[
  {
    "speaker": "host",
    "text": "What we announced last Monday in the south of France are several products for south of France are several products for the EU stock tokens which give exposure the EU stock tokens which give exposure to public uh listed equities."
  },
  {
    "speaker": "guest",
    "text": "We have to public uh listed equities."
  },
  {
    "speaker": "host",
    "text": "We have to public uh listed equities."
  },
  {
    "speaker": "guest",
    "text": "We have over 200 and those are available 245."
  },
  {
    "speaker": "host",
    "text": "over 200 and those are available 245."
  },
  {
    "speaker": "guest",
    "text": "over 200 and those are available 245."
  },
  {
    "speaker": "host",
    "text": "Finally giving our European customers Finally giving our European customers exposure to US stocks."
  },
  {
    "speaker": "guest",
    "text": "And then we did a exposure to US stocks."
  },
  {
    "speaker": "host",
    "text": "And then we did a exposure to US stocks."
  },
  {
    "speaker": "guest",
    "text": "And then we did a giveaway of what we call private stock giveaway of what we call private stock tokens of OpenAI and SpaceX."
  },
  {
    "speaker": "host",
    "text": "And those tokens of OpenAI and SpaceX."
  },
  {
    "speaker": "guest",
    "text": "And those tokens of OpenAI and SpaceX."
  },
  {
    "speaker": "host",
    "text": "And those aren't tradable yet, but it's sort of uh aren't tradable yet, but it's sort of uh testing the waters, if you will, for testing the waters, if you will, for what we believe is a huge opportunity to what we believe is a huge opportunity to resolve one of the biggest inequities in resolve one of the biggest inequities in capital markets, which is the fact that capital markets, which is the fact that you have these massive companies that you have these massive companies that are staying private longer."
  },
  {
    "speaker": "guest",
    "text": "In many are staying private longer."
  },
  {
    "speaker": "host",
    "text": "In many are staying private longer."
  },
  {
    "speaker": "guest",
    "text": "In many cases, they're in frontier industries cases, they're in frontier industries like AI, where we believe that could like AI, where we believe that could change everything, but retail investors change everything, but retail investors can't get exposure."
  },
  {
    "speaker": "host",
    "text": "So we uh we're can't get exposure."
  },
  {
    "speaker": "guest",
    "text": "So we uh we're can't get exposure."
  },
  {
    "speaker": "host",
    "text": "So we uh we're working to solve this."
  },
  {
    "speaker": "guest",
    "text": "working to solve this."
  },
  {
    "speaker": "host",
    "text": "working to solve this."
  },
  {
    "speaker": "guest",
    "text": "So the regulator in Lithuania which So the regulator in Lithuania which you're regulated by I mean he looks at you're regulated by I mean he looks at the offering and the and he calls you the offering and the and he calls you and asks you what."
  },
  {
    "speaker": "host",
    "text": "and asks you what."
  },
  {
    "speaker": "guest",
    "text": "and asks you what."
  },
  {
    "speaker": "host",
    "text": "I think I think they have some Yeah."
  },
  {
    "speaker": "guest",
    "text": "I think I think they have some Yeah."
  },
  {
    "speaker": "host",
    "text": "I think I think they have some questions."
  },
  {
    "speaker": "guest",
    "text": "You know they want to make questions."
  },
  {
    "speaker": "host",
    "text": "You know they want to make questions."
  },
  {
    "speaker": "guest",
    "text": "You know they want to make sure that everything is proper because sure that everything is proper because it's a it's a new innovative offering it's a it's a new innovative offering and we're confident."
  },
  {
    "speaker": "host",
    "text": "We think that these and we're confident."
  },
  {
    "speaker": "guest",
    "text": "We think that these and we're confident."
  },
  {
    "speaker": "host",
    "text": "We think that these are not only important but they'll are not only important but they'll withstand the highest form of scrutiny."
  },
  {
    "speaker": "guest",
    "text": "withstand the highest form of scrutiny."
  },
  {
    "speaker": "host",
    "text": "withstand the highest form of scrutiny."
  },
  {
    "speaker": "guest",
    "text": "you know, when when Robin Hood does you know, when when Robin Hood does anything, particularly if it's new, uh I anything, particularly if it's new, uh I think we expect that it's going to be think we expect that it's going to be looked over."
  },
  {
    "speaker": "host",
    "text": "So, we we do believe that looked over."
  },
  {
    "speaker": "guest",
    "text": "So, we we do believe that looked over."
  },
  {
    "speaker": "host",
    "text": "So, we we do believe that it's important and will ultimately it's important and will ultimately withstand the scrutiny."
  },
  {
    "speaker": "guest",
    "text": "So, we welcome withstand the scrutiny."
  },
  {
    "speaker": "host",
    "text": "So, we welcome withstand the scrutiny."
  },
  {
    "speaker": "guest",
    "text": "So, we welcome the discussions with the regulators as the discussions with the regulators as always."
  },
  {
    "speaker": "host",
    "text": "Were they worried about risk or the way Were they worried about risk or the way it was packaged and have you been able it was packaged and have you been able to assuage or is this just I mean, when to assuage or is this just I mean, when are you expecting to launch some of are you expecting to launch some of these tokens?"
  },
  {
    "speaker": "guest",
    "text": "these tokens?"
  },
  {
    "speaker": "host",
    "text": "these tokens?"
  },
  {
    "speaker": "guest",
    "text": "Yeah, so um at first they were in the Yeah, so um at first they were in the form of a giveaway."
  },
  {
    "speaker": "host",
    "text": "So we so we gave form of a giveaway."
  },
  {
    "speaker": "guest",
    "text": "So we so we gave form of a giveaway."
  },
  {
    "speaker": "host",
    "text": "So we so we gave away around uh a million dollars worth away around uh a million dollars worth of OpenAI tokens, 500,000 worth of uh of OpenAI tokens, 500,000 worth of uh SpaceX and the idea would be to SpaceX and the idea would be to eventually allow for them to be traded eventually allow for them to be traded by customers and also to greatly expand by customers and also to greatly expand the realm of tokens that we offer."
  },
  {
    "speaker": "guest",
    "text": "We'd the realm of tokens that we offer."
  },
  {
    "speaker": "host",
    "text": "We'd the realm of tokens that we offer."
  },
  {
    "speaker": "guest",
    "text": "We'd like to have thousands of private like to have thousands of private companies on the platform accessible to companies on the platform accessible to retail."
  },
  {
    "speaker": "host",
    "text": "And actually since our retail."
  },
  {
    "speaker": "guest",
    "text": "And actually since our retail."
  },
  {
    "speaker": "host",
    "text": "And actually since our announcement, I've had a deluge of uh of announcement, I've had a deluge of uh of inquiries, private companies that inquiries, private companies that actually want to access retail, to have actually want to access retail, to have their their shares tokenized, to be a their their shares tokenized, to be a part of this revolution."
  },
  {
    "speaker": "guest",
    "text": "So I I think I part of this revolution."
  },
  {
    "speaker": "host",
    "text": "So I I think I part of this revolution."
  },
  {
    "speaker": "guest",
    "text": "So I I think I think that it's going to be a thing."
  },
  {
    "speaker": "host",
    "text": "Of think that it's going to be a thing."
  },
  {
    "speaker": "guest",
    "text": "Of think that it's going to be a thing."
  },
  {
    "speaker": "host",
    "text": "Of course, it's always difficult to be course, it's always difficult to be first."
  },
  {
    "speaker": "guest",
    "text": "Um but I I think this is so first."
  },
  {
    "speaker": "host",
    "text": "Um but I I think this is so first."
  },
  {
    "speaker": "guest",
    "text": "Um but I I think this is so important that we're going to we're very important that we're going to we're very motivated to to find a great way that motivated to to find a great way that satisfies everyone."
  },
  {
    "speaker": "host",
    "text": "And did you speak to satisfies everyone."
  },
  {
    "speaker": "guest",
    "text": "And did you speak to satisfies everyone."
  },
  {
    "speaker": "host",
    "text": "And did you speak to any other regulators prior to you know any other regulators prior to you know developing these or launching the stock developing these or launching the stock tokens for for private companies?"
  },
  {
    "speaker": "guest",
    "text": "tokens for for private companies?"
  },
  {
    "speaker": "host",
    "text": "tokens for for private companies?"
  },
  {
    "speaker": "guest",
    "text": "Well, so they're live in the European Well, so they're live in the European Union, not live in the UK or the US yet, Union, not live in the UK or the US yet, Union, not live in the UK or the US yet, although we're very keen to to find a although we're very keen to to find a way to give retail exposure to private way to give retail exposure to private companies here."
  },
  {
    "speaker": "host",
    "text": "And of course, we have companies here."
  },
  {
    "speaker": "guest",
    "text": "And of course, we have companies here."
  },
  {
    "speaker": "host",
    "text": "And of course, we have ongoing discussions with all of our ongoing discussions with all of our regulators as part of the the course of regulators as part of the the course of running a regulated business running a regulated business and and and confident that they'll be and and and confident that they'll be happy with it."
  },
  {
    "speaker": "guest",
    "text": "I mean, it'd be wildly happy with it."
  },
  {
    "speaker": "host",
    "text": "I mean, it'd be wildly happy with it."
  },
  {
    "speaker": "guest",
    "text": "I mean, it'd be wildly exciting, right, if it were, for exciting, right, if it were, for example, launched in the UK."
  },
  {
    "speaker": "host",
    "text": "What kind example, launched in the UK."
  },
  {
    "speaker": "guest",
    "text": "What kind example, launched in the UK."
  },
  {
    "speaker": "host",
    "text": "What kind of things are they asking you to do to of things are they asking you to do to make sure that that it's fine to do?"
  },
  {
    "speaker": "guest",
    "text": "make sure that that it's fine to do?"
  },
  {
    "speaker": "host",
    "text": "make sure that that it's fine to do?"
  },
  {
    "speaker": "guest",
    "text": "Yeah, I mean, I'm I'm not sure the full Yeah, I mean, I'm I'm not sure the full extent of their questions."
  },
  {
    "speaker": "host",
    "text": "They probably extent of their questions."
  },
  {
    "speaker": "guest",
    "text": "They probably extent of their questions."
  },
  {
    "speaker": "host",
    "text": "They probably just want to make sure that everything's just want to make sure that everything's clear to customers."
  },
  {
    "speaker": "guest",
    "text": "Uh, I think these clear to customers."
  },
  {
    "speaker": "host",
    "text": "Uh, I think these clear to customers."
  },
  {
    "speaker": "guest",
    "text": "Uh, I think these are new products."
  },
  {
    "speaker": "host",
    "text": "new products and uh my are new products."
  },
  {
    "speaker": "guest",
    "text": "new products and uh my are new products."
  },
  {
    "speaker": "host",
    "text": "new products and uh my my assumption is they just want to make my assumption is they just want to make sure that they are available to sure that they are available to customers and it's clear what customers customers and it's clear what customers are getting."
  },
  {
    "speaker": "guest",
    "text": "So in that way I think are getting."
  },
  {
    "speaker": "host",
    "text": "So in that way I think are getting."
  },
  {
    "speaker": "guest",
    "text": "So in that way I think we're very aligned because we want those we're very aligned because we want those same things and we we do think that the same things and we we do think that the product is is clear and is useful."
  },
  {
    "speaker": "host",
    "text": "product is is clear and is useful."
  },
  {
    "speaker": "guest",
    "text": "product is is clear and is useful."
  },
  {
    "speaker": "host",
    "text": "So Van, how exactly are these token you So Van, how exactly are these token you know the tokens are structured compared know the tokens are structured compared to the underlying assets?"
  },
  {
    "speaker": "guest",
    "text": "So the to the underlying assets?"
  },
  {
    "speaker": "host",
    "text": "So the to the underlying assets?"
  },
  {
    "speaker": "guest",
    "text": "So the the way tokenization works is uh we hold the way tokenization works is uh we hold the underlying uh or it's held by a US the underlying uh or it's held by a US broker or other traditional financial broker or other traditional financial business and then we have a tokenization business and then we have a tokenization engine which basically mints uh for uh engine which basically mints uh for uh new tokens when customers acquire them new tokens when customers acquire them and if customers want to sell them uh we and if customers want to sell them uh we we burn the tokens."
  },
  {
    "speaker": "host",
    "text": "The mechanism we burn the tokens."
  },
  {
    "speaker": "guest",
    "text": "The mechanism we burn the tokens."
  },
  {
    "speaker": "host",
    "text": "The mechanism slightly differs depending on the asset, slightly differs depending on the asset, whether it's a public stock or a private whether it's a public stock or a private company, but uh the intent is for the company, but uh the intent is for the tokens to be to be backed by exposure to tokens to be to be backed by exposure to the underlying asset in in pretty much the underlying asset in in pretty much all cases."
  },
  {
    "speaker": "guest",
    "text": "all cases."
  },
  {
    "speaker": "host",
    "text": "all cases."
  },
  {
    "speaker": "guest",
    "text": "So So if it's a private company, how are So So if it's a private company, how are you valuing it?"
  },
  {
    "speaker": "host",
    "text": "you valuing it?"
  },
  {
    "speaker": "guest",
    "text": "you valuing it?"
  },
  {
    "speaker": "host",
    "text": "Yeah, that's uh that's a good question."
  },
  {
    "speaker": "guest",
    "text": "Yeah, that's uh that's a good question."
  },
  {
    "speaker": "host",
    "text": "Yeah, that's uh that's a good question."
  },
  {
    "speaker": "guest",
    "text": "uh without getting into the details of uh without getting into the details of private company valuations um you know private company valuations um you know there there is a secondary market for there there is a secondary market for private assets and typically that market private assets and typically that market is institutional or high net worth in is institutional or high net worth in nature."
  },
  {
    "speaker": "host",
    "text": "So institutional investors high nature."
  },
  {
    "speaker": "guest",
    "text": "So institutional investors high nature."
  },
  {
    "speaker": "host",
    "text": "So institutional investors high net worth are exchanging private shares net worth are exchanging private shares or private exposure to companies with or private exposure to companies with one another on a negotiated basis."
  },
  {
    "speaker": "guest",
    "text": "And one another on a negotiated basis."
  },
  {
    "speaker": "host",
    "text": "And one another on a negotiated basis."
  },
  {
    "speaker": "guest",
    "text": "And so what this would do is it would unlock so what this would do is it would unlock that."
  },
  {
    "speaker": "host",
    "text": "So it's not just the high net that."
  },
  {
    "speaker": "guest",
    "text": "So it's not just the high net that."
  },
  {
    "speaker": "host",
    "text": "So it's not just the high net worth institutional market but it worth institutional market but it unlocks it to retail exposure as well."
  },
  {
    "speaker": "guest",
    "text": "unlocks it to retail exposure as well."
  },
  {
    "speaker": "host",
    "text": "unlocks it to retail exposure as well."
  },
  {
    "speaker": "guest",
    "text": "And the innovation the the difficulty uh And the innovation the the difficulty uh has not just been the sort of like has not just been the sort of like accreditation requirements in the US but accreditation requirements in the US but it's also been how to get the liquidity."
  },
  {
    "speaker": "host",
    "text": "it's also been how to get the liquidity."
  },
  {
    "speaker": "guest",
    "text": "it's also been how to get the liquidity."
  },
  {
    "speaker": "host",
    "text": "And I think that's where tokenization And I think that's where tokenization comes in because it it solves the comes in because it it solves the liquidity problem by tapping into a liquidity problem by tapping into a global network of hundreds of millions global network of hundreds of millions of crypto market participants."
  },
  {
    "speaker": "guest",
    "text": "of crypto market participants."
  },
  {
    "speaker": "host",
    "text": "of crypto market participants."
  },
  {
    "speaker": "guest",
    "text": "Vlad, on a very basic level, would you Vlad, on a very basic level, would you categorize these tokens as you know categorize these tokens as you know tokenized equities or derivatives?"
  },
  {
    "speaker": "host",
    "text": "tokenized equities or derivatives?"
  },
  {
    "speaker": "guest",
    "text": "tokenized equities or derivatives?"
  },
  {
    "speaker": "host",
    "text": "These are uh derivatives uh technically These are uh derivatives uh technically speaking under EU Mika and Mythid speaking under EU Mika and Mythid regulation."
  },
  {
    "speaker": "guest",
    "text": "So what makes this possible regulation."
  },
  {
    "speaker": "host",
    "text": "So what makes this possible regulation."
  },
  {
    "speaker": "guest",
    "text": "So what makes this possible now is clear regulations in the European now is clear regulations in the European Union for crypto assets."
  },
  {
    "speaker": "host",
    "text": "So it's it's uh Union for crypto assets."
  },
  {
    "speaker": "guest",
    "text": "So it's it's uh Union for crypto assets."
  },
  {
    "speaker": "host",
    "text": "So it's it's uh it's tech it's it's a bit of a new it's tech it's it's a bit of a new thing."
  },
  {
    "speaker": "guest",
    "text": "It's crypto assets but also uh a thing."
  },
  {
    "speaker": "host",
    "text": "It's crypto assets but also uh a thing."
  },
  {
    "speaker": "guest",
    "text": "It's crypto assets but also uh a derivative and and those two things are derivative and and those two things are being put together."
  },
  {
    "speaker": "host",
    "text": "being put together."
  },
  {
    "speaker": "guest",
    "text": "being put together."
  },
  {
    "speaker": "host",
    "text": "I mean in in case of an you know dispute I mean in in case of an you know dispute I mean in in case of an you know dispute you know inevitably there will be you know inevitably there will be probably some dispute that comes up."
  },
  {
    "speaker": "guest",
    "text": "I probably some dispute that comes up."
  },
  {
    "speaker": "host",
    "text": "I probably some dispute that comes up."
  },
  {
    "speaker": "guest",
    "text": "I mean, will you inter, you know, mean, will you inter, you know, intermediate in some capacity on on intermediate in some capacity on on these tokens or is that is that one of these tokens or is that is that one of the things that you're still trying to the things that you're still trying to figure out?"
  },
  {
    "speaker": "host",
    "text": "figure out?"
  },
  {
    "speaker": "guest",
    "text": "figure out?"
  },
  {
    "speaker": "host",
    "text": "Yeah, I guess it depends on what type of Yeah, I guess it depends on what type of dispute."
  },
  {
    "speaker": "guest",
    "text": "I think one of the big dispute."
  },
  {
    "speaker": "host",
    "text": "I think one of the big dispute."
  },
  {
    "speaker": "guest",
    "text": "I think one of the big questions about questions about questions about things that have been tried before in things that have been tried before in this space is dividend rights for this space is dividend rights for example and if you have these example and if you have these instruments you know customers in the instruments you know customers in the past have been denied the dividends but past have been denied the dividends but we've actually managed uh to to figure we've actually managed uh to to figure out how to give customers exposure to out how to give customers exposure to that."
  },
  {
    "speaker": "host",
    "text": "So we we want to give all the that."
  },
  {
    "speaker": "guest",
    "text": "So we we want to give all the that."
  },
  {
    "speaker": "host",
    "text": "So we we want to give all the benefits of the crypto technology and of benefits of the crypto technology and of holding the underlying assets with as holding the underlying assets with as few compromises as possible."
  },
  {
    "speaker": "guest",
    "text": "And I think few compromises as possible."
  },
  {
    "speaker": "host",
    "text": "And I think few compromises as possible."
  },
  {
    "speaker": "guest",
    "text": "And I think um Robin Hood is rarely sort of like the um Robin Hood is rarely sort of like the first mover in in various spaces."
  },
  {
    "speaker": "host",
    "text": "We first mover in in various spaces."
  },
  {
    "speaker": "guest",
    "text": "We first mover in in various spaces."
  },
  {
    "speaker": "host",
    "text": "We tend to have an approach where we like tend to have an approach where we like to make sure uh others sort of like uh to make sure uh others sort of like uh do it first."
  },
  {
    "speaker": "guest",
    "text": "And I think in this do it first."
  },
  {
    "speaker": "host",
    "text": "And I think in this do it first."
  },
  {
    "speaker": "guest",
    "text": "And I think in this particular case, we think it's so particular case, we think it's so important that retail has exposure to important that retail has exposure to these these companies and these assets these these companies and these assets that uh you know, we saw an opportunity that uh you know, we saw an opportunity to to give a robust offering to to give a robust offering and and I mean you mentioned you know and and I mean you mentioned you know launching this in the US as well."
  },
  {
    "speaker": "host",
    "text": "Is launching this in the US as well."
  },
  {
    "speaker": "guest",
    "text": "Is launching this in the US as well."
  },
  {
    "speaker": "host",
    "text": "Is there a specific you know regulatory there a specific you know regulatory change that you need in order to get change that you need in order to get this done?"
  },
  {
    "speaker": "guest",
    "text": "Well, for for tokenization in this done?"
  },
  {
    "speaker": "host",
    "text": "Well, for for tokenization in this done?"
  },
  {
    "speaker": "guest",
    "text": "Well, for for tokenization in the US, we do believe that the SEC has the US, we do believe that the SEC has the authority to make it happen without the authority to make it happen without legislation, which is interesting."
  },
  {
    "speaker": "host",
    "text": "And legislation, which is interesting."
  },
  {
    "speaker": "guest",
    "text": "And legislation, which is interesting."
  },
  {
    "speaker": "host",
    "text": "And you probably saw last week uh Chairman you probably saw last week uh Chairman Atkins of of the SEC gave an interview Atkins of of the SEC gave an interview about tokenization."
  },
  {
    "speaker": "guest",
    "text": "He called it a great about tokenization."
  },
  {
    "speaker": "host",
    "text": "He called it a great about tokenization."
  },
  {
    "speaker": "guest",
    "text": "He called it a great innovation."
  },
  {
    "speaker": "host",
    "text": "And we agree with that."
  },
  {
    "speaker": "guest",
    "text": "We innovation."
  },
  {
    "speaker": "host",
    "text": "And we agree with that."
  },
  {
    "speaker": "guest",
    "text": "We innovation."
  },
  {
    "speaker": "host",
    "text": "And we agree with that."
  },
  {
    "speaker": "guest",
    "text": "We think tokenization is perhaps the think tokenization is perhaps the biggest innovation to come into capital biggest innovation to come into capital markets in the past decade."
  },
  {
    "speaker": "host",
    "text": "So I think markets in the past decade."
  },
  {
    "speaker": "guest",
    "text": "So I think markets in the past decade."
  },
  {
    "speaker": "host",
    "text": "So I think the US shouldn't be far behind."
  },
  {
    "speaker": "guest",
    "text": "I think the US shouldn't be far behind."
  },
  {
    "speaker": "host",
    "text": "I think the US shouldn't be far behind."
  },
  {
    "speaker": "guest",
    "text": "I think the opportunity is too large to ignore the opportunity is too large to ignore not just for retail but also not just for retail but also institutional and uh I I think they're institutional and uh I I think they're keen."
  },
  {
    "speaker": "host",
    "text": "They're having tokenization keen."
  },
  {
    "speaker": "guest",
    "text": "They're having tokenization keen."
  },
  {
    "speaker": "host",
    "text": "They're having tokenization roundts at the SEC which we've been a roundts at the SEC which we've been a part of."
  },
  {
    "speaker": "guest",
    "text": "So part of."
  },
  {
    "speaker": "host",
    "text": "So part of."
  },
  {
    "speaker": "guest",
    "text": "So So how quickly So how quickly can we hard to predict?"
  },
  {
    "speaker": "host",
    "text": "Um I think I can we hard to predict?"
  },
  {
    "speaker": "guest",
    "text": "Um I think I can we hard to predict?"
  },
  {
    "speaker": "host",
    "text": "Um I think I think the challenge with the US is think the challenge with the US is we already have something that works."
  },
  {
    "speaker": "guest",
    "text": "we already have something that works."
  },
  {
    "speaker": "host",
    "text": "we already have something that works."
  },
  {
    "speaker": "guest",
    "text": "You know we have the traditional You know we have the traditional financial system."
  },
  {
    "speaker": "host",
    "text": "It's maybe not 247 financial system."
  },
  {
    "speaker": "guest",
    "text": "It's maybe not 247 financial system."
  },
  {
    "speaker": "host",
    "text": "It's maybe not 247 which tokenization would allow, but it's which tokenization would allow, but it's 245."
  },
  {
    "speaker": "guest",
    "text": "There's a lot of stakeholders that 245."
  },
  {
    "speaker": "host",
    "text": "There's a lot of stakeholders that 245."
  },
  {
    "speaker": "guest",
    "text": "There's a lot of stakeholders that we have to make sure feel good about we have to make sure feel good about about the change."
  },
  {
    "speaker": "host",
    "text": "I mean, we we haven't about the change."
  },
  {
    "speaker": "guest",
    "text": "I mean, we we haven't about the change."
  },
  {
    "speaker": "host",
    "text": "I mean, we we haven't even fully moved off of mainframe in the even fully moved off of mainframe in the US."
  },
  {
    "speaker": "guest",
    "text": "So, I I think it could take time, US."
  },
  {
    "speaker": "host",
    "text": "So, I I think it could take time, US."
  },
  {
    "speaker": "guest",
    "text": "So, I I think it could take time, but I'd like to see the door opening for but I'd like to see the door opening for for tokenization for tokenization for tokenization rather quickly."
  },
  {
    "speaker": "host",
    "text": "And I I actually think rather quickly."
  },
  {
    "speaker": "guest",
    "text": "And I I actually think rather quickly."
  },
  {
    "speaker": "host",
    "text": "And I I actually think our event should help accelerate that our event should help accelerate that now that you see real products that are now that you see real products that are useful to customers."
  },
  {
    "speaker": "guest",
    "text": "useful to customers."
  },
  {
    "speaker": "host",
    "text": "useful to customers."
  },
  {
    "speaker": "guest",
    "text": "With this fundamental technology, Yeah."
  },
  {
    "speaker": "host",
    "text": "With this fundamental technology, Yeah."
  },
  {
    "speaker": "guest",
    "text": "With this fundamental technology, I I think there's going to be more and I I think there's going to be more and more pressure for, you know, industry more pressure for, you know, industry partners around the world to adopt the partners around the world to adopt the technology."
  }
]