1 00:00:03,480 --> 00:00:06,800 Speaker 1: From the heart of where innovation, money and power. CALLI 2 00:00:07,640 --> 00:00:11,879 Speaker 1: in Silicon Valley and by are this is Bloomberg Technology 3 00:00:12,000 --> 00:00:28,600 Speaker 1: with Emily Jay. I'm Caroline Hyde in New York in 4 00:00:28,680 --> 00:00:30,960 Speaker 1: for Emily Chang and this Spremberg Technology. Coming up in 5 00:00:30,960 --> 00:00:33,720 Speaker 1: the next hour. The New York City subway shooting. The 6 00:00:33,800 --> 00:00:36,880 Speaker 1: suspect has been arrested and faces terrorism charges. When we 7 00:00:36,920 --> 00:00:40,519 Speaker 1: knew the details this hour. Meanwhile, the shares of Lithium 8 00:00:40,560 --> 00:00:45,200 Speaker 1: Corporation so two after a completely fake press release claimed 9 00:00:45,200 --> 00:00:48,480 Speaker 1: e v Giant Tesla had brought the Nevada minor. Bloomberg 10 00:00:48,520 --> 00:00:51,559 Speaker 1: got to the bottom of it and quick crypto startup 11 00:00:51,680 --> 00:00:54,080 Speaker 1: circle it lands four hundred million dollars in funding from 12 00:00:54,080 --> 00:00:56,880 Speaker 1: investors like black Rock and Fidelity. Well, that means the 13 00:00:56,960 --> 00:01:01,840 Speaker 1: broader institutional adoption of crypto. Later, this our first and foremost. 14 00:01:01,920 --> 00:01:03,640 Speaker 1: We bring you a story close to home for us 15 00:01:03,720 --> 00:01:06,360 Speaker 1: right now, biggest story of the day. We got him. 16 00:01:06,360 --> 00:01:08,360 Speaker 1: Those were the words from the New York City Mayor, 17 00:01:08,440 --> 00:01:12,120 Speaker 1: Eric Adams. Law enforcement officials say they have arrested Frank 18 00:01:12,240 --> 00:01:15,440 Speaker 1: James in Manhattan in connection with Tuesday's shooting at a 19 00:01:15,480 --> 00:01:19,119 Speaker 1: Brooklyn subway station. New York City Police Commissioner Khan Sewell 20 00:01:19,360 --> 00:01:22,080 Speaker 1: says the sixty two year old was apprehended with the 21 00:01:22,080 --> 00:01:27,000 Speaker 1: help of the public officers in response to a crime 22 00:01:27,000 --> 00:01:30,520 Speaker 1: Staffers tips stopped Mr James at one forty two pm 23 00:01:30,560 --> 00:01:33,120 Speaker 1: at the corner of St. Mark's Placed in First Avenue 24 00:01:33,120 --> 00:01:37,120 Speaker 1: in Manhattan. He was taken into custody without incident and 25 00:01:37,160 --> 00:01:42,000 Speaker 1: has been transported to an NYPD facility. Now. Police say 26 00:01:42,080 --> 00:01:45,640 Speaker 1: James has nine prior arrests in New York dating back 27 00:01:45,840 --> 00:01:49,880 Speaker 1: between these twenty three people, of course, were hurt in 28 00:01:49,960 --> 00:01:53,000 Speaker 1: yesterday's attack when he let off thirty three shots. We 29 00:01:53,080 --> 00:01:57,160 Speaker 1: understand from his far arm joining now is fula econobee 30 00:01:57,640 --> 00:01:59,440 Speaker 1: and folly. You've been reporting on the ground about this 31 00:01:59,480 --> 00:02:01,520 Speaker 1: and understand I think really the ramifications this house for 32 00:02:01,560 --> 00:02:05,440 Speaker 1: the city, the city's leadership. But first and foremost thirty hours, 33 00:02:05,840 --> 00:02:08,000 Speaker 1: this man was on the streets of New York, on 34 00:02:08,000 --> 00:02:11,000 Speaker 1: the Subway of New York, on on on other platforms 35 00:02:11,000 --> 00:02:13,639 Speaker 1: of public transit. Is this being deemed success or not? 36 00:02:13,720 --> 00:02:17,760 Speaker 1: Do you think officials? I was at NYPD headquarters where 37 00:02:17,800 --> 00:02:22,359 Speaker 1: when officials made the announcement and and officials seemed to be, uh, yeah, 38 00:02:22,400 --> 00:02:24,760 Speaker 1: you mean this a success? But but yeah, in the 39 00:02:24,840 --> 00:02:27,600 Speaker 1: in the aftermath of the attack. UM, you know, it 40 00:02:27,680 --> 00:02:32,919 Speaker 1: was reported that cameras in the subway station were out. UM. James, 41 00:02:33,560 --> 00:02:38,600 Speaker 1: the suspected shooter, UM was said to have left the 42 00:02:38,680 --> 00:02:42,000 Speaker 1: station and entered another station and nine am and then 43 00:02:42,040 --> 00:02:44,520 Speaker 1: officials said that that was those who were his less 44 00:02:44,560 --> 00:02:46,960 Speaker 1: known whereabout and that that that was you know, more 45 00:02:47,000 --> 00:02:49,720 Speaker 1: than twenty four hours ago. Um. And and so then 46 00:02:49,720 --> 00:02:52,360 Speaker 1: he was he was eventually apprehended at one one pm. 47 00:02:52,440 --> 00:02:56,200 Speaker 1: So um there at least twenty four hours that that 48 00:02:56,280 --> 00:03:00,000 Speaker 1: officials have not explained or have not been able to explain, uh, 49 00:03:00,560 --> 00:03:02,520 Speaker 1: you know where where this where this person was an 50 00:03:02,600 --> 00:03:06,320 Speaker 1: extraordinary use of technology and failing of technology with the cameras, 51 00:03:06,320 --> 00:03:08,880 Speaker 1: which the NYPD, it felt, was very quick to make 52 00:03:08,880 --> 00:03:12,160 Speaker 1: out was the responsibility of m t A, the of 53 00:03:12,200 --> 00:03:16,080 Speaker 1: course public transit um to be looking after and ensuring 54 00:03:16,160 --> 00:03:19,320 Speaker 1: however technology has been used, whether it be from you know, 55 00:03:19,400 --> 00:03:21,160 Speaker 1: just the social media clips that we see of the 56 00:03:21,200 --> 00:03:24,000 Speaker 1: man that actually helped apprehend him from the streets, but 57 00:03:24,120 --> 00:03:26,760 Speaker 1: also the way in which we as the members of 58 00:03:26,760 --> 00:03:29,600 Speaker 1: the public were sent messages through our phones, ways we 59 00:03:29,639 --> 00:03:31,880 Speaker 1: gave tips and they're like, do you think that this 60 00:03:32,040 --> 00:03:34,399 Speaker 1: is also a test in a way of crime prevention 61 00:03:34,560 --> 00:03:37,400 Speaker 1: with a relatively new administration here and York. Yeah, and 62 00:03:37,400 --> 00:03:40,880 Speaker 1: and and mariaic Adams has suggested that he would like 63 00:03:40,960 --> 00:03:44,560 Speaker 1: to to use even more technology to to um to 64 00:03:44,880 --> 00:03:47,240 Speaker 1: help prevent crime. It is not clear what exactly he 65 00:03:47,560 --> 00:03:50,080 Speaker 1: plans to do. There have there has been a lot 66 00:03:50,120 --> 00:03:52,880 Speaker 1: of talk about again the cameras in the subway station 67 00:03:52,880 --> 00:03:56,160 Speaker 1: and whether there needs to be a review of of 68 00:03:56,160 --> 00:03:58,360 Speaker 1: of what happened their end of the cameras in the 69 00:03:58,440 --> 00:04:01,720 Speaker 1: entire system, and whether there needs to be other measures 70 00:04:01,760 --> 00:04:05,000 Speaker 1: taken to prevent incidents like this. But these aren't coming 71 00:04:05,440 --> 00:04:08,800 Speaker 1: spending as well, whether it be on the police force 72 00:04:08,920 --> 00:04:13,040 Speaker 1: or parts of the support system and indeed infrastructure. You know, 73 00:04:13,400 --> 00:04:16,640 Speaker 1: in the preliminary budget that that the mayor released, um, 74 00:04:16,680 --> 00:04:20,719 Speaker 1: you know, we saw the York Police Department's budget remain 75 00:04:20,960 --> 00:04:23,760 Speaker 1: you know, relatively flat year of a year, and you 76 00:04:23,800 --> 00:04:26,960 Speaker 1: know it's it's the largest police department by by far 77 00:04:27,040 --> 00:04:29,560 Speaker 1: in in in America. And and um, I guess what 78 00:04:29,600 --> 00:04:32,080 Speaker 1: that means is that you know, headcount is staying the same, 79 00:04:32,120 --> 00:04:36,000 Speaker 1: and so it seems that at least from from the 80 00:04:36,000 --> 00:04:38,200 Speaker 1: public budget, that's that's not where the that's not where 81 00:04:38,200 --> 00:04:40,960 Speaker 1: the technology will come from. But there are other places 82 00:04:41,120 --> 00:04:45,640 Speaker 1: uh that that police received both the technology and funds. Pholo, 83 00:04:45,720 --> 00:04:48,560 Speaker 1: You've been all across the story for several days emotionally 84 00:04:48,600 --> 00:04:50,720 Speaker 1: at the moment as well. I'm sure Polo going to 85 00:04:50,800 --> 00:04:53,120 Speaker 1: be really great reporting in terms of the leadership of 86 00:04:53,160 --> 00:04:56,680 Speaker 1: the city. Meanwhile, we want to take the justice perspective 87 00:04:56,800 --> 00:05:00,480 Speaker 1: right now, and of course what the accused parent perhaps 88 00:05:00,560 --> 00:05:04,279 Speaker 1: now faces in the courts. Kenneth Gray, Senior lecturer in 89 00:05:04,320 --> 00:05:07,120 Speaker 1: the Criminal Justice Department at University of New Haven and 90 00:05:07,200 --> 00:05:10,760 Speaker 1: piece to say is with us can your perspective what's 91 00:05:11,120 --> 00:05:15,960 Speaker 1: been notable is the federal of course now prosecution that 92 00:05:16,000 --> 00:05:20,680 Speaker 1: seems to be unfolding, and it's a terror terrorism related charge. 93 00:05:22,000 --> 00:05:24,560 Speaker 1: So the reason for that, in my opinion, is the 94 00:05:24,600 --> 00:05:28,840 Speaker 1: fact that there's a lot more exposure for Frank James here. 95 00:05:29,400 --> 00:05:32,800 Speaker 1: Uh that is he's looking at for this is a 96 00:05:32,960 --> 00:05:38,719 Speaker 1: tidal eighteen USCO, which is a terrorist act on a 97 00:05:38,800 --> 00:05:43,440 Speaker 1: train or other modes of mass transportation. It carries with 98 00:05:43,520 --> 00:05:47,240 Speaker 1: it a life sentence up to a life sentence that's 99 00:05:47,279 --> 00:05:50,279 Speaker 1: far greater than he would get for this mass shooting 100 00:05:50,360 --> 00:05:53,479 Speaker 1: that he did. Uh. So I think the decision to 101 00:05:53,520 --> 00:05:57,320 Speaker 1: go federally on this is much more that of the 102 00:05:57,360 --> 00:06:01,680 Speaker 1: exposure for the charge, and we are of course a 103 00:06:01,720 --> 00:06:06,159 Speaker 1: global network and sometimes federal versus local doesn't make a 104 00:06:06,160 --> 00:06:09,560 Speaker 1: lot of sense. I'm the daughter of Crown Prosecution Service 105 00:06:09,680 --> 00:06:13,520 Speaker 1: lawyers in the UK, where most these sorts of prosecutions 106 00:06:13,520 --> 00:06:16,120 Speaker 1: are done by the Crown, by the nationwide. What is 107 00:06:16,160 --> 00:06:20,200 Speaker 1: the distinction between local law enforcement, local prosecution, federal prosecution 108 00:06:20,520 --> 00:06:22,320 Speaker 1: and how do you know which one is going to 109 00:06:22,360 --> 00:06:26,200 Speaker 1: take charge? So in this particular case, you saw at 110 00:06:26,240 --> 00:06:29,719 Speaker 1: the event itself that there was a real investment there 111 00:06:29,800 --> 00:06:35,760 Speaker 1: between both state, local and federal law enforcement. NYPD was 112 00:06:35,880 --> 00:06:39,800 Speaker 1: identified as a lead agency on that case, but that 113 00:06:40,040 --> 00:06:42,799 Speaker 1: there was input from the FBI, from the state police, 114 00:06:42,960 --> 00:06:46,800 Speaker 1: from a t F and so law enforcement was all 115 00:06:46,920 --> 00:06:50,719 Speaker 1: working together. When it comes time to prosecute this case, 116 00:06:51,240 --> 00:06:55,120 Speaker 1: the district attorney's office works with the U. S Attorney's 117 00:06:55,160 --> 00:06:57,720 Speaker 1: office to decide which way the case is going to go. 118 00:06:58,240 --> 00:07:00,719 Speaker 1: But I don't want you to get the ppression that 119 00:07:00,760 --> 00:07:04,760 Speaker 1: they were fighting among one another, but instead the decision 120 00:07:04,839 --> 00:07:08,120 Speaker 1: was made to go federally because of the potential exposure here. 121 00:07:08,680 --> 00:07:12,600 Speaker 1: Of course, we are all innocent before being proven guilty. 122 00:07:12,760 --> 00:07:15,520 Speaker 1: And it was interesting in the press conference some labor 123 00:07:15,640 --> 00:07:20,360 Speaker 1: was made of prior well acts, criminal acts that occurred 124 00:07:20,760 --> 00:07:23,080 Speaker 1: back in the nineties in the state of New York 125 00:07:23,080 --> 00:07:27,440 Speaker 1: but also a state of Philadelphia and New Jersey. What 126 00:07:27,440 --> 00:07:30,880 Speaker 1: what will that be made of in court? So it 127 00:07:31,000 --> 00:07:35,200 Speaker 1: shows propensity to do violence or propensity to do criminal acts. 128 00:07:35,920 --> 00:07:40,320 Speaker 1: The person's criminal history is always brought into any case. 129 00:07:40,720 --> 00:07:45,040 Speaker 1: So again this is just routine that you would discuss 130 00:07:45,880 --> 00:07:48,920 Speaker 1: for any suspect in the case, you would discuss there 131 00:07:48,920 --> 00:07:52,320 Speaker 1: are prior history, prior criminal history. We are, of course 132 00:07:52,320 --> 00:07:55,760 Speaker 1: the technology show and what's been interesting and what's been 133 00:07:55,760 --> 00:07:58,480 Speaker 1: made of in the media and trying to understand who 134 00:07:58,480 --> 00:08:03,080 Speaker 1: Frank James is and what his motives were. Is also 135 00:08:03,200 --> 00:08:06,320 Speaker 1: questioning what his state of mind was and people looking 136 00:08:06,360 --> 00:08:10,200 Speaker 1: at YouTube evidence of people looking at his social media posts. 137 00:08:10,240 --> 00:08:15,000 Speaker 1: How admissible is that in court? Well, it's part part 138 00:08:15,040 --> 00:08:18,640 Speaker 1: of the public record. That is he's posted on YouTube. 139 00:08:19,240 --> 00:08:22,400 Speaker 1: There is no expectation of privacy there, so anything he 140 00:08:22,480 --> 00:08:27,040 Speaker 1: put onto YouTube would be admissible. But I think this 141 00:08:27,080 --> 00:08:30,480 Speaker 1: case shows very much that we live in a surveillance society, 142 00:08:30,520 --> 00:08:34,199 Speaker 1: that there were cameras everywhere the cameras on that platform failed, 143 00:08:34,600 --> 00:08:39,080 Speaker 1: but the combination of a quick investigation was able to 144 00:08:39,120 --> 00:08:42,600 Speaker 1: identify him. His picture was put out and that was 145 00:08:42,640 --> 00:08:45,400 Speaker 1: the thing that eventually either got him to call the 146 00:08:45,400 --> 00:08:50,840 Speaker 1: crime stopper number himself or some individual recognizing him contact 147 00:08:50,880 --> 00:08:53,400 Speaker 1: of the police. It's not clear which way that actually 148 00:08:53,440 --> 00:08:57,000 Speaker 1: happened at this moment. Ken Gray. Really great to have 149 00:08:57,040 --> 00:09:00,360 Speaker 1: your expertise. Of course, a lot of time spent into 150 00:09:00,400 --> 00:09:03,679 Speaker 1: linking the private sector with the criminal justice sector, and 151 00:09:03,679 --> 00:09:05,440 Speaker 1: of course he as a senior lecturer of the Criminal 152 00:09:05,480 --> 00:09:07,640 Speaker 1: Justice de Parliment at the University of New Haven. We 153 00:09:07,679 --> 00:09:19,920 Speaker 1: thank you. Let's just get to another musque moment on 154 00:09:19,960 --> 00:09:24,680 Speaker 1: Twitter Wednesday, because kind of fascinating really overall that we 155 00:09:24,760 --> 00:09:28,080 Speaker 1: once again are seeing well just how you might expect 156 00:09:28,080 --> 00:09:31,280 Speaker 1: shares of Lithium Minor, that is, Lithium Corporation. Jumping to 157 00:09:31,400 --> 00:09:35,160 Speaker 1: after a fate press release circulated on Twitter saying Tesla 158 00:09:35,160 --> 00:09:38,560 Speaker 1: had acquired the Nevada company, Blomberg said, Ludlow spotted something 159 00:09:38,679 --> 00:09:40,880 Speaker 1: was off, got to the bottom of it. He joins 160 00:09:40,960 --> 00:09:44,920 Speaker 1: us again now and ed talk to us about Tesla, 161 00:09:45,080 --> 00:09:49,280 Speaker 1: about Musk, about what actually happened here. Yeah, even by 162 00:09:50,160 --> 00:09:52,720 Speaker 1: Musk and TESTA standards. This was odd, right, And I 163 00:09:52,760 --> 00:09:54,920 Speaker 1: was sitting at my desk and I saw some tweets 164 00:09:55,520 --> 00:09:59,200 Speaker 1: from some of the community that follow elon Musk and Twitter, 165 00:09:59,280 --> 00:10:02,040 Speaker 1: some of the Tesla owners and shareholders, and they were 166 00:10:02,080 --> 00:10:04,880 Speaker 1: sharing screen grabs of a press release that said Tesla 167 00:10:04,920 --> 00:10:07,960 Speaker 1: had acquired Lithium Corporation. You got on the Bloomberg terminal, 168 00:10:08,040 --> 00:10:10,920 Speaker 1: look at the share chart, and just after Eastern the 169 00:10:11,000 --> 00:10:14,400 Speaker 1: stocks jumped. But I looked at the image of the 170 00:10:14,400 --> 00:10:16,760 Speaker 1: press release and I thought, none of this adds up. 171 00:10:17,200 --> 00:10:19,880 Speaker 1: Five W Public Relations. You may know them, Caroline, you 172 00:10:19,880 --> 00:10:23,320 Speaker 1: know well known PR company. They don't represent Tesla, and 173 00:10:23,320 --> 00:10:26,080 Speaker 1: they certainly don't represent Riffin Corporations. So we started hitting 174 00:10:26,080 --> 00:10:28,559 Speaker 1: the phones and of course it was a fake release, 175 00:10:28,600 --> 00:10:30,280 Speaker 1: and there are still questions how it ended up on 176 00:10:30,360 --> 00:10:34,319 Speaker 1: news wires. But what's astonishing is the release was published 177 00:10:34,400 --> 00:10:38,600 Speaker 1: yesterday on Tuesday, and the market's reacting. Look at that 178 00:10:38,720 --> 00:10:42,680 Speaker 1: chart on Wednesday. It's been a while day. Official responses, 179 00:10:42,760 --> 00:10:46,440 Speaker 1: actual technical, official responses coming from the companies. Yeah, So 180 00:10:46,480 --> 00:10:49,400 Speaker 1: what happened was we got an email from the president 181 00:10:49,400 --> 00:10:52,960 Speaker 1: of Lithium Corporation, Tom Lewis, who called this fake news 182 00:10:53,120 --> 00:10:56,400 Speaker 1: his words, fake news. There's no deal with Tesla. Of course, 183 00:10:56,400 --> 00:10:59,360 Speaker 1: Tesla didn't respond. They don't have an active press or 184 00:10:59,440 --> 00:11:02,160 Speaker 1: comms to Heartman. It was disbanded in two thousand and twenty, 185 00:11:02,480 --> 00:11:06,920 Speaker 1: and later Lithium Corps actually issued a press release saying, 186 00:11:07,240 --> 00:11:09,520 Speaker 1: you know, contrary to would have been reported, there was 187 00:11:09,559 --> 00:11:12,760 Speaker 1: no discussion with Tesla. But here's the interesting part. They 188 00:11:12,840 --> 00:11:14,800 Speaker 1: go on to say none of their employees left to 189 00:11:14,840 --> 00:11:17,920 Speaker 1: go and join Tesla, but they'd be happy to chat 190 00:11:17,960 --> 00:11:20,120 Speaker 1: with Elon Musk if he was so inclined. And we 191 00:11:20,160 --> 00:11:23,080 Speaker 1: know this is an area Elon Musk is interested in, 192 00:11:23,160 --> 00:11:26,040 Speaker 1: so maybe they're just shooting their shot, you know, taking 193 00:11:26,040 --> 00:11:28,079 Speaker 1: their opportunity to talk to us about that area is 194 00:11:28,120 --> 00:11:30,959 Speaker 1: interested in because he has talked about on Twitter. Funnily enough, 195 00:11:31,080 --> 00:11:34,000 Speaker 1: lithium minors. Yeah, you're exactly right. So you know, lithiums 196 00:11:34,000 --> 00:11:36,559 Speaker 1: are really cool component that goes into the cell chemistry 197 00:11:36,720 --> 00:11:39,680 Speaker 1: used in cells for EV batteries, and Elon must tweeted 198 00:11:39,760 --> 00:11:43,160 Speaker 1: quite recently, just five days ago, that it's not that 199 00:11:43,200 --> 00:11:46,040 Speaker 1: there isn't enough supply. There's abundant supply of lithium all 200 00:11:46,040 --> 00:11:47,640 Speaker 1: over the world. You see it there in that tweet. 201 00:11:47,800 --> 00:11:50,880 Speaker 1: It's the extraction that's the problem, and that you know, 202 00:11:51,240 --> 00:11:54,520 Speaker 1: domestic production of lithium here in the United States lags 203 00:11:54,520 --> 00:11:57,680 Speaker 1: behind international markets. So there's been speculation this might happen, 204 00:11:57,720 --> 00:12:00,800 Speaker 1: But on this occasion, I'm afraid Caroline, this is fake news. 205 00:12:01,120 --> 00:12:04,520 Speaker 1: There is no deal between Tesla and Lithium Corporation, Ed 206 00:12:04,600 --> 00:12:07,400 Speaker 1: Ludlow bringing us the real news. We thank you. Meanwhile, 207 00:12:07,720 --> 00:12:10,880 Speaker 1: speaking of musk using Twitter, let's talk about who used 208 00:12:10,880 --> 00:12:14,320 Speaker 1: to lead Twitter, Jack Dawsey, and of course, ever since 209 00:12:14,400 --> 00:12:17,600 Speaker 1: leaving that business and technically as CEO, has become more 210 00:12:17,600 --> 00:12:21,880 Speaker 1: and more focused on next big vision crypto, in particular Bitcoin. 211 00:12:23,800 --> 00:12:29,520 Speaker 1: If Bitcoin existed before Twitter started, I think we would 212 00:12:29,520 --> 00:12:34,640 Speaker 1: see completely different business models. I think we'd see a 213 00:12:34,640 --> 00:12:39,319 Speaker 1: lot less of the issues that UM advertising systems can 214 00:12:39,360 --> 00:12:43,520 Speaker 1: bring up in terms of privacy and um you know, 215 00:12:44,200 --> 00:12:48,800 Speaker 1: everything we're seeing around surveillance capitalism as well. Jack Dawsey 216 00:12:48,920 --> 00:12:51,959 Speaker 1: block c of course speaking in February at micro Strategies 217 00:12:52,000 --> 00:12:54,840 Speaker 1: World Annual Conference. And now for more on this, I 218 00:12:54,840 --> 00:12:57,080 Speaker 1: want to bring in Serafra for our broom Bag Big Take, 219 00:12:57,160 --> 00:12:59,160 Speaker 1: because it is a beautifully written story, a lot of 220 00:12:59,160 --> 00:13:02,280 Speaker 1: obnoxiousness that goes in that makes you laugh. But talked 221 00:13:02,320 --> 00:13:05,240 Speaker 1: to us first and foremost about Jack Dorsey and when 222 00:13:05,360 --> 00:13:09,120 Speaker 1: his love for bitcoin, when he first arose. It really 223 00:13:09,360 --> 00:13:12,280 Speaker 1: came to the forefront when Jack Dorsey went on a 224 00:13:12,320 --> 00:13:15,319 Speaker 1: trip to Africa. This was of course the trip that 225 00:13:15,400 --> 00:13:19,520 Speaker 1: activists investors later mused against him, because when he went there, 226 00:13:19,880 --> 00:13:23,920 Speaker 1: he he saw how people were working with payments, how 227 00:13:23,960 --> 00:13:29,360 Speaker 1: bitcoin could be a really fundamental technology in an underbanked 228 00:13:29,720 --> 00:13:32,360 Speaker 1: part of the world, and he was so inspired by 229 00:13:32,400 --> 00:13:35,120 Speaker 1: that that he said he wanted to move there for 230 00:13:35,320 --> 00:13:37,680 Speaker 1: three to six months sometime in the future. And the 231 00:13:37,720 --> 00:13:40,600 Speaker 1: activist investors of course seized on that and said, well, 232 00:13:40,600 --> 00:13:43,040 Speaker 1: you're not paying attention to the companies you run. Well 233 00:13:43,160 --> 00:13:46,760 Speaker 1: now he's not running Twitter anymore, but he's absolutely obsessed 234 00:13:47,040 --> 00:13:50,280 Speaker 1: with bitcoin. He's he's um, you know, as Kurt describes, 235 00:13:50,360 --> 00:13:54,120 Speaker 1: the sort of spiritual leader of a bitcoin and the 236 00:13:54,320 --> 00:13:58,080 Speaker 1: idea that it has a sort of utopia utopian i 237 00:13:58,080 --> 00:14:02,040 Speaker 1: should say, decentralized vision for how we can change the world. Yeah, 238 00:14:02,080 --> 00:14:05,400 Speaker 1: and is a great headline bitcoin spiritual leader after Twitter. 239 00:14:05,440 --> 00:14:08,240 Speaker 1: But of course he's not just at Twitter. He is 240 00:14:08,280 --> 00:14:10,800 Speaker 1: still of course CEO of block which is a fintech 241 00:14:10,840 --> 00:14:13,760 Speaker 1: which is a company that may well be used to 242 00:14:13,800 --> 00:14:18,160 Speaker 1: embracing embracing new forms of of payment. And in that respect, 243 00:14:18,200 --> 00:14:20,200 Speaker 1: what is his current role looking like a block within 244 00:14:20,280 --> 00:14:24,440 Speaker 1: the bitcoin scheme. Well, he's really trying to make Block 245 00:14:25,000 --> 00:14:29,040 Speaker 1: a leader in the mass acceptance of of bitcoin, even 246 00:14:29,320 --> 00:14:32,560 Speaker 1: going so far as to say Block will will support 247 00:14:32,640 --> 00:14:36,840 Speaker 1: people adding bitcoin mining properties in their own homes. Um, 248 00:14:37,000 --> 00:14:40,240 Speaker 1: this is just where he thinks the future is headed. 249 00:14:40,320 --> 00:14:43,360 Speaker 1: And one thing that of Kurt Wagner points out in 250 00:14:43,400 --> 00:14:46,560 Speaker 1: this great story, which which we've seen through the last 251 00:14:46,800 --> 00:14:50,520 Speaker 1: decade of Dorisey and tech, is when he sees where 252 00:14:50,560 --> 00:14:52,880 Speaker 1: the future is headed, he tends to be right. He 253 00:14:52,920 --> 00:14:56,520 Speaker 1: doesn't always execute on that vision perfectly, but he was 254 00:14:56,560 --> 00:14:59,160 Speaker 1: one of the first investors in Instagram. He was the 255 00:14:59,160 --> 00:15:02,320 Speaker 1: one who told Twitter to buy Vine, which you know 256 00:15:02,640 --> 00:15:06,560 Speaker 1: died at Twitter, but was the format that later was 257 00:15:06,640 --> 00:15:11,440 Speaker 1: popularized with TikTok um. He over and over picks where 258 00:15:11,440 --> 00:15:15,000 Speaker 1: the future is going to head. So what what folks 259 00:15:15,040 --> 00:15:18,120 Speaker 1: are saying is if he's pointing towards bitcoin as the future, 260 00:15:19,040 --> 00:15:23,720 Speaker 1: we better pay attention to that. Sarah fra fascinating. We 261 00:15:23,800 --> 00:15:25,920 Speaker 1: thank you so much as a great read, a great headline, 262 00:15:26,000 --> 00:15:28,040 Speaker 1: great editing and indeed we thank you for bringing the 263 00:15:28,080 --> 00:15:39,560 Speaker 1: bloom by big take. This is broom big technology. I'm 264 00:15:39,640 --> 00:15:42,520 Speaker 1: Caroline Hyde, inf Emily Chang and the pandemic. But it 265 00:15:42,520 --> 00:15:45,200 Speaker 1: brought about many young people in particularly I think of 266 00:15:45,280 --> 00:15:48,360 Speaker 1: the heady days of Games Stop in one drew them 267 00:15:48,400 --> 00:15:50,600 Speaker 1: to the stock market an interesting place to be putting 268 00:15:50,640 --> 00:15:53,000 Speaker 1: your money while you'll start at home and interesting me. 269 00:15:53,040 --> 00:15:57,000 Speaker 1: Atomic invest is targeting these maybe call him rookie investors, 270 00:15:57,240 --> 00:16:00,560 Speaker 1: trying to allow mormal people you and me to have 271 00:16:00,640 --> 00:16:04,080 Speaker 1: access to the market's benefits joining us now, CEO David 272 00:16:04,160 --> 00:16:08,520 Speaker 1: Dindy really interesting about the focus on financial inclusion at 273 00:16:08,560 --> 00:16:11,280 Speaker 1: this moment. Now there is this warry perhaps that with 274 00:16:11,400 --> 00:16:14,800 Speaker 1: the euphoria that came with Game Stop and everyone rushing 275 00:16:14,800 --> 00:16:17,280 Speaker 1: into robin hood, we didn't get back to our normal lives. 276 00:16:17,320 --> 00:16:19,880 Speaker 1: We start wanting to get out being set in bars 277 00:16:20,000 --> 00:16:23,080 Speaker 1: rather than trading online. But is there still that pent 278 00:16:23,160 --> 00:16:25,840 Speaker 1: up dessar and are we seeing wealth built by it? 279 00:16:26,920 --> 00:16:30,440 Speaker 1: I think that was a very interesting year. It got 280 00:16:30,480 --> 00:16:33,200 Speaker 1: a lot of people to participate in the market out 281 00:16:33,200 --> 00:16:36,320 Speaker 1: of speculation. But as you mentioned, as people are coming 282 00:16:36,360 --> 00:16:38,520 Speaker 1: back to their normal days and the normal lives there 283 00:16:38,600 --> 00:16:40,960 Speaker 1: is that need for them to continue investing, but they 284 00:16:41,000 --> 00:16:44,080 Speaker 1: don't have the time to think about their portfolio to 285 00:16:44,160 --> 00:16:47,840 Speaker 1: construct a diversified portfolio. And so part of what's very 286 00:16:47,880 --> 00:16:50,240 Speaker 1: important right now is for them to have solutions that 287 00:16:50,400 --> 00:16:53,080 Speaker 1: enable them to start building wealth even if they don't 288 00:16:53,120 --> 00:16:56,520 Speaker 1: have enough time to do their research necessary to start 289 00:16:56,520 --> 00:16:59,760 Speaker 1: that journey themselves. Okay, so how is the Tomic invest doing? 290 00:17:00,040 --> 00:17:02,680 Speaker 1: Is that how you build helping build out the infrastructure 291 00:17:02,720 --> 00:17:05,200 Speaker 1: that allows us to have a diversified portfolio. That's a 292 00:17:05,240 --> 00:17:08,240 Speaker 1: good question. If you think about what it took Robin Hood, 293 00:17:08,320 --> 00:17:12,360 Speaker 1: Well Front and Betterments and other digital investing platforms to 294 00:17:12,359 --> 00:17:16,560 Speaker 1: create their infrastructure, required about hundreds of millions of dollars 295 00:17:16,680 --> 00:17:19,960 Speaker 1: years for them to build and maintain that infrastructure. What 296 00:17:20,040 --> 00:17:23,439 Speaker 1: Atomic is doing is enabling banks, FinTechs, and credit unions 297 00:17:23,440 --> 00:17:27,520 Speaker 1: to be able to very easily launch similar investing platforms 298 00:17:28,040 --> 00:17:30,199 Speaker 1: in just a number of weeks without having to go 299 00:17:30,280 --> 00:17:34,040 Speaker 1: through the burden of reinventing the wheel from scratch. Oh so, 300 00:17:34,440 --> 00:17:36,280 Speaker 1: for the likes of Robin Heard, which share price has 301 00:17:36,320 --> 00:17:40,760 Speaker 1: been shall we say, under pressure competition, I assume everyone's 302 00:17:40,800 --> 00:17:43,760 Speaker 1: going to be able to start offering a more accessible 303 00:17:44,240 --> 00:17:46,320 Speaker 1: way to invest right. Yeah, in the next three to 304 00:17:46,440 --> 00:17:49,080 Speaker 1: five years, we wouldn't be able to count the number 305 00:17:49,119 --> 00:17:54,520 Speaker 1: of investing platforms in our hands. Investing will be ubiquitous, Banks, FinTechs, 306 00:17:54,640 --> 00:17:57,760 Speaker 1: credit unions, payment apps. Anyone will have the opportunity to 307 00:17:57,800 --> 00:18:00,800 Speaker 1: start their investing journey through these platforms. It's a financial 308 00:18:00,840 --> 00:18:04,920 Speaker 1: regulation there for it, though. It is in the sense 309 00:18:04,960 --> 00:18:06,800 Speaker 1: that part of what we do at Atomic is we 310 00:18:06,920 --> 00:18:09,840 Speaker 1: take over that regulatory burden for companies for them to 311 00:18:09,840 --> 00:18:12,680 Speaker 1: be able to offer investing without them having to build 312 00:18:12,720 --> 00:18:16,679 Speaker 1: up the regulatory expertise to manage that solution, because we 313 00:18:16,800 --> 00:18:19,760 Speaker 1: cover that for them. David, I know that you're looking 314 00:18:19,960 --> 00:18:22,520 Speaker 1: to move back to the US. I moved to the 315 00:18:22,560 --> 00:18:26,760 Speaker 1: US from Europe in and was dumbfounded by the lack 316 00:18:26,840 --> 00:18:32,080 Speaker 1: of fintech seeming innovation that seems and many felt that 317 00:18:32,119 --> 00:18:35,200 Speaker 1: it was really being born in London in Europe because 318 00:18:35,280 --> 00:18:37,760 Speaker 1: the regulation was there. Is that the case? Why do 319 00:18:37,800 --> 00:18:40,439 Speaker 1: you think that there has been some stark successes, but 320 00:18:40,480 --> 00:18:42,560 Speaker 1: perhaps fewer of them than we are used to over 321 00:18:42,560 --> 00:18:46,520 Speaker 1: in Europe. That's that's a great question. UM. I think 322 00:18:46,600 --> 00:18:52,159 Speaker 1: that by and large, um financial services were concentrated among 323 00:18:52,480 --> 00:18:57,280 Speaker 1: large institutions, large banks, large asset managers that provided a 324 00:18:57,359 --> 00:19:00,760 Speaker 1: monolithic solution for everyone. I think what has seen happen 325 00:19:00,800 --> 00:19:03,560 Speaker 1: over the last a couple of years, there's a lot 326 00:19:03,600 --> 00:19:07,760 Speaker 1: of entrepreneurial activity around building platforms that are targeted at 327 00:19:07,800 --> 00:19:11,119 Speaker 1: helping specific types of people, and we're seeing an explosure 328 00:19:11,280 --> 00:19:14,680 Speaker 1: of this. Just in the last couple of mantins, we've 329 00:19:14,680 --> 00:19:17,440 Speaker 1: been able to speak to over four hundred fintech companies 330 00:19:17,480 --> 00:19:20,399 Speaker 1: that are really focused on helping people build wealth, helping 331 00:19:20,440 --> 00:19:25,760 Speaker 1: people have financial platforms that otherwise weren't available to them. David, 332 00:19:25,760 --> 00:19:29,399 Speaker 1: are you hopeful because you know you sit here with 333 00:19:29,440 --> 00:19:32,560 Speaker 1: a fabulous education and with it I can focus on 334 00:19:32,560 --> 00:19:35,560 Speaker 1: on what is deeply complex. I have the great fortune 335 00:19:35,560 --> 00:19:38,000 Speaker 1: of talking about business day in day out. But I 336 00:19:38,080 --> 00:19:41,879 Speaker 1: know how even for me, you know, intimidating, say, the 337 00:19:41,920 --> 00:19:44,199 Speaker 1: world of crypto is because the analogies that are suddenly 338 00:19:44,240 --> 00:19:46,119 Speaker 1: used because of the acronyms. Because and I feel that 339 00:19:46,119 --> 00:19:48,880 Speaker 1: that's almost what Wall Street tried to build up back 340 00:19:48,880 --> 00:19:51,040 Speaker 1: in the days of the heady days of two thousand 341 00:19:51,080 --> 00:19:53,520 Speaker 1: and eight with CLO the c d O. That how 342 00:19:53,880 --> 00:19:57,080 Speaker 1: intimidating is finance still for people who really are at 343 00:19:57,080 --> 00:19:59,800 Speaker 1: the lower income space that we want to see included, 344 00:19:59,840 --> 00:20:03,720 Speaker 1: that we want to see build wealth. Very intimidating. We 345 00:20:03,880 --> 00:20:07,280 Speaker 1: see that most people don't feel investing is for them 346 00:20:07,320 --> 00:20:10,200 Speaker 1: because in the past, not as much effort has been 347 00:20:10,240 --> 00:20:14,720 Speaker 1: taken to help them participate in investing, and so many 348 00:20:14,760 --> 00:20:17,720 Speaker 1: people are still very risk averse. Many people require a 349 00:20:17,760 --> 00:20:20,879 Speaker 1: significant amount of hand holding. And I think this comes 350 00:20:20,880 --> 00:20:23,160 Speaker 1: down to the fact that there is an educational gap 351 00:20:23,240 --> 00:20:26,080 Speaker 1: when it comes to financial literacy investing that has to 352 00:20:26,080 --> 00:20:29,880 Speaker 1: be addressed in this country. How like is that about education? 353 00:20:29,920 --> 00:20:32,360 Speaker 1: Because at the moment, I see some really great content 354 00:20:32,520 --> 00:20:35,400 Speaker 1: on things like TikTok and on Twitter, and I'd love 355 00:20:35,440 --> 00:20:37,600 Speaker 1: to hope that like we and I can provide to that, 356 00:20:37,920 --> 00:20:40,399 Speaker 1: but there's also a lot of rubbish on their too. 357 00:20:40,920 --> 00:20:44,640 Speaker 1: I think it's a three pronged strategy. The first, let's 358 00:20:44,680 --> 00:20:47,439 Speaker 1: say the ideal solution would be for investing education to 359 00:20:47,480 --> 00:20:49,840 Speaker 1: be part of the high school curriculum, so that people 360 00:20:49,880 --> 00:20:52,520 Speaker 1: can learn what investing is and what investing isn't, so 361 00:20:52,560 --> 00:20:54,760 Speaker 1: that people can learn the benefits of not putting all 362 00:20:54,800 --> 00:20:58,040 Speaker 1: your eggs in one basket, but really about diversification. I 363 00:20:58,080 --> 00:21:00,320 Speaker 1: think that would be in the ideal world what would 364 00:21:00,359 --> 00:21:02,880 Speaker 1: be best. What we're seeing happen today is actually quite 365 00:21:02,880 --> 00:21:06,280 Speaker 1: interesting where their platforms that Atomic for instance, is working 366 00:21:06,320 --> 00:21:09,040 Speaker 1: with that are targeting people who have been disenfranchised in 367 00:21:09,080 --> 00:21:12,119 Speaker 1: the past and allowing people essentially to be able to 368 00:21:12,119 --> 00:21:15,520 Speaker 1: participate investing and to educate those people in the context 369 00:21:15,600 --> 00:21:18,040 Speaker 1: in which they are. I do think that work also 370 00:21:18,080 --> 00:21:21,159 Speaker 1: has to be done through social media and through influencers, because, 371 00:21:21,200 --> 00:21:23,720 Speaker 1: as you mentioned, most of the content that's out there 372 00:21:23,800 --> 00:21:27,280 Speaker 1: might be focused on what's buzzworthy, and if someone is 373 00:21:27,320 --> 00:21:30,320 Speaker 1: receiving their investing tips from there, it's likely they'll end 374 00:21:30,359 --> 00:21:33,880 Speaker 1: up with a basket of individual securities or asset classes 375 00:21:33,960 --> 00:21:36,439 Speaker 1: that aren't diversified. And so I think a lot of 376 00:21:36,440 --> 00:21:38,560 Speaker 1: work has to be done as well, and not only 377 00:21:38,640 --> 00:21:42,320 Speaker 1: having voices that are speaking about what's trendy, but also 378 00:21:42,400 --> 00:21:44,960 Speaker 1: voices that are thinking or speaking about the benefits of 379 00:21:45,359 --> 00:21:50,200 Speaker 1: planning for the future, diversification, asset allocation, and other principles 380 00:21:50,200 --> 00:21:53,280 Speaker 1: of investing that are very important to adhere to. Well said, 381 00:21:53,920 --> 00:21:57,000 Speaker 1: hopefully you can keeping that influence. Atomic invest CEO co 382 00:21:57,080 --> 00:22:07,960 Speaker 1: founded David Didney, that we want to go back to 383 00:22:07,960 --> 00:22:10,800 Speaker 1: another key story with tracking here at Bloomberg because New 384 00:22:10,880 --> 00:22:15,200 Speaker 1: York City law enforcement officials have arrested Frank James, sixty 385 00:22:15,240 --> 00:22:17,800 Speaker 1: two year old in Manhattan and connection with Tuesday's shooting 386 00:22:17,840 --> 00:22:21,840 Speaker 1: at a Brooklyn subway station. He will face federal terrorism charges, 387 00:22:22,320 --> 00:22:25,240 Speaker 1: which joined now by Bloomberg Skyla Woodhouse, who's been tracking 388 00:22:25,240 --> 00:22:28,159 Speaker 1: this from an infrastructure sort of perspective. We are a 389 00:22:28,160 --> 00:22:31,800 Speaker 1: technology show here, of course, and what's been really demonstrative 390 00:22:32,080 --> 00:22:35,600 Speaker 1: is perhaps the worry about lack of investment in our transit. 391 00:22:35,680 --> 00:22:39,040 Speaker 1: And indeed, you know it was largely blamed on the 392 00:22:39,160 --> 00:22:41,639 Speaker 1: m t A that the cameras at that subway station 393 00:22:41,800 --> 00:22:44,879 Speaker 1: weren't working, malfunctioning for example. Tell us a little bit 394 00:22:44,880 --> 00:22:46,960 Speaker 1: about the state of the m t A right now. Yeah, 395 00:22:47,000 --> 00:22:50,080 Speaker 1: So the m t A for for years has been 396 00:22:50,119 --> 00:22:53,199 Speaker 1: trying to catch up and basically become this you know, 397 00:22:53,640 --> 00:22:57,240 Speaker 1: modern transportation agency. They're trying to keep up with Tokyo 398 00:22:57,400 --> 00:23:00,840 Speaker 1: and London imperis and what's happening abroad. And you know, 399 00:23:01,320 --> 00:23:03,520 Speaker 1: so this incident is not really helping in terms of 400 00:23:03,520 --> 00:23:05,679 Speaker 1: looking at the actual infrastructure of the m t A. 401 00:23:05,920 --> 00:23:08,520 Speaker 1: The cameras weren't working when the shooting happened, so you know, 402 00:23:08,520 --> 00:23:10,159 Speaker 1: there's a lot that the m t A has to 403 00:23:10,680 --> 00:23:13,080 Speaker 1: reconsider and now take a step back and look at 404 00:23:13,160 --> 00:23:15,600 Speaker 1: so that way they can continue to basically, you know, 405 00:23:15,960 --> 00:23:19,440 Speaker 1: make this system as modern as possible, especially with technology 406 00:23:19,440 --> 00:23:21,800 Speaker 1: advancing so rapidly, you know, they have to keep up 407 00:23:21,800 --> 00:23:24,080 Speaker 1: with the pace of the demand of technology. And to 408 00:23:24,119 --> 00:23:26,639 Speaker 1: be fair to the m t A, perhaps there's camera 409 00:23:26,680 --> 00:23:29,600 Speaker 1: footage taken at different subway stations when we know that 410 00:23:29,680 --> 00:23:32,920 Speaker 1: the accused did ride later on in the day, and 411 00:23:33,280 --> 00:23:36,520 Speaker 1: we're able to piece that together and eventually apprehend him 412 00:23:36,560 --> 00:23:39,320 Speaker 1: in East Village a little bit earlier. I'm interested in now, 413 00:23:39,920 --> 00:23:42,240 Speaker 1: you know, for for people who are based around the 414 00:23:42,280 --> 00:23:44,920 Speaker 1: world right now, what what is it like? How how 415 00:23:44,960 --> 00:23:47,640 Speaker 1: comfortable are we getting on a transit system, a mass 416 00:23:47,680 --> 00:23:49,520 Speaker 1: transit system at this moment where we didn't want to 417 00:23:49,520 --> 00:23:51,560 Speaker 1: get on it anyway because of COVID. You know, I 418 00:23:51,600 --> 00:23:54,560 Speaker 1: think now that this this um um, now that Frank 419 00:23:54,640 --> 00:23:56,399 Speaker 1: James has been caught, I think there's a little bit 420 00:23:56,440 --> 00:23:59,879 Speaker 1: of relief to writers, but there still is this lingering 421 00:24:00,000 --> 00:24:02,360 Speaker 1: ought in the back of people's minds where it's like, um, 422 00:24:02,440 --> 00:24:04,399 Speaker 1: what's going to happen next? Do we know? When you 423 00:24:04,400 --> 00:24:06,760 Speaker 1: know something else could happen. Who knows. It might not 424 00:24:06,800 --> 00:24:08,480 Speaker 1: be a shooting, It could be a train colliding with 425 00:24:08,520 --> 00:24:10,919 Speaker 1: another train. You know, there's so many different safety components 426 00:24:11,160 --> 00:24:12,920 Speaker 1: to writing the subways, and you know, I think a 427 00:24:12,960 --> 00:24:14,280 Speaker 1: lot of people have that in the back of their 428 00:24:14,280 --> 00:24:16,959 Speaker 1: mind right now, given the pandemic and so much happening 429 00:24:16,960 --> 00:24:18,959 Speaker 1: in the world, Like a lot of people are are 430 00:24:19,040 --> 00:24:20,680 Speaker 1: they're on edge a little bit, and you know, they're 431 00:24:20,760 --> 00:24:22,840 Speaker 1: they're worried, you know, because no one knows what will 432 00:24:22,880 --> 00:24:24,520 Speaker 1: happen and when it will happen, and they don't want 433 00:24:24,520 --> 00:24:26,920 Speaker 1: to be that person. Of course, much pressure currently being 434 00:24:26,960 --> 00:24:30,280 Speaker 1: placed on the administration and you're relatively new administration to 435 00:24:30,440 --> 00:24:34,119 Speaker 1: invest in public infrastructure. Calls the Obstructure Bill and then 436 00:24:34,280 --> 00:24:37,200 Speaker 1: itself from a federal level likely to help, but will 437 00:24:37,240 --> 00:24:39,760 Speaker 1: it Where do you think the dresses at the moment 438 00:24:39,760 --> 00:24:41,080 Speaker 1: to put money to work in the m t A. 439 00:24:41,280 --> 00:24:43,159 Speaker 1: You know, I think the biggest issue right now for 440 00:24:43,200 --> 00:24:44,959 Speaker 1: the m t A, or one of the issues, it's 441 00:24:45,000 --> 00:24:47,439 Speaker 1: just it's bringing writers back to again, so that way 442 00:24:47,440 --> 00:24:49,600 Speaker 1: you can bring in another source of revenue, but also 443 00:24:49,680 --> 00:24:52,199 Speaker 1: just to get service back to where it is pretty 444 00:24:52,640 --> 00:24:55,560 Speaker 1: reliable for its customers. And I think once once the 445 00:24:55,600 --> 00:24:58,480 Speaker 1: service gets back to a steady pace and just some 446 00:24:58,560 --> 00:25:00,560 Speaker 1: more routine and kind of going back to what it 447 00:25:00,640 --> 00:25:05,360 Speaker 1: was pandemic, then we might start to see progress um 448 00:25:05,520 --> 00:25:08,040 Speaker 1: get better essentially. I mean they're bringing in a new chief, 449 00:25:08,400 --> 00:25:11,040 Speaker 1: a new subway president, so you know he's like, Okay, 450 00:25:11,040 --> 00:25:13,800 Speaker 1: we got an improved subway service. Therefore in prough wridership 451 00:25:13,840 --> 00:25:15,920 Speaker 1: to therefore a build on you know, all the wearing 452 00:25:15,920 --> 00:25:19,480 Speaker 1: issues facing THEMPIA is to a virtuous circle. We thank 453 00:25:19,520 --> 00:25:33,840 Speaker 1: you Skyla Woodhouse some great reporting them. Time for our 454 00:25:33,840 --> 00:25:36,800 Speaker 1: crypto report now, and we've learned that the much anticipated 455 00:25:37,080 --> 00:25:40,880 Speaker 1: Ethereum merge but likely will be completed in a few 456 00:25:40,880 --> 00:25:43,400 Speaker 1: months after June, according to one of the leading Ethereum 457 00:25:43,400 --> 00:25:46,960 Speaker 1: software developers. Let's bring in our crypto contributor, Shinali Basse 458 00:25:47,160 --> 00:25:50,120 Speaker 1: for more on this the merg coal see much anticipated 459 00:25:50,400 --> 00:25:53,120 Speaker 1: way in which we go from proof of work proof 460 00:25:53,160 --> 00:25:55,879 Speaker 1: of stake and talk to us a little bit about 461 00:25:56,280 --> 00:25:58,320 Speaker 1: you know, how this might be done in a few 462 00:25:58,359 --> 00:26:01,439 Speaker 1: months time. Yeah, it's very interesting. This has been highly anticipated, 463 00:26:01,480 --> 00:26:03,560 Speaker 1: as you have said, and now we have one of 464 00:26:03,560 --> 00:26:07,360 Speaker 1: the leading software developers and Ethereum tweeting that this will 465 00:26:07,400 --> 00:26:11,160 Speaker 1: likely be a few months after June, no firm date yet, 466 00:26:11,240 --> 00:26:14,119 Speaker 1: but that we're in the final chapter likely of proof 467 00:26:14,119 --> 00:26:17,360 Speaker 1: of work on Etherorium. Now, as you know, bitcoin evangelists 468 00:26:17,359 --> 00:26:20,400 Speaker 1: really have concerns about proof of stake overproof of work 469 00:26:20,440 --> 00:26:23,600 Speaker 1: and debates around the energy consumption here. But this could 470 00:26:23,600 --> 00:26:26,320 Speaker 1: really be a game changer for a theoryum that also 471 00:26:26,400 --> 00:26:28,399 Speaker 1: has a hundred more than a hundred billion worth of 472 00:26:28,480 --> 00:26:31,680 Speaker 1: deep projects that are contingent on this merge. Yeah, talk 473 00:26:31,720 --> 00:26:33,600 Speaker 1: about some of the projects that spin off from this, 474 00:26:33,720 --> 00:26:37,240 Speaker 1: talk about other projects, to protocols, the old coins that 475 00:26:37,320 --> 00:26:39,359 Speaker 1: actually we now sort of brace ourselves that could have 476 00:26:39,520 --> 00:26:41,159 Speaker 1: it at the moment and the sun again. Yeah, just 477 00:26:41,160 --> 00:26:42,680 Speaker 1: a couple of days ago we were talking about how 478 00:26:42,680 --> 00:26:45,000 Speaker 1: old coins were selling off more than Bitcoin. But now 479 00:26:45,040 --> 00:26:47,720 Speaker 1: as you see Bitcoin emerge again and rise again, you 480 00:26:47,800 --> 00:26:50,280 Speaker 1: are also seeing that on the other side, there's some 481 00:26:50,359 --> 00:26:53,200 Speaker 1: alt coins like Avalanche that are rising at an even 482 00:26:53,200 --> 00:26:55,800 Speaker 1: faster pace in the last twenty four hours than Bitcoin. 483 00:26:56,080 --> 00:26:59,280 Speaker 1: And if you track actually a group of a hundred coins, 484 00:26:59,280 --> 00:27:01,800 Speaker 1: you see that over the year that group of a 485 00:27:01,880 --> 00:27:05,280 Speaker 1: hundred is actually also rising as a faster pace and 486 00:27:05,400 --> 00:27:08,399 Speaker 1: coin market capitally showing that Bitcoin is becoming a smaller 487 00:27:08,400 --> 00:27:11,320 Speaker 1: percentage of the ecosystem at large as this all coin 488 00:27:11,440 --> 00:27:15,280 Speaker 1: universe expands, There's always that question, Caroline, what remains at 489 00:27:15,320 --> 00:27:18,280 Speaker 1: the end of the day and what takes off? I mean, 490 00:27:18,320 --> 00:27:20,639 Speaker 1: these layer one protocols also have gained a lot of 491 00:27:20,680 --> 00:27:24,640 Speaker 1: excitement when it comes in not just ethereum but Bitcoin, 492 00:27:24,720 --> 00:27:27,800 Speaker 1: and that adoption of the Lightning network really changing the 493 00:27:27,840 --> 00:27:31,240 Speaker 1: way people use the You haven't even yeah going on 494 00:27:31,320 --> 00:27:34,880 Speaker 1: Salana Cardano Avalanche, as you mentioned, plenty of exciting other 495 00:27:34,920 --> 00:27:36,399 Speaker 1: areas that you can be investing in, and there of 496 00:27:36,440 --> 00:27:39,760 Speaker 1: course the ones which perhaps aren't less tethered to a 497 00:27:39,880 --> 00:27:41,840 Speaker 1: US dollar, but whate an area that we also wanted 498 00:27:41,840 --> 00:27:43,600 Speaker 1: to discuss a little bit of stable coins and the 499 00:27:43,680 --> 00:27:45,560 Speaker 1: use therein and move on to our key story of 500 00:27:45,600 --> 00:27:48,280 Speaker 1: crypto payments company Circle. Also the issue of the second 501 00:27:48,400 --> 00:27:51,440 Speaker 1: largest stable coin, which is usd coin, just landing four 502 00:27:51,840 --> 00:27:55,200 Speaker 1: million dollars in funding from some of the biggest institutional players, 503 00:27:55,440 --> 00:27:58,920 Speaker 1: Black Crop Fidelity Investments properties to say that Jeremy Hilaire 504 00:27:59,000 --> 00:28:01,280 Speaker 1: is going to be joining Shannali n CEO of Circle 505 00:28:01,760 --> 00:28:04,760 Speaker 1: First and foremost Jeremy the four hundred million what is 506 00:28:04,800 --> 00:28:07,760 Speaker 1: it going to be used for well, thanks thanks for 507 00:28:07,800 --> 00:28:11,439 Speaker 1: having on Caroline Um. You know, the million has been 508 00:28:11,480 --> 00:28:16,080 Speaker 1: part of our capital plan for continuing to scale invest 509 00:28:16,320 --> 00:28:21,760 Speaker 1: We're growing internationally. We're building very significant investments in product development, 510 00:28:22,600 --> 00:28:25,919 Speaker 1: We're investing in sales and marketing around you know, getting 511 00:28:25,920 --> 00:28:29,560 Speaker 1: more and more, you know, literally thousands of businesses to 512 00:28:29,680 --> 00:28:33,080 Speaker 1: use USDC as an infrastructure, to build on USDC as 513 00:28:33,080 --> 00:28:37,119 Speaker 1: a core part of their applications, driving more use cases 514 00:28:37,160 --> 00:28:40,720 Speaker 1: in payments, commerce, financial apps. So it's really investment capital 515 00:28:40,920 --> 00:28:44,800 Speaker 1: and growth capital to continue to drive the incredible growth 516 00:28:44,840 --> 00:28:46,720 Speaker 1: and adoption that we've seen over the past couple of years. 517 00:28:46,720 --> 00:28:49,880 Speaker 1: Incredible growth and adoption that is predicated on institutional players 518 00:28:49,920 --> 00:28:52,200 Speaker 1: getting involved in our fidelity. We know had sort of 519 00:28:52,240 --> 00:28:55,040 Speaker 1: pinned its horse to the race that is crypto and 520 00:28:55,120 --> 00:28:57,240 Speaker 1: got involved in the space earlier. But it was interesting 521 00:28:57,280 --> 00:28:59,680 Speaker 1: that well, black Rock to a largest thing we knew 522 00:28:59,760 --> 00:29:02,360 Speaker 1: was how by Larry Fink and himself a little bit 523 00:29:02,360 --> 00:29:04,960 Speaker 1: of a cautious cynic dare I say it, of the 524 00:29:05,000 --> 00:29:07,320 Speaker 1: world of crypto, but had started to write about the 525 00:29:07,360 --> 00:29:10,280 Speaker 1: infrastructure play, the payments though, the way in which it 526 00:29:10,320 --> 00:29:13,239 Speaker 1: could facilitate trades. Is that really what's going on here, 527 00:29:13,320 --> 00:29:17,320 Speaker 1: the use of stable coins. Why why would Blackcock get involved? Well, look, 528 00:29:17,600 --> 00:29:21,320 Speaker 1: we're very excited. This is a corporate strategic investment from 529 00:29:21,360 --> 00:29:24,440 Speaker 1: black Rock. It's not investing their client's money, it's their 530 00:29:24,480 --> 00:29:28,800 Speaker 1: own money. And alongside it, a strategic partnership has been 531 00:29:28,840 --> 00:29:32,320 Speaker 1: formed between Circle and black Rock which is focused on, 532 00:29:32,760 --> 00:29:36,040 Speaker 1: you know, the reserve management model for USDC. They are 533 00:29:36,080 --> 00:29:41,000 Speaker 1: a primary manager of the reserves that back USDC, which 534 00:29:41,040 --> 00:29:44,800 Speaker 1: is really important to to get institutional acceptance for people 535 00:29:44,880 --> 00:29:49,840 Speaker 1: understand the safety, soundness, security of all this. But importantly 536 00:29:50,280 --> 00:29:54,560 Speaker 1: this is about how are we upgrading the fundamental financial 537 00:29:54,680 --> 00:29:58,120 Speaker 1: market infrastructure of the way dollars work in capital markets? 538 00:29:58,480 --> 00:30:01,920 Speaker 1: As we know today, the banking system doesn't move at 539 00:30:01,920 --> 00:30:04,800 Speaker 1: the speed of the internet. Uh, there's counterparty risk, there's 540 00:30:04,800 --> 00:30:07,400 Speaker 1: settlement risk, There's all kinds of challenges that are there. 541 00:30:07,760 --> 00:30:10,200 Speaker 1: And I think, um, you know, black Rock plays an 542 00:30:10,280 --> 00:30:13,920 Speaker 1: incredibly large role in capital markets managing ten trillion dollars 543 00:30:13,960 --> 00:30:17,080 Speaker 1: of assets and dealing with that infrastructure, and so this 544 00:30:17,120 --> 00:30:21,400 Speaker 1: is an opportunity to bring use cases for USDC. Uh. 545 00:30:21,760 --> 00:30:24,080 Speaker 1: You know, certainly there are major use cases today and 546 00:30:24,120 --> 00:30:27,520 Speaker 1: digital asset markets defy n f T s uh, you know, 547 00:30:27,600 --> 00:30:30,240 Speaker 1: cross border payments, but in core capital markets, we see 548 00:30:30,240 --> 00:30:32,400 Speaker 1: an enormous opportunity. I would say, just the final comment 549 00:30:32,520 --> 00:30:34,960 Speaker 1: on that is is that, um, you know, I think 550 00:30:35,000 --> 00:30:40,479 Speaker 1: there's a belief in the opportunity in establishing dollar digital 551 00:30:40,480 --> 00:30:43,920 Speaker 1: currency and private sector lead innovation and dollar digital currency, 552 00:30:43,920 --> 00:30:46,160 Speaker 1: and I think black Rock can be a huge partner 553 00:30:46,280 --> 00:30:48,880 Speaker 1: for US as we try and establish that as a 554 00:30:48,960 --> 00:30:51,600 Speaker 1: pre eminent model that the US can really get behind. 555 00:30:52,160 --> 00:30:55,320 Speaker 1: You know, Jeremy, there's this incredible convergence of trade by 556 00:30:55,480 --> 00:30:58,360 Speaker 1: and defy here and I'm wondering, you know, we've reported 557 00:30:58,400 --> 00:31:01,200 Speaker 1: that you're closer to submitting an application to operate as 558 00:31:01,200 --> 00:31:04,240 Speaker 1: a bank in the United States. A couple of questions there, 559 00:31:04,280 --> 00:31:07,000 Speaker 1: how soon can we see that kind of an application happen? 560 00:31:07,520 --> 00:31:10,640 Speaker 1: And also how much is that contingent on the regulatory 561 00:31:10,800 --> 00:31:14,680 Speaker 1: environment that we're seeing right now. Well, we're seeing tremendous 562 00:31:14,720 --> 00:31:18,240 Speaker 1: progress in the regulatory environment. The policy discussion has shifted 563 00:31:18,360 --> 00:31:21,600 Speaker 1: massively over the last year from one really focused on 564 00:31:21,640 --> 00:31:24,560 Speaker 1: sort of the risks and challenges of stable coins now 565 00:31:24,680 --> 00:31:28,080 Speaker 1: to a world where you know, you know, the head 566 00:31:28,080 --> 00:31:32,080 Speaker 1: of the Federal Reserve, the Secretary Yellen, the head of 567 00:31:32,080 --> 00:31:34,760 Speaker 1: the o c C. Uh, you know, the under Secretary 568 00:31:34,800 --> 00:31:38,560 Speaker 1: of Treasury, members of Congress on the left, on the right, Democrats, Republicans. 569 00:31:38,560 --> 00:31:41,680 Speaker 1: This has become a nonpartisan issue, which is how do 570 00:31:41,760 --> 00:31:45,480 Speaker 1: we ensure that dollar digital currencies become the currency of 571 00:31:45,480 --> 00:31:48,400 Speaker 1: the Internet, and policies moving towards that and making sure 572 00:31:48,440 --> 00:31:52,680 Speaker 1: that large private sector actors are well regulated that can 573 00:31:52,720 --> 00:31:55,720 Speaker 1: have federal supervision, and so there's really been a move 574 00:31:55,800 --> 00:31:58,640 Speaker 1: towards that. Um, we're very excited about the progressist to 575 00:31:58,720 --> 00:32:01,520 Speaker 1: being made in Washington. D see the engagement we're seeing 576 00:32:01,600 --> 00:32:04,720 Speaker 1: from the O c C and others, and so, uh, 577 00:32:04,760 --> 00:32:07,840 Speaker 1: you know, we're we're we're we're very confident that this 578 00:32:07,920 --> 00:32:10,400 Speaker 1: is going to become not only a federally supervised and 579 00:32:10,400 --> 00:32:13,080 Speaker 1: regulated critical market infrastructure, but it's going to help the 580 00:32:13,160 --> 00:32:17,160 Speaker 1: United States be competitive in this uh in this differ 581 00:32:17,160 --> 00:32:20,480 Speaker 1: currency for circle. How important is this to you to 582 00:32:20,520 --> 00:32:23,120 Speaker 1: get this done swiftly, perhaps even as early as this 583 00:32:23,240 --> 00:32:27,200 Speaker 1: year in terms of becoming a bank. Yeah, look, I 584 00:32:27,240 --> 00:32:30,200 Speaker 1: think our view is, um, you know, I've sort of 585 00:32:30,240 --> 00:32:33,040 Speaker 1: said this publicly multiple times. There's no O c C 586 00:32:33,280 --> 00:32:36,280 Speaker 1: exam manual for a stable coin issuer. This is a 587 00:32:36,320 --> 00:32:39,840 Speaker 1: new arena. And so you know, we're dealing with multiple 588 00:32:39,880 --> 00:32:42,920 Speaker 1: public block chains. For example, u SDC operates on eight 589 00:32:42,960 --> 00:32:46,959 Speaker 1: different public block chains. What are the operational risk management procedures? 590 00:32:47,280 --> 00:32:50,560 Speaker 1: What are the fundamental liquidity requirements? Were a full reserve 591 00:32:50,760 --> 00:32:53,280 Speaker 1: like a full reserve bank. We're applying to become a 592 00:32:53,320 --> 00:32:56,080 Speaker 1: full reserve bank, not a fraction reserve bank. So there's 593 00:32:56,080 --> 00:33:00,000 Speaker 1: a lot of novelty to stable coin based payment system 594 00:33:00,160 --> 00:33:02,480 Speaker 1: and banking. It's a new phenomenon, and so there's a 595 00:33:02,520 --> 00:33:05,080 Speaker 1: lot of work to do to get that right. We're patient, 596 00:33:05,240 --> 00:33:08,040 Speaker 1: we want to get that right. We're gonna work collaboratively 597 00:33:08,120 --> 00:33:10,840 Speaker 1: with regulators on that and ultimately get to a place 598 00:33:10,880 --> 00:33:14,960 Speaker 1: where there's great supervision on critical market infrastructure that is 599 00:33:14,960 --> 00:33:16,800 Speaker 1: going to be at the foundation of of the of 600 00:33:16,840 --> 00:33:19,200 Speaker 1: the economic system in the next you know, fifty years. 601 00:33:19,320 --> 00:33:22,360 Speaker 1: What about collaboration with others in the space of stable coins. 602 00:33:22,360 --> 00:33:24,640 Speaker 1: I think of tether for example, I mean, is that 603 00:33:25,000 --> 00:33:26,800 Speaker 1: is there a winner tate sol Do you think that 604 00:33:26,840 --> 00:33:30,840 Speaker 1: you do need to collaborate together? I mean our view 605 00:33:30,960 --> 00:33:34,000 Speaker 1: is um you know, very specifically, we need we believe 606 00:33:34,040 --> 00:33:37,479 Speaker 1: there needs to be you know, sound national policy and 607 00:33:37,520 --> 00:33:40,600 Speaker 1: regulatory models around this not just in the United States, 608 00:33:40,640 --> 00:33:43,800 Speaker 1: but around the world. We're seeing really strong indications from 609 00:33:43,840 --> 00:33:47,200 Speaker 1: the UK Treasury and UK government. We're seeing strong indications 610 00:33:47,200 --> 00:33:50,720 Speaker 1: from other major financial market centers wanting to define the 611 00:33:50,760 --> 00:33:54,480 Speaker 1: standards for this. So I think regulatory harmonization is really important, 612 00:33:54,640 --> 00:33:58,760 Speaker 1: having those standards, but also technology standards. So you know, 613 00:33:58,880 --> 00:34:02,720 Speaker 1: USDC itself was originally launched and is governed as a 614 00:34:02,720 --> 00:34:05,200 Speaker 1: set of standards through the Center Consort SIUM. We want 615 00:34:05,200 --> 00:34:07,400 Speaker 1: to grow that and scale that and see more stable 616 00:34:07,400 --> 00:34:09,960 Speaker 1: coins in more currencies around the world that can follow 617 00:34:10,360 --> 00:34:12,439 Speaker 1: the same set of standards. We think that kind of 618 00:34:12,680 --> 00:34:15,919 Speaker 1: standards and interoperability as well as regulatory harmonization is what's 619 00:34:15,920 --> 00:34:17,600 Speaker 1: going to really bring this to life. You know, we're 620 00:34:17,600 --> 00:34:20,279 Speaker 1: getting a question from a viewer actually, Jeremy, and that's 621 00:34:20,320 --> 00:34:22,680 Speaker 1: about us d T and bitfan X. How would a 622 00:34:22,680 --> 00:34:28,320 Speaker 1: potential fall of us ET mean for crypto You know, 623 00:34:28,520 --> 00:34:32,640 Speaker 1: I think that you know, we we've seen incredible growth 624 00:34:32,920 --> 00:34:36,719 Speaker 1: from things like USDC, We've seen incredible growth in this 625 00:34:36,760 --> 00:34:40,320 Speaker 1: whole sector. I think, you know, major institutional players that 626 00:34:40,360 --> 00:34:42,839 Speaker 1: are at the core of liquidity in these markets are 627 00:34:43,239 --> 00:34:46,359 Speaker 1: very very active in that, and so I think that 628 00:34:46,360 --> 00:34:49,880 Speaker 1: the crypto economy is quite resilient and certainly would be 629 00:34:49,880 --> 00:34:53,560 Speaker 1: resilient from an event like that. We want to thank 630 00:34:53,600 --> 00:34:56,200 Speaker 1: you so much for taking time walking us through the funding, 631 00:34:56,480 --> 00:34:58,879 Speaker 1: where it's going, the institutional adoption, a little bit about 632 00:34:58,880 --> 00:35:00,840 Speaker 1: the competition as well. Jerem me lare. We thank you 633 00:35:00,920 --> 00:35:03,720 Speaker 1: Circled CEO, and we thank Snellie Bassett for the inside 634 00:35:03,760 --> 00:35:15,759 Speaker 1: track on all things crypto. Y five million dollars. That's 635 00:35:15,760 --> 00:35:17,959 Speaker 1: how much some of the world's biggest companies are about 636 00:35:18,000 --> 00:35:21,880 Speaker 1: to spend to buy offsets carbon offsets from startups that 637 00:35:21,920 --> 00:35:24,000 Speaker 1: remove the CEO two from the air. Now. It's called 638 00:35:24,000 --> 00:35:27,000 Speaker 1: the Frontier Fund. It's owned by Stripe, but it also 639 00:35:27,040 --> 00:35:30,120 Speaker 1: got funding from the likes of Alphabet, Shopify, Meta. I 640 00:35:30,200 --> 00:35:32,440 Speaker 1: want to get into all of this with Stripes Head 641 00:35:32,480 --> 00:35:35,480 Speaker 1: of Climate Nan runs off and it's great to have 642 00:35:35,560 --> 00:35:37,640 Speaker 1: some time with you, Nanea and talk to us first 643 00:35:37,640 --> 00:35:40,560 Speaker 1: and foremost about you know, the progress you made so far, 644 00:35:40,680 --> 00:35:43,680 Speaker 1: how how much you're really looking to be offsetting some 645 00:35:43,760 --> 00:35:46,719 Speaker 1: of the impactment the businesses that you currently help, the 646 00:35:46,719 --> 00:35:49,680 Speaker 1: network and movement of funds and contribute to your climate 647 00:35:49,880 --> 00:35:53,920 Speaker 1: change perhaps withdraw some of that right. So if we 648 00:35:53,960 --> 00:35:56,839 Speaker 1: sort of start with the science. In order to hit 649 00:35:56,960 --> 00:35:59,879 Speaker 1: global warming targets, we need to do two things. One, 650 00:36:00,000 --> 00:36:01,879 Speaker 1: we need to stop emitting in the first place, and too, 651 00:36:02,040 --> 00:36:05,440 Speaker 1: we need to remove carbon dioxide that's already in the 652 00:36:05,520 --> 00:36:07,759 Speaker 1: atmosphere and ocean. We're going to need to do a 653 00:36:07,840 --> 00:36:10,239 Speaker 1: huge amount of both, but we are particularly behind on 654 00:36:10,280 --> 00:36:12,720 Speaker 1: the second, in part because you know, we didn't really 655 00:36:12,719 --> 00:36:14,480 Speaker 1: realize we were going to need to do as much 656 00:36:14,520 --> 00:36:17,239 Speaker 1: carbon removal as we now know we do um and 657 00:36:17,280 --> 00:36:20,960 Speaker 1: so our focus so far at you know, Stripe has 658 00:36:20,960 --> 00:36:23,520 Speaker 1: been with Stripe Climate that started with a small corporate commitment. 659 00:36:23,960 --> 00:36:27,440 Speaker 1: It's expanded to make it easy for many Stripe users 660 00:36:27,480 --> 00:36:29,760 Speaker 1: to direct a fraction of their revenue to carbon removal, 661 00:36:29,800 --> 00:36:31,919 Speaker 1: which we then pulled together and used it to buy 662 00:36:31,960 --> 00:36:35,040 Speaker 1: even more carbon removal down the cost curve. But despite 663 00:36:35,040 --> 00:36:37,440 Speaker 1: this current progress, we are still not at all on 664 00:36:37,560 --> 00:36:42,560 Speaker 1: track to scale carbon removal uh to the required gigatons 665 00:36:42,600 --> 00:36:45,719 Speaker 1: we need by and Frontier is really an attempt to 666 00:36:45,840 --> 00:36:48,719 Speaker 1: get carbon removal on its best possible trajectory so that 667 00:36:48,760 --> 00:36:51,719 Speaker 1: we have collectively the suite of solutions that we need 668 00:36:51,840 --> 00:36:54,440 Speaker 1: to hit that zero in the coming decades. Told to 669 00:36:54,480 --> 00:36:58,560 Speaker 1: us about how the phone came together. Uh, it came 670 00:36:58,600 --> 00:37:01,640 Speaker 1: together initially from you know that the genesis was really 671 00:37:01,760 --> 00:37:05,840 Speaker 1: from from internally described climate team looking at the science 672 00:37:05,840 --> 00:37:08,840 Speaker 1: and saying, well, while we have made a lot of progress, 673 00:37:09,000 --> 00:37:10,880 Speaker 1: we have a long way to go. How do we 674 00:37:11,280 --> 00:37:14,759 Speaker 1: really bend the curve up um for carbon removal? Knowing 675 00:37:14,760 --> 00:37:17,239 Speaker 1: that we cannot do this just by ourselves um. And 676 00:37:17,280 --> 00:37:19,719 Speaker 1: so this really sort of formed the impetism going out 677 00:37:19,840 --> 00:37:22,360 Speaker 1: and starting to talk to a number of companies of 678 00:37:22,440 --> 00:37:24,480 Speaker 1: you know, how do we send a really loud demand 679 00:37:24,560 --> 00:37:27,600 Speaker 1: signal to the industry of carbon removable that there's going 680 00:37:27,719 --> 00:37:29,640 Speaker 1: there are going to be buyers for this tech, that 681 00:37:29,960 --> 00:37:33,160 Speaker 1: for this technology which really has been the missing link 682 00:37:33,480 --> 00:37:36,480 Speaker 1: so far that that is sort of paralyzed carbon removal 683 00:37:36,719 --> 00:37:39,040 Speaker 1: in many ways. Told to us about the start ups 684 00:37:39,160 --> 00:37:41,560 Speaker 1: that are tackling just this, how do you analyze them? 685 00:37:41,600 --> 00:37:45,719 Speaker 1: How do you evaluate the impact that they're gonna have? Yes, 686 00:37:45,840 --> 00:37:48,000 Speaker 1: so we are starting to see a really diverse set 687 00:37:48,040 --> 00:37:51,000 Speaker 1: of companies that are attempting carbon removal, and they're all 688 00:37:51,040 --> 00:37:53,719 Speaker 1: over the map, right, So everything from traditional direct air 689 00:37:53,719 --> 00:37:56,840 Speaker 1: capture UM like climb works which kind of looks like 690 00:37:56,880 --> 00:37:58,799 Speaker 1: these giant fans pulling Sea two out of the air 691 00:37:58,800 --> 00:38:00,840 Speaker 1: and injecting it underground into of assault rock where it 692 00:38:00,880 --> 00:38:05,000 Speaker 1: mineral mineralizes. We have UM running tide, which is doing 693 00:38:05,040 --> 00:38:09,040 Speaker 1: help sinking, essentially growing these large columns of kelp biomaps 694 00:38:09,080 --> 00:38:11,280 Speaker 1: in the ocean and then sinking that to the bottom 695 00:38:11,440 --> 00:38:14,279 Speaker 1: where it stayed there forever UM and then you know, 696 00:38:14,360 --> 00:38:17,440 Speaker 1: charm Industrial is another example. They're taking waste of biomass 697 00:38:17,440 --> 00:38:20,279 Speaker 1: like corn stover, turning it into bioil and injecting it 698 00:38:20,320 --> 00:38:23,080 Speaker 1: back underground. We're seeing a huge amount of diversity in 699 00:38:23,120 --> 00:38:26,279 Speaker 1: the kinds of UM approaches to this, and that is 700 00:38:26,280 --> 00:38:29,160 Speaker 1: exactly what we need. We need an order of magnitude 701 00:38:29,400 --> 00:38:32,520 Speaker 1: more attempts here so that we have this portfolio that 702 00:38:32,560 --> 00:38:34,680 Speaker 1: is going to collectively get to the six billion tents 703 00:38:34,719 --> 00:38:37,640 Speaker 1: we need by twenty five every single year. I hate 704 00:38:37,640 --> 00:38:39,960 Speaker 1: to ask an Awkle question, but it's one that at 705 00:38:39,960 --> 00:38:42,320 Speaker 1: the moment perhaps some people see when they see Stripe 706 00:38:42,320 --> 00:38:45,920 Speaker 1: and investing and UM the fact that perhaps the previous 707 00:38:45,920 --> 00:38:48,160 Speaker 1: series and rounds that invest in one company didn't go 708 00:38:48,200 --> 00:38:50,480 Speaker 1: completely right. How do you ensure you've got the right 709 00:38:50,520 --> 00:38:52,239 Speaker 1: founder in place? How do you ensure that you got 710 00:38:52,280 --> 00:38:55,000 Speaker 1: all the right sort of driving factors behind a business. 711 00:38:56,320 --> 00:38:59,360 Speaker 1: So I'll make one sort of important distinction, which is, 712 00:38:59,440 --> 00:39:01,480 Speaker 1: in the case of front here and in the case 713 00:39:01,560 --> 00:39:04,799 Speaker 1: of strife climate, we are buying carbon removal. So think 714 00:39:04,800 --> 00:39:07,000 Speaker 1: of us like the customer. We're not taking an equity 715 00:39:07,040 --> 00:39:09,880 Speaker 1: stake in these companies. And this is really stems from 716 00:39:09,880 --> 00:39:13,600 Speaker 1: the fact that you know, when energy with energy, for example, 717 00:39:13,719 --> 00:39:16,240 Speaker 1: there's an end the user of energy. We consume energy 718 00:39:16,239 --> 00:39:18,839 Speaker 1: and humans derived value from that. With carbon removal, there's 719 00:39:18,880 --> 00:39:21,520 Speaker 1: no intrinsic fire because you know, we're putting it under 720 00:39:21,520 --> 00:39:24,080 Speaker 1: the ground and storing it there permanently. So nobody is 721 00:39:24,120 --> 00:39:26,880 Speaker 1: historically wanted to buy carbon removal, especially when it's early 722 00:39:26,880 --> 00:39:29,799 Speaker 1: and expensive and the you know, as a result, if 723 00:39:29,800 --> 00:39:32,640 Speaker 1: your founder, why would you start a company if uh, 724 00:39:32,719 --> 00:39:35,440 Speaker 1: if nobody is going to buy the thing you're selling. 725 00:39:35,440 --> 00:39:37,160 Speaker 1: If you're an investor, why would you invest in a 726 00:39:37,200 --> 00:39:39,800 Speaker 1: company that doesn't have a revenue stream? So are really 727 00:39:39,960 --> 00:39:43,160 Speaker 1: our theory of changing here is if we are the customer, 728 00:39:43,239 --> 00:39:45,640 Speaker 1: we can use that to pull project try ance uh, 729 00:39:45,680 --> 00:39:47,600 Speaker 1: and we can use it to pull more founders into 730 00:39:47,600 --> 00:39:49,920 Speaker 1: this space. So I'll just draw that distinction between these 731 00:39:49,920 --> 00:39:53,279 Speaker 1: new companies. The other point I'll make is that you know, 732 00:39:53,920 --> 00:39:56,759 Speaker 1: this field is early and we should expect a number 733 00:39:56,800 --> 00:39:59,480 Speaker 1: of these companies do not work. And that's okay. That 734 00:39:59,560 --> 00:40:01,879 Speaker 1: is what an early ecosystem looks like. And I think 735 00:40:01,880 --> 00:40:04,800 Speaker 1: we all need to collectively prepare for a lot of innovation. 736 00:40:05,160 --> 00:40:06,920 Speaker 1: Some of these will work and some of these won't. 737 00:40:06,920 --> 00:40:09,040 Speaker 1: But let's learn that now. Let's figure that out now 738 00:40:09,080 --> 00:40:12,240 Speaker 1: so that by we feel more confident in the companies 739 00:40:12,239 --> 00:40:14,480 Speaker 1: that we really want to double down I to scale up. 740 00:40:15,040 --> 00:40:17,480 Speaker 1: Well said Nan. We want to thank you so much 741 00:40:17,840 --> 00:40:20,359 Speaker 1: for talking us, reading what the impact is and how 742 00:40:20,360 --> 00:40:22,520 Speaker 1: you're going to be measuring your success. It's really fascinating, 743 00:40:22,880 --> 00:40:25,240 Speaker 1: Nan rans a half. Of course, stripe head of climate 744 00:40:25,520 --> 00:40:27,800 Speaker 1: when you're thinking about carbon capture there and how to 745 00:40:27,840 --> 00:40:31,040 Speaker 1: shift the dial. Now, of course that does it for 746 00:40:31,040 --> 00:40:33,960 Speaker 1: this edition of Bloomberg Technology. Don't forget to check out 747 00:40:34,280 --> 00:40:36,360 Speaker 1: on your podcast. You can find it on the terminal 748 00:40:36,400 --> 00:40:39,600 Speaker 1: as well as online on Apple Spotify, I heart I 749 00:40:39,640 --> 00:40:41,759 Speaker 1: don't want to miss it. Of course, plenty more coming 750 00:40:41,840 --> 00:40:43,920 Speaker 1: up tomorrow as we dig into the world of technology 751 00:40:44,320 --> 00:40:47,000 Speaker 1: and indeed the world of fintech to the helps of 752 00:40:47,040 --> 00:40:49,640 Speaker 1: the focus on crypto. This is Bloomberg