Latest / CRYPTO 101 / Ep. 750 The Institutional Crypto Playbook with Franklin Templeton

Transcript

Ep. 750 The Institutional Crypto Playbook with Franklin Templeton · CRYPTO 101

0:08
[SPEAKER_01]: All right, everybody, we are back with another great guest.
0:11
[SPEAKER_01]: We are here live at the out-east summit.
0:13
[SPEAKER_01]: We are having a ton of fun, stay in warm.
0:16
[SPEAKER_01]: It's a little potentially rainy here coming up here pretty soon.
0:20
[SPEAKER_01]: But I'm glad that we get to chat together today.
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[SPEAKER_01]: This is Tony P. Core, who's the EVP and the head of investments at Franklin Crypto, which is a group under Franklin Templeton.
0:32
[SPEAKER_01]: And Tony, thank you for joining me.
0:34
[SPEAKER_01]: pleasure.
0:34
[SPEAKER_01]: How the heck are you?
0:35
[SPEAKER_00]: I'm doing great came in from California.
0:39
[SPEAKER_00]: Another Callie boy here.
0:40
[SPEAKER_00]: Yeah, California.
0:42
[SPEAKER_00]: A little breezy.
0:43
[SPEAKER_00]: Yeah, but nothing.
0:44
[SPEAKER_00]: We can handle.
0:45
[SPEAKER_00]: We can handle this.
0:46
[SPEAKER_01]: Yeah, I look.
0:46
[SPEAKER_01]: Is it your first time up here in the in the Hampton?
0:49
[SPEAKER_00]: It is my first time this far out on Long Island.
0:52
[SPEAKER_00]: Nice.
0:52
[SPEAKER_00]: Yeah.
0:53
[SPEAKER_00]: Pleasure.
0:53
[SPEAKER_00]: Pleasure.
0:53
[SPEAKER_00]: Pleasure.
0:53
[SPEAKER_00]: Pleasure.
0:54
[SPEAKER_01]: We are out east.
0:57
[SPEAKER_01]: Well, look, it's been a great conference, we've had, you know, I've been in this industry for 10 years now at this point and it's so cool to see every single year things get so much different and I would say about this conference in particular is just the institutional quality of asset managers and
1:16
[SPEAKER_01]: builders it's no longer just you know I got a new white paper like we would do these and people would be pitching their new idea here pitching a new idea here We get to speak with an EVP of you know affirm that I think Frank on Templeton you tell me the AUM last I saw was almost two trillion dollars AUM I like
1:33
[SPEAKER_00]: I like to say 1.7 trillion.
1:35
[SPEAKER_01]: OK, we're under compliance here.
1:38
[SPEAKER_01]: So to the exact 1.7, that's incredible.
1:41
[SPEAKER_01]: And I just want to know a little bit about your personal journey.
1:44
[SPEAKER_01]: People are always curious.
1:45
[SPEAKER_01]: We have a lot of defy traders and folks who are trying to build new applications in the space.
1:50
[SPEAKER_01]: What brings a guy from a traditional finance background into the crazy wild world of crypto and digital assets?
1:58
[SPEAKER_01]: Tell us about that journey.
1:59
[SPEAKER_00]: Well, I've been at Franklin for 24 years, nearly.
2:04
[SPEAKER_00]: 15 of those, it was in fixed-income profile management, which is about as stratified for magic.
2:10
[SPEAKER_00]: Bonds, loans, credits, loans, mortgages.
2:13
[SPEAKER_00]: I had always been in a realm where, to say, I came into Franklin as a quant.
2:20
[SPEAKER_01]: OK, I got it.
2:21
[SPEAKER_00]: Which today, maybe we would call data scientists or something like that.
2:25
[SPEAKER_00]: But I came in as a quant.
2:28
[SPEAKER_00]: Uh, and anywhere there was, uh, a mix of investment opportunity, sort of a naughty problem, uh, advanced analytics, I was drawn to you get the tap on the shoulder, Tony.
2:42
[SPEAKER_00]: You've got to work with the, work with the, let's put together a team and we'll see what we can do with it.
2:49
[SPEAKER_00]: winding road through FinTech origination of an alternative credit, we probably in 2017 or 18.
2:59
[SPEAKER_00]: were introduced to digital ledger technology digital ledger technology by way of a company called figure sure figure yet they do the he lost me and he locks and connected with us was Mister Cagby himself was a mortgage trader in the prior life and he he was using the L.T.
3:22
[SPEAKER_00]: digital
3:25
[SPEAKER_00]: we all have spent a career in mortgages appreciated what the problem was.
3:30
[SPEAKER_00]: Yeah.
3:30
[SPEAKER_00]: And what DLT could do to unlock or to reduce the origination time, like we find we got it.
3:38
[SPEAKER_00]: It's not just Bitcoin.
3:40
[SPEAKER_00]: uh, and that, uh, immediately, you can see the efficiencies there, uh, and the big unlock was, was instant, it's, it's instantaneous settlement.
3:50
[SPEAKER_00]: Yeah.
3:50
[SPEAKER_00]: It's, it's, it's reducing databases.
3:53
[SPEAKER_00]: It's reducing five people checking five things and then another five people checking the same.
3:58
[SPEAKER_00]: and having the trust to competitors that we're sorry you have distributed trust in this and taking a settlement.
4:04
[SPEAKER_00]: If you think about it, this is kind of what a mutual fund company has to do right in addition.
4:08
[SPEAKER_01]: It does the job of a mutual fund company right you could see that you could see a direction in which that could happen for sure.
4:14
[SPEAKER_00]: So, we were also quite lucky to have Jenny Johnson, I see EO having, I think at the time she was COO, and had spent a career running operations at Franklin.
4:26
[SPEAKER_00]: And if anybody was going to appreciate what a Transformer technology could do to the business of a mutual fund company, it was her.
4:34
[SPEAKER_00]: She was supportive, we tokenized
4:38
[SPEAKER_00]: a money market fund which started off as an experiment today I think it's one of the great product market fits of real-world assets.
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[SPEAKER_00]: It's a grandnish money fund today.
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[SPEAKER_00]: This is Benji.
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[SPEAKER_00]: Benji is on
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[SPEAKER_00]: eight plus protocols, eight plus chains, several jurisdictions, public variations, private variations, again, the product market fit we're just seeing.
5:02
[SPEAKER_00]: Yeah.
5:03
[SPEAKER_00]: And where this can go, so I mean, we have great ambitions.
5:07
[SPEAKER_00]: But this all started somewhere in 2018, I think Vinci was launched in 2021, we did it.
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[SPEAKER_00]: We did it in a very regulatory, first,
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[SPEAKER_00]: And so I think 47 yeah, you got a lot of people like that interest to not and we've been regulated by the SEC So well since 47 yeah, well, well past the 40 act.
5:37
[SPEAKER_00]: Yeah So anyway the SEC are have fifth and partners.
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[SPEAKER_01]: We again.
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[SPEAKER_01]: They are our regulator.
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[SPEAKER_00]: Yeah, so
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[SPEAKER_00]: We had an open door with them, we walked hand in hand with them.
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[SPEAKER_00]: Every step of the way of why we wanted to tokenize the shares of a money market fund, and via it was a good control location, how investor assets were going to still be protected.
5:57
[SPEAKER_00]: One interesting thing came out of that.
6:00
[SPEAKER_00]: The SEC one to make sure that we always had fallback records.
6:04
[SPEAKER_00]: Sure.
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[SPEAKER_00]: This motivated us to, well, to beat to our unvalidators.
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[SPEAKER_00]: what is what's, you know, amongst other things when you're running a validator.
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[SPEAKER_01]: And Ethereum validator.
6:15
[SPEAKER_01]: We've started on XLM Stellar.
6:17
[SPEAKER_01]: Yeah.
6:17
[SPEAKER_00]: Yeah.
6:18
[SPEAKER_00]: What, what?
6:19
[SPEAKER_00]: He's nothing else.
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[SPEAKER_00]: You have a controlled copy of the database.
6:24
[SPEAKER_01]: Right.
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[SPEAKER_01]: The decentralized database.
6:26
[SPEAKER_00]: Yeah.
6:26
[SPEAKER_00]: But you do have a copy.
6:27
[SPEAKER_00]: Yeah.
6:30
[SPEAKER_00]: And I think the SD thumb, this is it's on well, that's okay, check.
6:34
[SPEAKER_00]: Do you have the copy on in your control or whether you want to do other things in the validators up to you and there's lots of other information, but that yeah, so we motivated us.
6:45
[SPEAKER_00]: It's standing what we were doing in those early days by setting up validators.
6:50
[SPEAKER_01]: Yeah, and Benji in homage to the Benjamin, is that right?
6:55
[SPEAKER_01]: Yeah, that's awesome.
6:57
[SPEAKER_01]: And so look, you know, you guys identified this technology.
7:01
[SPEAKER_01]: You had that big aha moment where it's like, hey, if we don't at least start to do some pilots, if we don't start to put some real client money behind this,
7:09
[SPEAKER_01]: You know, there's going to be other firms that come in, eat our lunch and we might, you know, looking out 100 years, yes, we're not going to be prepared for that future.
7:16
[SPEAKER_01]: So you're here.
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[SPEAKER_01]: You launched the decentralized or the the money market fund called Benji.
7:21
[SPEAKER_01]: And for our listeners who are, you know, oh, Benji, that sounds cool.
7:24
[SPEAKER_01]: They're always looking for new apps to figure out how to use.
7:27
[SPEAKER_01]: Yeah, just give us the high level on where they could find Benji and what they can expect from that experience.
7:32
[SPEAKER_01]: That's better than what they might expect from, I don't know, a different
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[SPEAKER_00]: for retail perspective.
7:40
[SPEAKER_00]: Right.
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[SPEAKER_00]: One can go to your favorite app store and download the house.
7:45
[SPEAKER_00]: And it's the Bengea.
7:46
[SPEAKER_00]: It's the Bengea.
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[SPEAKER_00]: And I think with within 10 minutes you can connect as an account.
7:55
[SPEAKER_00]: and used to get subscribe to the money market fund that is Benjiri.
7:59
[SPEAKER_00]: And this makes for a nice savings view.
8:01
[SPEAKER_01]: Right.
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[SPEAKER_01]: High yield.
8:03
[SPEAKER_01]: It fluctuates, right?
8:04
[SPEAKER_01]: Right.
8:04
[SPEAKER_00]: It's, you know, we'll let others, you know, give you the actual numbers.
8:08
[SPEAKER_00]: But it's sort of a T-buildish neighborhood of return.
8:12
[SPEAKER_00]: It's a safe, a safer investment.
8:14
[SPEAKER_00]: Sure.
8:15
[SPEAKER_00]: On the risk,
8:25
[SPEAKER_00]: There are stable coins all over the world.
8:27
[SPEAKER_00]: There are giant pools of stable coins that are in people's treasuries on large companies, balance sheets, right, that don't earn any interest.
8:42
[SPEAKER_00]: we have found a lot of use where those owners want to really just turn those stable horns into a yield bearing something for sure.
8:52
[SPEAKER_00]: So anyway, that's that's been again, a product market said awesome.
8:56
[SPEAKER_01]: And one of the other great product market fits you, you've had is easy PZ.
9:00
[SPEAKER_01]: Yes, we were joking about before we hop on the recording.
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[SPEAKER_01]: I said easy PZ and you're like, you know, that's the ticker of our Bitcoin EGF and tell us a little bit about this product.
9:08
[SPEAKER_00]: Sure.
9:10
[SPEAKER_00]: Go back to the 2018, the lights went off, retoked as a money market fund.
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[SPEAKER_00]: We also saw this as a new asset class that Frank can could offer advice on.
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[SPEAKER_00]: What is fair, if then ultimately do, it offers advice to our clients on best
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[SPEAKER_00]: So why they should be dealing with their money?
9:30
[SPEAKER_00]: What, how do we help people invest in money?
9:33
[SPEAKER_00]: Yep.
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[SPEAKER_00]: So there's all these tokens, which are investible assets.
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[SPEAKER_00]: A question is a theory of 1,800 overvalued undervalued.
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[SPEAKER_00]: Who knows if I discuss, I mean, or Solano or big of it all these things for sure.
9:48
[SPEAKER_00]: And then as a manager, the job is we'll come up with a framework for valuation.
9:53
[SPEAKER_00]: And if you, you know, you establish this framework for 40 tokens and new satisfied liquidity, you know, substantial size and there's reasons to own this thing.
10:04
[SPEAKER_00]: Yeah, ten fundamental value.
10:06
[SPEAKER_01]: Yeah.
10:07
[SPEAKER_00]: And you know, it's early days,
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[SPEAKER_00]: you know, the challenge was let's come up with that acid management platform.
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[SPEAKER_00]: Let's come up with that flavor for value or sure.
10:16
[SPEAKER_00]: So we set that up.
10:18
[SPEAKER_00]: There were also plenty of VC opportunities, plenty of early stage companies to invest in and there still are as the ecosystem flourishes
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[SPEAKER_00]: and higher quality deals to this plenty of heart and deals in late stage and mid stage of the we are maturing and evolving yeah but again lots of investment opportunities will bring to our clients in the this with the VC realm uh there's also ETFs
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[SPEAKER_01]: Yep.
10:51
[SPEAKER_00]: So we stood up a series of, I think, the five ETPs, CTPs.
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[SPEAKER_00]: We say Bitcoin was one.
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[SPEAKER_00]: We called that EZBC.
11:00
[SPEAKER_00]: EZBC.
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[SPEAKER_00]: And we kind of stuck with that.
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[SPEAKER_00]: We have an EZET Ethereum.
11:06
[SPEAKER_00]: You got it.
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[SPEAKER_00]: And then we put together a multi token.
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[SPEAKER_00]: Uh, ETP that easy that we came up with easy peasy I like it.
11:16
[SPEAKER_01]: I like it.
11:16
[SPEAKER_00]: So that's where that's kind of the S&P 500 you.
11:19
[SPEAKER_00]: Yeah, and one take a view can get exposure market cap way exposure.
11:23
[SPEAKER_00]: Uh, we have for Solana this goes a little bit off the script.
11:28
[SPEAKER_00]: That's so easy.
11:29
[SPEAKER_00]: That's great, that's great variation there and that we are has staking.
11:36
[SPEAKER_00]: Yeah, connected to it.
11:37
[SPEAKER_00]: So we have you hit all the hit all the major E.T.
11:41
[SPEAKER_00]: I sorry, I guess the major coins were bringing more on.
11:44
[SPEAKER_00]: Yeah, but that you know, that's sort of the lineup.
11:47
[SPEAKER_01]: And let's kind of zoom in here on the easy peasy products because that's something I think a lot of people the multi the multi yeah the multi token you know people want to know Rice there's a million different coins which one do I buy and it's like well you have to go to your own research so on and so forth.
12:04
[SPEAKER_01]: Um, but if there's a great product that says, hey, we're all professional investment advisors.
12:09
[SPEAKER_01]: We've done some kind of fundamental, some kind of quantitative, um, some kind of, you know, um, you know, data that goes behind what they should be.
12:17
[SPEAKER_01]: So tell us a little bit about the rubric.
12:19
[SPEAKER_01]: I guess you would call it of how does it token get put into that ETP?
12:24
[SPEAKER_01]: Right.
12:25
[SPEAKER_00]: Uh, well,
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[SPEAKER_00]: what is the mechanism and today people use a review or cruel right you set a couple of ways it's what how does the token participate in the value created by the protocol right so we think of protocols as you know they are substrates they are giant distributed databases have you as this is elbow these are elbow yeah yes some somebody at their home network you know running it on their laptop and their earnings but you want to build a
13:03
[SPEAKER_00]: people when people are building businesses, right, on a theory, they're building businesses on Solana.
13:09
[SPEAKER_01]: Yeah.
13:10
[SPEAKER_00]: And if, and they're doing that because of the yes, Athenia settlement, to distribute his nature of the database and the smart contract.
13:17
[SPEAKER_00]: Yeah.
13:17
[SPEAKER_00]: And that's a great feature said for a startup company to do whatever their businesses.
13:22
[SPEAKER_01]: Yep.
13:23
[SPEAKER_00]: Uh, if you want to use that,
13:26
[SPEAKER_00]: protocol, you have to pay.
13:28
[SPEAKER_00]: Yes.
13:28
[SPEAKER_00]: If it's a theory, you have to pay any, you have to pay the gas fees.
13:31
[SPEAKER_00]: Right.
13:32
[SPEAKER_00]: Uh, Solana Sol, so on.
13:34
[SPEAKER_00]: Uh, and in that natural demand is part of what gives the value to the intellectual.
13:41
[SPEAKER_00]: There's real revenues.
13:43
[SPEAKER_00]: There's real revenues.
13:43
[SPEAKER_00]: Yes.
13:44
[SPEAKER_00]: Right.
13:45
[SPEAKER_00]: not every protocol, not every coin has that foundation.
13:49
[SPEAKER_01]: And not all are created equal.
13:51
[SPEAKER_01]: Right.
13:51
[SPEAKER_00]: All are created equal.
13:52
[SPEAKER_00]: And this this conversation can go in a thousand different direct areas, but that's the core of it.
13:58
[SPEAKER_00]: Awesome.
13:58
[SPEAKER_00]: What is what is the value creation and the capture of the token as it sits on top of the portal?
14:07
[SPEAKER_01]: I'm curious about the decision to have it market cap weighted.
14:10
[SPEAKER_01]: Was that a function of in a lot of indexes do either market cap weighted or qualitative or you know quality weighted or equal weighted.
14:19
[SPEAKER_01]: Sure.
14:19
[SPEAKER_01]: What kind of went into that decision.
14:21
[SPEAKER_00]: Well, this almost goes back to philosophy on Econ 101.
14:27
[SPEAKER_01]: Okay.
14:27
[SPEAKER_01]: Yeah.
14:27
[SPEAKER_01]: Sure.
14:28
[SPEAKER_01]: Let's go there.
14:29
[SPEAKER_01]: Crypto 101.
14:29
[SPEAKER_01]: Econ 101.
14:30
[SPEAKER_01]: We're always down for an Econ lesson and that is.
14:34
[SPEAKER_00]: There's an idea of the official market hypothesis, and that's to say that the market has spoken, and the market has already sized its expected return into the size and the risk adjusted returns of the assets and the relative weights.
14:53
[SPEAKER_01]: So the cream rises to the top, basically, it kind of stays there.
14:56
[SPEAKER_00]: And so you wind up with,
14:59
[SPEAKER_00]: you know, what's called the market portfolio.
15:01
[SPEAKER_00]: Sure.
15:02
[SPEAKER_00]: And that's a great place to start.
15:04
[SPEAKER_00]: Yeah.
15:06
[SPEAKER_00]: You can have your own private expectations of, I think, you know, assay days are going to outperform and ask the piece of it underperform.
15:12
[SPEAKER_00]: And that's active management.
15:13
[SPEAKER_01]: Yeah.
15:13
[SPEAKER_00]: but having just a foundation of, well, this is the market.
15:18
[SPEAKER_01]: And this is a quick, greater buy than what fully it.
15:20
[SPEAKER_01]: Right.
15:21
[SPEAKER_00]: That applies a market value.
15:23
[SPEAKER_00]: Interested.
15:24
[SPEAKER_01]: Yeah, no, I love it.
15:24
[SPEAKER_01]: That's like that's in P500, right?
15:26
[SPEAKER_01]: It's exactly the gold standard.
15:28
[SPEAKER_00]: Now, I want to give a caveat to this.
15:30
[SPEAKER_00]: Sure.
15:31
[SPEAKER_00]: What about Bitcoin?
15:32
[SPEAKER_00]: What about Bitcoin?
15:33
[SPEAKER_01]: Well, there's, hey, there's no revenues there.
15:35
[SPEAKER_01]: Right.
15:36
[SPEAKER_00]: What about Bitcoin?
15:37
[SPEAKER_00]: Everything I did we just talked about with value, capture, revenue and all that stuff, right?
15:43
[SPEAKER_00]: That's, those are the L ones, those are the apps.
15:45
[SPEAKER_00]: Those are L2s and so on.
15:48
[SPEAKER_00]: Yes, Bitcoin store value.
15:52
[SPEAKER_00]: Yeah, gold.
15:53
[SPEAKER_00]: I mean, gold.
15:54
[SPEAKER_00]: Oh, something like that.
15:56
[SPEAKER_00]: So I think we get that difference.
15:58
[SPEAKER_00]: Yep.
15:59
[SPEAKER_00]: Now, if I came to you and said,
16:03
[SPEAKER_00]: Here's a great index, it's going to be 70% gold and 30% NASDAQ.
16:09
[SPEAKER_01]: It would have worked Q4 of last year, and Q1 of this year.
16:13
[SPEAKER_00]: So you might think that's an instrument combination, but that's, you know, you could carry that over to this index, Mark and Capway to portfolio.
16:23
[SPEAKER_01]: So do you guys limit how much Bitcoin gets put in there?
16:25
[SPEAKER_00]: No, no, because this is sort of the back and forth of how we think of that.
16:30
[SPEAKER_00]: Yes.
16:31
[SPEAKER_00]: Lower the inside.
16:32
[SPEAKER_00]: Yeah.
16:33
[SPEAKER_01]: And as I'd scoop it in our, keep on.
16:35
[SPEAKER_00]: Well, in the point is, at the end,
16:38
[SPEAKER_00]: It's still the anchor of the digital asset face, uh, most liquid.
16:42
[SPEAKER_00]: It's the most liquid.
16:44
[SPEAKER_00]: There's a, there's a real connection between Bitcoin and Ethereum and Bitcoin and so on.
16:50
[SPEAKER_00]: Yeah.
16:50
[SPEAKER_01]: So in the end, you know, I love it.
16:53
[SPEAKER_01]: Here we are.
16:54
[SPEAKER_01]: And not to try to get the cat out of the back too soon.
16:56
[SPEAKER_01]: But are there any other products that have been publicly announced that you guys are saying, you know, this is kind of coming up next out of, out of Franklin.
17:05
[SPEAKER_00]: Franklin crypto is the big news.
17:07
[SPEAKER_00]: Yeah, okay.
17:08
[SPEAKER_00]: Let me just put it that way.
17:10
[SPEAKER_00]: We recently closed a deal with team called 250 our friends and joined us Chris Perkins and Seth Gens.
17:23
[SPEAKER_00]: Well known within the spirit.
17:24
[SPEAKER_00]: Going fun from coin yet they bring a depth of a practitioners expertise
17:33
[SPEAKER_00]: And what we're doing is leveling up everything we just said, but, you know, as we see here, we are the institutions are here.
17:40
[SPEAKER_00]: Yeah.
17:41
[SPEAKER_00]: If that's the theme of this year, we see, we see institutions.
17:46
[SPEAKER_00]: You know, you're now.
17:49
[SPEAKER_00]: maybe they're ready for the advice.
17:52
[SPEAKER_00]: Sure.
17:52
[SPEAKER_00]: Yeah.
17:53
[SPEAKER_00]: I mean, things are big enough.
17:54
[SPEAKER_00]: Things are moving fast enough that we want to make sure we have the capabilities, the breaths and depths and the skill sets that are large as a truthful client's want.
18:05
[SPEAKER_00]: Yeah.
18:06
[SPEAKER_00]: And we're making connections all over the place and all over the world.
18:09
[SPEAKER_01]: And is that is Franklin crypto is it you know we've talked about some passive index investing is this going to have an active management component or so it and what are that look like very large acts of management component are there still
18:23
[SPEAKER_00]: Yes, the older coins, 10 years old plus, I think a lot of people understand that, but back on the early stage, there's still so many opportunities, there's new projects coming up all the time, so whether it be through VC exposure or token exposure,
18:46
[SPEAKER_00]: uh... you know finding these opportunities is the job yeah bring them together in a risk management portfolio that you know this satisfies where client wants to be uh... in a risk return spectrum you know the way the institutions need to think about these things yep
19:02
[SPEAKER_00]: That's the job.
19:03
[SPEAKER_01]: I love it.
19:04
[SPEAKER_00]: That's what we're doing.
19:05
[SPEAKER_01]: And I'm kind of around out the discussion of obviously crypto is in a little bit of a bear market.
19:09
[SPEAKER_01]: Right.
19:09
[SPEAKER_01]: I call it a builder's market as everybody knows because, you know, that's when people could find us enough with the distractions and stuff with the hype.
19:16
[SPEAKER_01]: We're going to focus on our company, our core competency and build.
19:19
[SPEAKER_01]: Have you noticed this being like in 2022 for instance when FTX collapsed the institutions ran out the door out a lot of the conversations that I'm having to say Institutes are looking their chops kind of add up this compression and valuation these prices, you know 50 to 70% off the highs What is your institutional discussions whether it's with friends or clients or your bosses or the people that work for you?
19:42
[SPEAKER_01]: What's the vibe like for you guys during this builders market?
19:46
[SPEAKER_00]: there, there's so much institutional inbound.
19:50
[SPEAKER_00]: Yeah, all on the building side.
19:52
[SPEAKER_01]: So people reaching out to you saying, look, we want to get involved while prices are low.
19:58
[SPEAKER_00]: Well, here's how it is.
20:00
[SPEAKER_00]: In the last three or four weeks, we just worked with the consortium of well-known names to do a tokenized T-Bill trade.
20:09
[SPEAKER_01]: Okay.
20:10
[SPEAKER_00]: All right, I'm going to assert that T-Bills are the atomic unit of finers.
20:14
[SPEAKER_00]: Sure.
20:15
[SPEAKER_00]: So the bedrock.
20:16
[SPEAKER_00]: The bedrock.
20:17
[SPEAKER_00]: Everything is just one of an extension of risk.
20:20
[SPEAKER_01]: Off of that.
20:20
[SPEAKER_00]: Off of that?
20:21
[SPEAKER_00]: Whatever, off of that.
20:23
[SPEAKER_00]: All the risk presence, off of the risk free rate.
20:28
[SPEAKER_00]: You know, one small step for Franklin, one giant lead to the finance.
20:32
[SPEAKER_01]: You know what I'm saying?
20:33
[SPEAKER_01]: I love it.
20:34
[SPEAKER_00]: Uh, there's so much is going to unroll from that.
20:37
[SPEAKER_00]: Yep.
20:38
[SPEAKER_00]: The tokenized real world assets.
20:40
[SPEAKER_00]: How do you want to say it?
20:41
[SPEAKER_00]: Yep.
20:42
[SPEAKER_00]: That I use going to be created.
20:43
[SPEAKER_00]: Yes.
20:44
[SPEAKER_00]: Tokens are going to participate.
20:47
[SPEAKER_00]: DeFi is going to find its own ways to flow in this, you know, with these green pastures, which we've now, you know, start to claim.
20:56
[SPEAKER_00]: So that's the claim.
20:58
[SPEAKER_00]: So again, that inbound activity from trans-fiance institutions is going to drive, is it going to put money into the system?
21:07
[SPEAKER_00]: Good.
21:08
[SPEAKER_00]: And how that?
21:10
[SPEAKER_00]: flows out into various projects and, you know, it builders and innovators, you know, that's, those are free markets.
21:16
[SPEAKER_00]: Yeah, build great projects.
21:17
[SPEAKER_00]: Totally.
21:19
[SPEAKER_00]: So, I would like, I'll tell you another one.
21:22
[SPEAKER_00]: Yeah, let's hear another good old say, is you just got to look to the volatility.
21:26
[SPEAKER_00]: Yep.
21:26
[SPEAKER_00]: Been saying that for 25.
21:28
[SPEAKER_01]: You got to 24 use days.
21:29
[SPEAKER_01]: You got to look through it.
21:30
[SPEAKER_01]: You got to capitalize on it, right?
21:32
[SPEAKER_01]: And, you know, one thing we know about the crypto markets is the volatility won't be shrinking.
21:37
[SPEAKER_01]: You know, maybe it's compressed for a period of time, but look Tony, we really, really appreciate having you on this show.
21:44
[SPEAKER_01]: Franklin Crypto, tell all the good citizens of crypto nation where they can find out more about what you guys are building, how the average joke could kind of capitalize on what you guys are building.
21:55
[SPEAKER_00]: Well, is start with FranklinTembleTem.com.
21:58
[SPEAKER_00]: You could do a search on Franklin Crypto, and I think you'll start to find some good stories and good some good information.
22:06
[SPEAKER_01]: That's awesome.
22:06
[SPEAKER_01]: Thank you so much, Tony, and everybody is watching.
22:09
[SPEAKER_01]: Stay tuned.
22:09
[SPEAKER_01]: We're gonna have some more great guests for you.