WEBVTT - For Adam Neumann, Flow is the New We

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<v Speaker 1>This is Bloomberg Crypto at Daily Bloomberg. I heard podcast

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<v Speaker 1>and I'm Stacy Marie Ishmel, Managing editor of Crypto for

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<v Speaker 1>Bloomberg News. It's Wednesday, October five. Do you remember Adam

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<v Speaker 1>Newman when you talk about me? I can take it

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<v Speaker 1>when I'm ready. I will answer the things that need

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<v Speaker 1>to be answered or not. That We Work co founder

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<v Speaker 1>and former CEO who stepped down in two thousand and

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<v Speaker 1>nineteen in a cloud of accusations about eccentric behavior, skyhigh

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<v Speaker 1>expenses and general extravagance, or the Adam Newman immortalized in

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<v Speaker 1>an Apple TV miniseries starring Jared Leto about the rise

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<v Speaker 1>and fall of That We Work empire. Well, that Adam

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<v Speaker 1>Newman is back with Bonus Crypto and an exceptionally large

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<v Speaker 1>three hundred and fifty million dollar check from the venture

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<v Speaker 1>capitalists over at Andresen Harrowitz. I think because I'm very

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<v Speaker 1>comfortable talking about the lessons, I'm very comfortable sharing what

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<v Speaker 1>it is that worked and didn't work, entrepreneurs are coming

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<v Speaker 1>faster than ever before here to discuss what he's up

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<v Speaker 1>to and why the word flow is the new wee

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<v Speaker 1>is Bloomberg reporta Hannah Miller. He did take this startup,

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<v Speaker 1>raise a bunch of money, get it to be worth

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<v Speaker 1>over a billion dollars, you know, and they want to

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<v Speaker 1>see what he can do in the crypto space, if

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<v Speaker 1>he can maybe do something similar. Hall, welcome back on

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<v Speaker 1>the show. Thank you for having me. You are normally

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<v Speaker 1>in our SF office, but here you are in New

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<v Speaker 1>York today and I like that for lots of reason

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<v Speaker 1>and it's good to see you. But also there's something

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<v Speaker 1>about the geographic I don't know, miss of us about

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<v Speaker 1>to talk about a dude who got a lot of

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<v Speaker 1>credit for marketing coworking spaces and you know, community in

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<v Speaker 1>the sense of being together. It's all but we because yes,

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<v Speaker 1>we're gonna talk about Adam Newman today where you are,

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<v Speaker 1>who is somehow back. But before we get to how

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<v Speaker 1>he's back, would you remind our listeners of where he was,

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<v Speaker 1>what he was doing, and why he disappeared for a while. Yeah.

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<v Speaker 1>So he had a meteoric rise with we Work. It

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<v Speaker 1>was insane how big they got and how quickly they

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<v Speaker 1>were able to raise funds. We Work was focused on

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<v Speaker 1>building communal workspaces all over the world. Adam Newman was

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<v Speaker 1>the founder the CEO, and he really really sold it

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<v Speaker 1>and they had you know, different locations throughout the US,

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<v Speaker 1>and they're planning to do this big, big I p O.

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<v Speaker 1>And that's when things started to get really crazy. There

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<v Speaker 1>s one am out lots of pictures and one so

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<v Speaker 1>filing that a company has to give to provide information

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<v Speaker 1>about what they're doing, who they are prior to going public.

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<v Speaker 1>And in this S one, you know, he really laid

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<v Speaker 1>out this vision for we Work, you know, filled with

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<v Speaker 1>photos and images. Was not your typical S one And

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<v Speaker 1>really people were struck by the amount of power he

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<v Speaker 1>had within the company. You know, he had super voting

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<v Speaker 1>rights that could give him the ability to clear the

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<v Speaker 1>entire board. He had immense control over the company, as

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<v Speaker 1>did his wife, Rebecca Newman, who was also quite the force,

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<v Speaker 1>and people grew concerned. Not helping things was the fact

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<v Speaker 1>that there was questions of whether this was a workable

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<v Speaker 1>business model, if they could be as profitable as they

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<v Speaker 1>claimed to be. They were similar companies with very similar

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<v Speaker 1>business models, worth not nearly as much as We Work

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<v Speaker 1>and Avenge. Really he was ousted as CEO. So the

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<v Speaker 1>big news, of course is not a huge surprise, but

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<v Speaker 1>Adam Newman, the colorful founder of the company, is stepping down.

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<v Speaker 1>He's going to be decreasing his voting control of the company.

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<v Speaker 1>These are all things that some of the investors and

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<v Speaker 1>we Work, like soft Bank, had been pushing for. And

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<v Speaker 1>the company did go public. It is now worth significantly

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<v Speaker 1>less than what it claimed to be. Was valued at

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<v Speaker 1>forty seven billion dollars at one time. It now trades

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<v Speaker 1>at about three billion dollars. Just to emphasize everything that

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<v Speaker 1>you're saying about this s one filing. Here are some

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<v Speaker 1>of the headlines that I pulled from that momentous August

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<v Speaker 1>two thousand nineteen CNBC. The strangest and most alarming things

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<v Speaker 1>and we Works I p O filing the verge. We

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<v Speaker 1>Work isn't a tech company. It's a soap opera business insider.

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<v Speaker 1>The energy of we people are roasting we Work for

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<v Speaker 1>its cultish I p O filing fortune. Reading we Works

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<v Speaker 1>as one is like staring into Adam Newman's soul. These

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<v Speaker 1>are not the kinds of things that financial media organizations

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<v Speaker 1>generally right when a company is declaring its intent to

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<v Speaker 1>go public, it's things like, here are the risk factors,

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<v Speaker 1>you know, here's the expected blah, blah blah. Instead, this

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<v Speaker 1>was just a kind of a collective WTF around the world.

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<v Speaker 1>And so, as you said, you know, the meteoric rise

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<v Speaker 1>of Adam Newman was followed by a pretty precipitous decline

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<v Speaker 1>in his personal fortunes, although he seemed to have meet

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<v Speaker 1>out pretty well into you know, we work as an

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<v Speaker 1>entity itself. But now it's basically two years later and

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<v Speaker 1>he's back. What's he up to? He's send a crypto.

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<v Speaker 1>So we've seen two startups that he's helped found. One

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<v Speaker 1>is called Flow Carbon, which uses blockchain to track carbon credits,

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<v Speaker 1>and he and his wife, Rebecca Newman, they helped found it,

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<v Speaker 1>but they don't have operational rules. The other company is

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<v Speaker 1>more I would say, his baby. It's called Flow. As

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<v Speaker 1>you might have noticed, Flow is Adam Newman's new favorite work.

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<v Speaker 1>It is the new we Okay, so you know, I

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<v Speaker 1>got to keep that in mind. So Flow is a

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<v Speaker 1>real estate startup, and we don't know too much about it.

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<v Speaker 1>There are still a lot of details that we have

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<v Speaker 1>no idea what they are. And one thing though that

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<v Speaker 1>we did learn about Flow is that it's coming out

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<v Speaker 1>with a digital financial services wallet that will allow people

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<v Speaker 1>to interact with cryptocurrencies, so there is a clear crypto

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<v Speaker 1>element as of right now to Flow, though things are

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<v Speaker 1>subject to change. Who is writing the check? Surprise surprise

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<v Speaker 1>at s Andrews and Horowitz. It's a three million dollar checks,

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<v Speaker 1>very large, extremely large, shows a lot of faith, a

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<v Speaker 1>lot of confidence. Mark and Reason like wrote a whole

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<v Speaker 1>blog post Singing Adams praises, singing Flows praises talking about

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<v Speaker 1>why they invested in this new startup, and in the

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<v Speaker 1>Adam Newman one point oh story, the equivalent would have

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<v Speaker 1>been soft Bank that had provided these large checks. Three

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<v Speaker 1>million dollars, even by the standards of crypto, is a

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<v Speaker 1>dramatic amount of money. There are hedge funds in crypto

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<v Speaker 1>that launched with initial funds of like one and a

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<v Speaker 1>half to two billion, of which three million is a

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<v Speaker 1>very large chunk. Is this the largest check that's a

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<v Speaker 1>sixty and z has ever written to a single founder?

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<v Speaker 1>I think it's definitely. It definitely ranks up there. It

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<v Speaker 1>is a big check. So far, Atom has really been

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<v Speaker 1>the main person connected with Flow. You know, we don't

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<v Speaker 1>know about any co founders, and it is a huge

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<v Speaker 1>vote of confidence, a major stamp of approval because A

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<v Speaker 1>sixteen Z is a formidable force within the crypto industry.

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<v Speaker 1>Their crypto investing team is massive. They are constantly writing

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<v Speaker 1>check They are really gung ho about the space. So

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<v Speaker 1>is this ASICs das bet on Newman? Is this a

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<v Speaker 1>bet on crypto? Is it sort of some combination of

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<v Speaker 1>the two. How should folks understand where this conviction is

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<v Speaker 1>coming from. Yeah, I think it's a combo of the two.

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<v Speaker 1>And it's kind of interesting because I think from a

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<v Speaker 1>normal person's perspective, it's like, why would you ever back

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<v Speaker 1>this guy again? You know, after what happened with we work.

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<v Speaker 1>He's great in marketing. Yeah, And I think after speaking

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<v Speaker 1>with venture capitalists in the crypto space, you know, there

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<v Speaker 1>is this idea that you can't back somebody normal. You

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<v Speaker 1>have to back an extraordinary person with this incredible vision

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<v Speaker 1>who can sell what they're building. And Adam really fits

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<v Speaker 1>that profile. You know, say what you want about him,

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<v Speaker 1>but he is not normal. He is not normal, and

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<v Speaker 1>he knows how to get attention to his projects. What

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<v Speaker 1>worries me is the fact that the thing that he

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<v Speaker 1>is primarily known for is a as a marketing founder,

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<v Speaker 1>kind of a salesperson. I'm not sure that crypto necessarily

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<v Speaker 1>needs more hype. It has a sort of built in

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<v Speaker 1>mechanism for providing that on its own. Do we have

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<v Speaker 1>any evidence that human has crypto experience of any kind?

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<v Speaker 1>You know, you mentioned that there are no other known

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<v Speaker 1>kind of who the operations will be if not him,

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<v Speaker 1>Where do we think some of that talent might potentially

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<v Speaker 1>come from to make this successful as a business. Yeah,

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<v Speaker 1>I think he's definitely going to have to bring people

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<v Speaker 1>on who really know the space. You know, this is

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<v Speaker 1>a shift for him in comparison to where he was

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<v Speaker 1>at with we Work. He's clearly intrigued by it though

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<v Speaker 1>and looking at for the carbon, looking at Flow. It'll

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<v Speaker 1>be interesting to see with Flow if they kind of

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<v Speaker 1>bring on more crypto operational people to help run this.

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<v Speaker 1>He's going to have to get a lot of talent,

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<v Speaker 1>right so sort of to build out this team, people

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<v Speaker 1>who are actually familiar with crypto. Where do we think

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<v Speaker 1>that might come from the talent pool? And crypto is

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<v Speaker 1>growing as we see more companies do layoffs, there are

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<v Speaker 1>people still transitioning over from traditional tech companies who are

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<v Speaker 1>excited by the space. I think he is going to

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<v Speaker 1>have to to build out a team to do this,

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<v Speaker 1>and it's pretty interesting to see what other applications they

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<v Speaker 1>could use crypto for. These plans could change, but right now,

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<v Speaker 1>there is no plan to tokenize real estate rentals or

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<v Speaker 1>ownership with crypto. Right so this is not a we

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<v Speaker 1>put your apartment on the blockchain startup as of right now. No,

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<v Speaker 1>not at all, and it's going to be exciting to

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<v Speaker 1>see what happens. And we also we have to keep

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<v Speaker 1>in mind this is an all encompassing financial services while

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<v Speaker 1>it's not just crypto. You can have your bank account

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<v Speaker 1>in it, you know, you can you do other stuff,

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<v Speaker 1>so he might have to also pull in people and

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<v Speaker 1>from traditional finance. We'll be right back with Bloomberg reports

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<v Speaker 1>that Hannah Mila on how entrepreneur Adam Newman is stepping

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<v Speaker 1>into the world of crypto. There is a very crypto

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<v Speaker 1>specific part of one of the startups that's flu Carbon,

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<v Speaker 1>and that is the the g NT Yes, the Goddess

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<v Speaker 1>Nature Token. Yes, the Goddess Nature Token. Basically, they're using

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<v Speaker 1>these token bundles to represent carbon credits on the blockchain.

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<v Speaker 1>And both Adam and Rebecca Newman are super into nature.

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<v Speaker 1>We know Adam is a huge surfer and you know,

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<v Speaker 1>they also made the environment a big part of their

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<v Speaker 1>focus when they were at we work, like banning meat

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<v Speaker 1>in the communal kitchens, you know, things along those lines.

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<v Speaker 1>So it's very interesting that they've chosen to sort of

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<v Speaker 1>take this track with crypto, which is often criticized to

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<v Speaker 1>be not environmentally friendly, and it's kind of an exciting

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<v Speaker 1>use case, and that they're you know, doing carbon credit tracking.

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<v Speaker 1>We've seen other projects kind of do this. Chia is

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<v Speaker 1>one I'm thinking of, and it hasn't really taken off yet,

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<v Speaker 1>I would say, so it'll be interesting to see if

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<v Speaker 1>low Carbon can shift that up. Is the Goddess Nature

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<v Speaker 1>token trading anywhere? Does it currently have a price or

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<v Speaker 1>is it still sort of up in the air as

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<v Speaker 1>it relates to flu carbon itself. So they actually delayed

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<v Speaker 1>the token launch because of Crypto winter, so we have

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<v Speaker 1>to see more details. I mean, reports have circulated that

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<v Speaker 1>you know, flull Carbon shutting down things like that, but

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<v Speaker 1>I think it they're just kind of been a holding

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<v Speaker 1>pattern right now, waiting to see what happens, waiting for

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<v Speaker 1>the right time to release this token. You have in

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<v Speaker 1>the past reports it on pretty extensively. One of the

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<v Speaker 1>bigger criticisms of you know, like VC concentration in terms

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<v Speaker 1>of initial access to crypto projects. The idea, for example,

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<v Speaker 1>that if folks are delivering tokens two insiders as a

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<v Speaker 1>way to encourage participation in the project, a lot of

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<v Speaker 1>those insiders are going to be the venture capitalists who

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<v Speaker 1>are also backing the project. So we've got that, We've

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<v Speaker 1>got that kind of inherent underlying tension about something that's

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<v Speaker 1>supposed to be democratizing finance. We also have the fact

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<v Speaker 1>that A. Sixty and Z is emerging as they're functionally

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<v Speaker 1>not just the biggest fish in crypto, but sometimes they

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<v Speaker 1>feel like the only in the entire ocean, particularly as

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<v Speaker 1>it relates to what they like to call web three.

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<v Speaker 1>How are in your observations are reporting other people in

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<v Speaker 1>crypto kind of reacting to this dominance where you have

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<v Speaker 1>this one founder who he is very good at being

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<v Speaker 1>in the limelight. You have this one very large, very

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<v Speaker 1>powerful VC entity, you know, when their powers combined tbd.

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<v Speaker 1>But in the meantime, is it taking the oxygen out

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<v Speaker 1>of the room for anybody else who might be thinking

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<v Speaker 1>about flu carbon trading or just carbon trading in general,

0:13:55.880 --> 0:13:57.840
<v Speaker 1>or anybody else who might be looking for different kinds

0:13:57.840 --> 0:14:00.880
<v Speaker 1>of funding. Yeah. No, I think it's a mixed response

0:14:00.960 --> 0:14:06.160
<v Speaker 1>among crypto vcs. There are crypto specialized venture capital firms

0:14:06.240 --> 0:14:08.960
<v Speaker 1>that are just as big on the space as a

0:14:09.040 --> 0:14:13.880
<v Speaker 1>sixteen Z and I know there are some crypto native

0:14:14.080 --> 0:14:16.920
<v Speaker 1>vcs vcs that you know all about crypto focus on it,

0:14:16.960 --> 0:14:20.040
<v Speaker 1>this is their bread and butter, who have some resentment

0:14:20.160 --> 0:14:23.160
<v Speaker 1>towards a st You know, they see them as maybe

0:14:23.200 --> 0:14:26.360
<v Speaker 1>not fully committed into the space because they have so

0:14:26.400 --> 0:14:29.000
<v Speaker 1>many other areas that they invest in. You know, there's

0:14:29.040 --> 0:14:33.040
<v Speaker 1>this definitely a divide between quote the Sandhill set and

0:14:33.160 --> 0:14:38.280
<v Speaker 1>crypto native vcs. However, I think during crypto winter, people

0:14:38.280 --> 0:14:41.680
<v Speaker 1>are just warming up to anything that comes into the industry.

0:14:41.760 --> 0:14:45.200
<v Speaker 1>I had one VC tell me, well, the fact that

0:14:45.280 --> 0:14:47.760
<v Speaker 1>a SIXT was able to write such a big check

0:14:47.920 --> 0:14:51.120
<v Speaker 1>shows that there's capital still flowing into this industry. Well,

0:14:51.160 --> 0:14:54.960
<v Speaker 1>I just want to pose their SIXT has like billion

0:14:55.000 --> 0:14:58.160
<v Speaker 1>dollars worth of ability to write checks. You know, three

0:14:58.160 --> 0:15:01.080
<v Speaker 1>fifty is a large check, but by their standards, it's

0:15:01.080 --> 0:15:04.600
<v Speaker 1>a tiny fraction of risk to to their overalls. So

0:15:04.720 --> 0:15:07.880
<v Speaker 1>is that really do you think it's possible to extrapolate

0:15:07.920 --> 0:15:12.120
<v Speaker 1>from this like unique situation across the entire industry. Yeah,

0:15:12.200 --> 0:15:16.200
<v Speaker 1>I think people want to do that, right, Is that

0:15:16.240 --> 0:15:19.160
<v Speaker 1>really the case that's still up for debate. It is

0:15:19.200 --> 0:15:22.720
<v Speaker 1>a small fraction of what of a sixtise these war chest,

0:15:23.000 --> 0:15:26.200
<v Speaker 1>but the fact that people see this big money coming

0:15:26.200 --> 0:15:29.000
<v Speaker 1>in and this big name with Adam, Yeah, I mean,

0:15:29.200 --> 0:15:32.720
<v Speaker 1>he definitely has a mixed reputation, but he's still a

0:15:32.800 --> 0:15:36.920
<v Speaker 1>name that you know, mainstream people recognize that. People in

0:15:37.200 --> 0:15:43.840
<v Speaker 1>the exactly like he you know, he has notoriety, and

0:15:44.640 --> 0:15:48.640
<v Speaker 1>I think people also see that he does have somewhat

0:15:48.680 --> 0:15:51.000
<v Speaker 1>of a track record of success with we Work. I mean,

0:15:51.080 --> 0:15:54.360
<v Speaker 1>he did take this startup, raise a bunch of money,

0:15:54.640 --> 0:15:57.480
<v Speaker 1>get it to be worth over a billion dollars, you know,

0:15:57.920 --> 0:16:00.120
<v Speaker 1>and they want to see what he can do in

0:16:00.120 --> 0:16:02.240
<v Speaker 1>the crypto space, if he can maybe do something similar.

0:16:04.760 --> 0:16:08.680
<v Speaker 1>It's interesting that you analogize, you know, to very a

0:16:08.720 --> 0:16:11.440
<v Speaker 1>certain flavor of tech metrics of success, which is he

0:16:11.520 --> 0:16:16.760
<v Speaker 1>was an incredible fundraiser and he was a financial engineering wizard,

0:16:17.480 --> 0:16:19.680
<v Speaker 1>which for a lot of stars ups in crypto are

0:16:19.720 --> 0:16:22.240
<v Speaker 1>two of the things that they also really care about. Right.

0:16:22.280 --> 0:16:23.960
<v Speaker 1>The idea is you want to your token to be

0:16:24.000 --> 0:16:26.240
<v Speaker 1>worth as much money as possible. You want to have

0:16:26.320 --> 0:16:28.840
<v Speaker 1>the ability to have access to liquid is he especially

0:16:28.920 --> 0:16:31.640
<v Speaker 1>in a crypto winter like this, So if you you know,

0:16:31.640 --> 0:16:33.880
<v Speaker 1>if you assess him by that standard, and I'm sure

0:16:33.920 --> 0:16:35.840
<v Speaker 1>there are many folks in crypto who are like, yeah,

0:16:35.880 --> 0:16:38.560
<v Speaker 1>that that is a bar that we would like to reach.

0:16:38.720 --> 0:16:42.480
<v Speaker 1>The challenge is going to be building out an actual

0:16:42.560 --> 0:16:45.640
<v Speaker 1>company around this, because, as you've mentioned, many folks have

0:16:45.720 --> 0:16:47.960
<v Speaker 1>been trying to make you know, carbon credits on the

0:16:47.960 --> 0:16:52.120
<v Speaker 1>blockchain happen in one capacity or another and have struggled

0:16:52.240 --> 0:16:57.040
<v Speaker 1>to reach beyond interesting pilot projects or you know, relatively

0:16:57.080 --> 0:17:00.920
<v Speaker 1>small things. So for good or for ill, that that

0:17:01.000 --> 0:17:03.240
<v Speaker 1>industry is getting an injection of a huge amount of

0:17:03.240 --> 0:17:05.200
<v Speaker 1>money and the huge amount of attention very short amount

0:17:05.240 --> 0:17:09.040
<v Speaker 1>of time. Yeah, the big question is is Kenny back

0:17:09.080 --> 0:17:11.520
<v Speaker 1>it up? You know? And that's a question that's p

0:17:11.520 --> 0:17:13.040
<v Speaker 1>posed to a lot of founders, But I think with

0:17:13.080 --> 0:17:15.680
<v Speaker 1>Adam Newman the stakes are higher because he already has

0:17:16.440 --> 0:17:20.560
<v Speaker 1>this past with we work, so it's gonna be interesting

0:17:20.600 --> 0:17:23.080
<v Speaker 1>to see how he does it. I mean, they're focusing

0:17:23.119 --> 0:17:25.680
<v Speaker 1>on a problem that a lot of people have, which

0:17:25.720 --> 0:17:31.240
<v Speaker 1>is a painful relationship with their landlord. Rental company whatever.

0:17:32.040 --> 0:17:34.320
<v Speaker 1>I think that that with flow, they're trying to find

0:17:34.400 --> 0:17:38.199
<v Speaker 1>some way to make that easier, more seamless, you know,

0:17:38.920 --> 0:17:42.359
<v Speaker 1>on the blockchain, with the crypto wallet maybe yeah, yeah,

0:17:42.400 --> 0:17:46.320
<v Speaker 1>I mean they're they're talking about maybe doing like a

0:17:46.320 --> 0:17:51.200
<v Speaker 1>reward system based on blockchain. Again, stuff could change. There's

0:17:51.240 --> 0:17:55.600
<v Speaker 1>no real clear path yet, I think, but it'll be

0:17:55.640 --> 0:17:57.960
<v Speaker 1>interesting to see what happens. I do think to your

0:17:58.000 --> 0:18:01.200
<v Speaker 1>point that seeing who that team turns out to be

0:18:02.160 --> 0:18:04.840
<v Speaker 1>is going to be very interesting, and we'll probably have

0:18:04.920 --> 0:18:06.320
<v Speaker 1>you back on to talk more about it when they

0:18:06.320 --> 0:18:08.479
<v Speaker 1>start making those announcements. Thank you so much for being

0:18:08.480 --> 0:18:09.919
<v Speaker 1>on the show. Thank you so much for having me.

0:18:11.359 --> 0:18:13.159
<v Speaker 1>You can find more of Hannah Miller's reporting on the

0:18:13.160 --> 0:18:16.600
<v Speaker 1>Bloomberg Terminal on Bloomberg dot com or follow her on Twitter.

0:18:17.040 --> 0:18:22.439
<v Speaker 1>She's at h G Miller nine. That's h G m

0:18:22.520 --> 0:18:32.000
<v Speaker 1>I L L E Er nine. On the next episode

0:18:32.000 --> 0:18:35.000
<v Speaker 1>of Bloomberg Crypto, is it really possible to make a

0:18:35.040 --> 0:18:38.720
<v Speaker 1>good blockchain based video game? What would that even look like?

0:18:39.440 --> 0:18:41.400
<v Speaker 1>And is there anyone trying to do it? Right now,

0:18:42.080 --> 0:18:44.680
<v Speaker 1>we're going to talk about Anamoca Brands, a video game

0:18:44.760 --> 0:18:48.960
<v Speaker 1>studio turned crypto venture capital fund run by Yatsu. They're

0:18:49.000 --> 0:18:52.720
<v Speaker 1>betting big on making blockchain games happen, alongside a slew

0:18:52.840 --> 0:18:59.200
<v Speaker 1>of other investments in the crypto arena. This is Bloomberg Crypto,

0:18:59.400 --> 0:19:02.720
<v Speaker 1>a daily podcast from Bloomberg and I Heart Radio. For

0:19:02.800 --> 0:19:05.040
<v Speaker 1>more shows from I Heart Radio, visit the I Heart

0:19:05.119 --> 0:19:08.680
<v Speaker 1>Radio app, Apple Podcasts, or wherever you get your podcast.

0:19:09.600 --> 0:19:12.160
<v Speaker 1>Send us your comments, questions, or suggestions for the show

0:19:12.359 --> 0:19:15.600
<v Speaker 1>to Crypto at Bloomberg dot net or find us on Twitter.

0:19:15.880 --> 0:19:21.480
<v Speaker 1>We're at Crypto. The supervising producer of Bloomberg Crypto is

0:19:21.560 --> 0:19:25.680
<v Speaker 1>Vicky Vergelina. Our senior producer is Janet Babin. Our producer

0:19:25.760 --> 0:19:30.160
<v Speaker 1>is Sharon Barriro. Associate producer is Thy Butler. Desta wonder

0:19:30.240 --> 0:19:34.480
<v Speaker 1>At is our engineer. Original music by Leo Sidrn. I'm

0:19:34.520 --> 0:19:36.679
<v Speaker 1>Stacy Marie Shmal. We'll be back tomorrow