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Speaker 1: Welcome to the Fear and Greed Business Interview. I'm sure

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Speaker 1: in ailmark crypto is extremely hot right now, with bitcoin

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Speaker 1: hitting new record highs off the back of the US

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Speaker 1: election in recent days. But do soaring prices encourage new

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Speaker 1: investors to get involved or is there still a barrier there,

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Speaker 1: particularly for older or more conservative investors. Rachel Conlin is

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Speaker 1: the global Chief Marketing Officer at Finance the world's largest

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Speaker 1: crypto exchange, and a great supporter of this podcast. She

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Speaker 1: is visiting Australia at the moment and on the weekend

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Speaker 1: delivered the keynote speech at the Australian Crypto Convention, the

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Speaker 1: largest crypto event in the Southern Hemisphere. Rachel, welcome to

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Speaker 1: Fear and Greed.

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Speaker 2: Thank you for having me.

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Speaker 1: I imagined the idea of a barrier to entry with

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Speaker 1: traditional or conservative investors unsure about the asset. I'm interested

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Speaker 1: in the role of education in helping investors think about

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Speaker 1: crypto as part of their portfolio. Is there still a

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Speaker 1: role for education? You can market crypto, but in a

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Speaker 1: sense it's as much education as it is marketing.

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Speaker 2: Definitely. I think look, we've seen this enormous spotlight on

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Speaker 2: our industry over the last twelve months for positive reasons,

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Speaker 2: and I think that that has created incredible retail institutional

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Speaker 2: interest understandably, but from an entry perspective, I think there

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Speaker 2: still is a barrier for traditional and conservative investors who

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Speaker 2: don't truly understand the value of crypto, And as you

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Speaker 2: so rightly put it, education is critical there and a

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Speaker 2: large part of what myself and my broader marketing team

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Speaker 2: does in the hundred countries that we're operating in as Finance,

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Speaker 2: and really that's about helping people understand the technology but

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Speaker 2: also understand the value proposition of crypto and how it

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Speaker 2: is not just about disrupting finance. It's about a complementary

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Speaker 2: investment strategy to finance, and it's about opening up new

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Speaker 2: investment opportunities. So, you know, that's a big part of

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Speaker 2: what we're doing now at finances around you know, building

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Speaker 2: trust and in some cases rebuilding trust where people you

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Speaker 2: know may have misconceptions or personal experiences with crypto, and

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Speaker 2: it's really about helping people understand what essentially our complex

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Speaker 2: ideas and helping them understand how to enter into the

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Speaker 2: space no matter where they are, you know, in their journey,

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Speaker 2: whether they be someone that's just entering in and wants

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Speaker 2: to capitalize on what is this incredible momentum around bitcoin,

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Speaker 2: or whether they're a more sophisticated trader that has deeper

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Speaker 2: knowledge and traditional assets and wants to transform those transfer

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Speaker 2: those skills over to the digital space. But ultimately, the

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Speaker 2: more people become familiar and comfortable with crypto and what

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Speaker 2: the concepts are, the more engagement we'll see. So focusing

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Speaker 2: on those real world use cases, on the tangible value,

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Speaker 2: on how we like show more into with traditional finance

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Speaker 2: is critical.

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Speaker 1: Okay, So what are some of the myths and misconceptions

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Speaker 1: that finance is trying to overcome.

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Speaker 2: I'm going to go straight to what is the biggest

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Speaker 2: myth I'm concerned about crypto and it's something that my family,

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Speaker 2: my father talks to me about, is that it's riddled

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Speaker 2: with crime. You know, as we know that is seen

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Speaker 2: and talked about as you know, one of the and

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Speaker 2: I believe one of the biggest misconceptions. I think the

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Speaker 2: reality of the situation is is that illicted activity and

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Speaker 2: in crypto is really a fraction of the market. You know,

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Speaker 2: if we look at you know it, we are still

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Speaker 2: a very early industry. You know, we're maturing, you know,

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Speaker 2: at an amazing pace. But if you look at the

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Speaker 2: share of illicit transactions, you know, in crypto versus traditional finance,

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Speaker 2: you know, we have fallen significantly below. You know, it's

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Speaker 2: just zero point three four percent of total transactions on

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Speaker 2: blockchain or illicit and we incredible law enforcements, not just

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Speaker 2: in Finance, but now being built across the industry to

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Speaker 2: ensure that we are combating those scams and those issues,

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Speaker 2: and the beauty of the blockchain technology it allows you

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Speaker 2: identify and hinder those faster than you know potentially would

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Speaker 2: in traditional finance. You know, we're really proud of those

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Speaker 2: efforts at Finance. Last year alone, I think we responded

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Speaker 2: to fifty eight thousand law enforcement requests, you know, when

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Speaker 2: we've hosted over one hundred and twenty workshops globally and

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Speaker 2: with local enforcement helping to educate them on you know, cybercrime,

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Speaker 2: on blockchain crime and understand how they can dismantle these scams.

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Speaker 2: You know, it's something that we take really really seriously

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Speaker 2: as a business and as the largest in the industry,

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Speaker 2: you know, we see a massive obligation to set that

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Speaker 2: agenda on the right course. So you know, we have

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Speaker 2: over one thousand people working in law enforcement and compliance

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Speaker 2: at Finance, looking at transact monitoring, looking at a listed activity,

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Speaker 2: looking at what are the new systems that we need

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Speaker 2: to practically identify, but most importantly working with local law

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Speaker 2: enforcement to ensure that we're arming them with the tools

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Speaker 2: to combat with an area which is new. You know,

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Speaker 2: I think all of us know that in order to

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Speaker 2: see this industry continue to grow and thrive, we need

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Speaker 2: to ensure that it's safe and secure, and that's something

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Speaker 2: that we believe we're at the forefront of initiating positive

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Speaker 2: change in so.

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Speaker 1: That doesn't worry me particularly. I kind of agree with

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Speaker 1: what you're saying, Rachel. The thing that does worry me

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Speaker 1: sometimes is it's not a feat currency, and so the

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Speaker 1: idea is what's behind it. What's your answer to that one.

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Speaker 2: It's not a fiat currency. Well, I think that, you know,

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Speaker 2: in terms of where we are digital assets are, you know,

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Speaker 2: we deal less and less in feared currencies. You know,

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Speaker 2: as we are evolving, you know, our financial systems, you know,

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Speaker 2: and as we as we look at what are the

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Speaker 2: future of digital assets, it's going to be part and

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Speaker 2: parcel of what we do. And the beauty of you know,

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Speaker 2: bitcoin and the beauty of you know blockchain technology is

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Speaker 2: you can source at every stage where I don't know

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Speaker 2: when I take money out of a machine, I don't

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Speaker 2: know where it's come from, Whereas with bitcoin, I can

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Speaker 2: source every transaction on the blockchain, so I'm able to

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Speaker 2: understand the history of it and as I go along.

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Speaker 2: So I think that while I understand why people may

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Speaker 2: be nervous about that, they need to understand that it's

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Speaker 2: actually much more transparent than traditional feed currency.

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Speaker 1: Stay with me, Rachel, we'll be back in a moment.

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Speaker 1: I'm speaking to Rachel Colin, Global chief marketing Officer at Binance.

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Speaker 1: What about accessibility? Is that a problem for cryptis at the.

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Speaker 2: Moment, accessibility, I think accessibate. Look. I think as we

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Speaker 2: see this enormous momentum and spotlight on our industry, we're

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Speaker 2: seeing more interest from traditional financial structures and that integration

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Speaker 2: is going to be really important to make crypto accessible

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Speaker 2: and to enshow people, you know, the use cases of it.

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Speaker 2: So I believe that you know, from our perspective, one

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Speaker 2: of the big opportunities that we are working on is

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Speaker 2: how we optimize the user experience and the overall UI

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Speaker 2: of our exchanges to ensure that there is no you know, traditionally,

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Speaker 2: our industry has been on a steep growth period, so

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Speaker 2: we need to ensure that our technology and the interfaces

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Speaker 2: keep up with what the users expect. So, you know,

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Speaker 2: learning from Amazon, there's one click, you know, how you

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Speaker 2: ensure that you can access it easily, and how you've

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Speaker 2: got those via integrations is is going to be a

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Speaker 2: really big part of ensuring that we get to that

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Speaker 2: billion users to ensure mainstream adoption.

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Speaker 1: Bitcoin specifically in recent days has gone beyond ninety five

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Speaker 1: thousand US dollars a unit. Fantastic appreciation in recent times.

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Speaker 1: Is that a good or bad thing for the currency?

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Speaker 1: Does that encourage or discourage people?

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Speaker 2: Look, I think when bitcoin prices soar, as we've seen

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Speaker 2: over the last few days, it is a very powerful

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Speaker 2: catalyst for adoption. You know, it sparks a lot of

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Speaker 2: excitement and curiosity. And you know, I was with the

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Speaker 2: Google team recently and bitcoin was one of the most

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Speaker 2: searched financial terms of twenty twenty four so far. So

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Speaker 2: we see that that heightened attention, you know, leads to

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Speaker 2: more interest obviously, and as a result, then you can

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Speaker 2: educate and provide deeper understanding of the broader crypto ecosystem,

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Speaker 2: so that fosters that greater aware us and engagement. You know,

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Speaker 2: I think you know one anecdote is every time I

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Speaker 2: see it, and I'm sure you're the same, every time

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Speaker 2: you see a bitcoin rally, I get more of my

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Speaker 2: non crypto friends, you know, texting me and what's happening

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Speaker 2: me saying is this the time to buy? Is this

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Speaker 2: the time to.

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Speaker 1: I've got fhe mail all over it with bitcoin exactly.

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Speaker 2: It's the only time my father has said to me

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Speaker 2: he wishes these taken financial advice from his daughter what

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Speaker 2: I told him to buy twenty two. But look, with

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Speaker 2: price volatility, you know, you know, it can also prompt questions,

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Speaker 2: and that is one thing. This is a financial asset there,

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Speaker 2: you know there will be volatility. It may not be now,

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Speaker 2: it will be in the future. So it really goes

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Speaker 2: back to what we were discussing earlier about the importance

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Speaker 2: of education and transparency and the obligation that we have

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Speaker 2: as an exchange and you know, as the leading industry

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Speaker 2: player on how we empower investors with the right information tools, insights, guidance,

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Speaker 2: you know on how they can confidently enter into this space,

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Speaker 2: and you know, I believe that's one of the reasons.

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Speaker 2: You know, we just had two hundred and forty million

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Speaker 2: users last week. We've added over sixty million users since

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Speaker 2: the beginning of the year. And because of the platform

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Speaker 2: and the education resources we've built, you know, we are

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Speaker 2: seen as that go to for both new entrants and

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Speaker 2: you know, the more sophisticated users.

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Speaker 1: Okay, you've been in study for the Australian that crypto convention.

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Speaker 1: I'm going to be Parochi'll here, Rachel. You've obviously got

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Speaker 1: an Irish extent and I think you live in the

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Speaker 1: Middle East. I think if I'm right there, where does

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Speaker 1: Australia sit in crypto world?

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Speaker 2: First of all, it's been an apple. It's my first

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Speaker 2: visit to.

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Speaker 1: This Irish person over the age of thirty two. Have

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Speaker 1: not spent some time here.

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Speaker 2: There you go, it was month to spend a year

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Speaker 2: here twenty years ago. But to go down the professional

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Speaker 2: route too quickly, I wish I did after my weekend experience.

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Speaker 2: It's an extortiny country and you know, a beautiful place.

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Speaker 2: But look, we're very you know, first of all for

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Speaker 2: financed you know, Australia is a critical market and it's

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Speaker 2: one where there is a sophisticated user. You've got really

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Speaker 2: strong financial literacy. At the moment, the penetration rates you've

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Speaker 2: got about one in twenty holders according to the latest research.

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Speaker 2: But you know, we believe that in twenty twenty five

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Speaker 2: that you know, Australia will solidify its position as one

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Speaker 2: of you know, one of the leaders in the broader

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Speaker 2: Asian market. And that's something that we're very excited by.

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Speaker 2: You know, we see there is a huge demand for

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Speaker 2: education resources here, which obviously is something that we am

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Speaker 2: pride ourselves on. It's something that we believe we are

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Speaker 2: the leading purveyor of and we are seeing you know,

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Speaker 2: you know, it's a market where we are excited about

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Speaker 2: the future potential of you know, a regulatory framework that

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Speaker 2: helped support the safe and secure entry of more more

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Speaker 2: users into this. But the community in Australia is incredible

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Speaker 2: and you know, you've got some amazing innovators and pioneers

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Speaker 2: is here that are creating you know, next generation blockchain

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Speaker 2: technologies that will go beyond trading and go beyond the

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Speaker 2: blockchain space. And that's what I think is really exciting

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Speaker 2: is the opportunity to build Australia as that blockchain hub.

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Speaker 2: And you know, some of the people I met over

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Speaker 2: the weekend or testament to that. So you know, we're

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Speaker 2: very excited to see how this market matures and continues

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Speaker 2: to embrace, you know, building on the financial literacy, the

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Speaker 2: strong institutional center here, and I think that's a you know,

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Speaker 2: exciting moment for Australia.

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Speaker 1: We are way of a time. But I don't think

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Speaker 1: I can get through an interview with you without actually

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Speaker 1: mentioning Donald Trump. I suppose it's white and so, I mean,

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Speaker 1: we hate the stories in Donald Trump apparently is a

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Speaker 1: fan of cryptocurrencies. But presumably we've got a whitely gets

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Speaker 1: the job and sees what he actually starts doing before

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Speaker 1: he can kind of bank anything.

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Speaker 2: Yes, of course, Look, I think both candidates in this election,

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Speaker 2: you know, would have been positive for the crypto industry.

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Speaker 2: We've been watching, you know that closely, and while as

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Speaker 2: you rightly say, it's yet to be realized, you know,

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Speaker 2: his perceived pro crypto stances represents an enormous opportunity, you know,

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Speaker 2: and I think that opportunity is really about opening up

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Speaker 2: a dialogue between the industry and regulators, and I think

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Speaker 2: that will send a strong signal globally, and we're already

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Speaker 2: seeing it on the agenda of other elections in different

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Speaker 2: parts of the globe. So I think this more hands

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Speaker 2: on approach to crypto regulation that we're seeing will also

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Speaker 2: be critical in helping us accelerate adoption and ultimately create

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Speaker 2: that global market for crypto. I also think it's an

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Speaker 2: opportunity for you know, America, which has gone to challenges

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Speaker 2: from the innovation perspective, you know, to to take a

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Speaker 2: lead in this space as well. And I think, you know,

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Speaker 2: gain gain that competitive edge in the space, you know,

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Speaker 2: which he's talked about in you know, some of his

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Speaker 2: recent interviews. So, you know, we're excited. We think it's

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Speaker 2: going to open a dialogue. It's going to help hopefully

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Speaker 2: push for more regulatory clarity, which is what we all want,

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Speaker 2: but also allow us that opportunity as it has captured

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Speaker 2: you know, so much sentiment and positive sentiment. Is again

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Speaker 2: going back to what we talked about so much during

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Speaker 2: this discussion around education. It allows us that opportunity as

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Speaker 2: people are hearing about it, to open their eyes up

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Speaker 2: and help them understand how to enter into it, how

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Speaker 2: to explore it, like how it works and what are

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Speaker 2: the benefits in the value proposition for them as an individual.

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Speaker 2: So I think it's you know, it's going to be

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Speaker 2: very exciting for the global industry, but also for retail

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Speaker 2: and institutional investors. How that US approach in January, you know,

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Speaker 2: will impact other markets.

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Speaker 1: Rachel, thank you for talking to Fear and Greed.

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Speaker 2: Thank you so much for having me as.

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Speaker 1: Rachel Conlin, Global chief Marketing Officer at Binance, a great

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Speaker 1: supporter of this podcast. This is the Fear and Greed

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Speaker 1: Business Interview. Join us every morning for the full episide

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Speaker 1: our Fear and Greed business news for people who make

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Speaker 1: their own decisions. I'm chanelma Enjoy your day you think

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Speaker 1: about