What happens when Wall Street enters DeFi

Transcript

GM. Good morning. Welcome to the Melro Show, the daily crypto show that treats every pump like it's the start of a documentary. I'm your host, Jay Hamilton. It's Friday, July the 18th. Today's episode was recorded yesterday on Thursday, July 17th. One of the biggest questions on my mind recently has been, will institutions, will Wall Street use DeFi? And when they do use DeFi, assuming they will and today's guest believes that they will, which chains will they use? Will they use Ethereum DeFi, Solana DeFi? How will they use DeFi? This is the question that we are answering today as we are joined by Nick Roberts Huntley, the CEO and co-founder of Blueprint Finance. He's

also behind Concrete, a institutional grade DeFi protocol on Ethereum with over 1 billion in tbl. and he's also building Glow a D5 protocol on Salana. So he brings a very interesting perspective of the differences for between building and operating on Salana D5 versus Ethereum D5. Now before we jump in something super exciting to tell you guys about is Milk Road Pro DGEN just launched. That's right. DJ Pro is here. This is your opportunity to get into the trenches to find out that next 100x that 1000x trade. I know if you're like me, you don't have any time to do the research on all the meme coins and

all the new launches. The big question on everyone's mind right now is should you buy pumpf fun or should you buy bonk or should you buy some other memecoin? What's the difference between pumped up fun and bonk? These are all the questions that are answered in today's first pro report which you can get if you hit the link in the show notes and you sign up for DJ Pro today or if you're a pro all access member you will get access to the report. So make sure you go check it out. Today's episode is brought to you by letin get cash without selling your bitcoin. It's also brought to you by definitive the leading multi-chain trading terminal trusted by funds dows and prot traders. Without further ado Nick, welcome to the Milk Road Show. Jay, thanks so much for having me. Really happy to be here and

excited to chat. >> Pleasure to have you. I am having uh video difficulties, everybody. So, bear with me. Sorry about that. We'll figure it out hopefully. And either way, I hope you guys can hear my voice. That's all that really matters, I hope. Uh Nick, we got to start with uh the like the markets are just ripping right now. It's amazing. The the energy is back. Everybody's excited. You guys, you and I were talking a little bit before we recorded today. uh when you look at this current market pump, what are you what are you noticing? >> I mean, it's always wonderful to have a bunch of green candles flying around. I think that's one of the reasons we all kind of got addicted to the space, but I think we're starting to see really meaningful flows. Um the relative volatility is strong within the market,

which means a lot of people can, you know, make money through trading on a high frequency basis or an art basis, which means, you know, basically the daily volumes will continue to grow. Um and we get super sharp folk across the board. >> No, I think largely speaking there are a lot of people who are able to make money in this type of environment. Things are trending up and to the right. People are smashing the green button on the retail side. Creates flows for some of the more institutional kind of structured desks to put money to work more aggressively. And all in all, that just creates a relatively buoyant market as we would call it. And so for us, it's fantastic.

I think a lot of the kind of dust from what was a fairly tough Q2 uh seems to have shaken off and the general sentiment towards the market has improved rather dramatically from what we would consider more traditional potentially more risk averse type of asset holders but also kind of financial allocators which is I think net net a huge positive signal for you know the next 12 to 18 month horizon. I would never say that we won't have some tough periods. It's an emerging asset class.

So, we'll have to figure out realistically, you know, what those periods look like and how the institutions are going to play within that what is likely to be turbulent times over the next 12 months as we figure out new regulatory frameworks. Particularly, >> let's talk uh about you mentioned ETHBTC, a ratio that you're paying attention to right now. Everybody's talking about this ratio right now. What's what do you notice when you look at ET ETHBTC? >> So BTC and Salana have been like the outperformers for the better part of the last year or two in terms of just your buy and hold bid for your long view investors and Ethereum has until

obviously very recently largely underperformed on a relative basis to those two. It's great to see better market share and a slight reduction in the BTC dominance uh of the market more broadly. I think diversification is never a bad thing. I think we will continue to see in my opinion performant ETH markets and I wouldn't necessarily you know hang my hats on the idea that we will see the traditional kind of BTC ETH alts ro system that we used to see uh in in the early 2020s. But I do think it's super healthy for the alts market as we see a longer tale of assets for which retail are often more excited to participate in and see flows, see activity, see users.

It allows the builders in the space to benefit. And the more activity on the network um the better it is for the underlying value of ETH, which ultimately is now certainly instantiated as a blue chip asset for any of the more institutional firms looking to get money to work. And and what we keep hearing is and and what we're seeing in the numbers is the institutions are more interested in the blue chips than they are in in going down the risk curve. Is that what you're seeing on your end too? >> Yeah, absolutely. I mean, I think still if you were to say, you know, on an absolute basis for what a portfolio looks like at an institution, digital assets are still very far down the risk curve. uh as far as you know buying bonds, trading in real estate, you know,

moving a bunch of mortgages around. The long story short is for those institutions, this is a very very risky investment, but the return profile and the ability for it to absorb large amounts of capital is starting to make sense. And so the more the ecosystem and the community can drive activity on chain, the more defensible the revenues generated from those businesses are such that you can underwrite to Ethereum particularly uh as an interesting asset to hold on a balance sheet. I think there is some intrepidation about how much room Bitcoin has to go in the near term. And so if the general hypothesis is ETH should follow BTC price performance, we could be in a really

interesting phase of ETH outperformance relative to the other blue chips. Where it goes next, I'm not sure, but uh I think there's still room to go. >> The other two that you mentioned when we were chatting before recording were Sue and XRP, which are two very interesting. Sooie kind of getting that label of is it the salana of this cycle? uh hype also kind of battling for that label. Those are the two sort of up big upandcoming L1s that seem to have captured that narrative. And then XRP is also another one. Would love to get your thoughts on on those assets as well.

>> Yeah, perhaps I'll I'll go in, you know, chronological order. So the oldest obviously being XRP. I think an extraordinary depth of capital and a wonderful business. um that team and leadership has been incredibly smart about participating and putting assets to work and ultimately its cornering of uh depth in exchanges where the majority of flows happen um has been a massive upside for it. It's always been a readily available kind of token for people to purchase in exchanges and that has meant that people are familiar with it and often or more often than not people trade what they know and um I think because of the depth um it has done very very well. I think if you look

at the actual 7-day volatility of XRP it's rather extraordinary for something that's getting so much flow on a daily basis but again sophisticated participants and institutions can play that very very well and I think that's continuing to be more and more interesting for folk. Next chronological order would be Suie. Uh I think what we saw there was during the bare market when everybody was hurting uh they really took a sophisticated approach to how they were going to manage their treasury, how they were going to approach the market, build the right partnerships and put the right talent and teams on the ecosystem to build you know moves a fascinating language from a technical perspective and has attracted a particular type of engineer and I think that that has led to some differentiated experiences and the

willingness and activity of the foundation to do work with builders within the space and asset issuers particularly has created a really really performant ecosystem and you know we for one are super excited to find a way to work with them and then I think hype is you know kind of the benchmark right now for how a great business can perform on chain you know the way in which that's constructed means that it ultimately on just a pure numbers basis makes a fantastic amount of revenue and that is a great way to underwrite a token price and I I think it's largely down to a great experience in a behavioral pattern that people are familiar with in the form of trading and speculating on the performance of assets and they're rightly rewarded for it.

>> Let's say you had a million dollars and you had to pick one of these tokens that we've talked about so far. Which one are you picking right now? >> I'm actually going to pick. >> Okay. Why? I think that there is some durability and depth to that marketplace and I think there's a lot of opportunity to put that capital to work actually actively within the ecosystem. Um I think there's appetite and there's rewards to being more active with that. Now perhaps I represent somebody who would be more active than just a buy and hold. um perhaps on a buy and hold basis I'd buy hype but if I was going to put that capital to work actively um out of those I I would definitely pick >> always always the defi DeFi founder uh just buy and hold is not your way you

need to put that capital work and get yield and you you're well aware of obviously the opportunities to do that let's let's shift now to institutional adoption which is something that we talk a lot about but we talk mostly about institutional adoption from the perspective of like What are they buying? Are they are they investing in these assets? And one of the big themes we talked a lot about recently is the treasury strategy vehicles bringing new institutions. When you look at the current status of institutional adoption, how how much of an impact is these treasury strategy vehicles and and ETFs? Those are like the two big vehicles. Do you think how much of an impact is that having on institutionals

being here? And then I want to go into institutions taking that next step of using DeFi. >> Yeah, I I I think it's a really important question that's very rarely discussed in the sense of like what has to happen in order for that capital to get to work in the familiar environments of people who have built on chain or you basically live on chain or manage their finances on chain. It's largely my thesis that there is a sort of intermediary services layer or infrastructure layer which is where we play uh you know that's what we're building this kind of middleware and kind of uh DNA between traditional onchain activity and institutional flows. The reason for that is ultimately those who are responsible for putting assets to work on chain we believe

should be responsible for the complexity of doing so and should be paid for that service for sure but ultimately that's how you get beyond the learning curve. Institutions have shown a want, a willingness and a desire to own some exposure to the market, but they have a core business and more typically the performance, the structure and the risks involved in taking on large digital digital asset exposure don't necessarily fit there. And deeply investing into large swaths of teams, desks, risk, compliance issues in terms of how to stand that up and run independently within a firm is a big ask. So when we take a step back, we've seen huge flows go into ETFs. We've seen the formation

of treasury vehicles. You know, we've even started to see some companies start to acquire assets, digital assets, and put them on their balance sheet. Why is that happening? They largely just want an index exposure across the risk uh of their portfolio to have some potentially outsized upside because other traditional investment vehicles may not have been performing as well as they historically would have over the last few years. That's the big opportunity that people start to see digital assets from an institutional lens as an outperforming asset class relative to other traditional instruments that are in market that they're familiar with getting access to.

The challenge, however, is there's a big gap between somebody participating with an ETF and getting exposure and really putting assets to work on chain and driving network activity. And ultimately what we want is, you know, busier networks, more applications, more users, more flows that create opportunities for people to generate yield and maximize returns across the market. >> Yeah. And obviously uh the ETFs don't have staking yet except well I shouldn't say that some ETPs around the world have staking in some jurisdictions. In the US we now have an ETF, a Salana ETF with staking.

We don't have the ETH ETF with staking yet. So on the ETF side, no yield really yet. That's coming though. on the treasury strategy vehicle side. That's kind of the simple way to get yield with these Ethereum and these other tokens that are doing the treasury strategy because they'll just they'll manage the DeFi for you and then you get the yield. Talk to us about what's the next step like are you are working with banks, you're working with institutions. Are they going to go into DeFi on their own without these more standard products or standard vehicles?

>> It's a great question. Um, our thesis is that eventually perhaps, but I think it's a lot further than people anticipate it to be. I think a lot of folk would assume that, you know, people are going to be using non-custodial environments to put assets to work um into the traditional DeFi applications that we all know and love while sitting at a a desk somewhere downtown in Manhattan. It's just not anywhere near in the horizon in, you know, in my opinion. And I think it'll eventually happen. how and through what regulatory framework is a little bit unclear, but the idea of a a really big established bullish bracket bank taking the risk of

putting assets to work with pulled funds on the bare metal of DeFi doesn't make a lot of sense to me right now. Um, so further away than I think people believe it to be, but certainly on the horizon when the regulatory frameworks come through. The second piece then is like what do they actually need to get there? I think they probably need a few reps. They probably need to work with infrastructure partners. They need to work with protocols and you know builders you candidly I think a little bit like what we're doing uh to understand and get the experience and ideally the upside from the performance of the market and but there's no two ways about it on an absolute basis. The flows that these institutions that contribute to the can contribute to the

market are exponentially larger than what we drive through the market from, you know, normal DeFi market perspective and aggregate volume. You know, those are, you know, hundreds of billions of dollars that could really, really drive digital assets through the roof. >> Selling your Bitcoin should be a last resort when you need cash. That's why there's Lein, the trusted platform for Bitcoin backed loans. You can unlock cash in as little as 18 hours with no monthly interest payments and no prepayment penalties. They've issued over 9 billion in loans and never lost a single satoshi of client funds, even during the chaos of 2022. If you're a long-term hodler, this is the move. Get

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>> What would a CFO need to see in order to choose DeFi yield over trady alternatives? >> I mean obviously first and foremost the topline number has to be exciting um for what they can they can achieve elsewhere. The second component is all down to risk. So it's counterparty risk, it's custody flows, um it's pooling of assets, it's accounting, and ultimately a lot of it is recourse. You know, I think more often than not, we forget that in traditional finance, it's not uncommon for us to get uncolateralized lending solutions. Um you know, those allow people an extraordinary degree of

capital efficiency. And if you are good at putting money to work and you do understand where you can get yield, the use of debt in credit is so effective at driving returns to a balance sheet that a CFO if they have access to capital and know where they need to put it to outstrip their cost, they'll do it in a heartbeat. The only reason they're able to raise that kind of capital is primarily because they have recourse or they effectively have contractual obligations or they KYCed obviously between you know the creditor and the debtor. So from that perspective I don't know how we solve for that right now. So we are largely dependent on a very very high rate of return against controllable acceptable risks and ideally to a point

where traditional financial instruments are underperforming and this emergent asset class looks really interesting to a CFO. The other thing of course is hopefully they have a mandate from uh the rest of the leadership team at the company to to chase after a particular digital asset strategy >> which most of them do not have right now. Of course, >> not right now. >> And obviously regulation is the big thing that I think they're all waiting for in order to change their mandates which uh you know it's crypto week in the US this week. That's obviously a big step. We're seeing incredible speed from the US Congress on legislation, which I think is is impressing all of us and surprising all of us. When you when you step back, one thing that's really

interesting to me is that you're building protocols on both Ethereum and Salana. You're using Ethereum D5 and Salana D5. What's the difference? Give us a current state and how you see a difference between Ethereum D5 versus Salana D5. Yeah, it's it's a great question. I think you know just taking one step back the impetus for us doing so was we have found quite a significant base of our capital are you know they have deep deep pools and most of them own what we would consider kind of the established blue chip like tokens. So that includes Salana that includes Ethereum a basket of stables and of course uh Bitcoin and its various derivatives which which have

proliferated over the last few years. Because of that, we get to service both sides of the market by giving them two venues to put capital to work. Um, for me, the view of Salana DeFi is that it hasn't necessarily been as active for a while as what we've seen in the Ethereum ecosystem, but I think that will change as we start to see this like very very, you know, buoyant market over the last couple of weeks particularly. Um, and I think Salana will rally through very very aggressively. are super excited about that. I think experientially you have seen a bit more appetite from Ethereum based DeFi ecosystems to go further out on the

complexity and study a lot of the fundamental financial mechanisms and then on the Salana side we have seen a little bit more aggressive uh speculative behavior. So we've seen the birth and growth of really really proficient money markets as like a primitive but a lot of it is based on trading activity and speculative activity on Salana. There's a slightly different DNA to the two ecosystems. I don't necessarily have an opinion on which one is better or worse than the other. I think they're both great and they service customers in a very specific way, but ultimately we just make sure we can service both sides of that appetite and put good capital to work effectively.

>> I think the question that our listeners have is which one will win, which I know is a difficult question to answer and there's definitely a possibility that both win in different markets and in different ways. What's your perspective when you look to the long term on where each of them is at and where they could go? >> Yeah, it's a great question, right? Like, do we look at the Ethereum ecosystem as kind of the the Microsoft Windows platform and do we look at the Salana ecosystem as kind of the Apple um type of view of things?

Look, I I think both will have their own flavor and style and they'll both end up with relatively dogmatic and differentiated populations who engage in the ecosystem. My long-term thesis is that we're still early on an absolute basis to where we'll be 10 years from now with the the value of these assets, the values of these networks. But I think critically both of them service from a fundamental tech perspective slightly different experiences and different capabilities. So what we really look at is the quality of businesses that are being built on those networks. And again thinking about our hypothesis and like how we look at the world, a lot of these businesses being built on chain, creating value for

the customers and ultimately driving value back to the network and the tokens that they represent has to be about removing the complexity and providing the users a really seamless experience and benefiting from the business efficiency and kind of scalability of smart contract based businesses. that for us is the edge and I think it's almost impossible to say you know blanketly one is better than the other. There's obviously been what I would say more maturity and depth because of the amount of networks within the EVM kind of world and ecosystem. Um but I do do really believe that Salana has um very very unique advantages over the EVM ecosystem uh in terms of building certain functionalities

particularly on the integration side between various protocols and execution. the the big themes recently from a institutional side even within crypto have been stable coins obviously absolutely exploding you know the the the best use case that we've had other than Bitcoin store of value and and also the the growing trend around uh where builders are putting their time and we had a lot talk at the beginning of the year of Salana taking all was a vacuum just sucking every builder in and now last month Robin Hood announces they're

doing an L2 with arbitrum and we're seeing more of the fintexs and the tradies are going more the L2s and the Ethereum path let's talk about each one of those themes let's talk first about stable coins the impact of that and then we'd love to talk about the impact of how these big enterprises these incumbents are going to come on chain in the way you see that. >> Yeah. No, I look stable coins for a large part of the backbone of the ecosystem. Um, you know, obviously Tether being one of the most efficient capital businesses in the world. It's the benchmark for kind of how well can you generate revenue per capita per you know in a business. There are some incredibly smart teams building really

really sophisticated infrastructure around stable coins right now. Maybe we'll see a relative Cambrian explosion of lots of different stable coins into the market and then see a consolidation. We've seen that pattern before within digital assets that you know there's a rapid proliferation of many many asset issuers with many many different assets um of a similar kind and then you see kind of a dwindling of some and you know ownership with large proportions of the market from others. I think you know what Athena did last year um guy and the team built something incredibly special something super super durable and uh I think that is kind of right now what people consider the limus test of building a great stable coin in every business

there'll be more um there's lots of design space a lot of surface area for people to innovate on I think the genius act that I believe went through today I got to check the news but um on the stable coin regulatory framework for auditing and US for USD denominator of stable coins is going to change a little bit of what the next quarter looks like. Uh I want to look through what actually went through at the end of the day through the discussion um from a political sense, but we will continue to see people build really fundamentally sound uh stable coins store value basic products. I think what Agore is doing has been fantastic. You know, Nick's a great founder. Um obviously had a really successful fundraising announcement

recently, but excited to work with groups like that. uh over the coming months and years as we scale. Realistically, there should at some point be some form of consolidation uh at some point in the future, but I think an extraordinary amount of room to grow in the stable coin market. >> Do you think it Ethereum continues to dominate stable coins as they have so far? >> I do likely. Yes. Okay, let's shift to the way that incumbents are going to build onchain and enter on chain and Robin Hood is the best recent example.

>> Yeah, it's there's obvious appetite from traditional fintech companies that have reached really significant scale who you know by definition were the risktakers of traditional finance when they started to disrupt those financial services markets. So, it makes sense that they're kind of the first to to jump across the brereech um and move meaningfully into digital assets. I would imagine that the majority of them are focused on finding a small group of wellestablished you know battle tested probably highly likely high TVL at least deep enough market providers uh across the DeFi ecosystem to partner with. The question of course is you know networks

um running their own L2s maybe some of them running their own L1's I don't know and there's obviously a lot of speculation on how many of these established you know fintech companies are going to enter into the market by and large I would expect given the scale of those businesses coming in with by definition again a customer base who was a little bit more riskincclined will need to partner with established organizations to get their users a high quality experience using digital assets. The build versus buy question will probably start to come up and I'm really excited to see how that uh impacts the market, whether we start to see more and more uh acquisition activity like what we saw with Stripe and Bridge. I think

that that will proliferate over the next 12 months. super excited to see how people make those decisions on the build versus buy, whether they go to hire really, really deep technical talent um and put them, you know, inside their four walls and get them to build from within on top of their own infrastructure or whether they go and take things off the shelf and and find teams who want to scale their business inorganically by being a part of something that's already larger than they are. Neither one of those things are easy to do. Um I'm pretty glad it's not a decision I'll have to make anytime soon.

Yeah, and it's we're certainly seeing an uptick. I mean, June was the highest M&A activity month since 2022 with over I think it was over two and a half billion dollars in M&A activity. So the directionally we're headed in that in that way and there is a lot of interest obviously because there's been a lot of builders who have been building in this space for a long time and have maybe not achieved the product market fit that they're looking for but they if they can get acquired by a large brand they can get that that meaningful access to market. The other thing we talk a lot about is regulation and legislation on the show and you are quite active in that space in that you work with a lot

of these companies that are trying to understand the regulation. When you look at the current state of legislation, map out the way you see the next six months going, the main thing I'm trying to understand is how big of a catalyst is this legislation going to be? Is there people waiting on the sidelines that are like could instantly snap their fingers, flick the switch on? Is this like a light switch moment once this legisl legislation passes? How will it play out? >> So, nothing will happen instantaneously. Um, we'll definitely see, you know, um, the day something is passed and and and put into action, we'll certainly see huge, you know, spikes in what would consider retail flows and and

semi-sophisticated flows going into the market who just want to effectively capture the majority of that momentum trade. The probable scenario is that most of the funds, institutions, banks, etc. who are interested in entering into the market when there is clear regulatory frameworks in place are working hard on a thesis and a way in which to approach the market from a deployment perspective, from a risk and compliance perspective based on some probably well-informed assumptions about how these frameworks will be put into practice and when. So that'll likely take time to roll out, you know, post the framework's being, you know, effectively stamped and put to work. But

I think it's important to call out like what it really does for the market is it matures it. And with any mature market, what you typically see is a reduction in, you know, absolute risk in terms of you'll see risk press and that typically means that the upper end or, you know, the highest rate of return typically comes off a little bit as well. Why that's interesting uh for those who are really early and still holding is that this general size of the market augments dramatically but yes rate of return can sometimes compress dramatically as well.

So it'll be interesting to see over the next 6 to 12 months as more institutional flows come in, we understand compliance and regulatory needs around how to custody these assets, what they can and can't touch, where they can and can't go, who, you know, maybe even lure or registration for holding these digital assets is going to change the way in which we approach it, particularly in the west. >> Before we wrap up here, Nick, uh would love to ask a couple of quick hitter questions for you. One is what's your what's your favorite signal when you are thinking about from an investment standpoint? When you're thinking about your investments, what's your what's your number one signal? What do you look at on a daily basis?

>> It's a great question actually. Um I'm largely speaking a range trader. um where I take on a series of signals that I built scripts for and monitor markets, you know, independently in the background and I take particular kind of wide spreads of zones of interest where I'm either a buyer or a seller of assets that I've already defined as an investable class. So things that can, you know, move on a relative basis at a speed that's interesting to my portfolio in terms of the rate of return that I'm looking to do with my personal capital.

But um realistically, I just spend a few hours every week making sure that the assets I'm I have a 12 to 24 month thesis on are moving towards or at least getting close to zones of interest where I'd like to buy. And I wish I could say it's more sophisticated than I track all the things that I promise you a bunch of groups and courses and things that teach you on. Um, and that's really important to remember and it's why one of the reasons that people love digital assets. The tooling that is available to us in terms of understanding the market, the data sets, the asymmetric information that maybe traditional hedge funds have on traditional markets, it's not necessarily available um to us in digital assets. So, it's a little bit more of a naked market from a data

perspective. And I think that's really exciting and can be one of the reasons I fell in love with it because there just wasn't that much depth of information. It really was stripped to be bare for a little while in terms of thinking about how the market performs and you had to go and do the work and look at onchain flows. >> Yeah, it's the uh it's the edge that so many onchain traders can access is just taking that extra time to go onchain and look at the onchain data. I mean taking extra time is and is the best edge any investor can have is do the research and do the work. Uh final question, what do you think the biggest narrative for the rest of the year is?

Oh, I I really do think in the near term it's going to be about um established financial service businesses, particularly FinTech starting to partner with um and adopt the distribution of digital assets into really really big customer pools. Reason I think that's so important is if you think about the actual N of people in the world who regularly access and use cryptocurrency more broadly, it's small and it's obviously tiny, minuscule compared to traditional currencies uh and traditional equities.

But one of the reasons that's happened is we've been struggling to get what I would call more traditional consumer uptake. But we've proven with the groups such as Robin Hood um or a Revolutes or a Monzai Bank, those groups have found extraordinary growth in the end of consumers that they have. And if that can be kind of the series of port holes to get digital assets distributed to the masses, that really is kind of a a match that can light the fire for the growth of the industry more broadly. >> Couldn't agree more, Nick. Absolute pleasure to get you on the show today.

Thanks so much for joining us. >> Thank you very much for having me. chat soon. >> Thanks for listening in everybody. I got to remind you as always, none of that today's episode is financial advice. I'm not your financial adviser. Nick's not your financial adviser. You should always do your own research and take time before you make any investments. Thanks for listening. Have a wicked awesome day. We'll see you back again tomorrow. And finally, I've got to give a shout out to our partners over at Nexo have just partnered with the DP World Tour, one of the leading golf tournaments in the world. 45 tournaments across four continents and they're going to have the Nexo Championship debuting this August in Scotland. So, keep an eye out for that because this is one of

those things that feels very marketing talk, but I get super excited because when you think about sports and the crossover with the attention that it has and how many leading global brands are sponsoring massive sports tournaments, it's pretty exciting to see crypto brands sponsoring large sports tournaments as well. So, hat tip to Nexo. Way to go, guys. Thanks as always for doing what you guys do in the space. Thanks for tuning in, y'all. Have a wicked awesome day. We'll see you back again tomorrow. As always, if you liked today's episode, please hit subscribe and make sure you follow us so you don't miss out on the next one. There's also a link in the description to our free 5minute daily newsletter where we simplify crypto for you while making you laugh. And if you're willing to step up

your crypto investing game, we're going to also leave a link for Milk Road Pro. You get access to our portfolio where you can see exactly what we are buying. This is your number one resource to help you invest successfully in crypto. One final note, this show is for educational purposes only and nothing we say is financial advice. Investing in crypto or any asset is risky and you should never invest more than you can afford to lose. Thanks so much for listening in my friends. Have a wicked awesome