[
  {
    "start": 16.94,
    "end": 18.7,
    "text": "Welcome to another episode of Bitcoin."
  },
  {
    "start": 18.779,
    "end": 19.74,
    "text": "Fear Then Rock and Roll."
  },
  {
    "start": 20.2,
    "end": 25.0,
    "text": "I'm Stefan Gassmann, today I am joined by Thomas Langbein chief commercial officer at Trevor."
  },
  {
    "start": 25.9,
    "end": 31.599,
    "text": "Trevor defines itself as a company that offers digital asset operating system for financial institutions."
  },
  {
    "start": 32.56,
    "end": 34.7,
    "text": "Tomas and i know each other quite some years now."
  },
  {
    "start": 34.98,
    "end": 38.34,
    "text": "finally we have the opportunity talk publicly in this podcast."
  },
  {
    "start": 38.599,
    "end": 39.36,
    "text": "welcome Thomas!"
  },
  {
    "start": 45.36,
    "end": 45.459,
    "text": "Cool."
  },
  {
    "start": 45.82,
    "end": 51.519,
    "text": "Let's dive in and get a bit of background about you personally, tell us where are coming from?"
  },
  {
    "start": 51.959,
    "end": 54.019,
    "text": "What is your professional career up to here?"
  },
  {
    "start": 54.879,
    "end": 60.179,
    "text": "Well I originally started in traditional banking so in finance with Commerzbank."
  },
  {
    "start": 61.0,
    "end": 91.22,
    "text": "spent there some years first in classical banking then short stations in asset management and equity catered markets before i decided the consulting space, focusing mainly on financial institutions like banks basically and banks where I spent like fifteen years in focussing on designing their strategy running and executing this strategy."
  },
  {
    "start": 91.48,
    "end": 99.58,
    "text": "And also of course came in touch with digital transformation projects from a company side."
  },
  {
    "start": 99.64,
    "end": 116.18,
    "text": "it was my first station at EY in St Jan focusing on international projects, mainly in the US and UK markets furrowed by a longer stay more than ten years with McKinsey spin-off boutique."
  },
  {
    "start": 116.86,
    "end": 132.7,
    "text": "A really exciting time where we focused on banks And finally I joined Accenture Strategy in their financial services department again focussing mainly digital transformation and tech projects."
  },
  {
    "start": 132.88,
    "end": 139.64,
    "text": "And also I mean fostering my interest in digital assets, and DLT technology in"
  },
  {
    "start": 140.16,
    "end": 140.48,
    "text": "general.\"."
  },
  {
    "start": 142.16,
    "end": 149.58,
    "text": "That was when I reflect the time back... Also more or less it's a first-time that came into touch with crypto and digital assets."
  },
  {
    "start": 150.12,
    "end": 163.14,
    "text": "It was around twenty seventeen and also fostered by good friend of mine Philips Antner who founded Frankfurt School Blockchain Center, and of course got my interest."
  },
  {
    "start": 163.34,
    "end": 168.88,
    "text": "And also get me updated on everything that happened at the time in crypto and digital assets around."
  },
  {
    "start": 169.7,
    "end": 173.38,
    "text": "so it was really a point where I said okay, crypto might be your first step?"
  },
  {
    "start": 175.72,
    "end": 184.56,
    "text": "It's interesting from a technology perspective but also provides foundation for future capital markets."
  },
  {
    "start": 186.82,
    "end": 188.6,
    "text": "That was at least what I was assuming."
  },
  {
    "start": 188.68,
    "end": 199.7,
    "text": "At that time, really sign many processes in capital markets that i've seen in my consulting career before and take advantages from the technology on right?"
  },
  {
    "start": 199.82,
    "end": 207.14,
    "text": "And uh...that was a time where I went into the rabbit hole of digital assets and never got out of it again!"
  },
  {
    "start": 207.86,
    "end": 211.2,
    "text": "So I see a lot of similarities in years started in similar year."
  },
  {
    "start": 211.74,
    "end": 218.96,
    "text": "so I was happy to know Philips Santner quite well personally."
  },
  {
    "start": 219.48,
    "end": 223.8,
    "text": "And I think crypto assets conference in Frankfurt, maybe the venue where we met first some years ago?"
  },
  {
    "start": 226.62,
    "end": 227.24,
    "text": "Must have been."
  },
  {
    "start": 227.34,
    "end": 228.28,
    "text": "Must've been."
  },
  {
    "start": 228.86,
    "end": 235.58,
    "text": "I think since twenty nineteen or twenty-twenty... ...I never missed any crypto asset conference on Frankfurt."
  },
  {
    "start": 236.14,
    "end": 237.12,
    "text": "Similarly like me here!"
  },
  {
    "start": 237.44,
    "end": 237.62,
    "text": "Cool."
  },
  {
    "start": 238.12,
    "end": 246.14,
    "text": "And then you found your way, I think maybe partially on the private side got interested into crypto assets but then also joined Trevor."
  },
  {
    "start": 246.34,
    "end": 250.12,
    "text": "or was Trevor first station in the crypto digital asset space?"
  },
  {
    "start": 250.52,
    "end": 253.62,
    "text": "Was that direct follow-up to your consulting career?"
  },
  {
    "start": 254.16,
    "end": 272.8,
    "text": "No when i'm thinking back...I finished consulting in twenty nineteen where I decided really dig into digital assets by joining a frankfurt based fintech rock size capital where we focus on oracle node operations for decentralized finance applications, basically."
  },
  {
    "start": 273.92,
    "end": 278.72,
    "text": "And also a kind of market data offering for traditional financial players."
  },
  {
    "start": 279.38,
    "end": 286.76,
    "text": "because if you would like to have reliable and compliant market price for crypto"
  },
  {
    "start": 286.98,
    "end": 287.04,
    "text": "e.g.,"
  },
  {
    "start": 287.96,
    "end": 292.04,
    "text": "net asset valuation other use cases then it was quite hard to find one."
  },
  {
    "start": 292.6,
    "end": 298.16,
    "text": "It was not like in traditional finance that you just go to Broomberg or the other providers and get."
  },
  {
    "start": 298.84,
    "end": 309.6,
    "text": "The reliable I mean price for the asset, but uh... You know more or less fragmented crypto markets consisting of many players also brought with it."
  },
  {
    "start": 310.5,
    "end": 316.66,
    "text": "there's no one prize for crypto And this is where we got into business quite exciting time."
  },
  {
    "start": 318.64,
    "end": 325.06,
    "text": "I decided in twenty-twenty three, so like three years ago to join Trevor because two things."
  },
  {
    "start": 325.8,
    "end": 349.26,
    "text": "On the one hand we found out that operating digital assets is an essential thing to be able to offer crypto to your clients and at a time... The first traditional finance players were thinking about really early stage about providing crypto for their clients And from my former career in consulting, I knew some transition projects."
  },
  {
    "start": 349.86,
    "end": 357.78,
    "text": "The core banking infrastructure of the legacy side of banks not being able to operate crypto or digital assets."
  },
  {
    "start": 358.4,
    "end": 372.16,
    "text": "So what i said is you would need a kind of addition to existing core banking infrastructures covering the digital asset side because no bank will change the whole core banking system just to be able."
  },
  {
    "start": 374.06,
    "end": 375.68,
    "text": "That would no one do, of course."
  },
  {
    "start": 376.66,
    "end": 384.62,
    "text": "So I knew the company to Trevor itself and also the founder side And i said okay it's a great product."
  },
  {
    "start": 385.54,
    "end": 387.98,
    "text": "It is exactly what market requires."
  },
  {
    "start": 388.9,
    "end": 398.88,
    "text": "Also a great team with good vision for future Because we say at Trevor that every asset will become digital asset in few years time."
  },
  {
    "start": 400.08,
    "end": 402.08,
    "text": "Then i decided to join the company."
  },
  {
    "start": 404.22,
    "end": 406.6,
    "text": "It was a good decision so far, really exciting times."
  },
  {
    "start": 407.04,
    "end": 409.72,
    "text": "Can you tell us about your role and responsibilities at Trevor?"
  },
  {
    "start": 410.06,
    "end": 410.26,
    "text": "Sure!"
  },
  {
    "start": 410.42,
    "end": 411.72,
    "text": "Happy to do it though."
  },
  {
    "start": 411.88,
    "end": 422.02,
    "text": "I'm the Chief Commercial Officer at Trevor responsible for defining driving executing the company's sales strategy And also covering strategic partnerships At Trevor."
  },
  {
    "start": 423.86,
    "end": 432.92,
    "text": "That brings with me The reason that we met regularly at conferences To represent the Company of course at leading industry events."
  },
  {
    "start": 433.56,
    "end": 439.22,
    "text": "All of this, of course in close alignment with the CEO and co-founder Hans Jürgen Grießmacher at Trevier."
  },
  {
    "start": 439.76,
    "end": 453.0,
    "text": "And also the marketing and product teams which is quite interesting thing because we always increase the capabilities we deliver to clients by developing their products further."
  },
  {
    "start": 453.94,
    "end": 457.0,
    "text": "that comes off course with auto market input."
  },
  {
    "start": 457.8,
    "end": 463.96,
    "text": "What does the market require for new use cases and what are the use cases that I mean right now in scope of our clients."
  },
  {
    "start": 464.68,
    "end": 476.7,
    "text": "And bringing my background off traditional finance and tech, I'm right now bridging somehow between Traditional Finance and what we build in DLT and blockchain technology?"
  },
  {
    "start": 477.8,
    "end": 481.7,
    "text": "And have daily discussions with all the market participants."
  },
  {
    "start": 482.12,
    "end": 484.14,
    "text": "basically outlines banks and brokers."
  },
  {
    "start": 484.62,
    "end": 485.28,
    "text": "Very interesting."
  },
  {
    "start": 485.36,
    "end": 491.74,
    "text": "So you're kind of a translator between the wannabe world where people want ahead and reality off your product."
  },
  {
    "start": 491.8,
    "end": 496.14,
    "text": "what actually can deliver out-of-the box, push boundaries."
  },
  {
    "start": 496.7,
    "end": 497.56,
    "text": "as far as I understand"
  },
  {
    "start": 497.82,
    "end": 500.82,
    "text": "it's exactly what i'm trying to do each every day."
  },
  {
    "start": 502.38,
    "end": 502.58,
    "text": "Cool!"
  },
  {
    "start": 503.1,
    "end": 506.58,
    "text": "I found one pattern when listen talking about frictions."
  },
  {
    "start": 506.96,
    "end": 517.679,
    "text": "so you saw friction in market be it in your old role at Block Size Capital, but also now I think you... And that's a good way to think about startup opportunities."
  },
  {
    "start": 517.78,
    "end": 525.62,
    "text": "I would guess if we look for frictions and solve them in the proper fashion when before we dive into travel more deeply?"
  },
  {
    "start": 525.86,
    "end": 528.88,
    "text": "If we go more broadly what are the biggest frictions today?"
  },
  {
    "start": 529.0,
    "end": 533.56,
    "text": "When institutions try to engage with digital assets moderately?"
  },
  {
    "start": 534.119,
    "end": 544.5,
    "text": "First of all i think its important have the whole picture of digital assets because when we talk about digital assets, it's more than one kind of asset class."
  },
  {
    "start": 546.64,
    "end": 551.099,
    "text": "I think basically at least three or four different directions."
  },
  {
    "start": 551.239,
    "end": 558.979,
    "text": "so first off all you have a kind of custody to save keep and store digital assets?"
  },
  {
    "start": 559.739,
    "end": 568.64,
    "text": "The second question would be direction of crypto trading as use case And then maybe digital payments as the next one, right?"
  },
  {
    "start": 569.76,
    "end": 572.78,
    "text": "The last would be I think tokenized assets."
  },
  {
    "start": 573.699,
    "end": 587.9,
    "text": "So having a whole picture in mind and designing this strategy consistent to those different directions is quite an important step when thinking about digital asset."
  },
  {
    "start": 588.92,
    "end": 598.359,
    "text": "What we've seen at beginning or fraction may is that sometimes market participants think about just one step."
  },
  {
    "start": 598.66,
    "end": 606.0,
    "text": "For example, having crypto trading for their clients but not the next steps and further future coming ahead?"
  },
  {
    "start": 606.8,
    "end": 618.0,
    "text": "And this can sometimes be a kind of hurdle when entering the market because you have to think what would we need in the future from new use cases as well right?"
  },
  {
    "start": 619.56,
    "end": 619.979,
    "text": "Absolutely!"
  },
  {
    "start": 621.18,
    "end": 630.78,
    "text": "As I understand it do come I think when your clients are a bit more committed, it's not about experiments and proving the concept."
  },
  {
    "start": 630.88,
    "end": 642.14,
    "text": "And doing some initial trades but rather operationalization going constantly in maybe more than one asset class or maybe going beyond crypto?"
  },
  {
    "start": 643.16,
    "end": 650.06,
    "text": "Or what is that point where people start talking to you... ...and getting interested with your answers?"
  },
  {
    "start": 651.079,
    "end": 652.18,
    "text": "It was good question!"
  },
  {
    "start": 653.359,
    "end": 654.119,
    "text": "It differs a bit."
  },
  {
    "start": 654.199,
    "end": 659.18,
    "text": "maybe sometimes you have a client who has a clear use case in mind right."
  },
  {
    "start": 659.599,
    "end": 667.359,
    "text": "for example they would like to run it kind of crypto trading for the end clients if your traditional bank or broker or Neobank new broker."
  },
  {
    "start": 667.739,
    "end": 669.719,
    "text": "Would I just set up this business then?"
  },
  {
    "start": 669.859,
    "end": 670.719,
    "text": "You understand?"
  },
  {
    "start": 670.78,
    "end": 678.619,
    "text": "okay now we have to think about how to operationally setup the whole business and that's the point."
  },
  {
    "start": 678.699,
    "end": 680.26,
    "text": "where is thinking about different solutions."
  },
  {
    "start": 681.959,
    "end": 694.239,
    "text": "If you understand what I said before, that there's a broader maybe strategy behind in digital assets containing of or consisting of crypto currencies but also off digital payments and tokenized assets."
  },
  {
    "start": 694.339,
    "end": 700.099,
    "text": "Then he would have to look for a solution where we wouldn't be able to all the run this into future right?"
  },
  {
    "start": 700.599,
    "end": 703.859,
    "text": "And it's the point when we got into touch and come into discussion."
  },
  {
    "start": 704.38,
    "end": 713.739,
    "text": "so typical case might be that banks says okay let start quite lean with a setup consisting of one trading venue and maybe one custody solution."
  },
  {
    "start": 714.66,
    "end": 731.459,
    "text": "And be able to scale this, change it and keep the flexibility in future for digital payments or for transfering digital securities or tokenized assets on other form right?"
  },
  {
    "start": 732.079,
    "end": 736.599,
    "text": "That's discussion where we come into discuss together what is use case."
  },
  {
    "start": 736.88,
    "end": 737.68,
    "text": "decline would like."
  },
  {
    "start": 740.56,
    "end": 751.439,
    "text": "What is the right solution for this use case and how can we support from Taberside to have a quick go-to market, also keep them quite flexible for future changes."
  },
  {
    "start": 753.439,
    "end": 753.619,
    "text": "Maybe?"
  },
  {
    "start": 753.76,
    "end": 755.579,
    "text": "coming last question regarding fiction."
  },
  {
    "start": 756.079,
    "end": 763.199,
    "text": "when banks want access to crypto trading what's most surprising aspect maybe?"
  },
  {
    "start": 764.78,
    "end": 766.64,
    "text": "when compared to that traditional business?"
  },
  {
    "start": 766.739,
    "end": 771.68,
    "text": "Is it the twenty-four seven trading or is in many digits, you can split up your crypto too."
  },
  {
    "start": 771.92,
    "end": 776.719,
    "text": "What's what's there thing that comes out and might surprise clients most?"
  },
  {
    "start": 777.38,
    "end": 780.439,
    "text": "how do you and I am How Do You Help That In That Situation?"
  },
  {
    "start": 782.239,
    "end": 782.439,
    "text": "Yes!"
  },
  {
    "start": 782.959,
    "end": 797.119,
    "text": "I mean i don't know if its a surprise To Be Honest But What Is New At Least Compared With The Traditional Finance World is also the fragmentation of the process and a number of, I would say ecosystem partners."
  },
  {
    "start": 797.199,
    "end": 800.079,
    "text": "you need to run such kind of business because in ThreadFy."
  },
  {
    "start": 800.66,
    "end": 813.06,
    "text": "You typically have a CCP or CSD and kind of regulated market setup for trading and yeah, safekeeping off the assets and so on And in crypto or digital assets in general it's different."
  },
  {
    "start": 819.42,
    "end": 820.52,
    "text": "On the first hand, you understand."
  },
  {
    "start": 820.56,
    "end": 820.76,
    "text": "Okay?"
  },
  {
    "start": 820.839,
    "end": 827.459,
    "text": "We have a liquidity side where we have to go through the market connect two liquidity providers or exchanges trade basically."
  },
  {
    "start": 828.479,
    "end": 834.119,
    "text": "The second way would be how to store the assets and there are against two options."
  },
  {
    "start": 834.219,
    "end": 842.819,
    "text": "Basically it's either fully regulated sub custodian providing the custody Or just custody of tech provider."
  },
  {
    "start": 842.9,
    "end": 846.239,
    "text": "for what enable you to run your own custody with a license as a bank?"
  },
  {
    "start": 846.459,
    "end": 846.66,
    "text": "right?"
  },
  {
    "start": 849.04,
    "end": 862.319,
    "text": "Maybe depending on the use case, some other players like compliance when you providers for transactions know your transaction processes or for AML checks."
  },
  {
    "start": 862.959,
    "end": 866.78,
    "text": "Or other things regarding compliance and then you would need another partner as well."
  },
  {
    "start": 867.939,
    "end": 877.439,
    "text": "And uh... You have to understand that's maybe sometimes surprising That just integrating a trading menu and may be custody solution is not enough."
  },
  {
    "start": 878.439,
    "end": 885.979,
    "text": "set up, because somehow you have to connect all those partners in the back end and be able to have transfers between all of these partners."
  },
  {
    "start": 886.64,
    "end": 890.359,
    "text": "And operate settlement processes afterwards."
  },
  {
    "start": 891.16,
    "end": 896.06,
    "text": "That's exactly where we come as a kind of middleware or operating system."
  },
  {
    "start": 896.099,
    "end": 896.739,
    "text": "that is what we call us!"
  },
  {
    "start": 898.219,
    "end": 903.68,
    "text": "We bring together technical integrations but also core functionalities which enable the bank to run."
  },
  {
    "start": 903.76,
    "end": 910.479,
    "text": "this setup would not have, I mean bad surprises at the end."
  },
  {
    "start": 910.88,
    "end": 920.339,
    "text": "Okay okay well that leads us to Trevor and i think for the listeners it's important to explain maybe what Trevor solutions actually consists of."
  },
  {
    "start": 920.42,
    "end": 931.02,
    "text": "so when we talk about an operating system or an operating middle layer could you take us through your product and describe the core parts of it then the value proposition that you give to your clients?"
  },
  {
    "start": 931.979,
    "end": 932.9,
    "text": "Absolutely its a pleasure!"
  },
  {
    "start": 937.14,
    "end": 944.64,
    "text": "Of course, how we call it the digital asset operating system for fully regulated financial institutions or our clients are banks and brokers basically."
  },
  {
    "start": 945.88,
    "end": 952.16,
    "text": "We enable them to operate a digital assets set up in secure and compliant way."
  },
  {
    "start": 953.479,
    "end": 957.099,
    "text": "that means to trade transfer managed digital assets right?"
  },
  {
    "start": 958.119,
    "end": 973.06,
    "text": "And they provide this as kind of modular add on to existing core banking systems so you would be able to have the functionalities you require, because it's not covered yet by the existing infrastructure as an add-on to the existing core banking system."
  },
  {
    "start": 975.339,
    "end": 988.8,
    "text": "By providing such a kind of holistic solution we cover end-to-end order life cycle on one hand but also the settlement flows behind so our clients are able with this solution."
  },
  {
    "start": 994.459,
    "end": 999.18,
    "text": "It's not only crypto, it is also digital payments like stablecoins and other digital payment solutions."
  },
  {
    "start": 999.66,
    "end": 1008.66,
    "text": "And of course tokenized securities as well or tokenized commodities and all kinds of tokens including all technical requirements."
  },
  {
    "start": 1009.28,
    "end": 1012.14,
    "text": "so technically integrations basically that I mentioned before."
  },
  {
    "start": 1012.859,
    "end": 1019.92,
    "text": "trading venues exchange a piece to custody tech and regulate custodians or compliance integrations."
  },
  {
    "start": 1020.56,
    "end": 1029.52,
    "text": "we deliver an end-to-end solution to operate digital assets, mica compliant of course and providing all the functionalities you need."
  },
  {
    "start": 1030.22,
    "end": 1038.0,
    "text": "When you say that you are specifically focusing on regulated institutions so what is so special about your solution?"
  },
  {
    "start": 1038.38,
    "end": 1040.18,
    "text": "That it helps these regulated entities?"
  },
  {
    "start": 1040.24,
    "end": 1041.76,
    "text": "You just mentioned mica."
  },
  {
    "start": 1041.919,
    "end": 1049.0,
    "text": "So do you need to be a mica licensed And how does this behave in other jurisdictions?"
  },
  {
    "start": 1049.04,
    "end": 1049.86,
    "text": "Very"
  },
  {
    "start": 1049.919,
    "end": 1050.44,
    "text": "good question."
  },
  {
    "start": 1050.6,
    "end": 1059.24,
    "text": "So we are a technology provider based in Graz, Austria so in the EU and We are not required to have a license at all?"
  },
  {
    "start": 1059.82,
    "end": 1061.26,
    "text": "You're just providing the technology."
  },
  {
    "start": 1061.8,
    "end": 1066.659,
    "text": "but I mean All of our clients are fully regulated as I say banks and brokers."
  },
  {
    "start": 1066.74,
    "end": 1069.419,
    "text": "So we have of course to fulfill all requirements they have."
  },
  {
    "start": 1069.659,
    "end": 1079.379,
    "text": "regarding my car Dora and other I mean requirements And that includes, of course when I say we enabled him to be for example my car compliant."
  },
  {
    "start": 1080.06,
    "end": 1092.82,
    "text": "That we have an order and execution management system as one of our models including the best execution feature in providing all the record keeping details you need from my car compliance right?"
  },
  {
    "start": 1093.56,
    "end": 1103.639,
    "text": "You have a snapshot off all the trades of all the transaction data so he can prove afterwards that you were fully, compliantly executing the orders for your clients."
  },
  {
    "start": 1103.96,
    "end": 1104.159,
    "text": "Right?"
  },
  {
    "start": 1104.82,
    "end": 1109.74,
    "text": "And it's exactly where we come in and ensure all those requirements are fulfilled by our"
  },
  {
    "start": 1109.84,
    "end": 1110.26,
    "text": "clients.\"."
  },
  {
    "start": 1110.76,
    "end": 1115.659,
    "text": "So you have building blocks in place which makes them simple to get a micro-license."
  },
  {
    "start": 1115.7,
    "end": 1127.7,
    "text": "For example... You fulfill certain key requirements when it comes to trading or safekeeping so clients can have an easier day if they rely on their expertise that you assembled with other customers obviously in the past."
  },
  {
    "start": 1128.28,
    "end": 1129.28,
    "text": "Absolutely, that's correct."
  },
  {
    "start": 1129.78,
    "end": 1145.36,
    "text": "So I mean you can understand Trevor as a kind of orchestration management platform between the technical integrations and declined enable them to offer for example crypto training or digital asset trading in future for their clients."
  },
  {
    "start": 1146.3,
    "end": 1152.76,
    "text": "And i just described first functionality which is order management and execution management system."
  },
  {
    "start": 1153.0,
    "end": 1162.54,
    "text": "order management towards decline so taking taking the order and processing the order internally, and execution management to execute it at the connected trading venues."
  },
  {
    "start": 1163.34,
    "end": 1168.36,
    "text": "The second module would be the treasury management in also dissettlement functionality."
  },
  {
    "start": 1169.12,
    "end": 1202.2,
    "text": "so you will able if for example trade as a bank against different liquidity providers have a post-trade settlement then end of day either manually or automated By just one click being able to get all the net Exposure on the crypto side and also in a fiat site have a recombination And afterwards initiate the settlement On-chain for the asset side and see path or the Fiat side because Maybe this is one of the surprises that you mentioned before and did you ask before?"
  },
  {
    "start": 1203.159,
    "end": 1204.5,
    "text": "You still have two layers."
  },
  {
    "start": 1204.62,
    "end": 1219.659,
    "text": "I mean, you have the assets on The on the blockchain typically but you have to payment flow In a traditional way, as I say part payment because we do not have the payment on chain available for all of those transactions."
  },
  {
    "start": 1219.8,
    "end": 1220.52,
    "text": "And that's important."
  },
  {
    "start": 1220.58,
    "end": 1227.44,
    "text": "to bring this together and to align these and to have a synchronous process behind."
  },
  {
    "start": 1227.84,
    "end": 1235.8,
    "text": "it is also important understand you somehow need bookkeeping and subletcher accounting for your end clients."
  },
  {
    "start": 1238.179,
    "end": 1252.76,
    "text": "The existing core banking system typically is not able to handle a maybe twelve digits after the separator Asset in the core banking systems, so you have to be able To Have the client accounting somehow on this system."
  },
  {
    "start": 1252.82,
    "end": 1272.56,
    "text": "And that's exactly what our I mean We call it bookkeeping module does for clients and You will see the record keeping of each transaction For all customers in my car compliance, including all the maybe time stamps for trading best execution."
  },
  {
    "start": 1273.12,
    "end": 1278.899,
    "text": "In a system and ensure that you will keep full flexibility and scalability for the future as well."
  },
  {
    "start": 1279.56,
    "end": 1283.08,
    "text": "How is your relationship between Trevor on these core banking systems?"
  },
  {
    "start": 1283.139,
    "end": 1284.879,
    "text": "So I think there are many of them out there."
  },
  {
    "start": 1285.02,
    "end": 1291.58,
    "text": "so i guess You need to write some adapters for each new core banking system that use somehow support."
  },
  {
    "start": 1292.28,
    "end": 1298.879,
    "text": "But me being a computer scientist from the background, I wonder if the precision of the core banking system isn't good enough."
  },
  {
    "start": 1299.52,
    "end": 1300.48,
    "text": "How do you do that actually?"
  },
  {
    "start": 1300.8,
    "end": 1309.94,
    "text": "Do we store additional data that is not stored in your core banking systems or how does it extend to be more precise as needed?"
  },
  {
    "start": 1310.5,
    "end": 1312.919,
    "text": "That's very good question and thanks for that."
  },
  {
    "start": 1313.04,
    "end": 1320.56,
    "text": "because... and you are from a tinkered side, then it's maybe easier to understand but in general not that easy."
  },
  {
    "start": 1321.6,
    "end": 1323.179,
    "text": "We have two worlds."
  },
  {
    "start": 1323.28,
    "end": 1328.44,
    "text": "I would say we have the asset world which is completely on-chain digital asset right?"
  },
  {
    "start": 1329.04,
    "end": 1331.379,
    "text": "And thats everything we cover in our system!"
  },
  {
    "start": 1332.0,
    "end": 1346.879,
    "text": "But of course also able to have the fiat balances in our systems just...I mean..a simple example why you need this in practice Is if a client would like to trade and what I do have maybe a digital asset."
  },
  {
    "start": 1346.94,
    "end": 1348.26,
    "text": "by then we will check."
  },
  {
    "start": 1348.98,
    "end": 1351.919,
    "text": "does the client has enough cash on his cash account."
  },
  {
    "start": 1352.379,
    "end": 1356.639,
    "text": "To place an execute your order, we would reserve the amount in."
  },
  {
    "start": 1356.76,
    "end": 1362.5,
    "text": "afterwards you would have to give him update of the fiat cash accounting for the client."
  },
  {
    "start": 1363.28,
    "end": 1379.639,
    "text": "that's exactly when it connects into core banking system because all the cash accounting is done in the core banking systems off course at the bank We just retrieve the cash balance and we will give back an update after that trade was filled."
  },
  {
    "start": 1380.34,
    "end": 1386.46,
    "text": "That's exactly relationship to the core banking system, if you ask how do we manage it?"
  },
  {
    "start": 1386.659,
    "end": 1397.62,
    "text": "There is no real standard for all banks with more or less individual integration... ...and there are different ways of connecting core banking systems."
  },
  {
    "start": 1398.62,
    "end": 1408.34,
    "text": "The option which would like us The first choice would be an API, but it's not the case that or not a usual case."
  },
  {
    "start": 1408.659,
    "end": 1412.24,
    "text": "That Corp Banking System provide APIs for external providers."
  },
  {
    "start": 1412.32,
    "end": 1420.46,
    "text": "so we also go other ways typically like data exports imports Or webhooks and other kind of interfaces."
  },
  {
    "start": 1420.86,
    "end": 1435.879,
    "text": "Okay interesting So you open up these services beyond the capabilities actually cover the areas that are more or less on chain, and maybe even some stablecoin stuff."
  },
  {
    "start": 1436.419,
    "end": 1439.639,
    "text": "That sits in a parallel world to the old one if you will."
  },
  {
    "start": 1439.96,
    "end": 1440.379,
    "text": "is that right?"
  },
  {
    "start": 1440.78,
    "end": 1441.74,
    "text": "That's about understanding."
  },
  {
    "start": 1441.78,
    "end": 1453.62,
    "text": "like your frame it because we more-or-less mirror the existing parts of the core banking system that I mean existing for traditional finance road To digital asset growth Because we provide the OEMS."
  },
  {
    "start": 1453.72,
    "end": 1465.379,
    "text": "We could write the Treasury management settlement functionalities were provided the sub-ledger accounting for clients, so end to end digital asset side which is being added to this system."
  },
  {
    "start": 1465.48,
    "end": 1473.139,
    "text": "So as a result you have a banking infrastructure that covers both traditional financial world and digital asset world."
  },
  {
    "start": 1473.62,
    "end": 1475.679,
    "text": "Cool cool interesting sounds complicated."
  },
  {
    "start": 1475.8,
    "end": 1476.78,
    "text": "how complicated it is?"
  },
  {
    "start": 1476.94,
    "end": 1487.52,
    "text": "To get started with your solution if I'm new client let's say midsize bank what does that mean in time or budget?"
  },
  {
    "start": 1487.86,
    "end": 1489.04,
    "text": "What do I need to bring into the"
  },
  {
    "start": 1489.1,
    "end": 1489.399,
    "text": "table?\"."
  },
  {
    "start": 1489.899,
    "end": 1490.54,
    "text": "That's a good thing."
  },
  {
    "start": 1491.919,
    "end": 1499.72,
    "text": "As you say, it sounds complex and is complex... ...in the back end of an Intraverse system but not towards our client."
  },
  {
    "start": 1501.32,
    "end": 1503.8,
    "text": "How does the client typically get access to the Traverse System?"
  },
  {
    "start": 1504.179,
    "end": 1504.98,
    "text": "There are two ways."
  },
  {
    "start": 1505.08,
    "end": 1517.08,
    "text": "basically we provide on one hand kind-of frontend But its'nt a frontend for retail use within the bank, maybe at a trading desk for example."
  },
  {
    "start": 1517.82,
    "end": 1523.48,
    "text": "But most of our clients integrate the Trevor API into their system."
  },
  {
    "start": 1523.679,
    "end": 1532.82,
    "text": "it's a single integration up to Trevor API and there we provide endpoints for each and every feature in functionality that we provided client."
  },
  {
    "start": 1533.34,
    "end": 1538.94,
    "text": "so its just I would say an integration off the API straight forward as well documented."
  },
  {
    "start": 1540.86,
    "end": 1545.78,
    "text": "Once you have integrated API would have access to all the functionalities, but also too."
  },
  {
    "start": 1545.96,
    "end": 1547.94,
    "text": "All the technical integrations at the back end."
  },
  {
    "start": 1548.419,
    "end": 1558.02,
    "text": "so to the trading venues to the custody two other providers and you just define what will be your preferred setup to run that business."
  },
  {
    "start": 1558.96,
    "end": 1565.659,
    "text": "as I said it could be in the beginning one trading venue because of these solution And then you can basically start from our side."
  },
  {
    "start": 1565.7,
    "end": 1567.679,
    "text": "we would set up the work space for the bank."
  },
  {
    "start": 1568.24,
    "end": 1571.96,
    "text": "There are separate workspaces, of course for each and every entity."
  },
  {
    "start": 1573.06,
    "end": 1579.58,
    "text": "And once this is set up you as a bank would just have to onboard with the partners."
  },
  {
    "start": 1579.82,
    "end": 1590.22,
    "text": "so without liquidity venue or with custody I mean if you're having the custody your own running the tech on then it's even easier."
  },
  {
    "start": 1592.5,
    "end": 1594.54,
    "text": "Once we've done this You can start."
  },
  {
    "start": 1595.139,
    "end": 1597.0,
    "text": "basically Sounds good."
  },
  {
    "start": 1597.179,
    "end": 1603.06,
    "text": "So some building blocks I need you guys, a wallet infrastructure custody and liquidity providers."
  },
  {
    "start": 1603.28,
    "end": 1605.62,
    "text": "then we are set up to do the first crypto trade."
  },
  {
    "start": 1606.24,
    "end": 1606.98,
    "text": "What's your time frame?"
  },
  {
    "start": 1607.679,
    "end": 1611.8,
    "text": "Let us say that i have got an existing wallet infrastructure in place."
  },
  {
    "start": 1612.2,
    "end": 1613.659,
    "text": "How fast can it go ?"
  },
  {
    "start": 1614.54,
    "end": 1617.3,
    "text": "This really differs from the use case right ?"
  },
  {
    "start": 1617.74,
    "end": 1622.8,
    "text": "Let us assume you're at bank running kind of straightforward use cases like crypto trading."
  },
  {
    "start": 1624.86,
    "end": 1628.62,
    "text": "Setting this up from our side is quite, I would say fast possible."
  },
  {
    "start": 1628.679,
    "end": 1638.74,
    "text": "We just set-up the workspace for a bank and then there will be phase for user acceptance testing of everything And it's ready to run."
  },
  {
    "start": 1639.94,
    "end": 1640.8,
    "text": "What comes next?"
  },
  {
    "start": 1640.98,
    "end": 1644.72,
    "text": "Is integration of the Trevor API into the banks system."
  },
  {
    "start": 1645.0,
    "end": 1647.6,
    "text": "That depends on banking infrastructure as well."
  },
  {
    "start": 1648.159,
    "end": 1661.52,
    "text": "So what we typically do are some workshops in the beginning together with clients and the tech teams on our side, an on-the-client site to clearly define what has to be done to integrate the API."
  },
  {
    "start": 1662.399,
    "end": 1669.6,
    "text": "And also if they would like to have this also ready... ...to integrate the core banking system for the Fiat site."
  },
  {
    "start": 1670.76,
    "end": 1675.879,
    "text": "Once that is done we can have a clear and well defined roadmap of integration."
  },
  {
    "start": 1676.8,
    "end": 1685.879,
    "text": "Then it's a matter let us say typically ten weeks maybe sixteen weeks depends a bit on how many people are involved in the banking side."
  },
  {
    "start": 1687.06,
    "end": 1695.06,
    "text": "And you need to integrate it into their reporting compliance procedures etc, I think that might be the lengthy process of the banking site?"
  },
  {
    "start": 1695.98,
    "end": 1696.2,
    "text": "Yes!"
  },
  {
    "start": 1697.419,
    "end": 1711.6,
    "text": "It's exactly what we deliver is lots of data for each and every purpose like tax-reporting or internal purposes balance accounts statements, maybe for the client side."
  },
  {
    "start": 1712.659,
    "end": 1719.36,
    "text": "And the bank typically takes those data and integrates it seamlessly into the existing workflows."
  },
  {
    "start": 1720.04,
    "end": 1722.26,
    "text": "so For the client's site It is the same."
  },
  {
    "start": 1722.3,
    "end": 1726.7,
    "text": "The client gets access to typically via the existing front-end of our clients."
  },
  {
    "start": 1726.84,
    "end": 1733.56,
    "text": "So may be a banking online portal Maybe a mobile app also including then crypto and digital assets?"
  },
  {
    "start": 1734.379,
    "end": 1737.28,
    "text": "And this thing applies further reporting in other things."
  },
  {
    "start": 1737.84,
    "end": 1741.879,
    "text": "So there is a seamless user experience for the client, typically."
  },
  {
    "start": 1742.58,
    "end": 1754.36,
    "text": "That requires of course that our data's fed into the reporting systems and taken by the bank to process all those reports... ...and yeah, data!"
  },
  {
    "start": 1755.24,
    "end": 1762.44,
    "text": "You need to be properly integrated in their development processes so that the mobile app on the web page are released now in good fashion."
  },
  {
    "start": 1762.879,
    "end": 1769.7,
    "text": "with crypto-reporting It's set up and all your data from your system is seamlessly integrated into the bank's infrastructure."
  },
  {
    "start": 1769.86,
    "end": 1775.179,
    "text": "That's obviously an effort that's very dependent on the client side, yeah interesting."
  },
  {
    "start": 1775.62,
    "end": 1779.22,
    "text": "Yeah cool did you see any changes in the last two to three years?"
  },
  {
    "start": 1779.36,
    "end": 1780.899,
    "text": "how institutions approach you?"
  },
  {
    "start": 1781.02,
    "end": 1786.02,
    "text": "And your solution was I guess this must have been all about crypto two years ago or so."
  },
  {
    "start": 1786.8,
    "end": 1792.919,
    "text": "do you already change it with all of those tokenized equities coming out?"
  },
  {
    "start": 1793.899,
    "end": 1795.44,
    "text": "It's exactly like you say."
  },
  {
    "start": 1795.62,
    "end": 1804.919,
    "text": "I mean, if i remember back two or three years discussions were mainly driven by cryptocurrency trading and the use cases around."
  },
  {
    "start": 1805.72,
    "end": 1808.7,
    "text": "maybe at that time as well some defy discussions."
  },
  {
    "start": 1809.0,
    "end": 1809.98,
    "text": "what You can do else?"
  },
  {
    "start": 1810.04,
    "end": 1811.98,
    "text": "Like lending like staking And other things."
  },
  {
    "start": 1812.6,
    "end": 1817.3,
    "text": "but What we've seen then also driven By I would say further regulation."
  },
  {
    "start": 1818.06,
    "end": 1821.639,
    "text": "so on one hand to my calculation of course On The Other Hand."
  },
  {
    "start": 1821.74,
    "end": 1836.82,
    "text": "But Maybe in Germany, for example the EVPG, Electronical Security Act allowing banks to digitally issue bonds and other assets on chain."
  },
  {
    "start": 1837.96,
    "end": 1839.419,
    "text": "And also the payment side."
  },
  {
    "start": 1839.919,
    "end": 1848.34,
    "text": "we've seen a change in discussion as I said before that the scope is now much broader than what we have been seeing like three years ago."
  },
  {
    "start": 1849.22,
    "end": 1850.86,
    "text": "It's not only crypto, it's crypto."
  },
  {
    "start": 1851.06,
    "end": 1855.86,
    "text": "Its payments its tokenized assets and I mean if you have a closer look at payments."
  },
  {
    "start": 1855.919,
    "end": 1859.679,
    "text": "But he would also of course see that is it's not a single kind of digital payment?"
  },
  {
    "start": 1860.179,
    "end": 1871.8,
    "text": "It stable coins its CB MT like tokenize deposits its CBD C. what we will be seeing now the initiatives run for example at European Central Bank."
  },
  {
    "start": 1873.26,
    "end": 1875.159,
    "text": "The same applies for tokenized assets."
  },
  {
    "start": 1876.62,
    "end": 1879.28,
    "text": "It's a broad range of tokenizable assets,"
  },
  {
    "start": 1880.419,
    "end": 1880.46,
    "text": "e.g.,"
  },
  {
    "start": 1880.74,
    "end": 1885.679,
    "text": "the bond side but also in future of course stocks and commodity as well."
  },
  {
    "start": 1886.44,
    "end": 1891.159,
    "text": "So what we see now is shift towards those broader topics."
  },
  {
    "start": 1892.32,
    "end": 1896.879,
    "text": "have that within the bank strategy to say?"
  },
  {
    "start": 1897.28,
    "end": 1899.06,
    "text": "first step would be maybe crypto trading."
  },
  {
    "start": 1899.159,
    "end": 1905.419,
    "text": "It is already planned there and that's exactly how the banks sank."
  },
  {
    "start": 1906.1,
    "end": 1910.86,
    "text": "They have established, I think very good people on their side within the last two or three years."
  },
  {
    "start": 1911.2,
    "end": 1915.04,
    "text": "set up teams covering a broad range of topics."
  },
  {
    "start": 1919.899,
    "end": 1922.1,
    "text": "Be able to be parent in the future of off."
  },
  {
    "start": 1922.22,
    "end": 1924.58,
    "text": "The whole story after future capital markets right?"
  },
  {
    "start": 1925.52,
    "end": 1941.08,
    "text": "Stepping into that area when we said some of your clients might have started with crypto trading, which is a very special thing and now you see these mainstream things like stable coins for payments or tokenized capital market was tokenize securities."
  },
  {
    "start": 1942.179,
    "end": 1944.62,
    "text": "What does that change in your discussion with the client?"
  },
  {
    "start": 1944.84,
    "end": 1951.2,
    "text": "Do you see now very different questions when guys from the capital markets or global payment side come along."
  },
  {
    "start": 1951.58,
    "end": 1953.76,
    "text": "How has it changed your conversation with"
  },
  {
    "start": 1953.82,
    "end": 1954.159,
    "text": "clients?\"."
  },
  {
    "start": 1955.54,
    "end": 1976.44,
    "text": "It's also a good question, I mean on one hand other people coming into discussions before you had kind of maybe crypto-driven people who are fascinated by new technology and so on but the cash side coming in, so all the payments processes."
  },
  {
    "start": 1977.02,
    "end": 1978.24,
    "text": "But also the capital market."
  },
  {
    "start": 1978.3,
    "end": 1990.44,
    "text": "guys thinking about what can you do using DLT technology for the future of capital markets by tokenizing different kinds of asset classes and what could be advantage to do that right?"
  },
  {
    "start": 1991.419,
    "end": 1995.399,
    "text": "And this thinking is more now an end-to-end perspective."
  },
  {
    "start": 1995.5,
    "end": 2006.659,
    "text": "So we understand okay To really have the advantage out you must be able, in the future at least to have not only the asset on chain but also the payment side on chain."
  },
  {
    "start": 2007.34,
    "end": 2009.48,
    "text": "To really have a DVP on chain right?"
  },
  {
    "start": 2010.04,
    "end": 2015.08,
    "text": "Or maybe an atomic or instant settlement... Atleast near time settlement."
  },
  {
    "start": 2016.179,
    "end": 2018.2,
    "text": "this is not working."
  },
  {
    "start": 2018.3,
    "end": 2025.08,
    "text": "if you keep the paymentside off-chain and has it on chain that's just half of story."
  },
  {
    "start": 2027.419,
    "end": 2039.82,
    "text": "That's more or less how things changed within the last two, three years that now all those three parts are pieces of the puzzle and completing the picture."
  },
  {
    "start": 2042.5,
    "end": 2045.32,
    "text": "Then you easily get into an infrastructure discussion."
  },
  {
    "start": 2045.46,
    "end": 2052.7,
    "text": "That's financial run time, so if you get the money side also on chain then your role gets even more fundamental than before."
  },
  {
    "start": 2053.06,
    "end": 2057.84,
    "text": "that might be crazy crypto guys at enable a new use case."
  },
  {
    "start": 2057.88,
    "end": 2066.44,
    "text": "we earn some money with crypto trading With that development we just described, at the core of banking gradually."
  },
  {
    "start": 2066.62,
    "end": 2076.719,
    "text": "I think it doesn't happen overnight but you can easily imagine there will be very different questions asked also on euro and you are still a startup at Trevor."
  },
  {
    "start": 2077.0,
    "end": 2079.88,
    "text": "You have good track record with this small young company."
  },
  {
    "start": 2080.36,
    "end": 2082.12,
    "text": "how does that change your behavior?"
  },
  {
    "start": 2083.1,
    "end": 2086.5,
    "text": "How do they talk to you or address an issue?"
  },
  {
    "start": 2087.54,
    "end": 2090.12,
    "text": "might be a company that might go bankrupt over time."
  },
  {
    "start": 2090.98,
    "end": 2094.6,
    "text": "How do you handle these concerns of large banks when they talk to?"
  },
  {
    "start": 2096.0,
    "end": 2130.14,
    "text": "This is also very good question, because if we talked about established financial and fully regulated banks... Of course this comes up as the kind of questions for business continuity management driven by regulations, keeping a safe and secure environment for also the digital asset side by enabling them to be, as I said quite flexible in exchanging or adding other partners."
  },
  {
    "start": 2131.12,
    "end": 2134.88,
    "text": "So if they would find out... For example we take Deorder Execution."
  },
  {
    "start": 2135.16,
    "end": 2138.38,
    "text": "We are executing maybe against three different trading venues."
  },
  {
    "start": 2139.0,
    "end": 2141.799,
    "text": "Maybe one trading venue is sometimes off."
  },
  {
    "start": 2142.42,
    "end": 2149.7,
    "text": "then you will automatically route deorders and that are on chain at the moment."
  },
  {
    "start": 2150.46,
    "end": 2157.4,
    "text": "So we cover in kind of regards also to business continuity after use case, right?"
  },
  {
    "start": 2158.7,
    "end": 2161.7,
    "text": "And this same applies for Trevor itself."
  },
  {
    "start": 2162.12,
    "end": 2181.24,
    "text": "so if V would not be maybe on-chain anymore which luckily never happened before but then decline was still able acting or handling the order manually directly with their partners."
  },
  {
    "start": 2181.52,
    "end": 2190.98,
    "text": "So they could be able to basically log in into trading values, They would also be able lock-in into custody because Trevor is not the gate of the custody."
  },
  {
    "start": 2191.259,
    "end": 2193.58,
    "text": "we are just enabling all processes behind."
  },
  {
    "start": 2194.52,
    "end": 2203.32,
    "text": "so that's a secure way for them."
  },
  {
    "start": 2204.56,
    "end": 2210.12,
    "text": "A case happening where they lose control over the assets."
  },
  {
    "start": 2211.0,
    "end": 2215.32,
    "text": "Okay, but that manual case will only last to a certain degree."
  },
  {
    "start": 2215.46,
    "end": 2216.4,
    "text": "I think at a certain point."
  },
  {
    "start": 2217.1,
    "end": 2224.799,
    "text": "if more and more traffic runs digitally then your clients would depend on you being live."
  },
  {
    "start": 2225.24,
    "end": 2234.56,
    "text": "so other clients who want you be on-premise in their systems or deploying directly into their control especially with that new sovereignty discussion."
  },
  {
    "start": 2235.2,
    "end": 2237.759,
    "text": "I think this might get new traction in the argument."
  },
  {
    "start": 2237.82,
    "end": 2239.46,
    "text": "Do you hear that and how do you react?"
  },
  {
    "start": 2240.279,
    "end": 2241.14,
    "text": "Yeah, I mean natively."
  },
  {
    "start": 2241.22,
    "end": 2264.259,
    "text": "we are hosting our systems as an SAAS solution on AWS As a provider And it is quite secure, quiet safe But nevertheless sometimes i know those discussions What were happy to do was also run our infrastructure completely On private environment within a bank."
  },
  {
    "start": 2264.7,
    "end": 2266.02,
    "text": "It's no problem at all for us."
  },
  {
    "start": 2266.64,
    "end": 2270.06,
    "text": "You just have to discuss then how to manage all those services."
  },
  {
    "start": 2270.42,
    "end": 2276.38,
    "text": "if we still can do it or if its not possible, that is the thing you need to align"
  },
  {
    "start": 2276.98,
    "end": 2277.16,
    "text": "with."
  },
  {
    "start": 2277.22,
    "end": 2279.4,
    "text": "I think thats always a trade-off in these questions."
  },
  {
    "start": 2280.38,
    "end": 2284.6,
    "text": "on one hand you want service and control Exactly!"
  },
  {
    "start": 2284.9,
    "end": 2290.92,
    "text": "You need decide which way is heavier And How deep you wanna involve your own people into."
  },
  {
    "start": 2291.02,
    "end": 2294.64,
    "text": "running this systems obviously comes at a cost."
  },
  {
    "start": 2295.68,
    "end": 2296.04,
    "text": "Exactly,"
  },
  {
    "start": 2296.86,
    "end": 2300.72,
    "text": "cool when you're obviously a company run out of Austria?"
  },
  {
    "start": 2300.92,
    "end": 2308.36,
    "text": "When we look into the market overall is your focus very much focused on the European market."
  },
  {
    "start": 2308.58,
    "end": 2309.279,
    "text": "do have this local?"
  },
  {
    "start": 2311.299,
    "end": 2313.779,
    "text": "Have an eye in the US with all that traction over there."
  },
  {
    "start": 2313.94,
    "end": 2315.36,
    "text": "What do you think about the developments?"
  },
  {
    "start": 2315.759,
    "end": 2320.58,
    "text": "In Middle East after the Iran war, I think it might be much more complicated or Asia."
  },
  {
    "start": 2321.08,
    "end": 2324.64,
    "text": "so what's your view on a global perspective?"
  },
  {
    "start": 2325.44,
    "end": 2326.48,
    "text": "It is exactly like you say."
  },
  {
    "start": 2326.9,
    "end": 2334.7,
    "text": "we were founded in Austria and still based in Austria So nearly whole of the team are sitting in Graz and Vienna."
  },
  {
    "start": 2335.86,
    "end": 2341.94,
    "text": "I'm acting out for operating out of Frankfurt Germany But the company is still based in Austria."
  },
  {
    "start": 2342.12,
    "end": 2349.46,
    "text": "And our market was first, German speaking area of Europe and now it's whole Europe."
  },
  {
    "start": 2349.66,
    "end": 2359.36,
    "text": "I would say at the core market we could as a technology provider also serve and support clients abroad."
  },
  {
    "start": 2360.62,
    "end": 2366.1,
    "text": "maybe Far East can be interesting one day but right now focus is still Europe."
  },
  {
    "start": 2367.48,
    "end": 2368.9,
    "text": "Who are your competitors?"
  },
  {
    "start": 2368.98,
    "end": 2377.799,
    "text": "Do you have competitors here locally or also in these other regions who are the typical go-to companies for people maybe in Middle East, Asia these days."
  },
  {
    "start": 2378.48,
    "end": 2385.62,
    "text": "Yeah I mean if i look at our competitors it's typically we see a set up of three so two others besides us."
  },
  {
    "start": 2386.259,
    "end": 2387.62,
    "text": "one is based and may be in the US."
  },
  {
    "start": 2388.54,
    "end": 2400.66,
    "text": "And what can say about Travis positioning here that we're only one base in EU the only technology provider providing such a kind of digital asset operating system based out-of-GEU."
  },
  {
    "start": 2401.62,
    "end": 2417.46,
    "text": "And what differentiates us as well is that we not only cover the order and execution management side, so the trading side of things but also with the treasury management and settlement and this subledger accounting for clients or bookkeeping site."
  },
  {
    "start": 2418.4,
    "end": 2421.16,
    "text": "I think it's very important to understand."
  },
  {
    "start": 2421.62,
    "end": 2424.779,
    "text": "This combination is quite unique with Trevor as I understand it."
  },
  {
    "start": 2424.84,
    "end": 2434.52,
    "text": "The others have other main parts, they might be even more sophisticated than you guys but then this holistic view seems quite unique as far as i understand the market."
  },
  {
    "start": 2435.4,
    "end": 2436.2,
    "text": "cool"
  },
  {
    "start": 2436.24,
    "end": 2438.66,
    "text": "let's maybe zoom out and look ahead."
  },
  {
    "start": 2438.98,
    "end": 2439.98,
    "text": "what do you think Thomas?"
  },
  {
    "start": 2440.42,
    "end": 2442.92,
    "text": "What are well functioning digital assets?"
  },
  {
    "start": 2443.04,
    "end": 2462.299,
    "text": "that looking like in a bank when stablecoins or CBMT become the norm for a bank to run even their deposits on chain, if capital markets get more tokenized like we see with the push in US lately."
  },
  {
    "start": 2463.0,
    "end": 2466.58,
    "text": "So how do you see that whole banking infrastructure evolve over time?"
  },
  {
    "start": 2467.02,
    "end": 2472.88,
    "text": "Well as I said i'm pretty convinced most of assets will be digital asset and future."
  },
  {
    "start": 2473.7,
    "end": 2490.2,
    "text": "so the future digital asset operating system would be able, I think to handle both traditional assets but also of course the digital asset side as well in a seamlessly integrated way."
  },
  {
    "start": 2491.22,
    "end": 2518.299,
    "text": "So from perspective of investor or user i don't that you see any difference between investing into a digital asset and that's exactly what core banking system that it would cover both worlds, including of course not only crypto but also the payment side and also the tokenized asset site as well in one system."
  },
  {
    "start": 2519.22,
    "end": 2524.82,
    "text": "And to be able keep the flexibility in scale."
  },
  {
    "start": 2524.88,
    "end": 2525.38,
    "text": "this is them."
  },
  {
    "start": 2526.08,
    "end": 2527.12,
    "text": "two other use cases too."
  },
  {
    "start": 2527.16,
    "end": 2529.56,
    "text": "are they kind of asset classes to cover all of them?"
  },
  {
    "start": 2530.14,
    "end": 2532.24,
    "text": "basically what's your opinion on this?"
  },
  {
    "start": 2532.279,
    "end": 2533.22,
    "text": "That will interesting."
  },
  {
    "start": 2533.9,
    "end": 2536.56,
    "text": "yeah I'm mature I'm not sure."
  },
  {
    "start": 2537.94,
    "end": 2543.24,
    "text": "Actually, i would answer with my next question and maybe discuss that one because it's most interesting for me."
  },
  {
    "start": 2543.36,
    "end": 2545.48,
    "text": "the question is the role of banks more generally?"
  },
  {
    "start": 2546.04,
    "end": 2552.88,
    "text": "So on one hand side we have these crypto-native players and the neo-banks obviously are much faster in adopting new technology."
  },
  {
    "start": 2557.34,
    "end": 2567.2,
    "text": "And then we have these banks that are your clients, obviously take intense investments now to keep up somehow and fast follow or slowly follow."
  },
  {
    "start": 2567.88,
    "end": 2570.06,
    "text": "The question is how do we see their role in the future?"
  },
  {
    "start": 2570.299,
    "end": 2575.08,
    "text": "Do we see the bank run into stablecoin yield... ...and maybe more of this."
  },
  {
    "start": 2575.2,
    "end": 2592.34,
    "text": "neo-brokers, neo-banks putting a nice UI on top of a more definative approach which is much more centered in the new world but also reaching out to the old world, incorporating equity and other stratify financial instruments into their world."
  },
  {
    "start": 2592.88,
    "end": 2599.44,
    "text": "I think that's a core question for me... And we need to discuss retail separated from institutional players?"
  },
  {
    "start": 2599.82,
    "end": 2601.72,
    "text": "That is quite different discussion than mine!"
  },
  {
    "start": 2602.68,
    "end": 2603.5,
    "text": "I've got mixed feelings."
  },
  {
    "start": 2603.56,
    "end": 2613.46,
    "text": "obviously in the retail world there are this combination of Neo, Brokers, Fintechs with DeFi on the back and Blockchain on the Back which is quite powerful."
  },
  {
    "start": 2614.299,
    "end": 2622.6,
    "text": "I still don't see most banks reacting in the right speed to that retail push, so i think there we might see new players winning over."
  },
  {
    "start": 2623.44,
    "end": 2637.04,
    "text": "On the institutional side it's a very different story and discussion than the mode of the Treadfire players is much stronger from my perspective because supply chains between all those are intense... How do you see this?"
  },
  {
    "start": 2637.32,
    "end": 2642.56,
    "text": "Do you see similarly what does your product strategy look like if we're right?"
  },
  {
    "start": 2643.64,
    "end": 2666.18,
    "text": "If you take a look at the retail side, then it's what we see today already that we have different new banks acting in the retail space quite successfully by providing mobile ad-based services to their clients either trading of stocks and other equities or just cash accounting."
  },
  {
    "start": 2667.66,
    "end": 2669.72,
    "text": "It is well observed on the retail market."
  },
  {
    "start": 2669.799,
    "end": 2679.66,
    "text": "I would say If you take a look at the Corvettes and Jose in market, it's different story because then you have other products more complex processes."
  },
  {
    "start": 2679.9,
    "end": 2685.56,
    "text": "And to know how and also trust of the bank maybe has much stronger precision today?"
  },
  {
    "start": 2686.34,
    "end": 2690.32,
    "text": "I think this is something that will stay into future right!"
  },
  {
    "start": 2690.4,
    "end": 2704.6,
    "text": "You would still be trusted partner for your client... ...you'll still be kind advisor for different process which cannot substituted by some technology, maybe partly of course but not in a whole."
  },
  {
    "start": 2705.22,
    "end": 2713.7,
    "text": "So we will have I would say more digitalized traditional banks covering the wholesale or corporate space and future as well."
  },
  {
    "start": 2714.46,
    "end": 2718.38,
    "text": "Okay Do you have one of these modern players also?"
  },
  {
    "start": 2718.52,
    "end": 2725.02,
    "text": "As your clients did a NIO bank or a new broker come around and said Thomas We are interested in your solution to."
  },
  {
    "start": 2725.6,
    "end": 2731.32,
    "text": "yes Of course I mean they basically needed same features, the same infrastructure in a bank and to run their business."
  },
  {
    "start": 2732.1,
    "end": 2742.259,
    "text": "And even if they did not have run a business before it's still the same requirements and we also have a nail broker with our clients."
  },
  {
    "start": 2746.0,
    "end": 2748.64,
    "text": "have a peek into the future with them as a client."
  },
  {
    "start": 2748.72,
    "end": 2760.34,
    "text": "You might be well ahead of the curve because they might have quite unique requirements for your solution, where you can actually prepare for this lower traditional business and be head-of-the-curve."
  },
  {
    "start": 2760.38,
    "end": 2761.5,
    "text": "is that right or am I wrong?"
  },
  {
    "start": 2761.56,
    "end": 2762.5,
    "text": "With that assumption it's"
  },
  {
    "start": 2762.58,
    "end": 2763.24,
    "text": "absolutely right!"
  },
  {
    "start": 2763.759,
    "end": 2764.48,
    "text": "It's exciting"
  },
  {
    "start": 2764.98,
    "end": 2765.52,
    "text": "to discuss,"
  },
  {
    "start": 2765.64,
    "end": 2778.08,
    "text": "to have discussions with clients also course And thats part my job which one part really fun not only after discussions, but also to have what you call the look in the future."
  },
  {
    "start": 2778.14,
    "end": 2784.52,
    "text": "And see how it will be next use case there and design a solution for this use-case?"
  },
  {
    "start": 2785.44,
    "end": 2787.7,
    "text": "This is really exciting as well."
  },
  {
    "start": 2787.799,
    "end": 2787.96,
    "text": "fun!"
  },
  {
    "start": 2788.52,
    "end": 2790.68,
    "text": "Okay very interesting I think."
  },
  {
    "start": 2790.779,
    "end": 2794.5,
    "text": "another thing we enjoy both having these forward looking discussions with clients."
  },
  {
    "start": 2794.56,
    "end": 2797.5,
    "text": "It's always very interesting to push boundaries."
  },
  {
    "start": 2798.04,
    "end": 2799.42,
    "text": "We slowly come to an end, Thomas."
  },
  {
    "start": 2800.54,
    "end": 2803.04,
    "text": "Maybe a special question if you have one wish free."
  },
  {
    "start": 2803.58,
    "end": 2805.62,
    "text": "many people are listening to this podcast."
  },
  {
    "start": 2806.5,
    "end": 2812.18,
    "text": "who is your ideal customer profile and who should get in touch with after the podcast make it valuable for you?"
  },
  {
    "start": 2813.66,
    "end": 2814.4,
    "text": "Very good question!"
  },
  {
    "start": 2814.46,
    "end": 2815.54,
    "text": "And easy answer from me."
  },
  {
    "start": 2816.06,
    "end": 2826.52,
    "text": "so I would say that if you're a bank broker or Neobank Neobroker or FinTech platform focusing on digital asset use cases then Bleeds reach out."
  },
  {
    "start": 2827.32,
    "end": 2835.32,
    "text": "I'm really happy to enable you operating digital assets in a safe and compliant way, find solutions for your use cases."
  },
  {
    "start": 2836.62,
    "end": 2838.48,
    "text": "That's obvious after this whole podcast!"
  },
  {
    "start": 2842.1,
    "end": 2842.88,
    "text": "Did i miss anything?"
  },
  {
    "start": 2843.0,
    "end": 2846.259,
    "text": "So didn't ask the question that we were expecting?"
  },
  {
    "start": 2846.72,
    "end": 2849.98,
    "text": "any blank space left uncovered..."
  },
  {
    "start": 2852.279,
    "end": 2853.4,
    "text": "It was a pleasure being here."
  },
  {
    "start": 2853.94,
    "end": 2854.9,
    "text": "it was good discussion."
  },
  {
    "start": 2855.66,
    "end": 2860.14,
    "text": "Of course, it's such a broad space with that many topics."
  },
  {
    "start": 2860.22,
    "end": 2865.38,
    "text": "That we could also discuss but I think this would maybe be another podcast."
  },
  {
    "start": 2866.02,
    "end": 2867.259,
    "text": "Bitcoin fiat token role."
  },
  {
    "start": 2867.58,
    "end": 2869.7,
    "text": "then again focusing on the different topic."
  },
  {
    "start": 2870.5,
    "end": 2873.2,
    "text": "Let see how your experiences evolves over time."
  },
  {
    "start": 2873.259,
    "end": 2878.14,
    "text": "Maybe We can come back to that later in one or two years and See what is then on your plate Thomas."
  },
  {
    "start": 2878.779,
    "end": 2879.42,
    "text": "It was a pleasure."
  },
  {
    "start": 2879.759,
    "end": 2901.68,
    "text": "I think it's always interesting to talk with guys like you who come from the product side, and we don't mean this as an advertisement thing here but getting your perspective... In Guys Like You we assemble such knowledge and similar questions for different players in the market And i really enjoy these practical discussions On stage."
  },
  {
    "start": 2901.799,
    "end": 2915.779,
    "text": "usually we have very futuristic discussion on which asset glass is most important And when I talk to you, it's always interesting to see where does it hurt actually in the operational side today."
  },
  {
    "start": 2916.58,
    "end": 2924.08,
    "text": "That is also valuable for our clients or listeners here that we discuss these questions and thank-you very much for being part of this show!"
  },
  {
    "start": 2924.759,
    "end": 2926.14,
    "text": "Thank-you Ben Marocz for your invitation."
  },
  {
    "start": 2926.62,
    "end": 2927.0,
    "text": "It was a pleasure."
  },
  {
    "start": 2927.54,
    "end": 2929.34,
    "text": "See ya soon Bye bye."
  },
  {
    "start": 2929.48,
    "end": 2936.4,
    "text": "The views expressed are solely personal opinions from the hosts and provided only for informational purposes."
  },
  {
    "start": 2936.72,
    "end": 2940.9,
    "text": "This podcast does not offer financial or investment advice."
  },
  {
    "start": 2941.52,
    "end": 2945.38,
    "text": "Always conduct your own research and make well-informed decisions before investing."
  },
  {
    "start": 2946.0,
    "end": 2952.299,
    "text": "Please be aware that the hosts and guests may hold cryptocurrencies, or digital assets discussed in this episode."
  }
]