kind of
see this in that like Stripes

563
00:31:25,560 --> 00:31:29,080
Tempo blockchain that they just
announced last week and, you

564
00:31:29,080 --> 00:31:31,640
know, some very notable names
that are working on this.

565
00:31:32,080 --> 00:31:36,120
It's that they, they're talking
about it being credibly neutral,

566
00:31:36,400 --> 00:31:40,200
OK, And that they want
developers to build on that.

567
00:31:40,200 --> 00:31:41,920
Now, what does Stripe get from
that?

568
00:31:41,920 --> 00:31:44,600
That gets a benefit of the
transaction fees that are coming

569
00:31:44,600 --> 00:31:49,160
through the chain, right, Rather
than having that accrue to

570
00:31:49,160 --> 00:31:53,600
Circle or to Tether or to
Athena, you know, or to somebody

571
00:31:53,600 --> 00:31:57,120
else, right?
And it's good to see that the

572
00:31:57,120 --> 00:31:59,600
business model for several coins
is changing, right?

573
00:31:59,600 --> 00:32:03,600
Because we always knew that the
business model of leveraging

574
00:32:03,760 --> 00:32:07,000
like rates, that's not
sustainable, that's sustainable

575
00:32:07,160 --> 00:32:10,880
now because like our interest
rates are, are high.

576
00:32:11,080 --> 00:32:15,640
But realistically what happens
when interests go low, we knew

577
00:32:15,640 --> 00:32:17,560
that was not sustainable to see.
So now.

578
00:32:18,480 --> 00:32:21,320
I saw that today.
There was something, it was in

579
00:32:21,320 --> 00:32:22,680
CNBC.
It was in CNBC.

580
00:32:22,680 --> 00:32:27,440
Wherever it was, it was, hey,
there's a 7 trillion cash pile

581
00:32:27,440 --> 00:32:29,480
that's in money market funds
right now.

582
00:32:29,960 --> 00:32:34,160
That is, if the the Fed drops
rates to, you know, four and a

583
00:32:34,160 --> 00:32:38,280
quarter or even 4% or whatever
it is, that 7 trillion will all

584
00:32:38,280 --> 00:32:41,040
be ushered into Bitcoin.
Like that's that's not going to

585
00:32:41,080 --> 00:32:43,800
happen.
You'll see, you may see some of

586
00:32:43,800 --> 00:32:46,920
it, right?
But it was like, OK, people want

587
00:32:46,920 --> 00:32:51,880
to risk on, but I don't think
your average institution or

588
00:32:51,880 --> 00:32:55,840
individual that is holding
shares of a money market fund

589
00:32:56,320 --> 00:33:00,320
will jump and push that into
Bitcoin as a risk on asset,

590
00:33:00,520 --> 00:33:02,600
right?
I doubt it.

591
00:33:03,000 --> 00:33:07,680
No, not going to happen.
But listen, the stable coins in

592
00:33:07,680 --> 00:33:10,920
general moving towards 300
billion as an asset class,

593
00:33:11,400 --> 00:33:13,920
right, with tethering USDC
dominating that.

594
00:33:14,360 --> 00:33:16,960
But there are more and more
creeping up like I think Athena

595
00:33:16,960 --> 00:33:18,760
is now the third ranked
stablecoin.

596
00:33:19,400 --> 00:33:22,400
So obviously what goes hand in
hand Alejandro with tokenized

597
00:33:22,400 --> 00:33:24,880
cash or tokenized dollars is
tokenized securities.

598
00:33:24,960 --> 00:33:27,600
And we saw a ton of action in
that over the summer.

599
00:33:28,080 --> 00:33:32,600
And it was particularly around
Project Crypto, which was SEC

600
00:33:32,600 --> 00:33:36,800
Chariton's was speaking about
where where he saw things going

601
00:33:36,800 --> 00:33:39,480
with the tokenization of
financial markets.

602
00:33:39,480 --> 00:33:42,280
And basically the whole speech
that he did in the transcript of

603
00:33:42,280 --> 00:33:45,200
that was like a hit list, a
laundry list of everything that

604
00:33:45,200 --> 00:33:46,840
we've been looking for and
everything that we wanted to

605
00:33:46,840 --> 00:33:49,400
open up when it comes to super
apps and be able to integrate

606
00:33:49,400 --> 00:33:51,600
with crypto, Being able to
integrate with tokenized

607
00:33:51,600 --> 00:33:54,560
securities and stable coins and
making sure that you have the

608
00:33:54,560 --> 00:33:56,400
right regulatory framework
around this because you're

609
00:33:56,400 --> 00:34:00,520
bringing together what are these
regulatory permissions across

610
00:34:00,520 --> 00:34:04,800
payments, across derivatives,
across securities and money

611
00:34:04,800 --> 00:34:07,520
transmission and things like
that that have all these

612
00:34:07,520 --> 00:34:09,080
different regulatory frameworks
right now.

613
00:34:09,239 --> 00:34:12,600
Don't want firms that are
building the space to have to go

614
00:34:12,600 --> 00:34:16,080
get 10/20/30 fifty different
regulatory licenses here.

615
00:34:16,080 --> 00:34:18,159
So there there's some good
progress happening there on the

616
00:34:18,159 --> 00:34:22,080
regulatory front.
What we also saw was the market,

617
00:34:22,080 --> 00:34:25,800
and this is on RWA dot XYZ and
I'll put that up in the show

618
00:34:25,800 --> 00:34:30,960
notes as well that the tokenized
security market, a real world

619
00:34:30,960 --> 00:34:33,880
assets on chain is approaching
30 billion right now.

620
00:34:33,880 --> 00:34:36,280
Again, still small number when
you combine it with stable

621
00:34:36,280 --> 00:34:39,520
coins, it's above 300 billion,
but let's keep it 2 separate.

622
00:34:40,040 --> 00:34:43,560
But the tokenized security
market is is expected as well to

623
00:34:43,560 --> 00:34:47,320
move up into the 1 to 5 trillion
range by the year 2030.

624
00:34:47,760 --> 00:34:50,440
OK.
And little hints of what's going

625
00:34:50,440 --> 00:34:53,760
on with NASDAQ.
Just yesterday announced that

626
00:34:53,760 --> 00:34:59,400
they've proposed the SEC that
they want to enable tokenized

627
00:34:59,400 --> 00:35:01,800
securities to be traded on
NASDAQ.

628
00:35:02,160 --> 00:35:07,040
Now this won't be fully native
digital issuance of securities

629
00:35:07,040 --> 00:35:10,600
on chain that are then issued by
a CSD and then trading on

630
00:35:10,600 --> 00:35:12,840
NASDAQ.
This will be it's basically a

631
00:35:12,840 --> 00:35:14,640
settlement option.
You know you're trading on

632
00:35:14,640 --> 00:35:17,200
NASDAQ, but then you have the
option to hold the tokenized

633
00:35:17,200 --> 00:35:20,800
form in your wallet rather than
or in an institutional wallet

634
00:35:20,800 --> 00:35:24,000
rather than holding it in in
street name through a through a

635
00:35:24,000 --> 00:35:25,400
brokerage account or something
like that.

636
00:35:25,400 --> 00:35:26,160
So.
Yeah.

637
00:35:26,280 --> 00:35:29,200
So like they're announcing this
for 2026, which is pretty

638
00:35:29,200 --> 00:35:31,600
interesting.
It's quite soon, like I think

639
00:35:31,600 --> 00:35:35,560
it's early 2026, right?
Yeah, it is.

640
00:35:36,000 --> 00:35:38,760
Going alongside that, we had
Galaxy Digital, they're already

641
00:35:38,760 --> 00:35:42,360
tokenizing their own common
stock via Super State on Solana.

642
00:35:42,680 --> 00:35:45,400
So giving that 24/7 trading in
real share rights to

643
00:35:45,400 --> 00:35:48,800
shareholders rather than what
we're seeing happening, which

644
00:35:48,800 --> 00:35:53,440
are these wrappers where you
have a SPV and Liechtenstein,

645
00:35:53,440 --> 00:35:57,120
for example, that is created to
hold shares of NVIDIA that then

646
00:35:57,120 --> 00:36:00,400
trade on a tokenized exchange.
Again, baby steps going the

647
00:36:00,400 --> 00:36:04,240
right direction.
Are these SPV related tokenized

648
00:36:04,240 --> 00:36:06,280
securities?
But what we're looking for is

649
00:36:06,280 --> 00:36:10,160
truly native digital issuance
and that's what Galaxy Digital

650
00:36:10,160 --> 00:36:11,680
have done.
They're publicly traded company.

651
00:36:11,680 --> 00:36:13,480
They're saying we're going to
take a tranche of our shares,

652
00:36:13,480 --> 00:36:16,240
we're going to issue them
digitally so that they can trade

653
00:36:16,240 --> 00:36:18,920
on super State.
So that was another interesting.

654
00:36:18,920 --> 00:36:22,000
Development there, that was a
fantastic one actually because

655
00:36:22,000 --> 00:36:23,880
it's saying like I look it is
possible.

656
00:36:24,400 --> 00:36:28,080
It's not just about the rappers
that you say now we can have

657
00:36:28,080 --> 00:36:33,400
these assets that like on chain
have been the utility creative

658
00:36:33,400 --> 00:36:38,760
for, for this purpose only 24/7
at a completely more efficient

659
00:36:38,760 --> 00:36:40,560
manner, right for capital
markets.

660
00:36:40,560 --> 00:36:43,840
Definitely, and this is
obviously one of the, you know,

661
00:36:43,840 --> 00:36:45,920
these are great steps forward,
but there's a ton of

662
00:36:45,920 --> 00:36:48,360
infrastructure still to build.
We built so much great

663
00:36:48,360 --> 00:36:53,800
infrastructure in crypto, but in
order for institutional traders,

664
00:36:53,840 --> 00:36:59,120
for financial services firms,
for day traders, for everybody

665
00:36:59,120 --> 00:37:01,680
that's trading the traditional
financial markets for them to be

666
00:37:01,680 --> 00:37:06,640
able to have all the same tools
and utilities and expectations

667
00:37:06,640 --> 00:37:09,720
when they have the on chain
experience time to build.

668
00:37:09,960 --> 00:37:12,040
And that's why I'm investing in
the space.

669
00:37:12,080 --> 00:37:16,000
So good place to wrap.
Thank you, Alejandro.

670
00:37:16,080 --> 00:37:19,760
It was great to step through all
of this with you and I'll be

671
00:37:19,760 --> 00:37:22,840
seeing you next week.
Thank you very much Pete.

672
00:37:22,960 --> 00:37:25,640
Pleasure as always.
Really looking forward to

673
00:37:26,320 --> 00:37:31,120
episode 300 live from somewhere
around Dublin I assume.

674
00:37:31,360 --> 00:37:34,400
Yep.
And well, great news about North

675
00:37:34,400 --> 00:37:37,680
Venture, so looking forward to
catching up next week.

676
00:37:38,040 --> 00:37:39,240
Wonderful.
Thanks, Alejandro.

677
00:37:40,000 --> 00:37:40,440
Thank you.
Bye.

678
00:37:40,440 --> 00:37:45,440
Bye.
That does it for this week,

679
00:37:45,440 --> 00:37:46,640
folks.
You can learn more about the

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00:37:46,640 --> 00:37:48,440
topics we cover in the show
notes on our website.

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00:37:48,440 --> 00:37:51,400
Money never sleeps that IE.
Thanks to Alejandro Gutierrez

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00:37:51,400 --> 00:37:53,640
for the awesome insights he
shared in Co hosting this

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00:37:53,640 --> 00:37:55,520
episode with me.
If you like what you heard,

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00:37:55,680 --> 00:37:59,040
please leave us a rating and or
review on Spotify, Apple or on

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00:37:59,040 --> 00:38:01,200
Money Never sleeps dot IE slash
rate.

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00:38:01,760 --> 00:38:03,840
Thanks to Conan Brophy from
Create Sound for mixing and

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00:38:03,840 --> 00:38:06,800
editing this episode.
Conan is an excellent media man

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00:38:06,800 --> 00:38:08,120
to work with on your own
podcast.

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00:38:08,560 --> 00:38:11,720
As for me, I'm general partner
of Norio Ventures, an early

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00:38:11,720 --> 00:38:14,440
stage venture capital fund
backing unstoppable founders

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00:38:14,440 --> 00:38:17,080
building on chain finance.
There are plenty of links in the

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00:38:17,080 --> 00:38:19,600
show notes on Money never sleeps
that IE and how to get in touch,

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00:38:19,800 --> 00:38:23,120
so don't hesitate to reach out.
Finally, till next time, thanks

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00:38:23,120 --> 00:38:24,320
for listening.
See ya, Money never sleeps.

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00:38:25,400 --> 00:38:25,520
Pal.