# Institutional Crypto Strategy: Infrastructure, Regulation, and Capital Flows

**Podcast:** The Milk Road Show
**Published:** 2026-03-05

## Transcript

I think you want to take ecosystem bets.
I don't think you necessarily want to take highly, highly concentrated application layer investments.
The reason for that is What's up, everybody?
It's LG D U Set here, and welcome to the Milk Road Show, the daily crypto show that tries to figure out if crypto really did bottom last month or if it's just taking a breather before the next punch in the face.
Today is March 5th, 2026.
We get a lot of unique perspectives on the show.
But have you ever heard someone talk about the market from a surgeon's perspective?
Today we're joined by Nick Roberts Huntley, CEO at Bluebird Financial, which owns and operates a vast suite of DeFi products that total almost a billion dollars in TVL and growing.
And who he himself is a former physician that literally used to rebuild people's limbs.
Oh my God.
We'll share his takes on the market from price action to ETH versus Solana and where he would invest his money today if he was starting from scratch.
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Nick, welcome back to the show, man.
Thank you very much for having me, man.
Okay, let's get right into it.
Where are we at in the cycle?
I feel like nobody even talks about the idea of cycles anymore.
No, there's no cycle, it's dead, it's gone, nobody cares.
Are we in a cycle?
Where are we at?
Yeah, you know, the crypto winter narrative, the bare bull, you know, we're up, we're down, we're sideways.
I think predominantly that most of the attention is focused on like what net new things are happening within the space.
And everybody is looking to kind of the big financial institutions, the stablecoin issuers, what's next and where is the flow coming?
I think the general narrative is that digital assets are getting much more widely accepted as a real asset class, and people are trying to figure out what's the big, you know, moment or breaking point which kind of blows the doors open and gets us everywhere and in everyone's hands finally.
What do you think that would be?
I think the big topics are, you know, how are big financial institutions, bulge bracket banks, investment desks hiring at the moment?
Like why are they hiring 30, 40, 50 people in an organization to build things like vault infrastructure and DeFi trading desks and yield farming strategies?
Like ultimately that will end up in the clients' hands on the other side of those banks.
I think as we start to see those products take shape, it'll probably align with when we start to get regulatory clarity uh within the next kind of six to twelve months.
But for us, it's it's heads down and make sure that we're ready to seize the opportunity when that gives it gives us a direction.
Do you feel like the market is able to price that kind of stuff in, right?
Because I know what you were referring to.
Every day there's new headlines of, you know, uh JP Morgan or some other big massive institution is like you're saying, hiring people.
I think Fidelity was the latest one, hiring a whole division of digital assets.
The only place is announcing new jobs right now in the AI uh deflation of jobs.
But is that something is is the market just too reactionary to be able to process that type of long-term build?
Yeah, I think what we're really asking is how efficient is you know digital asset being uh digital assets being priced uh based on macro, based on geopolitical news, based on what's going on in the Middle East currently, and then you dovetail that into kind of subtle, kind of localized bullish signals across these desks being hired.
As always, it's like a menagerie of factors that push and pull it in different directions.
And I think that's why we get kind of this ambiguous price action right now, particularly across the majors.
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If you had to pinpoint one factor that has led us to this range that we're in right now in the you know, low 2 trillion Bitcoin at 60k, or I guess it's a low 70s now, but we let's just call it the 60 to 70k range.
What is that factor?
Yeah, I mean, look, we can't discount the the wonderful green candle we got yesterday.
Uh you get away.
Hey, it's retracing, man.
As we're talking, yeah.
As we're talking, we're back at like 71, okay?
So it's it is it is it is uh faltering a little bit, but go on.
Um yeah, look, I think we've had a sequence of events that I think people are trying to reconcile within the market.
October was brutal.
Um, I think it revealed a lot of too much risk on behavior, both from retail and also some, you know, allocators within the space, whether those were actual trading desks or they were, you know, the mega loopers who are moving meaningful size in these money markets, and people fail to often consider the cost of execution on chain.
And so the losses that were faced for retail and unfortunately some pretty you know well-intentioned trading desks in October have bled the books fairly dry.
Um, which means what really is the net new capital that's flowing in, it's not most of the on-chain allocators.
And a lot of the dats ultimately drew some of the more typical sticky liquidity that would live on-chain out of the ecosystem.
And I think dats are still trying to figure out their way to get assets on chain.
There aren't many providers who can do that for them very efficiently, and they have reporting schedules to get to.
So very intrigued to see how that puts some depth back into books and allows people to move size around a little bit more.
Are you are you a bigger believer in fundamentals, macro, or straight TA?
I think I already know the answer, but I want to know like how do you how do you balance those three when you're looking at some something super volatile like crypto?
Um, and which one do you do you kind of attach to the most?
Um, it depends on whether I'm manage my own capital uh or whether I'm managing other people's is the straightforward answer.
Um but I think ultimately if you're building in this space and you want to be a responsible actor, you have to think more about macro and long term.
Um it has to be like meaningful shifts in regulatory frameworks, you know, appetite from registered institutional finance participants, the performance that you see from you know great partners like we have in Circle, who you know about a wonderful week or so uh in the markets following their earnings call last week.
And I think those sorts of things give you some indication of where things are moving to.
And I think as builders, you have to try and always skate to where the puck is going to be.
As far as TA goes, yeah, you can you know shave a few like efficiency points off by being better at it, but you're looking at much shorter duration exposure.
You know, you're looking at rotating.
And I think in a world where the books are this thin, um, I would probably step away from intraday trading uh for now if it was obviously that's not financial advice, um, but I would not necessarily be spending my time scalping the market if if I had idle time on my hands.
How do you feel about leveraging the market these days?
Because that's been a big story since 1010.
Uh, you know, something that obviously you're recommending we probably shouldn't do with day trading, but it's it it feels like it's still an enormous factor.
When we see these big price moves, a huge part that's attached to be like, well, it's probably a bunch of shorts that got liquidated or longs, got, you know, whatever.
That's always part of it.
How how how intertwined is it in the market these days, Nick?
That's a massive, massive factor.
You know, I think a lot of the criticisms of how price action has been handled over the last few years within digital assets and crypto more broadly, is that because of its lack of depth, if you have a huge concentration of liquidity and you have a very sophisticated participant on the other side of you, you can bully prices.
And that's why regulators have not necessarily warmed to this industry.
Um, or one of the reasons at least.
A really, really heavy desk could push a price around pretty nastily and ultimately harm retail.
And that's been a big question mark.
And retail look to make a meaningful amount of capital on a small book.
Um, and the way you do that is reward those individuals who take on outsized risk, and that's typically done in the form of leverage.
But it's hard to believe that you know, a well-intentioned young and professional who's trading on their phone out of hours or while they're at you know at their desk is really competing effectively with really big, sophisticated groups of 20 to 30 people who have a lot of size and a lot of information to go against them.
People always think they can outperform the market.
They always think they can they that there's their chance they're the special one who can do it.
Uh, another question for you, uh, before we kind of move on to what's actually happening behind the scenes, Nick, you study policy at Oxford in your prior career, uh, and you did many other things that are completely different from crypto, which we're not to get into, but uh very different.
Something like the Clarity Act, which was a massive factor two months ago and now feels very ambiguous.
How do you see something like that actually resolving?
The short answer is we go back to a question about duration and long view.
Um if we went back two years, these sorts of legislatures and policy frameworks were not even being entertained on the floor.
The fact that these things are willing, winning the opportunity to get hung up in process is a huge signal for us in terms of progression.
And policy takes a long time to go through.
It also takes a long time to be understood and received by a market.
And so again, to my point about pricing inefficiencies within digital assets, these things create huge momentum shifts.
Um, but people who are familiar with policy pathways, adoption scaling, those sorts of things, it's gonna be a while.
What does it do for us?
It motivates big institutional partners to maybe take a long view, which I think heralds uh was a heralding effect for why they've started hiring so many qualified individuals to start providing these services on a 12-month horizon, let's call it.
Um, I don't think we see anything materially impact us as a market from both passing and implementation at scale until sometime in Q3, maybe late Q2.
It's a fair assumption.
I think polymarket would agree with you on that in terms of uh the potential timeline.
Is this something you're saying that this is something that institutions are are perhaps have been waiting for?
Do you feel like this potential passing of the Clarity Act?
How do you feel that's currently affecting prices?
Because we saw, you know, one of the last couple, one of the well, there's been a lot of volatility this this year.
Um, but the first major volatility event was that week where it was supposed to be passed, and then the draft got rejected.
We saw a big spike and a bring a big come down after that.
Is this something that you think the market would react to again if it showed some promise?
Oh, 100% reaction.
Um primarily because people, of course.
Everybody needs to feel a little bit in the market.
I will like maybe critique one comment there, which is I don't think institutions cared.
Um, I don't actually think people at really big desks were actually paying attention to this for a long time.
I think we wanted to believe they were.
I think that we're very excited to feel vindicated that they're now moving with some indication that policy is changing.
But when you look at the relative size of digital assets more broadly, particularly those tokens that have depth within them and could sustain some interesting amount of intake.
Very, very, very small market compared to what the top-tier long short investment firms and bulge bracket banks handle.
This is still gonna be small percentage points of the pie chart for any private wealth management group or yield-bearing instrumentation that goes at a bulge bracket bank for some time.
Now, on an absolute basis, I think that goes up in many, many multiples over the next two years.
And everybody who's participated in the market early on has some asymmetry of information, highly likely to receive some value from that battle hardened years in the trenches in whichever discord they found themselves in in 2022, 2023.
But ultimately, I think institutions are only really starting to pay attention within the last eight to twelve months, and now they're starting to show some early signs of action, and that's mainly in getting boots on the ground.
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That's a good take.
Yeah, that they didn't.
This wasn't this wasn't something that they would rely on heavily.
Uh let's let's uh I was gonna say zoom out, but I think we're actually gonna zoom in a little bit.
Uh, one thing that you pointed out to us before coming out on the show is that in Q1, we've already seen $2 billion dollars come into crypto through venture capital, which is something that looking at the price action and at the sentiment, you would never imagine is actually happening.
Uh, but we've seen a lot of big funds uh raised recently, like Dragonfly making up almost, you know, a third of that with their their uh fourth round, I think, of of uh capital for crypto.
Tell me, Nick, where is that money intended to go?
What are what are these what are these funds going to be investing in?
I think we're seeing a pretty significant shift into capital going to work in businesses that have durability.
Um many of the previous couple of cycles were, you know, as we know, rotation, rotation, rotation, narrative, narrative, narrative, predominantly focused on tokens that would appreciate post listing uh and allow returns for their investors, shareholders, and of course retail who are early adopters.
And I think the world of airdrop farming is probably compressing pretty dramatically.
Uh sadly, it was you know great, great sport to play for some time for some individuals.
But I think a lot of that Yeah, I know, right?
Um easier and simpler times.
And like I think fundamentally that capital is going to businesses that are infrastructure driven and have good fundamentals from a financial performance point of view.
I think looking down the pipe for the next couple of years, the biggest winners are gonna be those that take the pain out of accessing and using services on chain.
Uh, I think as builders, we're responsible to own the complexity and companies that do that and allow kind of gateways of entry into the ecosystem for people with size and with sticky liquidity are gonna win really, really big.
But I also think it's important to remember that venture capital dollars and private dollars have a long horizon.
Funds have two to four year deployment horizons, they have eight to ten year life cycles, maybe even a couple plus one or plus twos on the back end of that.
So this capital coming in is really, really significant in looking at the durability of the space because it's somebody's willing to part with 10 figures of capital just this quarter in terms of net new funds raised on a 10 year view.
So again, things are moving, but not as quickly as we always want them to.
Where's that money coming from?
Are these the same are these the same BCs that have been investing in crypto for 15 years or maybe not that long, but you know, in in most recent rounds, or is this fresh money?
I think there's you know a lot of recycled capital.
Some funds did well.
Um and so funds are basically being raised on the back of good numbers and good fund managers are being rewarded with higher AUMs and capital to be deployed.
I think the other side of it is there are certainly, you know, funds of funds, you know, LPs and family offices, perhaps a few endowments who are starting to say now would be an appropriate time for us to get exposure.
I think there were some very sophisticated, very large pools of capital that resisted um deploying or were unable or reluctant to do so into the space where you know fund managers and great venture capitalists were a good way to get exposure to a market that they couldn't necessarily carry on balance sheet.
Very unlikely for a large uh established endowment to carry a bunch of BTC and ETH on their balance sheet.
And so the way to the for them to get a proxy exposure to the market was to deploy into a venture fund.
There's now that kind of second wave, perhaps, of large family offices, multifamily officers, and endowments who are wanting a long view exposure, given that it seems as though it's a much more broadly accepted and likely to have regulatory clarity around the asset class over the next kind of year or two.
You said in your prior answer too that you know a lot of this money is being raised with the idea of investing in in businesses that or models that are um starting to prove that they can make money in crypto, right?
And that's that's something very important.
I think something that hasn't existed in a long time.
As a result, Nick, which other types of businesses in crypto are not getting money anymore?
It's funny.
I just came from a meeting with one of our largest investors this morning.
And we were discussing when I first met him, um, what was kind of the hot to trot venue of capital deployment.
Um, you know, I came out from 0.72 with a thesis that we needed infrastructural rails uh for institutional capital and DeFi.
And a lot of people were just like, DeFi's dead.
It was post-FTX and you know, for love nor money, it was very hard to form capital around the business.
Um you're very grateful for him to take a take a punt on me, and I think we've done well in returning his investment.
Um at that time, it was like game fi.
Um, everybody was going to start trading their loot boxes from natively Web3 games.
Um, I think it's hard to motivate a lot of that kind of capital formation that was fast and loose back then.
Um I think the other question is that really truly deeply retail-facing platforms have struggled a little bit, primarily because these nasty corrections we've had in the last couple of years have caused a lot of loss of capital for retail.
So anything that seems to be deeply deeply mimetic, perhaps like some of the I haven't seen a wonderful, wonderful gaming company come across my desk in a while.
Um, you know, I'm I'm I I'm hungry for a great game to play.
I'm I'm a geek like the rest of us, but uh it's yeah, something that I've seen dry up pretty dramatically.
What's your what's your favorite game of all time?
Oh Elden Ring, hands down.
Elden Ray, okay.
Okay, I guess it's a good one.
Got it.
How does uh Nick, how do you I I'm not we're not getting into game five.
How do prediction markets fit into this?
What you're kind of telling me now?
Because I feel like it's it's that's the latest kind of shiny object for retail that has tons of money kind of coming into it, where they're really hoping that retail will adopt this.
And there is revenue and there is volume.
I'm extraordinarily grateful for for the development of prediction markets.
I think it's done an unbelievable job in capturing the imagination of fedly that fast loop feedback in events that people are familiar with and can relate to in real-world terms that doesn't feel like an esoteric pool in some weird DeFi protocol.
I think it just feels more relevant to day-to-day life, and I think it's captured everyone's imagination and rightly so.
But really, really excitingly under the hood, what we're really talking about is some structured financial principles, which are basically perhaps the first meaningful look at how options could perform on-chain.
Options is something that you know I was super excited to get my hands around.
I remember being a big advocate of Dopex back in the day.
And I think the TLDR here is there are many interesting products that could be built atop of the prediction markets, and starting to hear grumblings of kind of people building those.
And in fact, we're kind of working on something quietly building the top the prediction markets for you know, looking at downside protection risk.
It's true.
We had the um we had the CEO of Derive on our show a couple last month, and he kind of explained options to us.
But it's um I find it really interesting for you to frame it as as a far more retail-focused version of options, options on culture and politics and and basically any topic.
Are you are you a participant in the prediction market?
Uh yeah, I dabble, uh, I think is the short answer.
And no, I I think we're really excited to build something on top of it.
And you know, a big part of how we approach building anything is I need to be a user of that product.
I need to understand how it works.
Um, I need to feel a little bit of the pain of loss and hopefully a little bit of the joy of winning.
And then you can start to understand how that flows from a user point of view, so we can build rather better solution for our customers.
You need to be the man in the arena, as they would say.
Uh things like that a lot.
Yeah, something like that.
Uh, I want to throw back to uh I do want to talk about what Blueprint is up to.
We'll save that for the end.
I want to throw back to your last episode, which I believe was last summer with Jay.
Um, there were two topics that you guys discussed that our audience I think was pretty excited about.
Uh, one is the Ethereum versus Solana debate.
So I want to ask you about that, and the other is capital allocation.
So we'll start with the chain debate.
Um, and I'll kind of set the frame, man.
Like a couple months back, we had the massive debate on CT between uh Hasib and Santiago about L1s, L2, what the value is.
You and I were joking before the show that we seem to go almost every single day now that we see another L2 uh that had all this promise is is effectively dead, right?
Ethereum and Solana are the clear front runners, as the L1s.
What's the latest status there, man?
Like, is there is this something where you think you can pick a winner long term, or these just intertwined to Bitcoin and to being majors forever?
Again, you've got to preface this, not financial advice, of course, but like I think Ethel 1 has accrued such an incredible depth of liquidity.
I also think that at a time at which Solana saw massive growth, you know, post-FTX kind of settlement and rewritten.
Um, so obviously when Solana pumped to you know 200 bucks, a lot of that was done by memetic activity.
Um, and so I think a good chunk of the last two or three years for Solana was spent uh supporting non-serious activity.
Um, I think on the other side of the fence you had Ether One accruing like really serious people doing serious things.
Um, and now as the market is headed in that direction, there's obviously a divergence in what activity looks like between the two networks.
My hypothesis for what it's worth is I think Ether 1 will continue to be dominant, and primarily because as we see institutional flows come together, and there will be more of that flow headed in there.
However, I think Solana is an unbelievable organization.
Um, I also think that they've been really attuned to seizing new opportunities and opening up to new markets when it's been right to sustain and grow the company.
When we think about that framing, I'm pretty excited for what's to come on Solana, primarily because it's super cheap, it's super fast and it's super performant.
Uh, and Rust as a language is a little bit more ubiquitous across the engineering market from a talent point of view than Solidity is.
So if you were to say we need 10,000 engineers to support Solidity today, it'd be a tough, tough ask um to find like 10, 10 to 30,000 fresh tier one engineers.
But if you needed that for Rust and Solana, there's a much smaller learning curve.
I think that was a lot of the promise for what could be done um from a builder's perspective on Solana.
But personally, I think Solana's got some ground to make up, it's going to take some time, both are going to do well in the next few years.
How do you see something like pumped out fun?
I mean, obviously, you're kind of framing a lot of the meme coin stuff as slot, but obviously that's a revenue generating business at the end of the day.
It's not my type of business, but it's a fantastic organization.
Like any, you know, uh, I was chatting with a close friend yesterday, just saying revenue solves all problems.
Um, and to your point, they make a truckload of cash, and it's a great business, and people want to use that product.
My slight pushback is isolated versions of businesses that can be competed out of the market is not a great way to build a network, um, in my opinion.
I think you have to build like legitimate ecosystems within this market to get flows, activity, durable users, uh long-term outcomes.
And that's how you know Solana as a token itself uh appreciates value over time.
Nick, if you were uh same question as you Jay asked you, if you were if you had a million dollars, I don't know why, I don't know why he said a million.
I feel like that's insane that there'd be some somebody listening to the show just has a million dollars flush cash and they're so excited about crypto right now.
But let's go with it anyways.
Any sum of money, we'll say a million.
Um right now, you're entering the market.
Congratulations, you got a big payout.
You've got a million bucks.
Where are you putting it?
You know, there's not not financial advice.
Yeah, strictly, strictly not financial advice.
I think you want to take ecosystem bets.
Um, I don't think you necessarily want to take highly, highly concentrated application layer investments.
The reason for that is per my earlier comment, we're gonna get some regulatory clarity within the next six to 12 months, and that is gonna probably hurt some people and help some others.
Um, so you want to invest in things like infrastructure, platforms, networks themselves, less so, you know, very, very dedicated, you know, application and single token exposure.
The next question you're gonna push me to ask is like, well, which one?
So I think if I just go across like the majors, let's say it's a kind of put my stool out there and said, look, you know, fundamentally pick ecosystem plays or to my earlier point, businesses that make a truckload of cash and you think have like a durable fit within a market post-regulatory clarity.
Let's just sit across the ones that we'll all consider.
So Solana, um, Ethereum, I think they're sitting in and around their 2024 lows, but BTC is actually above its 2024 low.
So if you just want to say that there's some mapping uh and some like good pocket sort of support, um, I would say Ethan Solana are probably better bets than Bitcoin at this moment in time from a pure multiple basis.
The other one is I think that the the guys over at Suey are doing some fantastic stuff.
We've been working on something with them that come out in the next couple of months, but I think that they they have a really cogent and like very thoughtful uh approach to how to engage on the kind of more institutional adoption.
Uh so very excited for what those guys are doing.
And I think I may have said that a while back as well in the last call.
So we have followed through on our on our thesis of being involved in betting ourselves within the SUE ecosystem, and I think there's a lot of upside there.
That's a good take.
Where does Hyperliquid fit in in all this?
Oh, people will continue to trade.
People will continue to put volume through that.
I think Hyperliquid is an incredible business.
Um, I I think it'll be interesting to see whether that comes under some scrutiny from a regulatory perspective.
I think you know, you look at geographical markets, like can the US participant uh get access to hyperliquid in a meaningful way?
Like, how do we represent that?
You know, what happens to perps within the US?
I don't know.
So hyperliquid, incredible cash flow business.
Um, incredible experience, wonderful product, great team.
Um I I would never be upset with having hype as part of my portfolio, but not financial advice, of course.
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How significant because hyperliquid was built on leverage trades, right?
On perp trades, that's their that was the core of their business, probably still is.
Um, but they've been a leader as well in developing, they're not on-chain equities, but they are on-chain perps.
Or they're there, they are not on-chain, they are perps for equities, basically.
Um, and you know, this past weekend was a perfect example where if you want to be trading the price of oil during a major conflict, you can now on hyperliquid.
You don't have to wait for the market to to do whatever it does Monday morning.
How does that is that a trend you see accelerating from here?
Like, is that something where you're gonna have major Wall Street firms doing this?
Not with the current regulatory framework in place.
Uh, but I had a meeting about this specific challenge yesterday um with a big publicly traded group.
I think one of the most exciting ways in which on-chain rails as such, or kind of on-chain finance, let's call it, opens up markets, is actually around out-of-hours trading.
Um I'm not as necessarily bullish or a strong believer in the fact that suddenly we're gonna flip the switch and every stock on the NISE is going to be traded as a token.
But I do think creating trading windows where on-chain rails can provide validated and verifiable truth of activity taken outside of normal windows is a very, very exciting principle and big, big value add.
You know, I'm sure there's a handful of desks who, you know, Friday afternoon were maybe getting calls from their compliance or risk managers saying you need to unwind a little bit of your exposure for whatever reason.
And if you had a few hours outside or you could get someone to carry the cost of that exposure for the weekend, you would have given it to them.
And if on-chain venues become that outlet, I think that is an absolutely extraordinary opportunity for the market.
Absolutely.
Uh Nick, I want to wrap this up in a minute.
Um, before I ask you a little bit more about what Blueprint is working on, because I feel like you guys have so much in the hopper, you're really building out quite a lot in the bear market.
If we zoom way out two years, right?
And we'll talk about midterms now.
If in two years we're talking about the next election, where's and it has not to be related to politics, but I'm just saying timeline-wise, where are we at?
What what will have happened in the next two years in crypto that will surprise people the most?
I think we will see a whole host of payments, peer-to-peer transfers, settlement activity, uh and investment grade opportunities embedded within large institutional finance uh organizations, bulge bracket banks, private wealth managers, etc.
etc.
But also like on your mobile books.
I actually think that behind the scenes, a lot of settlements and transfers will be moved quickly and settled later in fiat currency.
So I think this mirroring of the two financial systems on-chain versus kind of off-chain, if you will, uh, will be one of the most ubiquitous changes we see across financial transfers and measurement of value over the next two years.
Will that be shocking though?
Not to me.
All right, that's fair.
Uh let's talk very quickly about Blueprint, man.
You mentioned that you guys are working on something with Suey or something on Suey.
Um, what else is coming down the pipe?
I feel like you you guys are about to unload, unload the bag.
Yeah, we've we've tried to make, you know, our whole thesis is very simple.
How do we make sure that people don't lose money and consistently beat traditional financial kind of instrumentation from a yield point of view?
Um so that means like some very exciting partnerships with large centralized exchanges, um, large stablecoin issuers, and we were chatting to an awesome group doing some stuff around US homes and RWAs.
I think what we're finding for us is that in our first year of business, we kind of process a little over 20 billion dollars of volume.
We currently oversee about four or five billion dollars of volume a month, and we've grown very, very quickly.
And I think that brucally speaking, one of the most you know uninteresting but most important things that we do is a lot of accounting.
And when you're doing cross-chain settlement, when you're thinking about measuring, you know, across lots of different opportunities and ecosystem partners, one of the things we found is a massive draw as we see this institutional adoption for our accounting.
Um, I never thought, having started my life as a physician that I'd be touting our accounting capabilities, but um yeah, it's really important when we think about the frequency of measurements of value.
And so we've prided ourselves on getting very good at that.
And that's yeah, to my point, got us in bed with you know very excitingly a couple of large centralized exchanges, big asset issuers, uh, traditional investment managers.
Um, and you know, soon across the blueprint kind of stack, you'll be able to get yield across Solana, you know, most EVM networks, uh, as well as Suey.
Awesome.
That's great.
Sounds like you're building right at the right on the edge, man.
Very grateful for the team.
They put in a hell of a lot of work.
I'm just the talking head these days.
You would say that.
All right.
Well, it's been a great show.
Uh, Nick, thank you.
If you guys want to find and hear more from Nick, uh, you can check him out on X at Nick underscore builds.
Nick is spelled L N I C.
Uh, very similar to my real first name, which nobody knows.
Anyways, uh, Nick, good to see you, man.
Thanks for coming on the show.
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