We are super bullish on agentif finance driving insane growth to tokenized products

went off the beaten track in Singapore today with some local friends. incredible to be in a tropical forest just 15 mins from the city centre. those Avatar trees really impressive. was great to do this after a full week of T49

Thats not a bad thing. Sick of all the scammer and shitcoins over last many years that have brought nothing to the industry

Token49 was good. Went to side events; joined couple of panels and lots of 1-1. Heard same topics over and over again: stablecoin, tokenization and agentic finance. Lots of optimism on those 3 that are completely intertwined which was good for @KAIO_xyz given our focus on the last 2. Could not be bothered to take a nice pic given the awful haze

Rarely saw something so dumb. Chinese models have been trained with coal powered electricity. But then who really cares about Ecosia. Never heard of them before and seems they have 0.15% market share in search leading to €4m of monthly rev

so are institutions finally here? i really enjoyed out panel today and clearly the momentum is there with players such as @WisdomTreeOnchn and @LaserDigital_ very active in the RWA space but we all agreed secondary liquidity is still lacking to move this market to the next level whilst onchain remains also off-limits for many large TradFi.

if by crypto MS means tokenized securities, then that could be (partially) true. But no Wall Street will be trading crypto tokens on DEX or make market on TGE anytime soon. In the meantime, crypto native firms are solidifying their distribution, licenses and tech moat. Race is still open

Lots of 1-1 meetings under smoky polluted Singapore over last 2 days. One of the recurring topic is whether institutions are finally here in the market. We all see the announcements from various large Tradfi and Corporates but reality is more nuanced. Large crypto natives are institutions in their own rights and obviously v active but banks or AM are still tip-toeing in crypto beyond tokenization where thre is real traction. Otherwise only a handful of players in crypto and that's even less onchain. Blockers are not so much regulation but more capital constraints under Basel 3, legacy systems and unattractive markets. Hopefully the upcoming bull market (🤞) will change some of this

Been working through this space in depth, so good to see BlackRock put a detailed view in writing on AI and digital assets converging. Two claims stand out, and both have significant implications for tokenisation markets. (i) Agentic payments settle on stablecoin rails. The familiar one, but with real numbers and real infrastructure behind it. Stablecoins are past $300bn in circulation, with volume growing 80% a year since 2020. The standards for agents to pay already exist and have serious sponsors: x402 from Coinbase, MPP from Stripe and Tempo, ACP from Stripe and OpenAI, AP2 from Google, TAP from Visa. (ii) Compute becomes a market with full financial infrastructure. This is the interesting bit. BlackRock describes the actual plumbing: basis markets to price the gap between a benchmark and a specific chip in a specific region; contracts for difference to hedge price exposure without physical delivery; locational pricing, because energy costs and latency differ by site; exchange-traded futures for price discovery; and compute claims that can be pledged as collateral and settled programmatically. This aligns with my thesis: compute is the new electricity. Inference in particular. It cannot be stored, it is priced by location and latency, and it has to be delivered at the moment it is consumed. That is a power market, and it will grow the same instruments: basis, locational pricing, CFDs, hedging. The foundations are going in, and the regulator is taking them seriously. CME's H100 and B200 rental index futures were due to list soon although the CFTC has extended its review. ICE has announced cash-settled compute futures, and GPU-backed credit is already pricing across the spectrum, from investment-grade facilities to private credit for non-IG operators. Many players will build across that chain: index providers, exchanges, lenders, on-chain credit, routing layers and settlement. More on where the value sits soon and DM me if you build in that space.

Dont know Exein but clearly there is a job for them with Revolut hack apparently due to fake request from a hacked Italian government website

[payment] x [tokenisation] x [AI] = $$$$

🇫🇷