1 00:00:02,640 --> 00:00:05,840 Speaker 1: This is Bloomberg Crypto and Daily Bloomberg I heard podcast, 2 00:00:06,040 --> 00:00:09,000 Speaker 1: and I'm Stacy Marie Ishmael, Managing editor of Crypto for 3 00:00:09,000 --> 00:00:26,480 Speaker 1: Bloomberg News. It's Thursday, September one. Black Rock, the world's 4 00:00:26,520 --> 00:00:29,720 Speaker 1: largest asset manager, teamed up with the crypto exchange coin Base, 5 00:00:30,040 --> 00:00:32,519 Speaker 1: in a move that both Wall Street and cryptotypes are 6 00:00:32,560 --> 00:00:36,239 Speaker 1: watching pretty closely. Black Rock says the partnership will help 7 00:00:36,320 --> 00:00:40,280 Speaker 1: clients more easily manage and trade their bitcoin. It's a 8 00:00:40,360 --> 00:00:42,760 Speaker 1: deal that comes at an interesting time for coin Base, 9 00:00:43,040 --> 00:00:46,360 Speaker 1: which posted a record one point one billion dollar loss 10 00:00:46,400 --> 00:00:50,280 Speaker 1: for the second quarter of two The company shares have 11 00:00:50,320 --> 00:00:53,559 Speaker 1: fallen at least fifty this year, but of course they 12 00:00:53,680 --> 00:00:57,080 Speaker 1: rallied right after that partnership was announced because people were 13 00:00:57,120 --> 00:01:00,440 Speaker 1: excited about the prospects for them. Coin bases shares have 14 00:01:00,600 --> 00:01:04,959 Speaker 1: gained almost forty more than over three days, so you're 15 00:01:05,000 --> 00:01:08,040 Speaker 1: really seeing some of the gains come back to coin 16 00:01:08,040 --> 00:01:10,959 Speaker 1: basis stock that's down still more than six this year. 17 00:01:11,160 --> 00:01:13,480 Speaker 1: Coin Based has also been facing a decent amount of 18 00:01:13,520 --> 00:01:17,919 Speaker 1: regulatory scrutiny on multiple fronts. For more on this latest 19 00:01:17,920 --> 00:01:20,959 Speaker 1: Wall Street four into crypto, I'm joined by Bloomberg reporters 20 00:01:20,959 --> 00:01:24,080 Speaker 1: you each yang this black Rock deal is really a 21 00:01:24,160 --> 00:01:27,720 Speaker 1: validation to show that coin Base is still very much 22 00:01:27,760 --> 00:01:30,720 Speaker 1: a giant in the industry and cell brush, So it 23 00:01:30,800 --> 00:01:33,160 Speaker 1: was essentially an effort to kind of bring into the 24 00:01:33,520 --> 00:01:36,880 Speaker 1: black Rocks sort of technology fold bitcoin alongside all these 25 00:01:36,920 --> 00:01:48,800 Speaker 1: other passets. You ashually welcome back to the podcast and 26 00:01:48,880 --> 00:01:51,080 Speaker 1: still a first time guest, looking forward to have you 27 00:01:51,120 --> 00:01:53,240 Speaker 1: on more. So, one of the things that was not 28 00:01:53,360 --> 00:01:57,760 Speaker 1: necessarily expecting over the past couple of months was perhaps 29 00:01:57,960 --> 00:02:02,760 Speaker 1: the rate of I wouldn't quite call it a detent, 30 00:02:03,160 --> 00:02:09,240 Speaker 1: but at least the willingness of extremely traditional Wall Street 31 00:02:09,560 --> 00:02:15,160 Speaker 1: firms large, very large and gigantic to engage with crypto 32 00:02:15,320 --> 00:02:17,959 Speaker 1: in different ways. And one of the most recent examples 33 00:02:17,960 --> 00:02:20,480 Speaker 1: that we've had about this is, you know, something you've 34 00:02:20,480 --> 00:02:24,000 Speaker 1: both covered in different ways, which is, you know, black 35 00:02:24,120 --> 00:02:27,600 Speaker 1: Rock teaming up with coin Base to offer kind of 36 00:02:27,600 --> 00:02:30,400 Speaker 1: a range of different sorts of services to institutional investors. 37 00:02:30,760 --> 00:02:32,880 Speaker 1: And so before we go too much into what that 38 00:02:33,000 --> 00:02:36,800 Speaker 1: partnership says, can you just explain to people what black 39 00:02:36,919 --> 00:02:39,200 Speaker 1: Rock does, why, and why they're such a big deal. 40 00:02:39,960 --> 00:02:43,040 Speaker 1: So black Rock has eight and a half trillion dollars 41 00:02:43,120 --> 00:02:45,519 Speaker 1: under management at the moment, that's trillion with a T. 42 00:02:46,480 --> 00:02:50,679 Speaker 1: It's the world's largest money manager, and it does products 43 00:02:50,680 --> 00:02:53,440 Speaker 1: pretty much ranging the gamut from you know, the most 44 00:02:53,520 --> 00:02:57,160 Speaker 1: sort of index benchmark exchange traded funds, things tied to 45 00:02:57,200 --> 00:03:02,000 Speaker 1: the SMP all the way through customized hedge funds and 46 00:03:02,120 --> 00:03:06,760 Speaker 1: private equity. They're also, you know, since they're founding, they've 47 00:03:06,760 --> 00:03:11,760 Speaker 1: been heavily involved in technology that analyzes risk and financial markets, 48 00:03:12,160 --> 00:03:14,120 Speaker 1: and they kind of use it for the backbone of 49 00:03:14,160 --> 00:03:17,280 Speaker 1: both their business as well as for their clients. So 50 00:03:17,440 --> 00:03:21,079 Speaker 1: clients kind of can use their technology to analyze risks 51 00:03:21,120 --> 00:03:24,960 Speaker 1: across their portfolios. So, uh, they're a massive firm. There 52 00:03:24,960 --> 00:03:28,040 Speaker 1: are across markets, there are across geographies, and they're heavily 53 00:03:28,040 --> 00:03:31,359 Speaker 1: involved in kind of the backbone technology of financial markets. 54 00:03:32,960 --> 00:03:36,040 Speaker 1: And why are they now involved in crypto? So, I mean, 55 00:03:36,080 --> 00:03:40,120 Speaker 1: I think black Rock has been watching crypto and digital 56 00:03:40,120 --> 00:03:43,800 Speaker 1: asset markets much like many players in the financial industry, 57 00:03:44,440 --> 00:03:47,080 Speaker 1: and you know, if you go back a few years ago, 58 00:03:47,120 --> 00:03:50,920 Speaker 1: they were quite reluctant, like many sort of traditional financial players, 59 00:03:51,200 --> 00:03:55,600 Speaker 1: to actually jump into crypto markets. And they're they basically 60 00:03:55,600 --> 00:03:59,720 Speaker 1: say that they're acting now in response to demand that 61 00:03:59,760 --> 00:04:03,360 Speaker 1: they see from their big institutional clients. So when their 62 00:04:03,400 --> 00:04:06,760 Speaker 1: clients want to get into digital assets, namely and specifically 63 00:04:06,760 --> 00:04:10,200 Speaker 1: bitcoin in their case, you know, they kind of feel 64 00:04:10,240 --> 00:04:13,960 Speaker 1: like they have a business and kind of meeting their 65 00:04:14,000 --> 00:04:16,920 Speaker 1: clients where they want to go and you achieve what's 66 00:04:16,920 --> 00:04:20,120 Speaker 1: in as for coin base, so this is really a 67 00:04:20,240 --> 00:04:25,040 Speaker 1: much needed validation for coin based, a company which has 68 00:04:25,080 --> 00:04:29,600 Speaker 1: been through a lot especially he winds so far this year. 69 00:04:29,960 --> 00:04:33,080 Speaker 1: We know that coin base UM laid off eighteen percent 70 00:04:33,120 --> 00:04:36,560 Speaker 1: of staff, their stock has been dropping along with the 71 00:04:36,560 --> 00:04:40,920 Speaker 1: the collapse of crypto prices. They also had to navigate 72 00:04:40,960 --> 00:04:45,479 Speaker 1: some regulatory uncertainty with their their products, and we know 73 00:04:45,640 --> 00:04:51,240 Speaker 1: that they've disclosed certain investigations by the SEC. So for 74 00:04:51,279 --> 00:04:54,320 Speaker 1: a long time, I think the news that we've covered 75 00:04:54,360 --> 00:04:58,080 Speaker 1: for coin base is really just negative for the company, 76 00:04:58,160 --> 00:05:01,760 Speaker 1: and this black Rock do or is really a validation 77 00:05:01,800 --> 00:05:06,520 Speaker 1: to show that coin based, as the biggest US crypto exchange, 78 00:05:06,600 --> 00:05:09,480 Speaker 1: is still very much a giant in the industry, is 79 00:05:09,520 --> 00:05:14,479 Speaker 1: able to sign on the biggest companies from other industries. 80 00:05:14,520 --> 00:05:18,760 Speaker 1: Black Rock including UM and then Meta, the parent company 81 00:05:18,760 --> 00:05:21,920 Speaker 1: of Facebook, is another example to to help them get 82 00:05:21,960 --> 00:05:28,480 Speaker 1: on board with the crypto economy. So from coin basis perspective, 83 00:05:28,600 --> 00:05:30,839 Speaker 1: and you know, to your point about this is good 84 00:05:30,839 --> 00:05:32,719 Speaker 1: news for them. I think their shares were up like 85 00:05:32,800 --> 00:05:36,080 Speaker 1: fifteen percent on the day when this news was announced. 86 00:05:36,400 --> 00:05:40,880 Speaker 1: So coin bases getting institutional credibility from having a partnership with, 87 00:05:40,960 --> 00:05:44,960 Speaker 1: as Stila explained, the biggest asset manager or money manager 88 00:05:45,000 --> 00:05:49,080 Speaker 1: in the world. And you know, solo like black Rock 89 00:05:49,160 --> 00:05:52,080 Speaker 1: is getting um kind of crypto credit. Right, You've got 90 00:05:52,120 --> 00:05:56,320 Speaker 1: this very large, very established Wall Street giant now able 91 00:05:56,360 --> 00:05:59,880 Speaker 1: to offer exposure and access to its institutional clients and 92 00:06:00,040 --> 00:06:04,880 Speaker 1: way that feels less risky perhaps than some of the alternatives. 93 00:06:04,880 --> 00:06:08,120 Speaker 1: But what specifically is this partnership about, Like, what does 94 00:06:08,160 --> 00:06:14,120 Speaker 1: it enable them to do? There were two developments in 95 00:06:14,160 --> 00:06:17,360 Speaker 1: the last month or so. The first is a partnership 96 00:06:17,400 --> 00:06:21,279 Speaker 1: with coin base that allows clients of both companies to 97 00:06:21,600 --> 00:06:25,840 Speaker 1: use Black Rocks technology, which is called a Latin to 98 00:06:26,680 --> 00:06:32,880 Speaker 1: essentially monitor their risk and their exposures to bitcoin alongside 99 00:06:33,000 --> 00:06:36,560 Speaker 1: all the other kind of assets stocks and bonds, derivatives, 100 00:06:36,600 --> 00:06:39,839 Speaker 1: other kinds of assets that they have in their portfolio. 101 00:06:40,279 --> 00:06:42,520 Speaker 1: So it was essentially an effort to kind of bring 102 00:06:42,560 --> 00:06:46,479 Speaker 1: into the Black Rocks sort of technology fold bitcoin alongside 103 00:06:46,480 --> 00:06:48,800 Speaker 1: all these other assets, and it was a partnership that 104 00:06:48,960 --> 00:06:53,280 Speaker 1: then allows clients to kind of monitor their exposures at 105 00:06:53,320 --> 00:06:57,359 Speaker 1: black Rock and then also use coin based to trade bitcoin. 106 00:06:57,839 --> 00:07:02,240 Speaker 1: The second announcement was a black Rock product, a private 107 00:07:02,480 --> 00:07:07,560 Speaker 1: trust product that allows large institutional investors to invest in 108 00:07:07,839 --> 00:07:12,040 Speaker 1: big and you achieve you know, one of the things 109 00:07:12,120 --> 00:07:14,480 Speaker 1: you've been reporting on obviously is you know, coin based 110 00:07:14,480 --> 00:07:18,960 Speaker 1: earnings over the past several quarters and months, and you 111 00:07:19,280 --> 00:07:22,920 Speaker 1: noted in this the story that you and Solo worked 112 00:07:23,000 --> 00:07:27,120 Speaker 1: on that institutional investors accounted for about three quotas of 113 00:07:27,240 --> 00:07:30,760 Speaker 1: overall coin based trading volume in Q one two and 114 00:07:30,800 --> 00:07:33,840 Speaker 1: that training volume was you know, upwards of three billion dollars. 115 00:07:33,640 --> 00:07:39,440 Speaker 1: So coin base clearly has an existing institutional user base. 116 00:07:39,920 --> 00:07:42,560 Speaker 1: But this is also a way for them to allay 117 00:07:42,720 --> 00:07:45,280 Speaker 1: some of the concerns elsewhere on wall streets about the 118 00:07:45,280 --> 00:07:49,000 Speaker 1: fact that their retail business seems to be stagnating a 119 00:07:49,040 --> 00:07:53,400 Speaker 1: little bit. Right While even though institutional users make up 120 00:07:53,720 --> 00:07:56,880 Speaker 1: the majority of the training volume on coin base, coin 121 00:07:56,920 --> 00:08:01,080 Speaker 1: based do generates most of his revenue from retail users, 122 00:08:01,280 --> 00:08:05,280 Speaker 1: and the company management noted during their earning scud that 123 00:08:05,320 --> 00:08:09,200 Speaker 1: they're still expecting retail users to sit on the sideline 124 00:08:09,600 --> 00:08:14,040 Speaker 1: during the following quarter, just because we're still pretty much 125 00:08:14,080 --> 00:08:17,120 Speaker 1: in the downturn in the cryptal market, and usually during 126 00:08:17,160 --> 00:08:23,000 Speaker 1: crypto winter, retails are are more um less encouraged or 127 00:08:23,400 --> 00:08:28,240 Speaker 1: or just not participating as much with treating and investing 128 00:08:28,280 --> 00:08:33,199 Speaker 1: in crypto. So Quein bas is indeed a well recognized 129 00:08:33,320 --> 00:08:37,679 Speaker 1: name among the institutional players, especially in the US. They're 130 00:08:37,760 --> 00:08:41,560 Speaker 1: the first public company that gives them a lot of credibility. 131 00:08:41,920 --> 00:08:44,400 Speaker 1: But then at the same time, we also recently wrote 132 00:08:44,679 --> 00:08:47,520 Speaker 1: a story about the decline market share of Quein based 133 00:08:47,520 --> 00:08:51,480 Speaker 1: on a global level, and um the reason being that 134 00:08:51,559 --> 00:08:57,240 Speaker 1: Quein base doesn't have derivative products offering to the retail investors, 135 00:08:57,360 --> 00:08:59,719 Speaker 1: and then a lot of the cryptal treating volumes are 136 00:08:59,800 --> 00:09:04,080 Speaker 1: in the derivative space, so that means that those volumes 137 00:09:04,080 --> 00:09:10,000 Speaker 1: are mostly being down over at exchanges abroad. So this 138 00:09:10,080 --> 00:09:13,160 Speaker 1: is kind of you're describing something that an analysts speak 139 00:09:13,200 --> 00:09:16,640 Speaker 1: would be a combination of headwinds and tail winds. They have, 140 00:09:16,760 --> 00:09:18,680 Speaker 1: they have some stuff going for them and some things 141 00:09:18,679 --> 00:09:21,240 Speaker 1: that are a little bit more challenging. I want to 142 00:09:21,280 --> 00:09:23,440 Speaker 1: go back to what you mentioned though about you know, 143 00:09:23,760 --> 00:09:27,880 Speaker 1: Goldman Sachs having previously done some work with with coin base, 144 00:09:27,960 --> 00:09:30,640 Speaker 1: because it sounds to me like one of coin bases 145 00:09:31,440 --> 00:09:34,560 Speaker 1: ambitions has really to become like the go to for 146 00:09:34,640 --> 00:09:36,240 Speaker 1: Wall Street. Like, if Wall Street is going to do 147 00:09:36,240 --> 00:09:38,920 Speaker 1: a crypto thing, you they should come to a crypto 148 00:09:39,040 --> 00:09:42,480 Speaker 1: thing with coin base. Is there are there any other 149 00:09:42,520 --> 00:09:47,400 Speaker 1: crypto companies that are trying to challenge that ambition? Well, 150 00:09:47,440 --> 00:09:49,640 Speaker 1: I always say f t x in the US will 151 00:09:49,720 --> 00:09:53,680 Speaker 1: be another key player. F t x U s also 152 00:09:53,880 --> 00:09:58,720 Speaker 1: has UM has been investing a lot in the US market. 153 00:09:59,200 --> 00:10:03,680 Speaker 1: They started UM from overseas market, but they've since launched 154 00:10:03,720 --> 00:10:07,560 Speaker 1: in the US. They actually also recently expanded into equities trading, 155 00:10:07,880 --> 00:10:12,360 Speaker 1: which is their attempt to capture a broader based of users, 156 00:10:12,400 --> 00:10:16,920 Speaker 1: including the ming Stock retail investors. So they're seeing as 157 00:10:16,960 --> 00:10:21,920 Speaker 1: another strong competitor UM in the US. Up next, you'll 158 00:10:21,920 --> 00:10:24,520 Speaker 1: hear more from Bloomberg reports, uh Gang, and still a 159 00:10:24,559 --> 00:10:27,240 Speaker 1: brush about the Wall Street partnership that's trying to bridge 160 00:10:27,280 --> 00:10:41,080 Speaker 1: the gap between trad FI and defy black Rock partnering 161 00:10:41,120 --> 00:10:44,480 Speaker 1: with coin based to make it easier for institutional investors 162 00:10:44,800 --> 00:10:48,240 Speaker 1: to manage and trade bitcoin. But and so I want 163 00:10:48,240 --> 00:10:51,439 Speaker 1: to go back to you know the second part of 164 00:10:51,480 --> 00:10:54,640 Speaker 1: the black Rock deal, which is this private trust that 165 00:10:54,760 --> 00:10:58,400 Speaker 1: you mentioned. There's a quote in or a reference in 166 00:10:58,400 --> 00:11:00,720 Speaker 1: in the story that you wrote about this that said, 167 00:11:01,080 --> 00:11:03,920 Speaker 1: you know, Larry Fink, who's the CEO of black Rock, 168 00:11:04,120 --> 00:11:07,120 Speaker 1: said up to four years ago he just hadn't heard 169 00:11:07,200 --> 00:11:10,520 Speaker 1: of any interest from clients seeking exposure to crypto. That's 170 00:11:10,520 --> 00:11:14,120 Speaker 1: obviously changed enough for for them to be offering this 171 00:11:14,280 --> 00:11:18,439 Speaker 1: right now. You report on lots of different major institutional 172 00:11:18,440 --> 00:11:22,000 Speaker 1: investors asset manages. What are some of the to use 173 00:11:22,000 --> 00:11:23,720 Speaker 1: a word we like to use here, like, what's the 174 00:11:23,800 --> 00:11:27,199 Speaker 1: vibe shift that you're getting in terms of why these 175 00:11:27,200 --> 00:11:30,880 Speaker 1: folks are increasingly comfortable with and why their clients are 176 00:11:30,920 --> 00:11:36,600 Speaker 1: increasingly interested in this asset class Relative to Bitcoin, I 177 00:11:36,640 --> 00:11:40,800 Speaker 1: think many larger traders feel like it is on relatively 178 00:11:41,000 --> 00:11:45,560 Speaker 1: sure footing or more more stable footing than maybe some 179 00:11:45,640 --> 00:11:48,800 Speaker 1: of the other smaller tokens in the digital market. So 180 00:11:48,840 --> 00:11:52,400 Speaker 1: where you see the greatest interest from maybe the the biggest, 181 00:11:52,480 --> 00:11:56,600 Speaker 1: most established traditional financial players are in those areas, those 182 00:11:56,640 --> 00:12:00,040 Speaker 1: products which are on that kind of sure finn and 183 00:12:00,400 --> 00:12:03,320 Speaker 1: financial and regulatory footing. I don't think it's a shock 184 00:12:03,400 --> 00:12:06,480 Speaker 1: that bitcoin is the one that you know, people are 185 00:12:06,480 --> 00:12:09,040 Speaker 1: most comfortable with. And there's those couple of factors I 186 00:12:09,080 --> 00:12:13,200 Speaker 1: think that make the vibe feel different now, even in 187 00:12:13,240 --> 00:12:15,480 Speaker 1: the depths of whether it's you call it crypto winter 188 00:12:15,600 --> 00:12:17,800 Speaker 1: or just the meltdown that we've seen in the crypto 189 00:12:17,880 --> 00:12:20,800 Speaker 1: Marcus this year. Like I think, you know, so so 190 00:12:20,920 --> 00:12:24,680 Speaker 1: many people's initial reaction this this year was like that's interesting, 191 00:12:24,720 --> 00:12:28,280 Speaker 1: but like why now, like the market has plunged, And 192 00:12:28,400 --> 00:12:30,920 Speaker 1: I think the answer to that is about this kind 193 00:12:30,920 --> 00:12:34,400 Speaker 1: of shift in mindset that some large financial players have 194 00:12:34,559 --> 00:12:36,920 Speaker 1: had in the sense that like the regulatory setting is 195 00:12:36,960 --> 00:12:39,480 Speaker 1: sort of more comfortable and sure now for at least 196 00:12:39,480 --> 00:12:41,480 Speaker 1: some products than it was three or four or five 197 00:12:41,559 --> 00:12:44,760 Speaker 1: years ago. They're more traditional institutional players in the market, 198 00:12:44,840 --> 00:12:48,280 Speaker 1: so there's a kind of critical mass effect, and uh, 199 00:12:48,440 --> 00:12:50,920 Speaker 1: that's sort of why the vibe does feel different, at 200 00:12:50,960 --> 00:12:56,080 Speaker 1: least relative to certain digital assets. U A. G. One 201 00:12:56,120 --> 00:12:59,320 Speaker 1: of the you know, kind of storylines that you've been 202 00:13:00,000 --> 00:13:02,200 Speaker 1: reporting out and you know, we've we've sort of written 203 00:13:02,440 --> 00:13:05,240 Speaker 1: several stories about this is the kind of this revolving 204 00:13:05,280 --> 00:13:08,800 Speaker 1: door of folks leaving traditional Wall Street firms and banks 205 00:13:08,800 --> 00:13:11,600 Speaker 1: and asset managers going to crypto, starting their own thing. 206 00:13:11,640 --> 00:13:16,959 Speaker 1: Crypto joining crypto companies sometimes going back to those more 207 00:13:17,000 --> 00:13:20,439 Speaker 1: traditional places, or you know, starting a crypto thing and 208 00:13:20,480 --> 00:13:23,480 Speaker 1: those more traditional places. Is there anything that you've observed 209 00:13:23,480 --> 00:13:26,040 Speaker 1: and you're reporting about the culture of these crypto companies 210 00:13:26,320 --> 00:13:34,040 Speaker 1: that pose either opportunities or challenges in these more traditional partnerships. Hmm, 211 00:13:34,080 --> 00:13:37,440 Speaker 1: that's a good question. I think even within the crypto industry, 212 00:13:37,480 --> 00:13:40,960 Speaker 1: there's such a vast range of different types of companies, 213 00:13:41,000 --> 00:13:45,200 Speaker 1: each with their different culture, so it's really hard to 214 00:13:45,600 --> 00:13:49,880 Speaker 1: just calcularize it in one way. But I think in general, 215 00:13:49,960 --> 00:13:53,320 Speaker 1: we know that the traditional finance industry is heavily regulated 216 00:13:53,559 --> 00:13:56,440 Speaker 1: and the executive stars are are very much used to 217 00:13:57,360 --> 00:14:01,320 Speaker 1: playing by rules and um, getting clear errands um for 218 00:14:01,440 --> 00:14:04,800 Speaker 1: everything that they do or everything they say, for example, 219 00:14:05,200 --> 00:14:08,000 Speaker 1: and then when they joined the crypto company, UM, we 220 00:14:08,080 --> 00:14:11,720 Speaker 1: know that the industry is still very much exploring a 221 00:14:11,760 --> 00:14:14,640 Speaker 1: lot of services and how they how they promote themselves, 222 00:14:14,679 --> 00:14:17,440 Speaker 1: and then they're in talks with regulators to figure out 223 00:14:17,480 --> 00:14:20,600 Speaker 1: the rules. So it is a work in progress, and 224 00:14:20,680 --> 00:14:23,880 Speaker 1: we've heard of executives talking about how after they switched 225 00:14:23,920 --> 00:14:26,560 Speaker 1: to crypto companies they not have to learn how to 226 00:14:26,600 --> 00:14:30,680 Speaker 1: talk directly on Twitter for example, UM and to stand 227 00:14:30,680 --> 00:14:33,600 Speaker 1: out along Twist West and as as their main form 228 00:14:33,680 --> 00:14:36,480 Speaker 1: of communication, which is very different from what they used 229 00:14:36,520 --> 00:14:39,760 Speaker 1: to do, which would have been getting approval from a 230 00:14:39,800 --> 00:14:43,280 Speaker 1: communication person, sending out a press release, et cetera. So 231 00:14:43,440 --> 00:14:45,720 Speaker 1: I think there are cultural changes that they have to 232 00:14:46,600 --> 00:14:50,040 Speaker 1: adapt to. But then at the same time, UM cryptal 233 00:14:50,080 --> 00:14:54,000 Speaker 1: companies UM differ from each other. Working at coin based 234 00:14:54,320 --> 00:14:57,120 Speaker 1: UM will give you a very different experience than working 235 00:14:57,120 --> 00:15:00,800 Speaker 1: for some of the cryptal startup that quh G and 236 00:15:00,840 --> 00:15:03,360 Speaker 1: thank you Sila. You can find more of h G 237 00:15:03,480 --> 00:15:06,400 Speaker 1: and silas reporting on the Bloomberg terminal on Bloomberg dot 238 00:15:06,400 --> 00:15:09,960 Speaker 1: com or follow them on Twitter. UH is at U 239 00:15:10,440 --> 00:15:16,360 Speaker 1: underscore young That's why U e q I underscore y 240 00:15:16,560 --> 00:15:20,520 Speaker 1: A n G and Sila is at s A brush 241 00:15:20,880 --> 00:15:30,480 Speaker 1: b R U s H on the next episode of 242 00:15:30,480 --> 00:15:33,440 Speaker 1: Bloomberg Crypto. Why is there an image of a whale 243 00:15:33,760 --> 00:15:36,280 Speaker 1: on the sleeves of the official uniform of the Chelsea 244 00:15:36,320 --> 00:15:39,680 Speaker 1: Football Club? Why does a drone racing league need a 245 00:15:39,720 --> 00:15:44,240 Speaker 1: crypto sponsor? And can crypto companies even afford to continue 246 00:15:44,280 --> 00:15:47,200 Speaker 1: to spend billions of dollars of advertising in a market downturn? 247 00:15:47,400 --> 00:15:51,720 Speaker 1: Crypto companies have committed two point four billion or more 248 00:15:51,920 --> 00:15:55,720 Speaker 1: on sports marketing just over the past eighteen months. We'll 249 00:15:55,760 --> 00:15:58,400 Speaker 1: talk about all of this in the latest episode on crypto, 250 00:15:58,440 --> 00:16:06,360 Speaker 1: advertising and Sports. This is Bloomberg Crypto, a daily podcast 251 00:16:06,400 --> 00:16:09,520 Speaker 1: from Bloomberg and I Heart Radio. For more shows from 252 00:16:09,520 --> 00:16:12,960 Speaker 1: I Heart Radio, visit the I Heart Radio app, Apple Podcasts, 253 00:16:13,120 --> 00:16:17,040 Speaker 1: or wherever you get your podcasts. Send us your comments, questions, 254 00:16:17,120 --> 00:16:19,960 Speaker 1: or suggestions for the show to Crypto at Bloomberg dot 255 00:16:20,000 --> 00:16:26,000 Speaker 1: net or find us on Twitter. We're at Crypto. The 256 00:16:26,040 --> 00:16:29,960 Speaker 1: supervising producer of Bloomberg Crypto is Vicky Vergelina. Our senior 257 00:16:30,000 --> 00:16:33,480 Speaker 1: producer is Janet Babin. Our producers are Mohammed Baruk and 258 00:16:33,480 --> 00:16:37,680 Speaker 1: Sharon Barriro. Our associate producers ozanam Sideki Kai Butler and 259 00:16:37,760 --> 00:16:42,120 Speaker 1: Moses sum Desta wonder At is our engineer. Original music 260 00:16:42,240 --> 00:16:47,440 Speaker 1: by Leo Sidran. I'm Stacy Marie Schmal. We'll be back tomorrow.