Definitely there is fear. Institutions are being very cautious and by that, what i mean is theyre not taking directional bets institutions are focused on market neutral strategies like basis trades without taking directional bet. The second point that institutions are feeling is the idiosyncratic risk that is coming from the liquidation, cascades that weve seen in the space for the last two months, thats, definitely affecting crypto, and most of it, i think, is flushed through the system, but again for another. Two to three weeks, weve got to be very careful as a segment last, but not the least, is the the correlation, the high correlation to risk on assets, specifically high growth tech stocks. So i we think that that correlation is also going to continue for the next. You know few quarters at the very least, but overall, if you look at the long term, we have seen the highest number of customers on board highest activity on the platform and thats to say, thats, bigger than falcon x and thats, to say that institutional interest for The mid to long term on crypto and more broadly disclassed keeps continues to be strong. Meantime youve got micro strategy buying more bitcoin. What do you make of the maximalist strategy versus other coins? Other options out there yeah so for large part of 2021 and continuing into 2022 as well weve seen a lot of institutions go beyond just bitcoin and ethereum um early part of 2020 and through 2020.

The later part of 2020 definitely was all centered around bitcoin, but most institutions diversified beyond bitcoin into ethereum and some of the l ones as well. That said, the micros you know buy of 10 million dollars. I think its symbolic. It is a very strong signal, despite the market conditions, that theyre willing to double down on that, and that is something that a lot of institutions are watching out, because that some institutions consider that to be a systemic risk if microstrategy rethinks that decision. So that signal is creating very good sentiment in the market. How is global sentiment evolving, for example? How is it different in the us versus hong kong versus lets say? Australia? The interesting part is, we are actually over the last month or two months, emily were seeing a big divergence between different markets, for example. Us is definitely trending towards a much more cautious site – asia, not as cautious as u.s, which means theyre still exploring uh. You know altcoins, but more broadly, over the last one month, institutions are not taking directional bets and that all the price movements that we are seeing are largely stemming from the retail side of the equation. So u.s is, in summary, u.s is tending towards the most conservative side, asia, slightly more aggressive than the us, but holistically as a space institutions are being very cautious. Now you recently raised 150 million dollars in a new round of funding eight billion dollar valuation, and, as i understand it, this funding came together in just a couple of weeks.

How did you manage to pull this off in, like you know, a very dismal market? The market conditions in 2022 are very different, uh emily to your point, uh. Yes, this is a very recent round as recent as about two three weeks back and again, the big hypothesis that us and some of the highest quality investors for growth stage are seeing right now and were seeing data to prove this hypothesis. The hypothesis is that crypto, for the first time objectively proved that you can run full stack financial services, whether its trading banking, credit clearing all of these services, 24, 7, truly globally and truly elastically. No company no country so far has objectively proved that that can be possible and crypto has done this at a trillion dollar scale. Now that is what we see in terms of the future of finance. To be right, i mean a lot of worlds. Value is going to be tokenized. We are actually seeing the data underneath that, as a result, despite the very tough market conditions q1, we remain profitable. As a company q1, we onboarded the highest number of customers and q1. We had the highest engagement in the platform, and that actually is because of the bigger thing at play, which is the distal asset transformation. We think equities and fixed income markets in the next five to 10 years are going to be tokenized as well, and institutions want to play in that tokenized world.

I have to ask where you stand in this debate. Are you a maximalist? Are you more of an ethereum other coin kind of guy Laughter? I do see you know blockchains to be. You know in some business constructs you can compare them to marketplaces. Any marketplace has economies of scale and network effects. Bitcoin undoubtedly has the biggest network effects. You know compared to any other, you know cryptocurrency, but that being said, i dont think bitcoin alone will cater to every single uh use case thats out there. So definitely i do think the world is bigger than bitcoin, but i dont think it is 5000 tokens either.