About the talk
Trading Digital Assets: Institutionalisation vs DeFi: Panel Discussion at Singapore Blockchain Week.
01:07 Fanfang Chen
01:47 Juwan Lee
02:42 Anton Golub
03:42 Lev Mazur
05:50 About nowadays insights
08:51 Perspective of bitcoins
11:20 Changing around the economy
12:00 Crypto changes
16:15 Changing and impact on projects
23:00 DeFi and SiFi experience of digital access
27:55 Key challenges in a digital asset space
Lev Mazur is the CEO and product lead of Quantfury, that is known for providing unmatched trading and investing conditions to retail traders around the world. Mr. Mazur is an accomplished fintech entrepreneur and experienced futures and currencies algo trader. After a successful 24 years career in trading and technology, Mr. Mazur together with a group of financial industry executives has founded Quantfury, the fastest-growing trading platform in the world, a new paradigm of brokerage that guarantees its users execution of trades and/or investments for their requested size at back-to-back prices of global and crypto exchanges free of maker or taker fees, leverage fees, and any other fees, using cryptocurrencies.View the profile
Anton Golub is the founder and CEO of flovtec, Swiss technology company providing market making solutions to digital asset exchanges & token issuers to create a liquid and efficient market. Anton is also a co-founder of Trust Square AG, a pre-eminent blockchain technology hub located in Zurich's financial district. Anton co-founded Lykke Corp, a blockchain-powered exchange to trade all assets with zero fees, where he served as a Chief Science Officer. Prior to Lykke, he worked as a quantitative researcher at Olsen Ltd, an asset management firm that pioneered the field of computerized trading. As a Marie Curie Research Fellow at the Alliance Manchester Business School, Anton worked on high-frequency trading, market microstructure and flash crashes. In 2011, he was invited to participate in the Foresight Project - The Future of Computer Trading in Financial Markets, an international project on algorithmic trading funded by HM Treasury in the UK. Anton has also been involved in several research projects backed by the European Union (EU) and was in the Supervisory Board for the BigDataFinance project funded through Horizon 2020. He has co-authored 13 academic papers and two books.View the profile
I am heavily involved in Blockchain, Fintech and Digital Transformation. I am a Speaker, Entrepreneur, Silicon Valley VC, Blockchain/ICO Advisor & Investment Professional. I have 30+ years of Financial Services and Investment Industry experience, managing portfolios and organizations on behalf of multi-billion dollar hedge funds, proprietary trading desks, asset management and VC firms. I am also the Co-founder and Director of the Hong Kong Blockchain Center. I was have worked with some of the world's best-known investment firms including SAC Capital, Rothschild's, Montgomery, and JP Morgan. These days, I am a startup entrepreneur & advocate based in Hong Kong & New York.View the profile
Hi everyone, thank you for tuning in to the Singapore block, Chevy weight is to a subpanel. I'm super excited to be here. And my name is Emma and the CEO of Longhouse Ventures. Were watching focused on accelerating master and join me today. Here, we have four, very distinguished panelist. We have a left Missouri with the CEO of punch Berry we have, and who is the CEO of black cat with God's, a jubilee, with the CEO of nextraker. We've also got one punch, man, who is the Chief Operating Officer for all brand? Fundation, welcome. So I think Kyle
would we should do is we'll go around the room to let the panelists quickly introduce themselves and their background. So we'll go lady first phone call. Would you like to kick-start introduction of course it's pleasure to be here so insulting function. I'm the co o4l Grant Foundation, El Grande. A picture proof of stake permission is public blocks, is founded by a supervisor. Silver metallic. Was he was a Pioneer in the cryptography. Research-based spend the last twenty-plus years in the financial services industry
in about a year ago. My my my parents in. You know, that's the best men's Ag and you my last 12 years working for State, Street Bank and Trust. welcome home, so perhaps that the one you want to quickly introduce yourself. Yes, my name is Joanne Lee. I'm the founder and CEO of next change. I have the great privilege of being involved in co-hosting. This event of the Singapore blocking. We next change is a venture innovation of media platform and we do a number of different things. We are in the investment side. We're on the 30
plus years in the investment industry from venture capital in the Silicon Valley to hedge funds like s a c Capital to running process that JPMorgan and asset management companies in China. I'm very glad to be here today. Can we have until would you like to introduce yourself? You know, thanks very much for the invitation. It's a great way to experience in this kind of balance. It's a great pleasure. As mention. My name is, I'm the CEO and founder of plastic.
We are faced with a focus on providing a qualified, professional any additional investment, any my previous life. As I like to say that, I actually looked at the hedge fund and 2013, I co-founded one of the First Watch in companies to, in Switzerland, quality care where we build a semi-decent flight Exchange. Looks about like he has changed and the flock Tech. Last but not least. I can you quickly introduce yourself safe and discharging days and it's pleasure to be here with you. My name is left on Durand Chief Executive Officer of quantity,
which is a brokerage, providing Global base of users, the ability to trade various Financial assets, real-time exchange prices without any missions. I've been in this industry from 1992, so it's almost 28 years. So have to retire, I guess I work in the number of mutual funds, family offices in Europe, United States. And here was the number of my colleagues and Partners Financial District. A father's computer as well as asset management company that works against it was fun. Kind of operating.
That's that Enterprise as wealthy as or was it. When you say you're being in this industry, things by tonight, to not the auction but the trading site of things I see you. And so I look at the auction is more reserved in the financial system residential collection by itself into the questions to get to know aside from all the panelists cuz they all came from very diverse backgrounds and also a mix of traditional as well. So I think trading around digital assets have exploded of the last couple of years. So I think everyone was
started excited about what What? What you want, but I think so. I need friends that you are observing. I guess this question will be extremely relevant to a given, your exactly. So, I mean, first, that would like, to stay to know that I'm looking back. You know, when I started actually made a tremendous progress or the last at least seven years for me, and it when I remember, you know, how I used to have by my first Bitcoin on this webpage is, you know, can
you remember Mom got a web page where you go on and kind of want to look what's happening today in the facilities and apartments that we have it. Gfx be very honest when I compared the additional financial markets have to be honest. And I really have to say that that you from our point of view of an Institutional Investor or Trader, an asset management company. I think how to find your account. You can pretty much buy any utility token cryptocurrency. Imagine. Professional Baptist institutional. That's
why I took the stakeholders that very place for them to the Boise Capitol and I have to stay on that side with seabolt Aquatics there's a severe Gap in terms of what to expect and what's out there. Is it going to ask me know where, where are we heading? I think there will be a lot of discussions going forward around heading to Wright State and exchange settlement structure. We have learned the hard way over many. Many years that's adding your digital asset exchange, is not really the right way to go and this is additional
operation will happen over the next couple of years. I'm not sure how much will it be in a big Trend this year option. I think options are going to take off and he's kind of a normal evolution. Freddie Grogan forward and I see a picture on there. And then hopefully we have the facility place to take of investors to really put their money into work and that we benefit from all that. Thank you. I think a couple of things you talked about. So the maturing infrastructure around and me and custodian. All the stubbies providers around Easter basket and we'll talk
about options, which I think you can look in the traditional financial markets. Belushin. You need those options instruments for people to manage priest. So and I think the market has Yeah, I mean to me there's just two two trends that are emerging and they're here. Basically, I'm going to have to stay with the changes. We have an emergency much bigger spec play for the Congress. Has she got the steerage of platforms. You know, we have number of exchanges that decided to step above physical supplement and go to Canada speculating on exchange
rates where people, you know, betting against each other for the stock price of cryptocurrency acid which is quite important because, you know, he becomes a prospect latian show in it and you can see pretty much. Every exchange has a layer of derivatives I don't need house or not but that's clearly Next doing this. We got to be much are exchanging. You have also emergency medical soda settle together today or what you see desk around the world and how they can Court. You consistently know people in each issue, did much more liquidity.
And then you have also in my opinion as a serpent Bitcoin related to trade. We just kind of a hedge or maybe are a game that what you see in a global economy where you have a kind of a little bit of simple Banks pumping money into the economy in. You look at the Bitcoin is going to save a certain to hedge against all of this significant amount of you happy. And, you know, you have. Probably not tremendous, size of info, but you have a year Going to the beach coin of that included to hedge against what's happening in the rest of the world. So
people don't really look for adoption, but more Luke for legend himself on the vehicle inside. So do you do you? Do you mean, if I understand correctly basically the more assets flow into the digital asset space are driven by 1, I guess speculation. And you think I guess the second is to protect their wealth. Given the whole macro-economy used to changing with a q u e and a lots of injection, but it. Or make money loans that mean? Yes. Talk about this institutionalize, ation of the digital asset,
space-time brokerage platform and examples. Examples, have you observed, how is this relevant to your project to perhaps the one? I think you already know the Hedgehog space. I have you observed and he needs to poop. Oh yes. Well there is no segment in the digital a space that has shown some as much transition become more institutional than the time the assets under management and Crystal a very small still but you know if you look at it over the last year is double but it's very small in comparison and managers are looking to
attract more institutional investors and only way they can really do that. It's become much more regulated and much more institutionalized and what I would like to make some comparison is that there's a lot of similarities to the evolution of the street if you make that comparison will probably somewhere in the mid-90s or early 90s wear headphones were. So we have a lot of room left to go and turns into social isolation of what we're seeing is that what's happening in the crypto? In crypto hedge fund is evolving much faster because it's been a road map as the industry
matures, it will become much more competitive in the offerings of institutional, brake products will be increased significantly. So if we look at where it needs to start, it has to have to start with the people in the previous will run. We saw 2017. It was littered with managers with very little investment experience people that maybe just help a Bitcoin early. And now they started parade around like they were investment managers himself. And what we're seeing in the last year is that the number of years of experience in these investment management, firm has
already doubled and the managers are much more focus on risk management and they come from a background from the traditional space. So when we look at the kinds of infrastructure, that's required and Anton alluded to this already is that we are we need these fulfill hedge funds as increased already. In one year time the use of independent custodian and administrators and there's also been a significant increase in independent directors on their board. When you look at in aggregate the the the industry
is moving towards that direction. However, the biggest problem is that the assets under management are so very small, meaning that institutions really happened, but a lot of capital into the space yet two billion dollars. I mean as a fraction, but I think what's more important is that if you look at assets under management, in terms of penetration relative to do, Crypto market capitalization, it's far less than 1%, whereas in the traditional industry is like
17th. So even if crypto doesn't even grow and it just increases penetration, the the overall assets under management increased significantly nowhere near in terms of where we can be Insurance in the in the growth of this industry. Yeah, very interesting. And I think I when you were talking about the total AUM, all the kitchen pharmacies around 2 billion that reminds me of defy. I think I'd be fine. And um, has recently supposed to Belen and its momentum has been Unstoppable. I would say,
we going to come home to Gavin and took him to the issued and other the rappers are from. You. In two, weeks. Said, I would like to try this question to bumper. So what are your views regarding the growing G5 space? And and how is this relevant to your project? This is a fascinating space with lots of Innovations, and experiments. And it's very interesting moving so fast in the space for a week. Now. I'm scratching my head about it. You know, I I think the
guy has a very large potential but I would also like to thank Andy at the name suggests that the current experiments that include right. I wouldn't you know, some people would like to call it open by 3. Oh, you know, bye-bye. I need a new ecosystem services and products. Why is relevant to to elberon with the purpose to take away the functionality, you know, which is most urgent that we have a lot of features to support, you know, which street you live you about?
Why is why do I think is much broader than Let me start with the reasons, a strategic partnership, we have with circle. I do know, Circle create is UICC the 1 billion dollar Mark and stablecoin in the past, has always been mostly used for creating a account transfer of friends, because most likely bye-bye, bye-bye, bye-bye princesses as a medium or real-life mainstream Financial adoption. So they're creating this business account where you can open a business account and
you can pay your rent in 4 seconds. How do you say sorry to me? It's very exciting space to look into the second example is Republic, which is the largest private investment platform. They will be issuing, a profit sharing. It's coming up in a week and you know what they are doing reading Avengers under creating the token to allow a small investor to participate on the grossest platform. Can you show me? They will offer it to a president. Maybe one. Last example is
surely, they will be issued 5% of their 5% of compliance as CEO and then they will be listed on a public Stock Exchange. And then the 5% is number one is more important. Their users are very smart and probably more acceptable to to do blocks and more acceptable to to Chris currency, and ambition, to use the proceeds to promote in the, in the Esports face. So now you're creating, so our young users were interested in blockchain cryptocurrency partner of the projects.
Passing, you know Marshall Islands and and I think it will be really interesting situation is the national currency combined with a self-serving identity, the payment in to help individuals and societies as well. Thank you for sharing. What was the interesting use case? I think of launching as definitely stops to show how he can redefine. What money is how many moves around and what are the album bless you kisses to financial assets and application. Read evens to. You want to share your perspective from Trading, help you guys.
I'm happy to share, you know, my thoughts around that bend first, make a very strong point that for some reason, the community perceives, you know, centralized Financial infrastructure in our space and peace Type. S competitors. And I have to say this is kind of a quad Stark rotation for me, because I'm from a trading Asset Management liquidity. Provision of you, that's actually perfect opportunity and I think you passed the point of your question. How can I use it? And if I could just have to bring back a couple of years ago, if you wanted to actually
move your ticket the last from One Tree to another I mean I can tell you this much pain especially if you have the bangs from the traditional Financial system or actually just took forever, it was not efficient. And because of that, the whole ecosystem, Was actually born is Michael Moore remember,. I can be around a different place, an order for stablecoins. Having said that I will refer actually to the previous people who standed actually there's a big Invasion behind stablecoins,
then maybe he can be used in a range of potential to help the poor people who really needs help from stablecoins and from digital effects. If I can tell you that the asset managers in liquid by this was if they're there or not, but I think you know that can be a greater potential for supposed to just ready for my training points. Do you like to share? I mean, I just can't tell that to off-ramp and conversely and most of the 99.9% of the payment and seen the one I sync still happening in fee at Island. You shoes. It's just always will be adoption.
I would say the real enemy of society. And in general over the last 20 years and also financially of the street is corruption. Blockchain make so many things transparent and once you have transparency and efficiency but also you have you have a good day to do for people to have equal opportunities where none certain place at a certain Advantage, Federal Reserve will have issues stablecoin, we would be able to see, you know, where the money goes and will be a problem to see very interesting. Stop, that's happening, you know, daily or quarterly. And that's that's to do with any of the Central Bank.
As of today. I really see stablecoin is a very easy way to person to offer them on red blotchy and just go to this fee at world where the most of the payment for that particular person needs happen. And, you know, we should pray that they continue to exist and none of the central bank's pulls the block because they can all this to do it very quickly. Since all of that Fiat that back again, stuff that was in it on the side of the European Central Bank or whatever that
Is is issued against that particular stablecoins? So it's a very convenient stablecoins. Just so clear. Such that people are willing to still put their money into Not So, Perfect Solutions dry, even though there's so much controversy around the house. I think 60, 70% batteries,, and perhaps more decentralized, and more resistant to to, to the race. Can you just pointed out left? So I have one more question. I was just kind of General address to everyone who likes you. Stepping. I think if you would have some perspective, sure
whether is trading asset management or from protocol perspective. What are some of the key challenges in the digital asset space? That Jersey via technology? Be to regulation be the or whatever that you feel needs to be addressed is to become mainstream adoption. Any, any takers who would like to Joanne, would you like to address this? Let me just been addressed from a technology standpoint manager finding a platform that you can manage on one single
platform, currency pairs. Margin trading, Futures options, loans, one that has connectivity to the exchanges, the Dealer's, the custodian. The market data providers reporting real-time financial reporting accurate accounting risk, exposure pnl. These are things which we take for granted in the traditional space. But in the crypto space is something that is this jointed, not on one platform. People have to build in house and there's a lot of Pieces put together.
And I don't think there is a strong popcorn that exist today. I actually, I should get for him. And if you look at, once you a question, do people ask for a quite a few app where you can use your car. If the car has his account balance currency to sell your profit and loss of your training Financial assets and where all the financial assets outside of options. Being traded that represent the real exchange, be 18 or Apple stock in NASDAQ and US dollar or being its European. Stop. Luke has or being a crypto-currency exchange critical CPR on binance Exchange at the real prices and that,
but you could currency nominal value, including the Futures traded at real prices of those exchanges without fees and commissions. And will you have a smart consequence of the decentralized financial matter. We're all the trades being stored in the smart contract. So some of the trade, so everybody can actually check the validity of the transactions, the validity of the price. It has Mark conferred, the can be can be faked. Everybody can see that, that, that, that day, that the conditions that platform provides actually exist. And and, and, and Captain place, I
mean in and you have about six Thousand Years Around the World to you using a daily. So outside of options, but maybe you could say that this statement is correct, but I believe it to look at the options. As is Reedy, a sophisticated tool that not available, just just did 99% of the retail because they were just not be able to do you have to have somebody for ride options and then I just it's it's a very complex tool that probably would You so much for sharing your perspective to give us a clean softball. You know what, each of you enough all front-line building in terms of these two
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