1 00:00:02,560 --> 00:00:05,840 Speaker 1: From the heart of where innovation, money and power COLLI 2 00:00:06,680 --> 00:00:11,200 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:11,240 --> 00:00:27,040 Speaker 1: Emily Jay. I'm I'm only checking San Francisco and this 4 00:00:27,080 --> 00:00:29,600 Speaker 1: is Bloomberg Technology. Coming up in the next hour, more 5 00:00:29,640 --> 00:00:32,479 Speaker 1: sanctions the U s upping the pressure on Putin and 6 00:00:32,560 --> 00:00:34,960 Speaker 1: those closest to him. We will bring you the latest 7 00:00:35,240 --> 00:00:38,239 Speaker 1: from the White House, plus how the war in Ukraine 8 00:00:38,320 --> 00:00:41,080 Speaker 1: is affecting its world renowned tech sector. We're gonna talk 9 00:00:41,080 --> 00:00:44,080 Speaker 1: to two engineers who've been helping their employees stationed across 10 00:00:44,800 --> 00:00:48,320 Speaker 1: Ukraine about how it's going down and more than a 11 00:00:48,360 --> 00:00:51,279 Speaker 1: billion dollars in losses for graph this last quarter. I'll 12 00:00:51,280 --> 00:00:53,320 Speaker 1: speak with President ming Mo about how he plans to 13 00:00:53,360 --> 00:01:05,880 Speaker 1: turn it around. Despite the relentless onslaught of Russian forces, 14 00:01:05,959 --> 00:01:09,040 Speaker 1: Ukraine's vital tech sector is still operating for clients around 15 00:01:09,040 --> 00:01:12,039 Speaker 1: the world, while Ukraine's own tech leaders are helping support 16 00:01:12,080 --> 00:01:14,319 Speaker 1: the war effort in working around the clock to keep 17 00:01:14,360 --> 00:01:16,640 Speaker 1: their own employees safe. I want to bring in two 18 00:01:16,680 --> 00:01:19,880 Speaker 1: of those tech leaders now, Lasha onto DAWs, the co 19 00:01:20,120 --> 00:01:23,360 Speaker 1: founder of the n f T a PI platform, Rarefy, 20 00:01:23,400 --> 00:01:27,480 Speaker 1: as well as Pavel Crecenko, founder of the blockchain Blockchain 21 00:01:27,520 --> 00:01:30,320 Speaker 1: Expertise Center Distributed Lab, who just helped some of his 22 00:01:30,360 --> 00:01:33,120 Speaker 1: team members get out of the city in Carkeev Pavela, 23 00:01:33,160 --> 00:01:35,840 Speaker 1: I know you are in western Ukraine right now, so 24 00:01:35,880 --> 00:01:37,600 Speaker 1: you're holding up your phone in front of your face 25 00:01:38,120 --> 00:01:41,640 Speaker 1: where you are hunkered down. I would love for you 26 00:01:41,720 --> 00:01:45,000 Speaker 1: to talk to us about what you're experiencing there. I 27 00:01:45,040 --> 00:01:48,360 Speaker 1: know you're in a city called Uzgrut, which has been 28 00:01:48,440 --> 00:01:50,880 Speaker 1: quieter till now. How are you doing and what is 29 00:01:50,920 --> 00:01:57,600 Speaker 1: the situation there? Yeah, the situation is he's okay, but 30 00:01:57,840 --> 00:02:02,080 Speaker 1: you know, seven days ago a volk from the rockets 31 00:02:02,080 --> 00:02:05,280 Speaker 1: and explosions and Kiev, so that that was like an 32 00:02:05,280 --> 00:02:08,880 Speaker 1: experience and still like big part of my team is 33 00:02:08,919 --> 00:02:12,920 Speaker 1: experiencing this in Hearkiv. The ARKive was all over the 34 00:02:13,000 --> 00:02:19,679 Speaker 1: news because Russians have demolishing the city. So today, yesterday, 35 00:02:19,720 --> 00:02:24,440 Speaker 1: tomorrow we're like avacating the team and also people who 36 00:02:24,440 --> 00:02:29,400 Speaker 1: are like in big need. Thank you so much for 37 00:02:29,520 --> 00:02:33,120 Speaker 1: taking the time to talk to us about what you're experiencing. Obviously, 38 00:02:33,160 --> 00:02:35,720 Speaker 1: my heart goes out to you and your team. Lasha. 39 00:02:35,840 --> 00:02:38,080 Speaker 1: I know you left Ukraine for safety in Georgia. A 40 00:02:38,080 --> 00:02:40,200 Speaker 1: few weeks ago, but you still have almost two dozen 41 00:02:40,200 --> 00:02:43,520 Speaker 1: employees and developers still in the Ukraine. What are they 42 00:02:43,520 --> 00:02:48,640 Speaker 1: telling you right now? So definitely as you can stay 43 00:02:48,680 --> 00:02:52,480 Speaker 1: on trying to manage from outside of country, and it's 44 00:02:52,560 --> 00:02:55,880 Speaker 1: the kind of a challenge as well. But I want 45 00:02:55,919 --> 00:02:58,880 Speaker 1: to like actually stank the community internally and power when 46 00:02:58,880 --> 00:03:02,080 Speaker 1: he steam because there's a huge coordination among the the 47 00:03:02,280 --> 00:03:06,760 Speaker 1: developer community and in terms of like even evacuating and 48 00:03:06,840 --> 00:03:12,320 Speaker 1: living and coordinating UH this process and overall what we've 49 00:03:12,360 --> 00:03:16,800 Speaker 1: seen inside UH is a huge help because the chats 50 00:03:17,120 --> 00:03:21,560 Speaker 1: that were used previously for inviting the greatest speakers in 51 00:03:21,720 --> 00:03:25,000 Speaker 1: Ukraine and really showing what we're building are now kind 52 00:03:25,000 --> 00:03:28,280 Speaker 1: of coordination chets in terms of like who needs would 53 00:03:28,440 --> 00:03:32,200 Speaker 1: and UH that's a huge help, especially for me who's 54 00:03:32,240 --> 00:03:36,280 Speaker 1: outside and trying to manage all that and get hand 55 00:03:37,120 --> 00:03:40,160 Speaker 1: on hand. Pavel, I know you're working around the clock 56 00:03:40,200 --> 00:03:44,120 Speaker 1: to help your employees get to safer places. How hard 57 00:03:44,200 --> 00:03:45,720 Speaker 1: is it to get out talk to us about the 58 00:03:45,720 --> 00:03:49,440 Speaker 1: logistical challenges that you're dealing with. I know they are 59 00:03:49,480 --> 00:03:53,080 Speaker 1: first of all leaving everything they know it is incredibly costly. 60 00:03:53,720 --> 00:03:57,160 Speaker 1: They won't have access necessarily to a consistent supply of 61 00:03:57,240 --> 00:04:04,640 Speaker 1: food or or medication. Basically, there are a few challenges. 62 00:04:05,440 --> 00:04:10,160 Speaker 1: You have this shortage of like taxi drivers, so anybody 63 00:04:10,160 --> 00:04:13,600 Speaker 1: who can deliver anything. And the prices went up like 64 00:04:13,680 --> 00:04:19,320 Speaker 1: fifty times, so for normal people it's just impossible to pay. 65 00:04:19,400 --> 00:04:22,040 Speaker 1: Uh for I T people is still possible, but it's 66 00:04:22,040 --> 00:04:27,960 Speaker 1: a very expensive operation. Uh. And plus the martial laws, 67 00:04:28,040 --> 00:04:31,960 Speaker 1: like you you cannot stay outside after six or in 68 00:04:32,040 --> 00:04:35,600 Speaker 1: some cities after four and yeah, you logistics need to 69 00:04:35,720 --> 00:04:40,120 Speaker 1: be finished before so the day starts at six am. Um. 70 00:04:40,200 --> 00:04:44,120 Speaker 1: Yeah in some places, like one developer just called me said, 71 00:04:44,200 --> 00:04:50,280 Speaker 1: I need yeah way out because our home has no electricity, 72 00:04:50,320 --> 00:04:54,200 Speaker 1: has no heat, has no gas because it was bumped 73 00:04:54,279 --> 00:04:58,680 Speaker 1: and yeah, so he needs to escape tomorrow. So this 74 00:04:58,800 --> 00:05:01,360 Speaker 1: type of stuff we have right now, like Hearkeep is 75 00:05:01,560 --> 00:05:05,839 Speaker 1: under like heavy heavy fire. There are some other cities 76 00:05:05,839 --> 00:05:10,800 Speaker 1: that are even worse, um, like Popo and her Son. 77 00:05:11,080 --> 00:05:13,440 Speaker 1: But yeah, Hearkeef is a very big city. It's like 78 00:05:13,480 --> 00:05:17,760 Speaker 1: one and a half million, and approximately like fifty developers 79 00:05:17,760 --> 00:05:22,240 Speaker 1: were there. So the business is obviously disrupted. But our 80 00:05:22,360 --> 00:05:26,599 Speaker 1: clients supporting us, they're sending us money to donate because 81 00:05:26,640 --> 00:05:29,680 Speaker 1: we donated to people who are in need to whom 82 00:05:29,720 --> 00:05:33,960 Speaker 1: like such a doors is like fortune currently to buy 83 00:05:34,040 --> 00:05:37,279 Speaker 1: like bread, but yeah, not everything you can buy with money. 84 00:05:37,440 --> 00:05:40,560 Speaker 1: That's that's the truth that comes when you are in ward. 85 00:05:40,600 --> 00:05:45,680 Speaker 1: The money doesn't save you. Lasha, I, I know that 86 00:05:45,800 --> 00:05:48,320 Speaker 1: you are working to support your developers on on the 87 00:05:48,320 --> 00:05:52,839 Speaker 1: ground and there has been an incredible means of internal 88 00:05:52,880 --> 00:05:56,040 Speaker 1: communication in the way that you've all come together. How 89 00:05:56,080 --> 00:05:59,360 Speaker 1: are you organizing? You know? How how often is this 90 00:05:59,480 --> 00:06:03,599 Speaker 1: a minute by minutes, second by second thing you like 91 00:06:03,640 --> 00:06:07,240 Speaker 1: the first thing that comes like every morning you wake 92 00:06:07,320 --> 00:06:09,800 Speaker 1: up and try to figure out what happens. So this 93 00:06:09,920 --> 00:06:14,880 Speaker 1: is the the most kind of uh strange moment when 94 00:06:14,880 --> 00:06:17,600 Speaker 1: you wake up and you don't know what happened over 95 00:06:17,640 --> 00:06:20,839 Speaker 1: the hours that you were asleep and trying to like 96 00:06:21,000 --> 00:06:25,240 Speaker 1: individually and into the group group chats find out who's 97 00:06:25,279 --> 00:06:29,119 Speaker 1: how who the bombs that were seeing like how close 98 00:06:29,160 --> 00:06:31,479 Speaker 1: they were to the places they spend the night, and 99 00:06:31,839 --> 00:06:34,479 Speaker 1: this coordination is like I don't know, a couple of 100 00:06:34,520 --> 00:06:38,200 Speaker 1: times over the day and especially when somebody leaves and 101 00:06:38,320 --> 00:06:41,560 Speaker 1: tomorrow like some of the developers are going to live it. 102 00:06:41,560 --> 00:06:43,680 Speaker 1: It's a kind of challenge. So is it going to happen. 103 00:06:44,200 --> 00:06:46,960 Speaker 1: What time will they be able to get to the 104 00:06:47,000 --> 00:06:49,880 Speaker 1: other cities. So there's a lot of risks and uncertainty, 105 00:06:49,880 --> 00:06:53,680 Speaker 1: and I'm trying to keep the momentum of controlling and 106 00:06:53,760 --> 00:06:58,080 Speaker 1: understanding who's at what stage. But well, I understand some 107 00:06:58,120 --> 00:07:01,440 Speaker 1: of your employees have expressed wine to fight for your country. 108 00:07:02,320 --> 00:07:08,200 Speaker 1: Are they taking up arms? Are you being asked to fight? Actually, 109 00:07:08,279 --> 00:07:12,560 Speaker 1: there are lots of people who want to fight, and 110 00:07:12,720 --> 00:07:15,160 Speaker 1: if you don't have an experience, they will not let you. 111 00:07:16,080 --> 00:07:20,280 Speaker 1: So like, yeah, many companies were kind of afraid that 112 00:07:20,320 --> 00:07:24,000 Speaker 1: they are people will be drawn to army, but actually, yeah, 113 00:07:24,040 --> 00:07:28,480 Speaker 1: that's very little amount of unexperienced people will go there. 114 00:07:28,800 --> 00:07:33,680 Speaker 1: But yes, they kind of it's a very pathotic like 115 00:07:34,040 --> 00:07:36,480 Speaker 1: spirit here because it's a whole lands and they just 116 00:07:37,040 --> 00:07:42,880 Speaker 1: bomb that. And surprisingly, like Hearkieve was always considered like 117 00:07:43,400 --> 00:07:47,360 Speaker 1: you know, they will speak Russian um, and it was 118 00:07:47,480 --> 00:07:50,440 Speaker 1: kind of friendly city and now they kind of rush 119 00:07:50,600 --> 00:07:54,480 Speaker 1: demolishes it like more than other cities. And that's kind 120 00:07:54,480 --> 00:07:58,280 Speaker 1: of made people like wonder like that what they supported 121 00:07:58,360 --> 00:08:03,160 Speaker 1: in the past was really a kind not good. So yeah, 122 00:08:03,360 --> 00:08:09,000 Speaker 1: that's the four. More and more people are willing to 123 00:08:08,040 --> 00:08:10,560 Speaker 1: h to go to the army, and I know many 124 00:08:10,600 --> 00:08:15,040 Speaker 1: people who come from abroad to fight, like Ukrainians that 125 00:08:15,160 --> 00:08:21,120 Speaker 1: came from abroad. So that's the situation basically, and everybody's helping. 126 00:08:21,120 --> 00:08:25,600 Speaker 1: Like I have Facebook. Your wife, I understand is there 127 00:08:25,640 --> 00:08:28,840 Speaker 1: with you and and isn't leaving the country, but she's 128 00:08:28,880 --> 00:08:32,480 Speaker 1: making supplies for the army. Can you tell us about 129 00:08:32,559 --> 00:08:37,560 Speaker 1: that decision deciding to stay rather than leave when leaving 130 00:08:37,640 --> 00:08:43,720 Speaker 1: could be safer, Like we all in the same boat. 131 00:08:43,880 --> 00:08:46,640 Speaker 1: So like if you leave you home once, then you 132 00:08:46,760 --> 00:08:50,160 Speaker 1: leave your home twice then the third time, so that 133 00:08:50,440 --> 00:08:54,640 Speaker 1: that will never end, you know, like the apartments that 134 00:08:54,760 --> 00:08:58,320 Speaker 1: were bombed day before yesterday, I was living in the 135 00:08:58,360 --> 00:09:01,440 Speaker 1: same area in two a part and one of them 136 00:09:01,480 --> 00:09:04,240 Speaker 1: I sold to the guy who moved from the nisk 137 00:09:05,120 --> 00:09:11,520 Speaker 1: and then was already yeah, heavily destroyed when the separatists 138 00:09:11,559 --> 00:09:15,120 Speaker 1: came there. And now like carkieve, so like that's the faith. 139 00:09:15,200 --> 00:09:18,320 Speaker 1: If you move another time, then they'll come and take 140 00:09:18,480 --> 00:09:22,960 Speaker 1: something from there. Like surprisingly, we have a Georgian like 141 00:09:23,080 --> 00:09:29,439 Speaker 1: Lasha year and Georgia experienced this twice with Abasia and Salicitia, 142 00:09:29,840 --> 00:09:36,199 Speaker 1: so like, yeah, it will never stop if you don't fight. Um, 143 00:09:36,320 --> 00:09:42,240 Speaker 1: the Ukrainian government has been so crypto forward accepting crypto donations. 144 00:09:42,280 --> 00:09:45,480 Speaker 1: And I know that you have experienced in blockchain and 145 00:09:45,480 --> 00:09:49,760 Speaker 1: and n f T technology, Lasha, you know some of 146 00:09:49,960 --> 00:09:51,839 Speaker 1: the way that the Ukrainian government has been able to 147 00:09:51,880 --> 00:09:55,199 Speaker 1: accept these donations to come up with this idea to 148 00:09:55,400 --> 00:09:58,959 Speaker 1: auction off digital assets has been pretty incredible. What is 149 00:09:59,000 --> 00:10:03,720 Speaker 1: it about Ukraine and the deep bunch of tech talent 150 00:10:03,840 --> 00:10:10,199 Speaker 1: they're like yourself that's enabled the country to do this definitely, 151 00:10:10,240 --> 00:10:14,760 Speaker 1: So Ukraine is is one of the greatest countries and 152 00:10:15,000 --> 00:10:19,079 Speaker 1: people who are like tech savy, especially into so called 153 00:10:19,080 --> 00:10:23,840 Speaker 1: webtry and block chain space and especially power his team 154 00:10:23,840 --> 00:10:28,240 Speaker 1: and like in time network crypto community as we call 155 00:10:28,400 --> 00:10:32,560 Speaker 1: each other, that has been like super strong, like both 156 00:10:32,679 --> 00:10:36,079 Speaker 1: like in building pro pro products for like on the 157 00:10:36,120 --> 00:10:40,400 Speaker 1: global level and really outsourcing. It has been the massive 158 00:10:40,400 --> 00:10:43,600 Speaker 1: force of outsource for the Western companies to build out 159 00:10:43,640 --> 00:10:48,040 Speaker 1: this new web. But unlike I can probably say that 160 00:10:48,160 --> 00:10:50,680 Speaker 1: the same community is like building and fighting and the 161 00:10:50,760 --> 00:10:54,679 Speaker 1: same time and we're going to continue doing until we win. 162 00:10:54,880 --> 00:10:59,200 Speaker 1: And the crypto has like become like a widely used 163 00:10:59,240 --> 00:11:02,080 Speaker 1: think even before the world and now it's helping a 164 00:11:02,120 --> 00:11:07,319 Speaker 1: lot to fund the fund the campaigns and fund the 165 00:11:07,760 --> 00:11:10,880 Speaker 1: people who are in need for that, and the government 166 00:11:11,000 --> 00:11:16,000 Speaker 1: like really enabling the crypto the nations and the community 167 00:11:16,040 --> 00:11:19,280 Speaker 1: assisting that sopre than thirty million as I know by 168 00:11:19,320 --> 00:11:23,719 Speaker 1: the last statistics have been mobilized over that, and that 169 00:11:23,880 --> 00:11:27,480 Speaker 1: shows like how big the crypto community and support from 170 00:11:27,520 --> 00:11:32,920 Speaker 1: the outside is of that particular space in the industry. Well, 171 00:11:32,920 --> 00:11:36,280 Speaker 1: it has been incredibly powerful to hear your story, to 172 00:11:36,400 --> 00:11:39,360 Speaker 1: hear how you are fighting to keep your employees safe 173 00:11:39,400 --> 00:11:42,880 Speaker 1: and continuing to work and run your companies. Thank you 174 00:11:42,920 --> 00:11:45,120 Speaker 1: for taking the time to share your stories with us, 175 00:11:45,240 --> 00:11:50,680 Speaker 1: Lasha Anta's and Pavel Cochenko. We hope that you stay safe. 176 00:11:52,160 --> 00:11:54,440 Speaker 1: All right, coming up, we're gonna have to Singapore. I'm 177 00:11:54,440 --> 00:11:57,079 Speaker 1: gonna speak with the president of Grab meg Mob. The 178 00:11:57,120 --> 00:12:02,120 Speaker 1: company continues to push towards profitability as the pandemic drags on. 179 00:12:02,200 --> 00:12:12,600 Speaker 1: That is next. This is Bloomberg. The effects of the 180 00:12:12,600 --> 00:12:16,720 Speaker 1: pandemic still being felt. Grab Southeast Asia's ride hailing and 181 00:12:16,760 --> 00:12:19,920 Speaker 1: delivery giant, reporting mounting losses in its latest earnings results, 182 00:12:20,000 --> 00:12:22,480 Speaker 1: losing more than a billion dollars for the quarter. Joining 183 00:12:22,480 --> 00:12:25,920 Speaker 1: now ming Ma, President of Grab Ming, you are of 184 00:12:25,920 --> 00:12:29,920 Speaker 1: course based in Singapore, which just announced rare unilateral sanctions 185 00:12:30,440 --> 00:12:33,160 Speaker 1: on Russia. What do you think of Singapore's response so 186 00:12:33,280 --> 00:12:40,120 Speaker 1: far and how the world community is really rallying against Russia. Hey, Emilie, 187 00:12:40,320 --> 00:12:42,240 Speaker 1: first of all, thank you for very much for having 188 00:12:42,280 --> 00:12:45,240 Speaker 1: me on here. UM. It goes without saying that our 189 00:12:45,280 --> 00:12:49,480 Speaker 1: hearts UM just absolutely go out to everyone that's been affected. UM. 190 00:12:49,559 --> 00:12:51,439 Speaker 1: We do have a few grab her that's also been 191 00:12:51,520 --> 00:12:53,319 Speaker 1: affected in the region that we're doing a week that 192 00:12:53,440 --> 00:12:56,800 Speaker 1: we can UM. I would say, you're actlutely right. The 193 00:12:57,040 --> 00:13:01,119 Speaker 1: COVID impact has been severe. UM. We're seeing potential impacts 194 00:13:01,160 --> 00:13:05,960 Speaker 1: of a global basis, and frankly we're despite that. I 195 00:13:06,000 --> 00:13:09,120 Speaker 1: think we feel very happy with a lot of performance 196 00:13:09,120 --> 00:13:11,840 Speaker 1: that we've achieved. UM. In spite of all the city 197 00:13:11,840 --> 00:13:15,560 Speaker 1: lockdowns and spite of all the macro turmoil, was our 198 00:13:15,600 --> 00:13:20,440 Speaker 1: best year ever. We exceeded guidance on g MB revenues 199 00:13:20,440 --> 00:13:25,440 Speaker 1: group by and we delivered against our Ibada guidance. UM. 200 00:13:25,480 --> 00:13:28,160 Speaker 1: In terms of Southeast Asia, it's clear that our super 201 00:13:28,200 --> 00:13:31,320 Speaker 1: apt strategy is working. UM. Our users are spending more. 202 00:13:31,800 --> 00:13:35,600 Speaker 1: Customers from our cohort are now spending close to five 203 00:13:35,760 --> 00:13:38,640 Speaker 1: times what they spent when they first joined grap and 204 00:13:38,679 --> 00:13:42,320 Speaker 1: our retention rates are now up to sevent for customers 205 00:13:42,360 --> 00:13:46,600 Speaker 1: that use three or more services from graph. We are 206 00:13:46,600 --> 00:13:50,200 Speaker 1: generating solid margins and mobility, and we are focused on 207 00:13:50,280 --> 00:13:53,720 Speaker 1: building value over the long term UM and just really 208 00:13:54,000 --> 00:13:57,080 Speaker 1: unlocking the tremendous market opportunity that we see here. And 209 00:13:57,080 --> 00:13:59,720 Speaker 1: we are convicted that the position that we've taken in 210 00:13:59,720 --> 00:14:01,960 Speaker 1: our rategy as the only regional super app is the 211 00:14:02,040 --> 00:14:05,280 Speaker 1: right one for us. How are you thinking about delivery 212 00:14:05,280 --> 00:14:08,400 Speaker 1: and ridehaling workers in Southeast Asia at this time? Many 213 00:14:08,480 --> 00:14:11,840 Speaker 1: of them are part time workers, they have little rights. 214 00:14:12,920 --> 00:14:17,400 Speaker 1: How are you factoring that into the future of the company. Well, 215 00:14:17,520 --> 00:14:20,080 Speaker 1: the key for us has always been around how do 216 00:14:20,160 --> 00:14:26,080 Speaker 1: we create true economic empowerment for micro entrepreneurs across Southeast Asia? 217 00:14:26,560 --> 00:14:30,000 Speaker 1: And these micro entrepreneurs certainly include our driver partners, includes 218 00:14:30,040 --> 00:14:32,400 Speaker 1: many of the restaurant partners that we work with in 219 00:14:32,560 --> 00:14:35,600 Speaker 1: food delivery, and the key for us is how do 220 00:14:35,680 --> 00:14:41,520 Speaker 1: we provide the largest income opportunities for drivers for merchants 221 00:14:42,160 --> 00:14:45,200 Speaker 1: over time? And the key aspect for that is executing 222 00:14:45,200 --> 00:14:48,720 Speaker 1: on our super ap strategy. It's about cross sell um 223 00:14:48,760 --> 00:14:52,040 Speaker 1: selling multiple services to our consumers and over time, generating 224 00:14:52,120 --> 00:14:54,800 Speaker 1: increased wallets share for consumers, and I think that's the 225 00:14:54,800 --> 00:14:58,720 Speaker 1: best way for us to continue empowering um economic stability 226 00:14:58,800 --> 00:15:02,400 Speaker 1: for the region. W Now, the war in Ukraine is 227 00:15:02,440 --> 00:15:06,360 Speaker 1: only escalating, as we've been discussing, there's concern it could 228 00:15:06,440 --> 00:15:09,200 Speaker 1: lead to rising food prices. It will certainly makes supply 229 00:15:09,320 --> 00:15:13,360 Speaker 1: chain issues potentially worse. How is GRAB potentially impacted by 230 00:15:13,400 --> 00:15:18,400 Speaker 1: that and preparing for that. Yeah, well, we're obviously monitoring 231 00:15:18,400 --> 00:15:20,720 Speaker 1: the situation pretty closely. It's a little bit too early 232 00:15:20,760 --> 00:15:23,120 Speaker 1: to see that to really tell how the effects will 233 00:15:23,160 --> 00:15:27,920 Speaker 1: rippull through Southeast Asia. We're monitoring gas prices, oil prices 234 00:15:27,960 --> 00:15:30,280 Speaker 1: as it relates to our drivers. That certainly hits the 235 00:15:30,360 --> 00:15:33,080 Speaker 1: driver p mls in a very direct way. We're also 236 00:15:33,160 --> 00:15:38,320 Speaker 1: monitoring food costs and the effects of inflation across Southeast Asia. 237 00:15:38,640 --> 00:15:40,720 Speaker 1: But if I just step back for a second, the 238 00:15:41,080 --> 00:15:43,720 Speaker 1: real key for us as a platform is how do 239 00:15:43,800 --> 00:15:48,080 Speaker 1: we provide the lowest cost services to our merchants, our 240 00:15:48,160 --> 00:15:51,240 Speaker 1: drivers and to our consumers. And ultimately, if we're able 241 00:15:51,280 --> 00:15:54,960 Speaker 1: to do that, then I think the sustainability will be 242 00:15:55,040 --> 00:15:57,600 Speaker 1: on the platform. I just want to give a quick example. 243 00:15:58,240 --> 00:16:01,960 Speaker 1: When you look at our total segment of just Abada margins. 244 00:16:02,440 --> 00:16:08,160 Speaker 1: We've improved those by from from a minus two percent 245 00:16:08,760 --> 00:16:13,520 Speaker 1: loss in one and I think a large part of 246 00:16:13,560 --> 00:16:16,680 Speaker 1: that is by driving continued cost reductions and the platform 247 00:16:16,880 --> 00:16:19,720 Speaker 1: which ultimately we then share with all of our partners 248 00:16:19,840 --> 00:16:25,120 Speaker 1: restaurants and drivers. All right, MGMA, President of GRAB, thank 249 00:16:25,160 --> 00:16:28,040 Speaker 1: you for joining us. We'll see how GRAB continues to 250 00:16:28,080 --> 00:16:39,760 Speaker 1: weather the COVID storm. Welcome back to bloomber Technology. I 251 00:16:39,800 --> 00:16:42,560 Speaker 1: Emily Changing in San Francisco. It's estimated that more than 252 00:16:42,600 --> 00:16:45,360 Speaker 1: a million refugees has left Ukraine as the war has 253 00:16:45,400 --> 00:16:48,680 Speaker 1: now stretched into its second week, and it's a brutal one, 254 00:16:48,960 --> 00:16:52,080 Speaker 1: many fleeing to Poland, leaving behind a cloud of uncertainty 255 00:16:52,760 --> 00:16:55,520 Speaker 1: on when they can return and what they will be returning. 256 00:16:55,600 --> 00:16:58,760 Speaker 1: To bloom book Zaggi Control is in Poland and spoke 257 00:16:58,840 --> 00:17:03,840 Speaker 1: to those leaving it all behind. I saw a lot 258 00:17:03,880 --> 00:17:07,359 Speaker 1: of damages, a lot of crashes, and I even just 259 00:17:08,640 --> 00:17:13,160 Speaker 1: I don't see my Kiev as it was earlier at 260 00:17:13,160 --> 00:17:16,680 Speaker 1: the main train station in Chemichel, a border town with Ukraine. 261 00:17:16,920 --> 00:17:20,320 Speaker 1: Poland is experiencing an influx of refugees from the war 262 00:17:20,520 --> 00:17:23,240 Speaker 1: just over the other side of their border. We're seeing 263 00:17:23,280 --> 00:17:25,880 Speaker 1: people who have come from Kiev and volv and other 264 00:17:25,920 --> 00:17:29,359 Speaker 1: parts of the country arrive in Poland in the EU, 265 00:17:29,880 --> 00:17:32,080 Speaker 1: and this is something that is happening in a lot 266 00:17:32,119 --> 00:17:36,760 Speaker 1: of places around the European Union's borders with Ukraine. It 267 00:17:37,000 --> 00:17:40,960 Speaker 1: was very, very frightened. We're just here with my son 268 00:17:41,240 --> 00:17:45,280 Speaker 1: and my husband's stayed in Ukraine and trying to fight. 269 00:17:45,960 --> 00:17:52,200 Speaker 1: I hope that here he will alive, and I hope 270 00:17:52,320 --> 00:17:59,199 Speaker 1: that he will come here. I leave in Ukraine, my 271 00:17:59,320 --> 00:18:05,120 Speaker 1: husband and I come to Poland with my daughter and 272 00:18:05,200 --> 00:18:09,240 Speaker 1: with my friends. We are going to Germany today and 273 00:18:09,440 --> 00:18:15,320 Speaker 1: I don't know how many time we stay there. We 274 00:18:15,400 --> 00:18:18,960 Speaker 1: have also heard about people who are not Ukrainian citizens, 275 00:18:19,040 --> 00:18:21,080 Speaker 1: but we're living in the country. At the time that 276 00:18:21,160 --> 00:18:24,040 Speaker 1: the war began, discussing the fact that they found it 277 00:18:24,080 --> 00:18:27,199 Speaker 1: harder to leave the country because they weren't Ukrainian. It 278 00:18:27,359 --> 00:18:30,399 Speaker 1: was very very challenged because I was not Ukrainian, and 279 00:18:30,440 --> 00:18:34,479 Speaker 1: so even the guys they were pushing us, and they 280 00:18:34,520 --> 00:18:38,040 Speaker 1: were trying to stop us from mentoring the train and 281 00:18:38,160 --> 00:18:42,840 Speaker 1: allowing the Ukrainians to go first. Although I'm from Africa, 282 00:18:42,960 --> 00:18:46,679 Speaker 1: but I have a wife who is from Ukraine. First, 283 00:18:46,680 --> 00:18:50,320 Speaker 1: when you arrived at the border of Ukraine. They took 284 00:18:50,359 --> 00:18:53,119 Speaker 1: my wife and my child away and they told me 285 00:18:53,160 --> 00:18:55,919 Speaker 1: to wait, so I stood for I stood there for 286 00:18:56,000 --> 00:19:01,080 Speaker 1: about threday more or four hours before the quarter as become. 287 00:19:01,400 --> 00:19:04,000 Speaker 1: He was really really stressful. It took me two days 288 00:19:04,080 --> 00:19:08,840 Speaker 1: to get to Poland. Like leaving Ukraine is was very, 289 00:19:08,960 --> 00:19:12,159 Speaker 1: very like stressful. And I didn't want to leave Ukraine 290 00:19:12,200 --> 00:19:15,480 Speaker 1: now because all my life is there, my child, everything 291 00:19:15,600 --> 00:19:18,600 Speaker 1: is like we left everything in Ukraine. So I don't 292 00:19:18,600 --> 00:19:23,000 Speaker 1: know from now, because if they were still continuous in Ukraine, 293 00:19:23,040 --> 00:19:26,240 Speaker 1: I don't know what will happen. And now they're telling 294 00:19:26,320 --> 00:19:30,320 Speaker 1: us you can only stay fourteen days here, and I 295 00:19:30,320 --> 00:19:32,440 Speaker 1: don't know what to do. The U n A c 296 00:19:32,600 --> 00:19:35,760 Speaker 1: R has said that any sort of discrimination against people 297 00:19:35,800 --> 00:19:39,440 Speaker 1: from third countries would not be acceptable under the Geneva Convention, 298 00:19:39,720 --> 00:19:42,199 Speaker 1: but that they haven't had confirmation of such things from 299 00:19:42,240 --> 00:19:46,080 Speaker 1: the authorities. Here. We're seeing people who get hot food 300 00:19:46,160 --> 00:19:48,960 Speaker 1: and SIM cards in order to try and stay in 301 00:19:49,000 --> 00:19:51,960 Speaker 1: contact with their families back home, and also to try 302 00:19:52,040 --> 00:19:54,639 Speaker 1: and see what their next steps are, whether they're going 303 00:19:54,680 --> 00:19:57,080 Speaker 1: to remain in Poland or try and find a new 304 00:19:57,119 --> 00:19:59,880 Speaker 1: life in some other parts of the European Union, whether 305 00:20:00,080 --> 00:20:04,080 Speaker 1: that be just for now or potentially more permanently. I 306 00:20:04,160 --> 00:20:07,520 Speaker 1: hope that we will return soon because I didn't want 307 00:20:07,560 --> 00:20:11,040 Speaker 1: to leave. I want I want to be home, but 308 00:20:12,000 --> 00:20:19,440 Speaker 1: unfortunately such institution. We are hoping that it will end soon. 309 00:20:20,200 --> 00:20:24,160 Speaker 1: At this moment, I don't see the opportunity to return. 310 00:20:28,680 --> 00:20:31,879 Speaker 1: Bloomberg Zaggy Control they're in Poland. Now. I want to 311 00:20:31,880 --> 00:20:35,080 Speaker 1: bring in Ali Partoby, the CEO of NA, which just 312 00:20:35,280 --> 00:20:38,000 Speaker 1: launched a new accelerator. I want to get to that 313 00:20:38,080 --> 00:20:41,159 Speaker 1: in a moment. Um, Ali with me here in the studio. 314 00:20:41,160 --> 00:20:42,879 Speaker 1: I want to start actually by asking a little bit 315 00:20:42,880 --> 00:20:45,760 Speaker 1: about your family history, because you grew up during a 316 00:20:45,800 --> 00:20:50,040 Speaker 1: war in Iran, and I'm so curious. What is it 317 00:20:50,119 --> 00:20:56,600 Speaker 1: like watching these images and seeing Ukraine under attack. Yeah, Emily, 318 00:20:56,720 --> 00:21:00,480 Speaker 1: and thank you for having me here. Um, it's really tough. War. 319 00:21:00,640 --> 00:21:03,920 Speaker 1: War is really terrible, and for me it's personal because 320 00:21:04,240 --> 00:21:08,080 Speaker 1: I was seven years old, um, when living in Iran 321 00:21:08,680 --> 00:21:12,399 Speaker 1: when Iraq invaded us and for the next five years. 322 00:21:12,680 --> 00:21:15,960 Speaker 1: You know, Um, there was just this ever present sense 323 00:21:16,000 --> 00:21:20,640 Speaker 1: of fear and as a as a child, it's really difficult. Um. 324 00:21:20,680 --> 00:21:23,359 Speaker 1: You know that, not just the fear, but the seeing 325 00:21:23,400 --> 00:21:25,920 Speaker 1: you're seeing the grown ups be afraid, seeing your parents 326 00:21:26,119 --> 00:21:30,000 Speaker 1: be stressed out or anxious. Uh, and not knowing what's 327 00:21:30,000 --> 00:21:35,040 Speaker 1: going to happen next is particularly difficult for children. And um, 328 00:21:35,080 --> 00:21:36,919 Speaker 1: I will say that on the on the bright side, 329 00:21:37,320 --> 00:21:40,160 Speaker 1: my twin brother and I were very lucky because we 330 00:21:40,240 --> 00:21:43,320 Speaker 1: had a special form of escape. As you know I've 331 00:21:43,320 --> 00:21:46,119 Speaker 1: told you in the past. Um, we were amongst the 332 00:21:46,160 --> 00:21:48,199 Speaker 1: only kids in the country to have a computer, and 333 00:21:48,240 --> 00:21:51,080 Speaker 1: we learned how to program, and that for us was 334 00:21:51,119 --> 00:21:54,040 Speaker 1: a way to have a way to create our own world, 335 00:21:54,320 --> 00:21:57,160 Speaker 1: you know, in software that you know, that we could 336 00:21:57,160 --> 00:21:59,920 Speaker 1: control and that followed the rules, and that was predictable, 337 00:22:00,240 --> 00:22:04,160 Speaker 1: and it's that was an enormous comfort for us. Um, 338 00:22:04,200 --> 00:22:06,080 Speaker 1: you know, to have that, and I would say it 339 00:22:06,080 --> 00:22:09,719 Speaker 1: helped us get to and and you both founded a 340 00:22:09,720 --> 00:22:14,040 Speaker 1: company called code dot org, which I believe you can 341 00:22:14,080 --> 00:22:16,800 Speaker 1: access anywhere. I mean, do you have any advice for 342 00:22:17,080 --> 00:22:19,560 Speaker 1: parents and children who are there right now trying to 343 00:22:19,560 --> 00:22:23,160 Speaker 1: figure out how to pass the days and survive? It's hard. 344 00:22:23,400 --> 00:22:25,280 Speaker 1: It's not my place to give advice, but I will 345 00:22:25,280 --> 00:22:27,879 Speaker 1: say if I can brag about my my brother Hatti 346 00:22:27,920 --> 00:22:30,680 Speaker 1: a bit. I mean, he has led that organization code 347 00:22:30,680 --> 00:22:33,679 Speaker 1: dot Org to have so much impact, and you know, 348 00:22:34,000 --> 00:22:37,800 Speaker 1: tens of millions of kids worldwide are now able to program, 349 00:22:37,840 --> 00:22:40,320 Speaker 1: and um, and it's it is not just a skill 350 00:22:40,440 --> 00:22:43,080 Speaker 1: that helps them think, but it also helps them cope. 351 00:22:43,440 --> 00:22:46,600 Speaker 1: In Ukraine alone, six and a half million kids use 352 00:22:46,680 --> 00:22:48,960 Speaker 1: code dot org, which out of a country of forty 353 00:22:49,000 --> 00:22:52,879 Speaker 1: four million, that's a large number. And um, you know, 354 00:22:52,920 --> 00:22:56,680 Speaker 1: and having that escape is I'm sure comforting to them. 355 00:22:56,720 --> 00:22:58,800 Speaker 1: I do also want to I think it's we need 356 00:22:58,840 --> 00:23:02,200 Speaker 1: to mention that this is not the only unjust war 357 00:23:02,280 --> 00:23:04,399 Speaker 1: going on right now. You know, war is terrible and 358 00:23:04,640 --> 00:23:07,359 Speaker 1: it really needs to stop. But there are also kids 359 00:23:07,840 --> 00:23:11,320 Speaker 1: coding in Iraq, which has been occupied by the US 360 00:23:11,400 --> 00:23:14,600 Speaker 1: for twenty years now, and their kids coding on codat 361 00:23:14,680 --> 00:23:17,880 Speaker 1: organ Yemen, which is being bombed as we speak. And 362 00:23:17,920 --> 00:23:21,600 Speaker 1: those are wars that I don't think Americans support either, 363 00:23:22,400 --> 00:23:24,960 Speaker 1: but there was that our government has been supporting. And 364 00:23:25,480 --> 00:23:29,200 Speaker 1: the sad thing is that these kids are innocence, regardless 365 00:23:29,280 --> 00:23:32,800 Speaker 1: of their skin color or how they were born or 366 00:23:32,800 --> 00:23:34,840 Speaker 1: where they're born. It's you know, and it's not fair 367 00:23:34,880 --> 00:23:38,199 Speaker 1: for them to have to pay some price because of 368 00:23:38,200 --> 00:23:41,000 Speaker 1: these wars. Now, I know, one of the most important 369 00:23:41,000 --> 00:23:43,959 Speaker 1: things to you has been to find tech talent no 370 00:23:43,960 --> 00:23:46,359 Speaker 1: matter who they are or where they are, and given 371 00:23:46,400 --> 00:23:49,720 Speaker 1: the tool to succeed, which is what you're doing at NEO. 372 00:23:49,800 --> 00:23:53,280 Speaker 1: And you have launched this new accelerator. What is the 373 00:23:53,359 --> 00:23:56,840 Speaker 1: goal here and how will it work in the context 374 00:23:56,880 --> 00:24:00,520 Speaker 1: of other opportunities that exist in the tech industry. Yeah, well, 375 00:24:00,560 --> 00:24:04,000 Speaker 1: you know, I mean my own path was, you know, 376 00:24:04,320 --> 00:24:07,399 Speaker 1: very much the American dream and that I came to 377 00:24:07,440 --> 00:24:10,640 Speaker 1: America with not very much other than the ability to program, 378 00:24:10,840 --> 00:24:14,320 Speaker 1: and that enabled me, you know, to have this power 379 00:24:14,359 --> 00:24:18,359 Speaker 1: to create and being able to programmings, you can create 380 00:24:18,400 --> 00:24:20,960 Speaker 1: apps and even build a company. And in my case, 381 00:24:21,000 --> 00:24:23,320 Speaker 1: I started a company when I was twenty three and 382 00:24:23,359 --> 00:24:30,360 Speaker 1: became successful. And um, today, uh, kids who are graduating 383 00:24:30,359 --> 00:24:33,160 Speaker 1: from college with that ability have the potential to create 384 00:24:33,720 --> 00:24:38,359 Speaker 1: the the epocal companies of the future. And we've created 385 00:24:38,760 --> 00:24:42,600 Speaker 1: we've just announced this program, NEO Accelerator, which is aiming 386 00:24:42,640 --> 00:24:48,080 Speaker 1: specifically for relatively young engineering leaders, you know, one to 387 00:24:48,160 --> 00:24:50,920 Speaker 1: four years out of college who want to start companies 388 00:24:50,960 --> 00:24:54,600 Speaker 1: and to give them both financial support and mentorship to 389 00:24:54,680 --> 00:24:58,119 Speaker 1: help them build great startups. And it's uh, it's a 390 00:24:58,160 --> 00:25:01,960 Speaker 1: program that is a three month program that includes a 391 00:25:01,960 --> 00:25:04,760 Speaker 1: four week long retreat in Oregon to kick it off, 392 00:25:05,200 --> 00:25:08,200 Speaker 1: where UM founders of companies will live under the same 393 00:25:08,280 --> 00:25:12,560 Speaker 1: roof alongside each other and mentors UM and it will 394 00:25:12,560 --> 00:25:16,320 Speaker 1: come culminate at the end of the program with a 395 00:25:16,320 --> 00:25:18,920 Speaker 1: a pitch date, not to raise more money, but to 396 00:25:19,040 --> 00:25:23,760 Speaker 1: pitch other engineers, to pitch software engineers to join your 397 00:25:23,760 --> 00:25:26,320 Speaker 1: team to help you with recruiting, because that's the one 398 00:25:26,359 --> 00:25:29,600 Speaker 1: of the toughest problems facing all companies today. Now it's 399 00:25:29,640 --> 00:25:33,520 Speaker 1: been described as the anti y C, a reference to 400 00:25:33,680 --> 00:25:37,480 Speaker 1: y Combinator, which is a long established accelerator in Silicon 401 00:25:37,600 --> 00:25:41,560 Speaker 1: Valley that has been operating here for years. What do 402 00:25:41,600 --> 00:25:44,440 Speaker 1: you think YC is doing wrong? And how will new 403 00:25:44,520 --> 00:25:48,760 Speaker 1: do some of those things differently? So why Combinator is 404 00:25:48,800 --> 00:25:55,280 Speaker 1: an incredible and amazing organization and UM I have it's 405 00:25:55,320 --> 00:25:58,760 Speaker 1: incredibly inspiring. I would say it's not an exaggeration to 406 00:25:58,760 --> 00:26:01,879 Speaker 1: say it's one of the most impactful organizations of the 407 00:26:01,920 --> 00:26:04,440 Speaker 1: twenty one century if you look at all the amazing 408 00:26:04,440 --> 00:26:08,080 Speaker 1: companies they've spawned, and I don't think they're doing something wrong. 409 00:26:08,080 --> 00:26:12,200 Speaker 1: It's said as the startup world has expanded and become 410 00:26:12,240 --> 00:26:15,920 Speaker 1: more and more vibrant UM. There's room for different UM 411 00:26:16,040 --> 00:26:20,120 Speaker 1: you know, for different investors to support different types of companies. 412 00:26:20,680 --> 00:26:25,560 Speaker 1: And why combinators primary focus or the culmination of the 413 00:26:25,640 --> 00:26:28,439 Speaker 1: program is to help with fundraising, and it appeals to 414 00:26:28,520 --> 00:26:31,680 Speaker 1: companies who are struggling with fundraising, you know, and as 415 00:26:31,720 --> 00:26:35,199 Speaker 1: access to capital has become UM, you know, capital has 416 00:26:35,240 --> 00:26:37,359 Speaker 1: become more and more abundant in the last couple of years, 417 00:26:37,560 --> 00:26:40,200 Speaker 1: it hasn't been equally distributed. There are some companies for 418 00:26:40,280 --> 00:26:43,639 Speaker 1: whom it's really easy to raise funds and that's you know, 419 00:26:44,400 --> 00:26:46,840 Speaker 1: just less relevant to them, and there's others for whom 420 00:26:46,880 --> 00:26:52,160 Speaker 1: it's more difficult. So why Combinator today has UM has 421 00:26:52,200 --> 00:26:56,600 Speaker 1: really shifted to focus on emerging markets, very large and 422 00:26:56,680 --> 00:27:01,200 Speaker 1: lucrative opportunity, helping countries from Africa, Latin America, etcetera, get 423 00:27:01,240 --> 00:27:04,560 Speaker 1: access to capital. And it's an amazing business which is 424 00:27:04,600 --> 00:27:08,720 Speaker 1: doing really great work. It is less relevance than it 425 00:27:08,840 --> 00:27:14,920 Speaker 1: used to be for for top engineers who are perhaps 426 00:27:14,920 --> 00:27:19,080 Speaker 1: graduating from American universities or graduating from American tech companies 427 00:27:19,119 --> 00:27:24,280 Speaker 1: like Google or Stripe or Microsoft and starting companies because 428 00:27:24,280 --> 00:27:27,920 Speaker 1: for them, they don't need help with raising money. They 429 00:27:28,000 --> 00:27:30,080 Speaker 1: you know, it's so easy for them to raise money 430 00:27:30,119 --> 00:27:32,280 Speaker 1: these days. They need help with other things, and so 431 00:27:32,320 --> 00:27:35,399 Speaker 1: we're tailoring a program to help them with the things 432 00:27:35,440 --> 00:27:38,760 Speaker 1: that are their challenges. Well, we are excited to watch 433 00:27:38,760 --> 00:27:43,400 Speaker 1: you try to or start a new chapter in Silicon 434 00:27:43,480 --> 00:27:46,879 Speaker 1: Valley history. Ali Partovi, CEO of NEO, thank you so 435 00:27:46,960 --> 00:27:48,879 Speaker 1: much for joining us and for sharing your personal story 436 00:27:49,480 --> 00:27:53,640 Speaker 1: as well. I appreciate it. Coming up, how crypto exchanges 437 00:27:53,800 --> 00:27:56,480 Speaker 1: can navigate the war, we're gonna be joined by coin 438 00:27:56,600 --> 00:28:00,800 Speaker 1: Shares to talk about crypto exchanges responsibility at sanctions keep 439 00:28:00,880 --> 00:28:05,600 Speaker 1: piling on Russia and mean if cryptocurrencies can truly be 440 00:28:05,720 --> 00:28:08,520 Speaker 1: regarded as a safe haven. That's next. This is bloomer. 441 00:28:14,680 --> 00:28:17,760 Speaker 1: After plunging at the start of the Russian attack on Ukraine, 442 00:28:17,760 --> 00:28:21,680 Speaker 1: cryptocurrencies had reasserted themselves as a refuge in recent days, 443 00:28:22,080 --> 00:28:24,920 Speaker 1: but after bitcoin rallied more than six over the last 444 00:28:24,920 --> 00:28:27,639 Speaker 1: two days, it's starting to lose some steam as the 445 00:28:27,680 --> 00:28:31,120 Speaker 1: possibility of expanding sanctions has been raised to prevent Russians 446 00:28:31,560 --> 00:28:34,920 Speaker 1: from using cryptocurrencies as a work around restrictions. I want 447 00:28:34,920 --> 00:28:36,399 Speaker 1: to bring in my next guest to talk about this 448 00:28:36,400 --> 00:28:40,480 Speaker 1: and much more. Melton demurrors. The chief strategy officer at 449 00:28:40,520 --> 00:28:43,040 Speaker 1: coin Shares Melton, what do you make of all of 450 00:28:43,040 --> 00:28:46,200 Speaker 1: this back and forth then up and down. Is bitcoin 451 00:28:46,320 --> 00:28:50,280 Speaker 1: really a safe haven or not? Yeah, it's it's great 452 00:28:50,320 --> 00:28:52,920 Speaker 1: to be here. I wish it were under better circumstances. 453 00:28:53,320 --> 00:28:56,800 Speaker 1: I think this has been a really interesting few weeks. Um. 454 00:28:56,840 --> 00:29:00,000 Speaker 1: Not only do we have this conflict happening in Western 455 00:29:00,040 --> 00:29:03,320 Speaker 1: Europe in Eastern Europe, but we also recently had um 456 00:29:03,360 --> 00:29:06,120 Speaker 1: the Canadian truckers and their access to the banking system 457 00:29:06,200 --> 00:29:09,200 Speaker 1: getting getting cut off, which again was an instance where 458 00:29:09,200 --> 00:29:11,960 Speaker 1: there was a lot of conversation around bitcoin, around cryptocurrency. 459 00:29:12,440 --> 00:29:13,840 Speaker 1: At the end of the day, I think what we're 460 00:29:13,880 --> 00:29:16,800 Speaker 1: seeing here is a growing awareness around the world that 461 00:29:17,000 --> 00:29:20,840 Speaker 1: for the first time, people, right citizens who really are 462 00:29:21,080 --> 00:29:24,040 Speaker 1: the victims of wars that are are fought by superpowers, 463 00:29:24,360 --> 00:29:28,480 Speaker 1: they have a choice. Bitcoin and cryptocurrencies are non political 464 00:29:28,880 --> 00:29:32,920 Speaker 1: global money. And again we're seeing not only an increasing 465 00:29:33,080 --> 00:29:36,400 Speaker 1: trading activity in Ukraine and Russia, but also a lot 466 00:29:36,440 --> 00:29:39,480 Speaker 1: of the trading activities coming from the US as people 467 00:29:39,480 --> 00:29:42,440 Speaker 1: are looking at what's unfolding around the world, and maybe 468 00:29:42,480 --> 00:29:45,200 Speaker 1: this is the start of this Bitcoin no longer being 469 00:29:45,360 --> 00:29:49,080 Speaker 1: a risk on asset, but potentially over time becoming a 470 00:29:49,200 --> 00:29:52,200 Speaker 1: risk off asset. Now, a couple of weeks is really 471 00:29:52,240 --> 00:29:54,920 Speaker 1: not enough time for that thesis to play out. But 472 00:29:55,000 --> 00:29:57,200 Speaker 1: I think in the coming months, in the coming years, 473 00:29:57,240 --> 00:29:59,120 Speaker 1: we're certainly going to be able to have a lot 474 00:29:59,160 --> 00:30:01,400 Speaker 1: more data that allow as US to more definitively proved 475 00:30:01,440 --> 00:30:05,120 Speaker 1: that relationship holds over time. Now, crypto exchanges have said 476 00:30:05,120 --> 00:30:08,200 Speaker 1: they'll comply with sanctions but not do a blanket ban 477 00:30:08,800 --> 00:30:13,000 Speaker 1: on all Russian users. What do you make of how 478 00:30:13,280 --> 00:30:18,760 Speaker 1: they're navigating this and can they really differentiate between Russian 479 00:30:18,960 --> 00:30:23,480 Speaker 1: tycoons if you will, and everyday Russians. Yeah, absolutely, and 480 00:30:23,760 --> 00:30:26,360 Speaker 1: look that's a great question. Um. In twenty eighteen is 481 00:30:26,360 --> 00:30:29,280 Speaker 1: when we saw Finn sen Um and Treasury issue the 482 00:30:29,400 --> 00:30:33,240 Speaker 1: first sanction against a bitcoin wallet address. Now, one of 483 00:30:33,280 --> 00:30:36,680 Speaker 1: the interesting challenges here is a bitcoin wallet address just 484 00:30:36,680 --> 00:30:39,840 Speaker 1: a string of characters you can attach it to a person, 485 00:30:39,960 --> 00:30:41,800 Speaker 1: although there are a lot of tools that allow us 486 00:30:41,840 --> 00:30:44,840 Speaker 1: to do that. And obviously, any time you want to 487 00:30:44,840 --> 00:30:48,240 Speaker 1: interact the legacy financial system, meaning meaning thee out currencies, 488 00:30:48,280 --> 00:30:50,920 Speaker 1: which is the money we spend and use. That's the 489 00:30:50,960 --> 00:30:53,800 Speaker 1: money that oligarchs and tycoons have to use to buy 490 00:30:53,880 --> 00:30:56,760 Speaker 1: fuel for their jets and their yachts. Um you're interacting 491 00:30:56,800 --> 00:31:00,160 Speaker 1: typically with a financial institution which will do a out 492 00:31:00,160 --> 00:31:03,040 Speaker 1: of background checks and gather data on who you are. Now, 493 00:31:03,080 --> 00:31:04,600 Speaker 1: at the end of the day, I think the stance 494 00:31:04,640 --> 00:31:06,880 Speaker 1: that many changes have taken is they're going to comply 495 00:31:06,960 --> 00:31:09,160 Speaker 1: with the rules as they're written, and at the end 496 00:31:09,160 --> 00:31:11,880 Speaker 1: of the day, private citizens in Ukraine and Russia and 497 00:31:12,000 --> 00:31:14,560 Speaker 1: any part of the world that are not subject to 498 00:31:14,560 --> 00:31:17,720 Speaker 1: blanket sanctions should be allowed to use these platforms just 499 00:31:17,760 --> 00:31:20,480 Speaker 1: as they have in the past. And again, anyone who 500 00:31:20,600 --> 00:31:22,920 Speaker 1: is the subject of an official sanction, anyone who's on 501 00:31:22,960 --> 00:31:25,840 Speaker 1: an ol fact list, will be blocked. Now, what happens 502 00:31:25,840 --> 00:31:28,560 Speaker 1: in the decentralized side of this is obviously much more 503 00:31:28,640 --> 00:31:31,200 Speaker 1: challenging to control, but at the end of the day, 504 00:31:31,240 --> 00:31:35,040 Speaker 1: it's very difficult to move millions, tens hundreds of millions 505 00:31:35,040 --> 00:31:38,040 Speaker 1: of dollars and move them in and out of crypto 506 00:31:38,120 --> 00:31:41,640 Speaker 1: without touching the legacy financial institution. So again it's really 507 00:31:41,680 --> 00:31:44,320 Speaker 1: at those end points where we're touching cash the control 508 00:31:44,400 --> 00:31:48,520 Speaker 1: is going to be happening. Now, after raising almost forty 509 00:31:48,560 --> 00:31:52,920 Speaker 1: seven million dollars in donation via cryptocurrency. Ukraine has been 510 00:31:53,000 --> 00:31:58,200 Speaker 1: so crypto forward, and you know, accessing all of these 511 00:31:58,640 --> 00:32:01,360 Speaker 1: new technology, some of these things would be unheard of 512 00:32:01,440 --> 00:32:04,280 Speaker 1: here in the United States. They said they would air 513 00:32:04,400 --> 00:32:08,680 Speaker 1: drop rewards to those who contributed, though then they said 514 00:32:08,680 --> 00:32:11,920 Speaker 1: they were they're canceling that, but they're now talking about 515 00:32:12,240 --> 00:32:15,200 Speaker 1: auctioning off n f T s. What do you make 516 00:32:15,280 --> 00:32:19,880 Speaker 1: of their use and exploration of these new technologies. Look, 517 00:32:19,920 --> 00:32:23,959 Speaker 1: I think it's absolutely incredible. Over thirty five thousand different 518 00:32:24,000 --> 00:32:27,120 Speaker 1: wallet addresses have given close to fifty million dollars in 519 00:32:27,200 --> 00:32:30,040 Speaker 1: direct aid to the government of Ukraine and in real 520 00:32:30,120 --> 00:32:34,080 Speaker 1: time right with settlements to this wallet address that's owned 521 00:32:34,120 --> 00:32:37,080 Speaker 1: by the Ukrainian government. Now, in contrast, the country has 522 00:32:37,120 --> 00:32:39,840 Speaker 1: raised two D seventy million in war bonds and received 523 00:32:39,880 --> 00:32:42,440 Speaker 1: three D fifty million in military aid from the US. 524 00:32:42,520 --> 00:32:44,960 Speaker 1: So while fifty millions not a huge number, it's a 525 00:32:45,040 --> 00:32:48,480 Speaker 1: sizable number that can really make a difference. Now, what's 526 00:32:48,560 --> 00:32:51,280 Speaker 1: really cool about this to me is anyone in the 527 00:32:51,320 --> 00:32:55,640 Speaker 1: world could give money. This is non political, global money 528 00:32:55,680 --> 00:32:59,080 Speaker 1: that's transferred on the Internet. So anyone with an Internet connection, 529 00:32:59,120 --> 00:33:02,520 Speaker 1: whether they live in Africa, whether they live in Southeast Asia, 530 00:33:02,560 --> 00:33:05,880 Speaker 1: whether they live in the US. They can send money 531 00:33:06,000 --> 00:33:09,400 Speaker 1: either via an intermediary or directly via their own wallet, 532 00:33:09,760 --> 00:33:12,040 Speaker 1: and I think that's really exciting. Um it brings a 533 00:33:12,040 --> 00:33:14,800 Speaker 1: lot of transparencies. While in terms of where the donations 534 00:33:14,800 --> 00:33:17,800 Speaker 1: are going, we're not shipping palettes of cash into these countries, 535 00:33:18,000 --> 00:33:20,160 Speaker 1: which is what's been done in the past and these conflicts, 536 00:33:20,280 --> 00:33:22,480 Speaker 1: but we're able to confirm with certainty that these funds 537 00:33:22,480 --> 00:33:25,040 Speaker 1: are going to go to the government. And what's really 538 00:33:25,120 --> 00:33:28,560 Speaker 1: exciting isn't a matter of hours a decentralized exchange protocol 539 00:33:28,600 --> 00:33:31,240 Speaker 1: called unit swap actually was able to spin up a 540 00:33:31,280 --> 00:33:33,520 Speaker 1: really cool new product that would allow people to convert 541 00:33:33,600 --> 00:33:37,640 Speaker 1: any token into donation that would send directly to Ukraining government. 542 00:33:37,880 --> 00:33:40,120 Speaker 1: So the fact that we can do this in hours, 543 00:33:40,240 --> 00:33:43,120 Speaker 1: I think is incredible. The fact that the crypto community 544 00:33:43,480 --> 00:33:47,680 Speaker 1: has mobilized around this, I think is incredibly exciting. And again, 545 00:33:47,720 --> 00:33:51,280 Speaker 1: I think Ukraine's embrace of this is acknowledgement that the 546 00:33:51,320 --> 00:33:54,480 Speaker 1: world is supporting the people of Ukraine. The world wants 547 00:33:54,520 --> 00:33:56,640 Speaker 1: to help and whether they get a token or an 548 00:33:56,760 --> 00:33:59,680 Speaker 1: n f T indicating their support. We buy things all 549 00:33:59,680 --> 00:34:03,360 Speaker 1: the time. People buy poppies on Remembrance Day, people buy 550 00:34:03,360 --> 00:34:07,480 Speaker 1: bumper stickers to denote their support of specific causes in 551 00:34:07,520 --> 00:34:10,520 Speaker 1: the digital world right on the internet. Um, we might 552 00:34:10,560 --> 00:34:12,680 Speaker 1: buy n F t s or we might donate to 553 00:34:12,719 --> 00:34:15,040 Speaker 1: get a digital tope and that indicates our support of 554 00:34:15,040 --> 00:34:20,480 Speaker 1: a cause. Well, I appreciate your enthusiasm and helping us 555 00:34:20,520 --> 00:34:23,120 Speaker 1: put all of this into context. It has been amazing 556 00:34:23,160 --> 00:34:26,600 Speaker 1: to watch the way that Ukraine has taken advantage of 557 00:34:26,640 --> 00:34:29,439 Speaker 1: this new technology and how the world has responded. Melton 558 00:34:29,480 --> 00:34:32,719 Speaker 1: Demeor's chief strategy officer at coin Shares, thank you for 559 00:34:32,800 --> 00:34:44,759 Speaker 1: joining us. Shares of electric pickup maker Rivian dropping to 560 00:34:44,840 --> 00:34:48,040 Speaker 1: another record low Thursday after the startup you turned on 561 00:34:48,080 --> 00:34:51,640 Speaker 1: a decision to raise prices for preorder customers the backtrack, 562 00:34:51,719 --> 00:34:53,800 Speaker 1: just forty eight hours after the company first announced it 563 00:34:53,840 --> 00:34:56,520 Speaker 1: would boost the price of its R one T pickup 564 00:34:56,560 --> 00:35:00,320 Speaker 1: by and it's R one S suv by twenty present. 565 00:35:00,719 --> 00:35:03,640 Speaker 1: Joining us now at leoad Logo covers Rivian And where 566 00:35:03,680 --> 00:35:06,759 Speaker 1: do we stand now? Are the prices rising or not? Yeah? 567 00:35:06,800 --> 00:35:10,280 Speaker 1: So the prices are rising if you make an order today. 568 00:35:10,320 --> 00:35:12,640 Speaker 1: So anyone that was a pre order customer or put 569 00:35:12,640 --> 00:35:15,759 Speaker 1: their order in before March the first will pay the 570 00:35:15,760 --> 00:35:18,879 Speaker 1: original prices. You know there were a number of cancelations. 571 00:35:18,920 --> 00:35:21,399 Speaker 1: I spoke with Rivan. They wouldn't tell me how many, 572 00:35:21,440 --> 00:35:24,440 Speaker 1: but you can find a number of upset customers on Twitter. 573 00:35:24,880 --> 00:35:27,279 Speaker 1: So you know, when they first launched this product, that 574 00:35:27,360 --> 00:35:29,560 Speaker 1: the price of the pickup truck, for example, was sixty 575 00:35:29,640 --> 00:35:33,160 Speaker 1: seven thousand, five dollars. If you ordered before March the first, 576 00:35:33,200 --> 00:35:35,160 Speaker 1: at any time in the last couple of years, you'll 577 00:35:35,160 --> 00:35:37,759 Speaker 1: pay that price. But going forward, as an example of 578 00:35:37,760 --> 00:35:41,800 Speaker 1: the R one t you're paying sevent more almost eighty dollars. 579 00:35:41,840 --> 00:35:45,799 Speaker 1: It's a big jump. I still don't understand why they 580 00:35:45,800 --> 00:35:47,919 Speaker 1: thought they could raise the prices on people who had 581 00:35:48,120 --> 00:35:50,600 Speaker 1: ordered something, you know, potentially as much as many as 582 00:35:50,600 --> 00:35:53,640 Speaker 1: two years ago. But okay, I mean there's some broader 583 00:35:53,680 --> 00:35:57,880 Speaker 1: significance here beyond customers being upset, which I do understand. 584 00:35:58,120 --> 00:36:01,239 Speaker 1: Talk to us about why this really matters. Well, it's 585 00:36:01,280 --> 00:36:02,839 Speaker 1: a great point. You saw that quote there from the 586 00:36:02,840 --> 00:36:05,640 Speaker 1: CEO R J. Scaryinge. He wrote this letters of customers 587 00:36:05,640 --> 00:36:10,520 Speaker 1: basically saying that this is supply problems right, semiconductor shortage, 588 00:36:10,640 --> 00:36:13,800 Speaker 1: rising input costs, look at what's happening in global commodities markets. 589 00:36:14,000 --> 00:36:16,400 Speaker 1: They had to do something, but they just got it 590 00:36:16,400 --> 00:36:18,520 Speaker 1: wrong in the way they went about it, making it 591 00:36:18,600 --> 00:36:21,800 Speaker 1: relevant to pre order customers. Remember, this is a company 592 00:36:21,840 --> 00:36:24,000 Speaker 1: that had the sixth biggest I p O in history. 593 00:36:24,280 --> 00:36:26,640 Speaker 1: It has billions of dollars on its balance sheet at 594 00:36:26,640 --> 00:36:30,440 Speaker 1: its disposal, but it's years away from profitability, years away 595 00:36:30,440 --> 00:36:33,759 Speaker 1: from being cash flow positive. So this really matters. You know, 596 00:36:34,320 --> 00:36:38,560 Speaker 1: Joe's fact RBC calculated that by backtracking, they're they're leaving 597 00:36:38,640 --> 00:36:41,800 Speaker 1: about eight d and fifty million dollars of potential revenue 598 00:36:41,800 --> 00:36:44,480 Speaker 1: on the table when you take into account the worst 599 00:36:44,480 --> 00:36:47,319 Speaker 1: case scenario of cancelation. So this is really meaningful. But 600 00:36:47,400 --> 00:36:50,759 Speaker 1: it's a classic hiccup for a company that's grown really big, 601 00:36:50,800 --> 00:36:53,879 Speaker 1: really fast, but isn't really building that in any trucks yet. 602 00:36:55,120 --> 00:36:57,200 Speaker 1: How do you think the higher prices will impact demand 603 00:36:57,280 --> 00:37:00,839 Speaker 1: and quickly? Great question, because we don't know who they're 604 00:37:00,840 --> 00:37:03,280 Speaker 1: competing with, right which are they going off to Tesla 605 00:37:03,400 --> 00:37:05,600 Speaker 1: or Tesla has lower price points. Are they going off 606 00:37:05,600 --> 00:37:08,440 Speaker 1: to the premium segment or trying to go to traditional 607 00:37:08,680 --> 00:37:11,600 Speaker 1: pickup buyers. Remember, you know, Ribbing kind of builds itself 608 00:37:11,600 --> 00:37:15,120 Speaker 1: as the patagon ear of the evy world for adventurers explorers, 609 00:37:15,160 --> 00:37:17,839 Speaker 1: So this is a question going forward how relevant these 610 00:37:17,880 --> 00:37:22,000 Speaker 1: products will be with customers. All right, Bloodlow, thanks for 611 00:37:22,000 --> 00:37:24,080 Speaker 1: bringing us that story. We'll see how that continues to 612 00:37:24,440 --> 00:37:27,040 Speaker 1: fall out. And that does it for this edition of 613 00:37:27,200 --> 00:37:29,960 Speaker 1: Bloomberg Technology. We're gonna be joined tomorrow by Jesse Powell, 614 00:37:30,040 --> 00:37:32,719 Speaker 1: CEO Craft and himself to talk about the rise in 615 00:37:32,760 --> 00:37:36,800 Speaker 1: crypto during the war, the impact of sanctions and their approach. 616 00:37:36,800 --> 00:37:38,760 Speaker 1: You don't want to miss that conversation. He's been pretty 617 00:37:38,800 --> 00:37:42,960 Speaker 1: active on Twitter about this. We'll be back with that tomorrow. 618 00:37:43,239 --> 00:37:51,040 Speaker 1: I'm Emily Chang. This is Bloomberk