November 17, 2025 • 27 mins
Money shouldn’t take days to arrive while business waits. We sit down with Miles Paschini, CEO and co-founder of FV Bank, to unpack how a licensed digital bank can make crypto feel like normal banking - without the wallet headaches, exchange hops, or private key anxiety. Miles traces his journey from prepaid telecom innovation to Wavecrest’s pioneering crypto cards, and explains why building FV Bank meant controlling the value chain: the bank license, the compliance stack, and the tech.
We dig into how FV Bank issues traditional accounts with ACH, wires, and cross-border payments, then layers in bank-native wallet addresses for USDC, USDT, and PYUSD. That lets a merchant accept a stablecoin payment that lands as USD deposits, or send a million dollars internationally in minutes with on-chain settlement and integrated sanctions screening. Inside the bank, FVNet provides instant client-to-client settlement, turning treasury into an always-on function and freeing working capital from the friction of multi-day delays.
Miles also explores the future: stablecoin growth accelerated by clearer regulation, peer-to-peer payment via X402 that removes chargebacks and middlemen, and how agentic and machine-to-machine commerce will quietly reshape e-commerce and everyday life. We touch on risk and compliance fundamentals - BSA/AML first, crypto-native forensics layered on top and why specialization in fintech and blockchain is a durable advantage. Looking ahead, FV Bank plans to expand Visa issuing, launch BIN sponsorship globally, and introduce Bitcoin-collateralized lending for long-term holders.
If you care about faster settlement, lower risk, and payments that work at internet speed, this conversation maps where banking is headed and how businesses can get there without becoming crypto experts.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_02 (00:00):
Welcome to the Leaders in Payments Podcast.
Where we come to see the leadersthat come to the payments and
space.
We will lead a space thing ofproducts and services that
include the payments spacetoday, as well as trends and
predictions for the future ofpayments.
We will also hear stories fromour guests about their journeys
to the topic.
SPEAKER_01 (00:18):
Hello everyone, and welcome to the Leaders in
Payments Podcast.
I'm your host, Greg Myers, andtoday's special guest is Miles
Pacini, the CEO of FV Bank.
So, Miles, thank you so much forbeing here and welcome to the
show.
Thank you for having me.
Much appreciated.
So before we dive into yourcareer and talk about the
company, can you give us a quicksnapshot of your personal
background, maybe where you grewup, where you call home today, a
(00:39):
few things like that?
SPEAKER_00 (00:40):
Yeah, certainly.
I grew up out in California andcurrently call home South
Dakota.
So quite a different setting.
I've been in the payment spacepretty much my whole career.
Um I started out in the prepaidwireless space, and then I got
into card issuing.
I founded a company uh in Europecalled Wavecrest, which was a
very large card issuer, and wewere the first company to ever
(01:01):
introduce the um crypto-linkeddebit cards.
That was back in around 2013.
Now I'm the co-founder of FVBank, and we're a digital bank
based in Puerto Rico, and uhwe're really focused on the
conversion of traditionalbanking and digital assets.
SPEAKER_01 (01:17):
Well, if you don't mind, and you and you did a
little bit there, but can youwalk us through your
professional journey and maybehow and why you co-founded the
FV Bank?
SPEAKER_00 (01:25):
Yeah, certainly.
So, you know, as I I said, uh Istarted out in the prepaid space
and I did some reallyinteresting work there.
I filed several patents onchanging technology from if
you're old enough, you'llremember prepaid cards when you
had to scratch that film off theback of the cards in order to
reveal a number to make like aninternational phone call.
Those were very popular.
We turned that into a digitalbusiness.
(01:46):
So we we had filed and beenissued a number of patents on
real-time delivery of thosecodes.
So if you wanted$50 worth ofVerizon, it would be delivered
to you in real time digitally,as opposed to having to
manufacture a card anddistribute a card and then have
someone you know scratch thefilm off of that card to use it.
We sold that business to SafewayGrocery Store, which was in a
(02:07):
division called Blackhawk.
Blackhawk is one of the world'slargest prepaid providers today.
That really got me intopayments.
Um, that's what lit the fire, ifyou say.
And then I got involved into thecard issuing space.
I co-founded a company calledWavecrest.
We thought we were going to bean institutional payments
solutions company.
We built products for largetelecoms like Telefonica, um,
(02:31):
Reliance Telecom in India.
And that was a very interestingphase in my career where we were
building innovative products forvery large corporations.
I can probably say I didn't likethat phase of my career very
much because it was just such aleft-sided.
We had a company of maybe 100people and teeing off against
organizations with you know tensof thousands of people.
And that was a lot of learning.
(02:52):
But then we got lucky one day,we we stumbled onto an idea.
It was actually a joint venturewith Visa.
Really, when I say jointventure, that's that's probably
not the best description.
It's better to call itSkunkworks.
We were developing some newtechnology for Visa.
Um, that technology was going toallow someone like an airline
company to enable a customer touse their points at the point of
(03:15):
sale or using a Visa Plasticcard.
And that technology that wedeveloped, which we called RHA,
which stood for remote hostauthorization, it essentially
allowed someone to use a Visacard at the point of sale and
spend another store of valueother than the fiat currency
they had there.
And so while the airlinesselling airlines, you're using
(03:35):
airline points at the point ofsale didn't take off at the
time, we connected that to aBitcoin wallet in 20 late 2012,
2013.
And that turned into a veryinteresting and fast-growing
business where we were, for thefirst time, enabling the
convergence of digital assetsand traditional finance by
enabling customers technicallyto spend their Bitcoin at the
(03:56):
point of sale.
That was a fascinating phase ofmy career, very fast growing.
We had uh over a millioncustomers in 70 countries.
We learned a lot about crypto.
We learned a lot about the lackof knowledge in the industry,
especially from the banking sidewith regards to regulations
related to crypto, you know, howthe two industries would
(04:16):
converge, how they would notconverge.
That business really led me tostart FV Bank.
What we realized was that inorder to develop products and
services that converge those twoindustries, you needed to
control more of the value chain.
So we thought we needed to ownthe bank, we needed to own the
compliance function, primarilybecause the compliance function
needed to specialize.
(04:37):
And then we needed to own thetech stack.
And so FV Bank stands forFinTech Ventures.
The goal was there was to builda financial institution that was
vertically integrated to supportfintechs and blockchain
companies.
SPEAKER_01 (04:49):
So let's talk about the bank that you founded, the
one you're talking about.
So tell us what FV Bank reallydoes and kind of give us the
products, the solutions, themarkets you serve, a few things
like that.
SPEAKER_00 (05:00):
Yeah, absolutely.
So there's a it I always like toexplain it as a Venn diagram.
You have traditional banking,which is deposit accounts, you
know, payments, ACH, domesticwires, international wires,
cross-border payments, all thethings that you would do in a
traditional digital bank.
We have those functions.
We also have a digital assetcustody business where we can
(05:22):
custody digital assets insidethe bank.
And we've focused on a number ofintegrations to converge the two
industries.
To be able to custody digitalassets in and of itself is novel
in a bank.
But to create products andservices around that is really
where we differentiateourselves.
And I'll give you an example ofthat that's you know really got
(05:42):
a lot of traction and probablywould resonate with the audience
today is that stable coins arethe craze today in the
marketplace.
We can all see the data beingpublished about the value of
transactions and how they're youknow on a purely on a value
basis, competing with the likesof Visa and MasterCard.
Three years ago, FE Bankintegrated wallet addresses
directly into your bank account.
(06:04):
So what that means is that ifyou have a bank account at FE
Bank, we would give you a walletaddress for USDC, which is a US
stablecoin USDT, and PYUSD,which is PayPal stablecoin.
And those wallet addressesenable our customers to directly
receive stablecoins as US dollardeposits.
So if you're a merchant and youbank at FE Bank and you have an
(06:28):
invoice you send to a customer,the customer could pay you by
traditional methods like sendingyou a wire or an ACH, but they
can also pay you with astablecoin payment.
And as a user, you don't haveany of the technical challenges.
You don't need a wallet.
Um it's provided directlyintegrated to your bank account.
You don't need to convert thestable coins to dollars, like
having an exchange account atsomething like Coinbase.
(06:50):
You know, you don't need tocontrol the private keys of your
wallet.
And we've just made it reallysimple.
So user creates an invoice, theinvoice can be paid by
stablecoin.
And it, you know, we think thatthat's one of the hurdles.
Like if you're gonna get smallto medium businesses to start to
accept stable coins, you need tomake it easy for them.
And that's what we've focused onis make it easy, make it
(07:11):
seamless.
Likewise, if you we also supportpayment.
So a customer at FE Bank who hasUS dollars in their account,
let's say they want to send amillion dollars to China because
they're buying goods andservices.
They could send a wire.
That wire is going to take youknow one to three days to
settle, depending on the route.
Or they could send stable coin.
So from their US dollar balance,they don't need to do anything,
(07:34):
they just instruct us who's thebeneficiary, who's the
beneficiary's wallet address.
We do all the sanctionedscreening of those wallet
addresses on the back end.
We mint the stable coins andsend them in real time.
That payment will arrive to thebeneficiary in a maximum 20
minutes.
So we've created an environmentwhere banking customers can
(07:54):
interact with and seamlesslyleverage the benefits of the
blockchain without having tonecessarily adopt the
technology.
SPEAKER_01 (08:01):
Are there certain verticals within the small to
medium-sized businesses thatthis is more designed for, or is
it really across the board?
SPEAKER_00 (08:10):
There will be a spectrum of adoption that will
take place over time.
Um the early adopters are thedigitally native companies, so
companies who are born out of oraccustomed to dealing with
digital assets.
And that can range all the wayfrom the crypto exchanges
themselves to what we call OTCdesks, which is a trading desk,
funds and family offices thatare dealing in digital assets.
(08:32):
So this is very naturalextension for them, and that's
the largest part of our businesstoday.
But now we're starting to seelike the import-export industry,
especially when you have like aneast-west trade, um, they're
looking for faster ways tosettle payments, more secure
ways to settle payments.
And so if you think about it, ifyou're buying, you know, if
(08:52):
you're buying a thousand widgetsfrom uh from overseas and you
send a bank wire, it's gonna be,you know, let's say three days
until that transaction settles.
So that means your product's notgonna ship for at least four
days probably.
If you send them a stablecointransaction, they receive it in
let's say 20 minutes and theycan ship today.
So for people who are in theimport-export business, they're
(09:14):
starting to adopt these types ofservices.
But you know, I think over time,if we do a good job of making it
seamless, it'll move to anybusiness and then ultimately to
consumers.
People ask me all the time, whenwill consumer adoption happen?
Consumer adoption will happenwhen the consumers don't know
that they've adopted it.
When we've done such a good jobof integrating the technologies
(09:36):
that they don't even knowthey're using the technology.
SPEAKER_01 (09:38):
I love that answer.
So when you look at yourcustomers today, what's the
biggest challenge that you'resolving for them right now?
SPEAKER_00 (09:47):
If you start at the very basic level, you know, that
the digital asset cryptoindustry effectively got
debanked under the prioradministration.
And so at the very core was justproviding banking services to
those customers who otherwisecould not obtain banking
services.
And that really had to do withone is you know, there was a an
environment in the U.S.
(10:08):
where digital assets weren'tbeing supported from a
government point of view.
And that resulted in a lot ofregulatory pressure.
And also banks who got involvedwere ill-equipped to be involved
in the space.
And so just basic access was thebeginning for us.
Then we started getting ahead ofthe other institutions in the
space by integratingtechnologies that set us apart.
(10:29):
So, for example, the stablecoinexample I gave you, I don't know
of another bank in the UnitedStates that you can seamlessly
receive and send stable coins.
I hope that that changes.
I don't want us to be the onlyone.
I want it to be the norm in thefuture.
But not only addressing thebasic needs of the customer, but
then getting ahead of the curveby developing products and
(10:50):
services that directly resonateto them.
So, for example, at FV Bank wehave a product called FVNet.
FVNet is a product that's widelyused by our customers.
It's a peer-to-peer interbanksettlement system.
So because we have a lot ofdigitally native companies on
our platform, they do a lot oftrading with each other.
So you have a buyer and a sellerat the institutional level for
(11:10):
digital assets.
With FVNet, our clients cansettle to each other interbank
in real time.
So this is a feature that reallyappeals to that group.
And we're solving a problem fromthere, which is the speedment of
the movement of money.
So with stablecoins, you havespeed of movement of money
outside of the bank.
With FVNet, you have the speedand move of moving money inside
(11:32):
the bank.
And so we're solving problems bygiving them basic access and
creating features which appealto their needs.
Um and also those features areleading to more generalized
adoption.
SPEAKER_01 (11:45):
Okay.
Well, what would you saydifferentiate you guys from your
competitors out there, which youknow you may not have direct
competitors in some segments,but certainly your competitors
might be, you know, real-timepayments and the FedNow and you
know other ways people movemoney.
So what differentiates you guys?
SPEAKER_00 (12:03):
You know, I think it's uh focus and expertise.
Of course, you know, the ourproducts differentiated, and we
can keep talking about that, butreally it's focus and expertise.
You know, there's a lot of banksthat specialize in certain areas
of industry.
You know, there's banks that arereally good at writing
mortgages, and there's banksthat are really good at
agricultural lending, and and onand on.
And so typically you'll findoutside of just the average
(12:25):
community bank on the corner,banks that are trying to grow
and be innovative, theyspecialize in something.
And we specialize in fintech andblockchain.
And so we've built our culture,our processes, our products and
features, um our riskmanagement, everything is built
around supporting fintech andblockchain companies.
And so that's really the mainthing that differentiates us
(12:46):
because that means that we spendour time and our energy, we
listen to the customers, we lookat features and you know,
potential features thatcustomers would need, and we
build and support around that.
So I think that's the maindifferentiator is that FV Bank,
which stands for FinTechVentures, is really an
institution focused aroundsupporting that vertical and
making sure that we're good atit.
SPEAKER_01 (13:07):
And you've mentioned compliance and and you just said
the word risk, which you knowhas to be a huge challenge.
So how do you address that?
How do you stay on top of, likeyou said, ever-changing
regulatory environment?
One administration thinks oneway, another comes in, thinks
differently.
How do you make that kind of acore competency of your company?
SPEAKER_00 (13:29):
I think the first phase is that you know there are
there are a lot of existingregulations that are generally
applicable to our business.
And I think that you know, someinstitutions have forgotten
that.
If you look at banks who've beeninvolved in particular
industries where they will endup getting consent orders, for
example, and it doesn't matterif it's crypto and blockchain,
could be banks who decided tosupport the cannabis industry or
(13:52):
other high-risk industries.
You've got to pay attention tothe basics, right?
The BSA AML regulations broadlyapply, it doesn't matter what
vertical you work in.
And so making sure that you havea robust BSA AML program is the
foundation that every bank needsto think about.
Then you get into what are thespecific risks in the vertical
that you're participating in.
(14:12):
In our case, our specific risksare related to digital asset
transactions.
And so we've adopted thebest-in-class technology for
detecting uh anti-moneylaundering, sanctions screening,
fraud, and risk signals relatedto digital asset transactions.
So we use technology that allowsus to look at a uh a sender of a
(14:33):
transaction or look at abeneficiary of a transaction,
look at the history of theirwallet, look at the history
related to that particular userand determine whether or not
that transaction is one that wewould permit inside of the bank.
And so integrating thosetechnologies directly into our
core, into our monitoringsystems is key.
We do everything that you woulddo under traditional BSA email,
(14:54):
and then we layer on top of thatspecialized monitoring related
to those digital assettransactions.
SPEAKER_01 (15:00):
Okay.
Well, let's talk a little bitabout the future now.
Where do you see the biggestgrowth opportunities in your
segment of payments?
SPEAKER_00 (15:06):
I I don't think we can deny that the stablecoin
boom is gonna be here with thepassing of the Genius Act, which
I think is a brilliant move bythe U.S.
government to set downregulation for stablecoin
payments and to allow money tomove more freely over the
internet.
I think that that's going to bea huge boom for many industries.
It's gonna enable morefrictionless banking, it's gonna
(15:29):
enable more frictionlesspeer-to-peer payment settlement.
And as part of that, there'semerging technologies.
For example, there's atechnology called X402, it's a
pretty hot topic these last fewweeks.
X402 is not actually new.
It was a protocol built into theoriginal um HTTP protocol for
the you know, for basic internetconnectivity.
(15:50):
But what X402 is going to allowis for a stable coin payment to
be made from one person toanother or machine to machine
without intervention.
I'll spend one minute going intoit if you don't mind, and then
you can maybe grasp the power ofit.
But essentially what X402 isgoing to allow is um let's say
you have an internet resourcelike content.
(16:12):
You you pr let's say you producea weekly piece of content, and
people would normally pay forthat content.
In today's world, the customerhas to go to your website, they
have to sign up, they have toenter their Visa, MasterCard,
whatever payments, PayPal,whatever you accept.
And then you as the contentprovider, you have to go out to
Visa or MasterCard or PayPal,and you have to get an
authorization for thattransaction.
(16:33):
And then you have to settle thattransaction with the network
that you've processed thatpayment for.
So you effectively have a man inthe middle that is deciding does
this person have credit limit,do they have balance?
Is there are we going to approvethe transaction, deny the
transaction, etc.?
And then you have to collectfrom that party.
With X402, it truly ispeer-to-peer.
(16:54):
And so if you're a contentprovider and you want to sell
your piece of content for adollar, instead of accepting
payment cards or similar banktransactions with a man in the
middle, x402 will allow you topay directly in the transaction
with a stablecoin.
So if I'm the buyer, I connectto your website, your website
(17:15):
responds with a 402 that tellsme that it's$1 to access the
content.
I have a wallet, my wallet tellsme, hey, it's$1 to access this
content.
I approve it.
Transactions done.
Peer-to-peer direct settlement,no man in the middle, and
there's no chargebacks.
Period, it's done.
That type of technology is goingto completely change the way
that commerce works.
(17:35):
Um, the ability for the buyerand the seller to directly
settle payment over the internetwithout intermediary is going to
be a huge driver of theindustry.
And that's just one example ofhow stable coins will grow.
SPEAKER_01 (17:49):
Yeah, we could probably talk for hours about
the opportunities with stablecoins.
It's it seems to be all thebuzz.
And well, we're recording thisyear actually at Money2020, so
I'm sure that that's been whatthe buzz in the hallways in all
the conversations.
I know that the conversationsthat I have, it always is.
So for your company, though,what does success look like,
(18:11):
say, in the next three to fiveyears?
SPEAKER_00 (18:13):
Well, I feel very fortunate that we've spent the
last four years buildingfoundation.
We are quite unique in that weare a licensed auditory
institution with a lot ofdigital asset capability.
And so, you know, the firstthing is just build on what
we've already built.
We have a great foundation togrow the business from.
Um, we don't need shiny newtoys, as I like to say, to grow
(18:33):
the business.
And so as adoption increases, weare well positioned to grow the
core business.
With that said, we are a Visaissuer.
Um we plan to grow thatbusiness.
In 26, we're launching our BINsponsorship program.
We can issue cards with Visa inabout a hundred countries.
We historically in FEBank havenot supported third-party
(18:56):
programs.
And we've now started to signclients into third-party prepaid
programs.
Um we think that with thecapability that we have mixing
traditional finance, digitalassets, and our card issuing,
that some really interestingprograms will come out of um FE
Bank in 26.
And we're gonna work some of theyou know with some of the
(19:17):
largest multinational partnersto support those programs.
We're also planning on launchingBitcoin securitized lending in
26, which we think that themarket for individuals and
companies and uh largeinstitutions holding Bitcoin on
their balance sheet, they'regonna be long-term holders of
those assets.
They're not gonna be uh the I'mnot talking about the people
(19:38):
trading, I'm talking aboutpeople who are holding Bitcoin
like they would hold gold forlong term.
Um, those companies are going toleverage the equity that they
have in those assets, and sowe'll be launching a Bitcoin
securitized lending programwhere clients will provide
Bitcoin as collateral for loans.
This will allow them to leveragethe equity that they have in
their Bitcoin and maybe buy moreBitcoin, maybe finance their
(20:02):
business.
It'll be interesting to see whatall the use cases come out of
that.
But we'll be launching thatbusiness subject to regulatory
approval.
But we think that there's aclear map when you see that you
know large Tier 1 institutionsjust yesterday were announcing
their Bitcoin lending programs.
But we're very excited aboutthat.
We've been setting up somestrategic partnerships to help
us grow that business.
(20:22):
And we think that'll be veryconsistent with our strategy of
being a financial institutionthat not only provides
traditional products like loans,but tying those into our digital
asset capability.
SPEAKER_01 (20:34):
Okay.
Well, we've talked about one ofthe biggest trends in the
industry, of course, stablecoins.
But beyond that, what are theother biggest trends that you
see that's that are reallyreshaping the payments industry?
SPEAKER_00 (20:45):
I hate to jump back to it, it's and it's very fresh,
but I think XO X402 is going tohave a massive impact on the
industry.
You're going to see the Giants.
Uh, I think there was a pressrelease yesterday.
I'm here at Money2020, as youknow, there's hundreds of press
releases, but there was a pressrelease yesterday that caught my
eye, which was PayPal and Googleto support agentic shopping.
(21:06):
You know, I think thecombination of digital assets,
AI, and existing e-commerce,we're going to see mega
transformations.
I mean, the idea that you couldhave an agentic shopping agent,
um, I think it's gonna be veryreal.
I think it won't be long untilyou just program an agent and
say, every Monday buy me a dozeneggs and a and a gallon of milk,
(21:29):
and it goes out and buys it, andit shows up on your porch, and
you don't break out your creditcard, you don't go to
Amazon.com, it all just happensfor you.
I I I don't think that's sciencefiction anymore.
And part of that will happenbecause of partnerships like
PayPal and Google with existingcommerce sites, and part of it
will happen because prcompletely new startups that we
haven't heard of are gonnafigure out how to make our lives
(21:50):
easier.
You know, I think things likemachine to machine, we really
haven't, you know, touched onthat, but I think as a payment
method, you know, pulling yourif you I'm a Tesla owner, you
pull your Tesla in, you know,you plug in, it charges.
I think now that when you pullin, the machine's gonna talk to
the machine and it's gonnanegotiate payment on your behalf
without a credit card, umwithout a bank behind it, and
(22:12):
it's all gonna be done on chain.
So I think machine to machinepayment, agentic payments, I
don't think it's sciencefiction.
I think the technology is herenow.
And you know, I'm lookingforward to seeing the companies
who implement thosetechnologies.
And the role that FB Bank wantsto play is we want to, you know,
we want to be the selling thepicks and the axes to the
innovators, the fintechcompanies who develop those
(22:34):
products, and we give them theunderlying support that they
need.
SPEAKER_01 (22:38):
Okay.
A couple final questions.
So if you could go back and giveyourself some advice at the
start of your career, what wouldthat advice be?
SPEAKER_00 (22:47):
Oh wow.
That's a great that's a greatquestion.
I think that when you're a youngentrepreneur, you know,
sometimes you get blinders on.
You get so caught up in thewidget that you're trying to
invent that you lose sight ofthe big picture sometimes.
So I think that stepping backwhen you're building something,
(23:07):
looking at the broader market,understanding how you know your
product or service that you'rebuilding is going to impact the
broader market.
Um, I see a lot of times where,and because we deal with a lot
of entrepreneurs at FE Bank aswell, they'll build something
that's too narrowly focused.
It becomes not a product but afeature of something else in the
future.
And so trying to have thatbroader vision.
(23:29):
And you know, I it doesn't applyto me, but general
entrepreneurial advice is that II work tirelessly, I love what I
do, I've always uh you know,I've always loved what I do, and
that's what makes doing what Ido so easy.
It's enjoyable.
So find something that youreally are interested in, you
know, that you can read about,study, learn.
(23:51):
If you find something you reallylike, it's not work.
And that's probably been I wouldsay it's the opposite of your
question.
The biggest blessing of mycareer is that I've always
worked in an area that endlesslyinterested me.
And so it doesn't feel so muchlike work.
SPEAKER_01 (24:06):
No, I I love that.
Uh all that advice and and thatfinal part is very important.
And, you know, people listen tothat, you know, everyone would
be a little happier, I think, ifthey could find those things
they're passionate about andenjoy doing.
But one final question.
So, what would you want peoplelistening today, what would you
want them to take away from thisconversation?
SPEAKER_00 (24:26):
That digital assets and crypto are not just a
science experiment anymore.
It's getting woven into realityfor us.
I like to, you know, go back toearly email days.
I remember setting up my popthree account and getting a
hundred errors because itwouldn't work, and then we had
IMAP.
And what's the differencebetween Pop3 and IMAP?
(24:48):
And how do you configure youryou know your browser to get
your email and just all of thoseum inconveniences of this new
technology called email?
And now today, you know, we sendemail, hundreds of them a day,
around the world seamlessly.
You can just go to Gmail and geta free account.
And you know, it's just basicneed of life now.
(25:11):
And so crypto's getting to thatsame inflection point where yes,
it's clunky, yes, it'smisunderstood, but the real
acceleration and the adoption isgoing to come uh pretty quickly,
I think.
And it's gonna benefit a lot ofpeople.
It'll make things that we thinkare difficult today easy and
(25:33):
seamless tomorrow, just like youknow, the internet has changed
our lives so much, social mediahas changed our lives so much.
We all take the underpinningtechnology for granted.
And I think the same thing'sgonna happen with digital
assets.
The ability for money to moveover the internet, the ability
for just the ability for peopleto more freely send money.
If you want to send moneyoverseas today, it's at least a
(25:55):
one-day event through a bankingtransaction.
The ability to send moneyoverseas in seconds or minutes,
it is going to change the waythat commerce happens.
And so I I think we're at thatpoint where real change is gonna
happen.
I'm looking forward to thecurrent administration passing
the Clarity Act.
I think that will be veryhelpful to accelerating growth.
(26:17):
It'll help regulated businessesunderstand the guidelines under
which we can, you know, we canenter that inflection point of
the industry.
And so that's very exciting.
SPEAKER_01 (26:29):
Okay, well, Miles, I think that's a great way to wrap
up the show.
So thank you so much for beinghere today.
I know your time's veryvaluable, so I really do
appreciate you being on theshow.
Thank you very much for havingme.
And to all you listeners outthere, I thank you for your time
as well.
And until the next story.
Welcome to the Leaders in Payments Podcast.
Where we come to see the leadersthat come to the payments and
space.
We will lead a space thing ofproducts and services that
include the payments spacetoday, as well as trends and
predictions for the future ofpayments.
We will also hear stories fromour guests about their journeys
to the topic.
SPEAKER_01 (00:18):
Hello everyone, and welcome to the Leaders in
Payments Podcast.
I'm your host, Greg Myers, andtoday's special guest is Miles
Pacini, the CEO of FV Bank.
So, Miles, thank you so much forbeing here and welcome to the
show.
Thank you for having me.
Much appreciated.
So before we dive into yourcareer and talk about the
company, can you give us a quicksnapshot of your personal
background, maybe where you grewup, where you call home today, a
(00:39):
few things like that?
SPEAKER_00 (00:40):
Yeah, certainly.
I grew up out in California andcurrently call home South
Dakota.
So quite a different setting.
I've been in the payment spacepretty much my whole career.
Um I started out in the prepaidwireless space, and then I got
into card issuing.
I founded a company uh in Europecalled Wavecrest, which was a
very large card issuer, and wewere the first company to ever
(01:01):
introduce the um crypto-linkeddebit cards.
That was back in around 2013.
Now I'm the co-founder of FVBank, and we're a digital bank
based in Puerto Rico, and uhwe're really focused on the
conversion of traditionalbanking and digital assets.
SPEAKER_01 (01:17):
Well, if you don't mind, and you and you did a
little bit there, but can youwalk us through your
professional journey and maybehow and why you co-founded the
FV Bank?
SPEAKER_00 (01:25):
Yeah, certainly.
So, you know, as I I said, uh Istarted out in the prepaid space
and I did some reallyinteresting work there.
I filed several patents onchanging technology from if
you're old enough, you'llremember prepaid cards when you
had to scratch that film off theback of the cards in order to
reveal a number to make like aninternational phone call.
Those were very popular.
We turned that into a digitalbusiness.
(01:46):
So we we had filed and beenissued a number of patents on
real-time delivery of thosecodes.
So if you wanted$50 worth ofVerizon, it would be delivered
to you in real time digitally,as opposed to having to
manufacture a card anddistribute a card and then have
someone you know scratch thefilm off of that card to use it.
We sold that business to SafewayGrocery Store, which was in a
(02:07):
division called Blackhawk.
Blackhawk is one of the world'slargest prepaid providers today.
That really got me intopayments.
Um, that's what lit the fire, ifyou say.
And then I got involved into thecard issuing space.
I co-founded a company calledWavecrest.
We thought we were going to bean institutional payments
solutions company.
We built products for largetelecoms like Telefonica, um,
(02:31):
Reliance Telecom in India.
And that was a very interestingphase in my career where we were
building innovative products forvery large corporations.
I can probably say I didn't likethat phase of my career very
much because it was just such aleft-sided.
We had a company of maybe 100people and teeing off against
organizations with you know tensof thousands of people.
And that was a lot of learning.
(02:52):
But then we got lucky one day,we we stumbled onto an idea.
It was actually a joint venturewith Visa.
Really, when I say jointventure, that's that's probably
not the best description.
It's better to call itSkunkworks.
We were developing some newtechnology for Visa.
Um, that technology was going toallow someone like an airline
company to enable a customer touse their points at the point of
(03:15):
sale or using a Visa Plasticcard.
And that technology that wedeveloped, which we called RHA,
which stood for remote hostauthorization, it essentially
allowed someone to use a Visacard at the point of sale and
spend another store of valueother than the fiat currency
they had there.
And so while the airlinesselling airlines, you're using
(03:35):
airline points at the point ofsale didn't take off at the
time, we connected that to aBitcoin wallet in 20 late 2012,
2013.
And that turned into a veryinteresting and fast-growing
business where we were, for thefirst time, enabling the
convergence of digital assetsand traditional finance by
enabling customers technicallyto spend their Bitcoin at the
(03:56):
point of sale.
That was a fascinating phase ofmy career, very fast growing.
We had uh over a millioncustomers in 70 countries.
We learned a lot about crypto.
We learned a lot about the lackof knowledge in the industry,
especially from the banking sidewith regards to regulations
related to crypto, you know, howthe two industries would
(04:16):
converge, how they would notconverge.
That business really led me tostart FV Bank.
What we realized was that inorder to develop products and
services that converge those twoindustries, you needed to
control more of the value chain.
So we thought we needed to ownthe bank, we needed to own the
compliance function, primarilybecause the compliance function
needed to specialize.
(04:37):
And then we needed to own thetech stack.
And so FV Bank stands forFinTech Ventures.
The goal was there was to builda financial institution that was
vertically integrated to supportfintechs and blockchain
companies.
SPEAKER_01 (04:49):
So let's talk about the bank that you founded, the
one you're talking about.
So tell us what FV Bank reallydoes and kind of give us the
products, the solutions, themarkets you serve, a few things
like that.
SPEAKER_00 (05:00):
Yeah, absolutely.
So there's a it I always like toexplain it as a Venn diagram.
You have traditional banking,which is deposit accounts, you
know, payments, ACH, domesticwires, international wires,
cross-border payments, all thethings that you would do in a
traditional digital bank.
We have those functions.
We also have a digital assetcustody business where we can
(05:22):
custody digital assets insidethe bank.
And we've focused on a number ofintegrations to converge the two
industries.
To be able to custody digitalassets in and of itself is novel
in a bank.
But to create products andservices around that is really
where we differentiateourselves.
And I'll give you an example ofthat that's you know really got
(05:42):
a lot of traction and probablywould resonate with the audience
today is that stable coins arethe craze today in the
marketplace.
We can all see the data beingpublished about the value of
transactions and how they're youknow on a purely on a value
basis, competing with the likesof Visa and MasterCard.
Three years ago, FE Bankintegrated wallet addresses
directly into your bank account.
(06:04):
So what that means is that ifyou have a bank account at FE
Bank, we would give you a walletaddress for USDC, which is a US
stablecoin USDT, and PYUSD,which is PayPal stablecoin.
And those wallet addressesenable our customers to directly
receive stablecoins as US dollardeposits.
So if you're a merchant and youbank at FE Bank and you have an
(06:28):
invoice you send to a customer,the customer could pay you by
traditional methods like sendingyou a wire or an ACH, but they
can also pay you with astablecoin payment.
And as a user, you don't haveany of the technical challenges.
You don't need a wallet.
Um it's provided directlyintegrated to your bank account.
You don't need to convert thestable coins to dollars, like
having an exchange account atsomething like Coinbase.
(06:50):
You know, you don't need tocontrol the private keys of your
wallet.
And we've just made it reallysimple.
So user creates an invoice, theinvoice can be paid by
stablecoin.
And it, you know, we think thatthat's one of the hurdles.
Like if you're gonna get smallto medium businesses to start to
accept stable coins, you need tomake it easy for them.
And that's what we've focused onis make it easy, make it
(07:11):
seamless.
Likewise, if you we also supportpayment.
So a customer at FE Bank who hasUS dollars in their account,
let's say they want to send amillion dollars to China because
they're buying goods andservices.
They could send a wire.
That wire is going to take youknow one to three days to
settle, depending on the route.
Or they could send stable coin.
So from their US dollar balance,they don't need to do anything,
(07:34):
they just instruct us who's thebeneficiary, who's the
beneficiary's wallet address.
We do all the sanctionedscreening of those wallet
addresses on the back end.
We mint the stable coins andsend them in real time.
That payment will arrive to thebeneficiary in a maximum 20
minutes.
So we've created an environmentwhere banking customers can
(07:54):
interact with and seamlesslyleverage the benefits of the
blockchain without having tonecessarily adopt the
technology.
SPEAKER_01 (08:01):
Are there certain verticals within the small to
medium-sized businesses thatthis is more designed for, or is
it really across the board?
SPEAKER_00 (08:10):
There will be a spectrum of adoption that will
take place over time.
Um the early adopters are thedigitally native companies, so
companies who are born out of oraccustomed to dealing with
digital assets.
And that can range all the wayfrom the crypto exchanges
themselves to what we call OTCdesks, which is a trading desk,
funds and family offices thatare dealing in digital assets.
(08:32):
So this is very naturalextension for them, and that's
the largest part of our businesstoday.
But now we're starting to seelike the import-export industry,
especially when you have like aneast-west trade, um, they're
looking for faster ways tosettle payments, more secure
ways to settle payments.
And so if you think about it, ifyou're buying, you know, if
(08:52):
you're buying a thousand widgetsfrom uh from overseas and you
send a bank wire, it's gonna be,you know, let's say three days
until that transaction settles.
So that means your product's notgonna ship for at least four
days probably.
If you send them a stablecointransaction, they receive it in
let's say 20 minutes and theycan ship today.
So for people who are in theimport-export business, they're
(09:14):
starting to adopt these types ofservices.
But you know, I think over time,if we do a good job of making it
seamless, it'll move to anybusiness and then ultimately to
consumers.
People ask me all the time, whenwill consumer adoption happen?
Consumer adoption will happenwhen the consumers don't know
that they've adopted it.
When we've done such a good jobof integrating the technologies
(09:36):
that they don't even knowthey're using the technology.
SPEAKER_01 (09:38):
I love that answer.
So when you look at yourcustomers today, what's the
biggest challenge that you'resolving for them right now?
SPEAKER_00 (09:47):
If you start at the very basic level, you know, that
the digital asset cryptoindustry effectively got
debanked under the prioradministration.
And so at the very core was justproviding banking services to
those customers who otherwisecould not obtain banking
services.
And that really had to do withone is you know, there was a an
environment in the U.S.
(10:08):
where digital assets weren'tbeing supported from a
government point of view.
And that resulted in a lot ofregulatory pressure.
And also banks who got involvedwere ill-equipped to be involved
in the space.
And so just basic access was thebeginning for us.
Then we started getting ahead ofthe other institutions in the
space by integratingtechnologies that set us apart.
(10:29):
So, for example, the stablecoinexample I gave you, I don't know
of another bank in the UnitedStates that you can seamlessly
receive and send stable coins.
I hope that that changes.
I don't want us to be the onlyone.
I want it to be the norm in thefuture.
But not only addressing thebasic needs of the customer, but
then getting ahead of the curveby developing products and
(10:50):
services that directly resonateto them.
So, for example, at FV Bank wehave a product called FVNet.
FVNet is a product that's widelyused by our customers.
It's a peer-to-peer interbanksettlement system.
So because we have a lot ofdigitally native companies on
our platform, they do a lot oftrading with each other.
So you have a buyer and a sellerat the institutional level for
(11:10):
digital assets.
With FVNet, our clients cansettle to each other interbank
in real time.
So this is a feature that reallyappeals to that group.
And we're solving a problem fromthere, which is the speedment of
the movement of money.
So with stablecoins, you havespeed of movement of money
outside of the bank.
With FVNet, you have the speedand move of moving money inside
(11:32):
the bank.
And so we're solving problems bygiving them basic access and
creating features which appealto their needs.
Um and also those features areleading to more generalized
adoption.
SPEAKER_01 (11:45):
Okay.
Well, what would you saydifferentiate you guys from your
competitors out there, which youknow you may not have direct
competitors in some segments,but certainly your competitors
might be, you know, real-timepayments and the FedNow and you
know other ways people movemoney.
So what differentiates you guys?
SPEAKER_00 (12:03):
You know, I think it's uh focus and expertise.
Of course, you know, the ourproducts differentiated, and we
can keep talking about that, butreally it's focus and expertise.
You know, there's a lot of banksthat specialize in certain areas
of industry.
You know, there's banks that arereally good at writing
mortgages, and there's banksthat are really good at
agricultural lending, and and onand on.
And so typically you'll findoutside of just the average
(12:25):
community bank on the corner,banks that are trying to grow
and be innovative, theyspecialize in something.
And we specialize in fintech andblockchain.
And so we've built our culture,our processes, our products and
features, um our riskmanagement, everything is built
around supporting fintech andblockchain companies.
And so that's really the mainthing that differentiates us
(12:46):
because that means that we spendour time and our energy, we
listen to the customers, we lookat features and you know,
potential features thatcustomers would need, and we
build and support around that.
So I think that's the maindifferentiator is that FV Bank,
which stands for FinTechVentures, is really an
institution focused aroundsupporting that vertical and
making sure that we're good atit.
SPEAKER_01 (13:07):
And you've mentioned compliance and and you just said
the word risk, which you knowhas to be a huge challenge.
So how do you address that?
How do you stay on top of, likeyou said, ever-changing
regulatory environment?
One administration thinks oneway, another comes in, thinks
differently.
How do you make that kind of acore competency of your company?
SPEAKER_00 (13:29):
I think the first phase is that you know there are
there are a lot of existingregulations that are generally
applicable to our business.
And I think that you know, someinstitutions have forgotten
that.
If you look at banks who've beeninvolved in particular
industries where they will endup getting consent orders, for
example, and it doesn't matterif it's crypto and blockchain,
could be banks who decided tosupport the cannabis industry or
(13:52):
other high-risk industries.
You've got to pay attention tothe basics, right?
The BSA AML regulations broadlyapply, it doesn't matter what
vertical you work in.
And so making sure that you havea robust BSA AML program is the
foundation that every bank needsto think about.
Then you get into what are thespecific risks in the vertical
that you're participating in.
(14:12):
In our case, our specific risksare related to digital asset
transactions.
And so we've adopted thebest-in-class technology for
detecting uh anti-moneylaundering, sanctions screening,
fraud, and risk signals relatedto digital asset transactions.
So we use technology that allowsus to look at a uh a sender of a
(14:33):
transaction or look at abeneficiary of a transaction,
look at the history of theirwallet, look at the history
related to that particular userand determine whether or not
that transaction is one that wewould permit inside of the bank.
And so integrating thosetechnologies directly into our
core, into our monitoringsystems is key.
We do everything that you woulddo under traditional BSA email,
(14:54):
and then we layer on top of thatspecialized monitoring related
to those digital assettransactions.
SPEAKER_01 (15:00):
Okay.
Well, let's talk a little bitabout the future now.
Where do you see the biggestgrowth opportunities in your
segment of payments?
SPEAKER_00 (15:06):
I I don't think we can deny that the stablecoin
boom is gonna be here with thepassing of the Genius Act, which
I think is a brilliant move bythe U.S.
government to set downregulation for stablecoin
payments and to allow money tomove more freely over the
internet.
I think that that's going to bea huge boom for many industries.
It's gonna enable morefrictionless banking, it's gonna
(15:29):
enable more frictionlesspeer-to-peer payment settlement.
And as part of that, there'semerging technologies.
For example, there's atechnology called X402, it's a
pretty hot topic these last fewweeks.
X402 is not actually new.
It was a protocol built into theoriginal um HTTP protocol for
the you know, for basic internetconnectivity.
(15:50):
But what X402 is going to allowis for a stable coin payment to
be made from one person toanother or machine to machine
without intervention.
I'll spend one minute going intoit if you don't mind, and then
you can maybe grasp the power ofit.
But essentially what X402 isgoing to allow is um let's say
you have an internet resourcelike content.
(16:12):
You you pr let's say you producea weekly piece of content, and
people would normally pay forthat content.
In today's world, the customerhas to go to your website, they
have to sign up, they have toenter their Visa, MasterCard,
whatever payments, PayPal,whatever you accept.
And then you as the contentprovider, you have to go out to
Visa or MasterCard or PayPal,and you have to get an
authorization for thattransaction.
(16:33):
And then you have to settle thattransaction with the network
that you've processed thatpayment for.
So you effectively have a man inthe middle that is deciding does
this person have credit limit,do they have balance?
Is there are we going to approvethe transaction, deny the
transaction, etc.?
And then you have to collectfrom that party.
With X402, it truly ispeer-to-peer.
(16:54):
And so if you're a contentprovider and you want to sell
your piece of content for adollar, instead of accepting
payment cards or similar banktransactions with a man in the
middle, x402 will allow you topay directly in the transaction
with a stablecoin.
So if I'm the buyer, I connectto your website, your website
(17:15):
responds with a 402 that tellsme that it's$1 to access the
content.
I have a wallet, my wallet tellsme, hey, it's$1 to access this
content.
I approve it.
Transactions done.
Peer-to-peer direct settlement,no man in the middle, and
there's no chargebacks.
Period, it's done.
That type of technology is goingto completely change the way
that commerce works.
(17:35):
Um, the ability for the buyerand the seller to directly
settle payment over the internetwithout intermediary is going to
be a huge driver of theindustry.
And that's just one example ofhow stable coins will grow.
SPEAKER_01 (17:49):
Yeah, we could probably talk for hours about
the opportunities with stablecoins.
It's it seems to be all thebuzz.
And well, we're recording thisyear actually at Money2020, so
I'm sure that that's been whatthe buzz in the hallways in all
the conversations.
I know that the conversationsthat I have, it always is.
So for your company, though,what does success look like,
(18:11):
say, in the next three to fiveyears?
SPEAKER_00 (18:13):
Well, I feel very fortunate that we've spent the
last four years buildingfoundation.
We are quite unique in that weare a licensed auditory
institution with a lot ofdigital asset capability.
And so, you know, the firstthing is just build on what
we've already built.
We have a great foundation togrow the business from.
Um, we don't need shiny newtoys, as I like to say, to grow
(18:33):
the business.
And so as adoption increases, weare well positioned to grow the
core business.
With that said, we are a Visaissuer.
Um we plan to grow thatbusiness.
In 26, we're launching our BINsponsorship program.
We can issue cards with Visa inabout a hundred countries.
We historically in FEBank havenot supported third-party
(18:56):
programs.
And we've now started to signclients into third-party prepaid
programs.
Um we think that with thecapability that we have mixing
traditional finance, digitalassets, and our card issuing,
that some really interestingprograms will come out of um FE
Bank in 26.
And we're gonna work some of theyou know with some of the
(19:17):
largest multinational partnersto support those programs.
We're also planning on launchingBitcoin securitized lending in
26, which we think that themarket for individuals and
companies and uh largeinstitutions holding Bitcoin on
their balance sheet, they'regonna be long-term holders of
those assets.
They're not gonna be uh the I'mnot talking about the people
(19:38):
trading, I'm talking aboutpeople who are holding Bitcoin
like they would hold gold forlong term.
Um, those companies are going toleverage the equity that they
have in those assets, and sowe'll be launching a Bitcoin
securitized lending programwhere clients will provide
Bitcoin as collateral for loans.
This will allow them to leveragethe equity that they have in
their Bitcoin and maybe buy moreBitcoin, maybe finance their
(20:02):
business.
It'll be interesting to see whatall the use cases come out of
that.
But we'll be launching thatbusiness subject to regulatory
approval.
But we think that there's aclear map when you see that you
know large Tier 1 institutionsjust yesterday were announcing
their Bitcoin lending programs.
But we're very excited aboutthat.
We've been setting up somestrategic partnerships to help
us grow that business.
(20:22):
And we think that'll be veryconsistent with our strategy of
being a financial institutionthat not only provides
traditional products like loans,but tying those into our digital
asset capability.
SPEAKER_01 (20:34):
Okay.
Well, we've talked about one ofthe biggest trends in the
industry, of course, stablecoins.
But beyond that, what are theother biggest trends that you
see that's that are reallyreshaping the payments industry?
SPEAKER_00 (20:45):
I hate to jump back to it, it's and it's very fresh,
but I think XO X402 is going tohave a massive impact on the
industry.
You're going to see the Giants.
Uh, I think there was a pressrelease yesterday.
I'm here at Money2020, as youknow, there's hundreds of press
releases, but there was a pressrelease yesterday that caught my
eye, which was PayPal and Googleto support agentic shopping.
(21:06):
You know, I think thecombination of digital assets,
AI, and existing e-commerce,we're going to see mega
transformations.
I mean, the idea that you couldhave an agentic shopping agent,
um, I think it's gonna be veryreal.
I think it won't be long untilyou just program an agent and
say, every Monday buy me a dozeneggs and a and a gallon of milk,
(21:29):
and it goes out and buys it, andit shows up on your porch, and
you don't break out your creditcard, you don't go to
Amazon.com, it all just happensfor you.
I I I don't think that's sciencefiction anymore.
And part of that will happenbecause of partnerships like
PayPal and Google with existingcommerce sites, and part of it
will happen because prcompletely new startups that we
haven't heard of are gonnafigure out how to make our lives
(21:50):
easier.
You know, I think things likemachine to machine, we really
haven't, you know, touched onthat, but I think as a payment
method, you know, pulling yourif you I'm a Tesla owner, you
pull your Tesla in, you know,you plug in, it charges.
I think now that when you pullin, the machine's gonna talk to
the machine and it's gonnanegotiate payment on your behalf
without a credit card, umwithout a bank behind it, and
(22:12):
it's all gonna be done on chain.
So I think machine to machinepayment, agentic payments, I
don't think it's sciencefiction.
I think the technology is herenow.
And you know, I'm lookingforward to seeing the companies
who implement thosetechnologies.
And the role that FB Bank wantsto play is we want to, you know,
we want to be the selling thepicks and the axes to the
innovators, the fintechcompanies who develop those
(22:34):
products, and we give them theunderlying support that they
need.
SPEAKER_01 (22:38):
Okay.
A couple final questions.
So if you could go back and giveyourself some advice at the
start of your career, what wouldthat advice be?
SPEAKER_00 (22:47):
Oh wow.
That's a great that's a greatquestion.
I think that when you're a youngentrepreneur, you know,
sometimes you get blinders on.
You get so caught up in thewidget that you're trying to
invent that you lose sight ofthe big picture sometimes.
So I think that stepping backwhen you're building something,
(23:07):
looking at the broader market,understanding how you know your
product or service that you'rebuilding is going to impact the
broader market.
Um, I see a lot of times where,and because we deal with a lot
of entrepreneurs at FE Bank aswell, they'll build something
that's too narrowly focused.
It becomes not a product but afeature of something else in the
future.
And so trying to have thatbroader vision.
(23:29):
And you know, I it doesn't applyto me, but general
entrepreneurial advice is that II work tirelessly, I love what I
do, I've always uh you know,I've always loved what I do, and
that's what makes doing what Ido so easy.
It's enjoyable.
So find something that youreally are interested in, you
know, that you can read about,study, learn.
(23:51):
If you find something you reallylike, it's not work.
And that's probably been I wouldsay it's the opposite of your
question.
The biggest blessing of mycareer is that I've always
worked in an area that endlesslyinterested me.
And so it doesn't feel so muchlike work.
SPEAKER_01 (24:06):
No, I I love that.
Uh all that advice and and thatfinal part is very important.
And, you know, people listen tothat, you know, everyone would
be a little happier, I think, ifthey could find those things
they're passionate about andenjoy doing.
But one final question.
So, what would you want peoplelistening today, what would you
want them to take away from thisconversation?
SPEAKER_00 (24:26):
That digital assets and crypto are not just a
science experiment anymore.
It's getting woven into realityfor us.
I like to, you know, go back toearly email days.
I remember setting up my popthree account and getting a
hundred errors because itwouldn't work, and then we had
IMAP.
And what's the differencebetween Pop3 and IMAP?
(24:48):
And how do you configure youryou know your browser to get
your email and just all of thoseum inconveniences of this new
technology called email?
And now today, you know, we sendemail, hundreds of them a day,
around the world seamlessly.
You can just go to Gmail and geta free account.
And you know, it's just basicneed of life now.
(25:11):
And so crypto's getting to thatsame inflection point where yes,
it's clunky, yes, it'smisunderstood, but the real
acceleration and the adoption isgoing to come uh pretty quickly,
I think.
And it's gonna benefit a lot ofpeople.
It'll make things that we thinkare difficult today easy and
(25:33):
seamless tomorrow, just like youknow, the internet has changed
our lives so much, social mediahas changed our lives so much.
We all take the underpinningtechnology for granted.
And I think the same thing'sgonna happen with digital
assets.
The ability for money to moveover the internet, the ability
for just the ability for peopleto more freely send money.
If you want to send moneyoverseas today, it's at least a
(25:55):
one-day event through a bankingtransaction.
The ability to send moneyoverseas in seconds or minutes,
it is going to change the waythat commerce happens.
And so I I think we're at thatpoint where real change is gonna
happen.
I'm looking forward to thecurrent administration passing
the Clarity Act.
I think that will be veryhelpful to accelerating growth.
(26:17):
It'll help regulated businessesunderstand the guidelines under
which we can, you know, we canenter that inflection point of
the industry.
And so that's very exciting.
SPEAKER_01 (26:29):
Okay, well, Miles, I think that's a great way to wrap
up the show.
So thank you so much for beinghere today.
I know your time's veryvaluable, so I really do
appreciate you being on theshow.
Thank you very much for havingme.
And to all you listeners outthere, I thank you for your time
as well.
And until the next story.
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