Ethereum is the BEST Asset for a Crypto Treasury! with McAndrew Rudisill

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Well, I think from a corporate treasury perspective, you've got
to think about capital allocation and what your return on
that capital is. And should you have some bitcoins, should
you have some ethereum? Probably just as as a way
to diversify your US dollar holdings on your balance sheet.
And I actually think you're going to start to see

(00:21):
financial institutions transact point to point in ethereum globally in
the next couple of years.

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to many exchanges, and all the links will be in
a description. Check it out, hey, folks, Welcome into the
Thinking Crypto podcast. I'm your host, Tony Edward, and joining
me today is McAndrew Rotesil, who is the board chair
for eat Zilla. McAndrew, great to have you.

Speaker 1 (02:39):
Great to be here, Tony, thanks a lot.

Speaker 2 (02:42):
Yeah, excited to chat with you because eat Zilla, previously
known as one eighty Life Scientist, just rebranded, of course,
and as a result, you know of adding an Ethereum
treasury strategy, and I want to explore all the things
you guys are working on, your initiatives and much more.
But let's kick it off with your background. Tell us

(03:02):
a bit about yourself and your professional background.

Speaker 1 (03:05):
Sure, I spent about fifteen years on Wall Street, primarily
as a hedge fund manager, was a Tiger cub, worked
under Julian Robertson. After that, went on to build and
start quite a few different businesses, many of which I've
so partnered with a lot of the biggest pe funds
in the US to build those businesses and monetize most

(03:29):
of them. So started investing in bitcoin in Ethereum about
five years ago and I've really focused on it ever since.

Speaker 2 (03:39):
What was your first encounter with bigcoin you krypto, What
was your aha, moment that you made, you have the decision,
ordered the moment of saying I'm going to invest in this.

Speaker 1 (03:49):
I think with bitcoin, it started around twenty twenty and
I think I was listening to a podcast that Michael
Saylor was on talking about bitcoin at the time. I
remember it was around ten thousand, and I said, you
know what, it's probably worth buying a bitcoin or two.
Gradually started to get involved listen to what he was saying,

(04:10):
and then you know, bitcoin started a rally. From that
point forward. We went through a little bit of crypto
winner in twenty twenty two, and that's when I started
reading more about ethereum and all the use cases and
applications that you could do with ethereum, and just got
really interested and realized, hey, this is there's a huge
opportunity here in the global monetary system to use digital

(04:33):
assets to bring real world assets on chain. But then
there's a lot of unique things going on in the
ethereum network. So between those two things, it just seemed
like we were at a confluence point where there would
be wide scale adoption in digital assets. Between what was
going on with bitcoin kind of as digital gold, and
then ethereum is really what looked to me like digital oil,

(04:55):
and that's what it's turning out to be.

Speaker 2 (04:57):
A follow a question on that because you mentioned eth
being cond of digital oil, and a lot of buildings
happen when you theorem stable coins tokenize assets, a tokenization
of real world assets, and it seems like this asset
classes technology is kind of a black hole sucking in
tradfi so to speak, and all the traditional assets that

(05:18):
are going to be tokenized. Do you see it that way,
you know, giving your perspective in trad fi and hedge
fund world and much more.

Speaker 1 (05:26):
Yeah, Tony, I mean I so let's address stable coins first.
I mean, there's what two hundred and forty billion dollars
of stable coins in the market. Of those stable coins,
two hundred and twenty billion, the top two US tether
and USDC are both ethereum based coins. I think the
total capitalization of stable coins just continues to go up

(05:47):
because they're a really easy way to transfer money. And
then I think if you look at ethereum and what
ethereum really is, it gives you a lot of optionality
in how you create privacy layers, to create tokens, to
create stable coins to use it to bring real world
assets on chain. But I think most importantly what I've

(06:08):
come to understand about Ethereum is you're really tapping into
global money supply. Most of the world transacts in US
dollars in one shape or another, and a lot of
people don't have immediate access to US dollars at a
ground level, but they do they can get access to
Ethereum on their phone. And so when you think about

(06:29):
the total supply of money in the world, and this
is aggregating all the currencies and then people wanting access
to US dollars, what you're getting in level one Ethereum
is access to M one and M two, and then
you get the multiple multiplication effect as transactional volume starts
to rise on the network as a whole, I think
you're going to just start to see an upslope in

(06:49):
the use of Ethereum as all these use cases start
to come into the marketplace.

Speaker 2 (06:54):
So is that part of why etherorem was chosen as
the treasury strategy as opposed to bitcoin or Solona for Eatzilla.

Speaker 1 (07:06):
Yeah. So my fund, Harbor Island, We've invested in a
company called Etherealized, and we co invested with Electric capital
in this company and Etherializes, formed by a lot of
DeFi founders that actually helped found the Ethereum network and
manage it. And what we set it up to do
was to bring real world yield assets on chain. And

(07:31):
we are really interested at Ezilla in three things. Number One,
having the upside associated with transaction volume rising on Ethereum,
which we think makes the price ultimately go up a
lot too. Generating yield on ethereum in partnership with Electric Capital,
who's one of the largest crypto VC investors in the US.
I think they have three and a half billion of

(07:52):
AUM under management right now, and they have a huge
DeFi staking protocol in place, which we're partnering with them on.
And then thirdly, we're working with Etherializing that team to
onboard these real world assets with east Zilla to get
that yield on chain. And when you think about just
the total quantum of capital out there that's uh transacting,

(08:12):
that's you know, transacting normal way leverage, loans, clos structure,
debt that could be brought on chain, the numbers and
the trillions, and that's what Ezilla was built to access
and that's why we're focused on Ethereum.

Speaker 2 (08:30):
Tell us a bit about one one eighty Life Sciences Corp.
And what its business was about, and why the decision
for this company to rebrand and form that etherorem treasury strategy.

Speaker 1 (08:45):
Sure, I'm gonna answer you directly. At first, one eighty
Live had a couple neurology based biotech drugs that they
were working on, and then they had also pivoted into
an e gaming platform. So I think they'd spent a
couple of years working on a variety of different projects
that various levels of success. And we ran into one

(09:09):
eighty Life because we were actually searching for a small
Nasdaq listed company that had a clean balance sheet that
we could invest in to execute on this Ethereum treasury structure,
and they had all the right building blocks in place
at one AD to do that. So they had a
shelf registration that was available for us to access post

(09:30):
doing a transaction. They had a board of directors that
was really easy to work with, that had a good
background in traditional bananas. And then lastly that you know,
a clean balance sheet and a really you know, it
was well set up basically to accept capital, and that's
why we partnered with one AD to do this deal,
and we're going to continue to fund their ongoing going
operations to see some of those through. But the primary

(09:53):
focus going forward is going to be on Eazilla.

Speaker 2 (09:57):
And that's something that fascinates me. Like these companies that
do take these approach, do they keep the same business model,
you know, services and so forth in addition to having
the treasury aspect of the business bringing in additional revenue
and so forth. So will they continue their you know
kind of ethos of the business and services or where

(10:18):
they ramp down on that end.

Speaker 1 (10:20):
I think you'll see it ramped down over a long
period of time. But I mean, if you look at
one percentage basis, easel is a huge percentage of the
business today, they've still got those operations that we're going
to continue to fund.

Speaker 2 (10:31):
Okay, that definitely makes sense and I read that you
guys are you raised four hundred and twenty five million
dollars in funding? Tell us a bit about that and
who are some of the participants. I think you mentioned
Electric Capital earlier.

Speaker 1 (10:44):
Yeah, Electric Capital and my firm, Harbor Island were the
anchor investors in the deal, but we brought in a
lot of D five founders who have built some of
the largest ethereum protocols. So this was a vehicle that
was built for the ethereum community, and we got that support.
And then we got support from some really large digital

(11:07):
asset investors out there as well as traditional finance investors.
So I actually view this as the marriage of you know,
Wall Street, Silicon Valley, and the DeFi community came together
as one to invest in this vehicle because I think
they believed in the vision of the business model.

Speaker 2 (11:24):
Got it. And then with the rebrand, is a stock
ticker Silla same or will that change as well? For
the you know, given that one to eighty was a
publicly traded company.

Speaker 1 (11:34):
It will change. You know, we have to wait on
the exchange approval to make the ticker change, but it'll
be you know, aligned with the name of Ecilla.

Speaker 2 (11:43):
Got It. Now, a big part of etherorem is this
stinking rewards the yield as naturally built into the protocol.
How would that will that ye'll be used? Will it
be paid out in dividends or will be reinvested?

Speaker 1 (11:57):
Okay, great question. So we set this up as a
business purposefully and the yield will continue to spend and
grow and the absolute margins on this business are pretty
high because of the way the yield is structured with
the partnership of Electric So through a combination of restaking, lending,
liquidity provisioning, yield farming, and in private agreements with other

(12:20):
tokenization companies, we can generate like a high single digit
yild on the etherium assets within the network, and this
is excluding any real world asset yield that that's brought
on chain. We'll use that cash flow to we can
buy back stock, we can buy more ethereum, we can
reinvest it in other yield farming operations. So for every

(12:43):
billion dollars of capital that we have deployed, I think
you can approximately say the business will generate forty to
fifty million dollars viva doc conservatively. It's a it's a
pretty interesting business from that perspective. You think about the
quantma capital that we can put to work through a zone, so.

Speaker 2 (13:02):
It sounds like you have a mixed bag or you know,
kind of multi tier strategy. It's not just the natural
staking on the protocol, but you mentioned like tokenized funds,
maybe money market funds and things like that that generate
yield DeFi borrowing and lending, So it sounds like a
multifaceted strategy.

Speaker 1 (13:19):
I mean, that's that's exactly right. You know, we're going
to access all portals of the ethereum network to generate
yield that I cantonmicize enough that I think one of
the key components is over time, is there's going to
be this this merge of real world yield on chain,
which eth Zilla should benefit from the conversience of.

Speaker 2 (13:38):
This may be a hard question to answer, but with
many of these public companies taking this strategy at crypto
treasury strategy, and you know, I think is probably one
of the leader, probably better than a bitcoin because of
the naturally built in yield and all the things you
can do with DeFi But what what do you think
is the lifespan of such an initial where eventually the

(14:01):
asset becomes so mature there's less volatility, there's more liquidity,
but it's less volatility. Is this like a ten twenty
year timeline.

Speaker 1 (14:10):
I think about this a lot like the early transactional
networks that you saw with debit cards and credit cards
in the nineteen eighties. And I turn it back around
to you, I mean, do you still carry around a
credit card? So the answer is yeah, most of us do.
And you know, I think what's cool about this is

(14:33):
a lot of things are going to shift on chain.
I think most of that is going to go through ethereum,
and as that occurs, we're kind of going to be
at the confluence with the zilla of this transactional volume ramp,
both from the DeFi space and the TRAP five space.
And when you put the two together, it's a giant
sum because it's a global game that you're playing, and

(14:56):
I think we're actually in the very early innings of
that network adopt and that's why we're focused on this.
So it's a multi decade investment, is the way we're
looking at it.

Speaker 2 (15:08):
Absolutely tell us a bit about how the assets, the
EAT assets and other things that may be coming on
chain are being custodied. Who's your custodian and the security
setups that you have.

Speaker 1 (15:20):
Sure, well, we went we went blue Chip purposefully on this.
So Coinbase is our primary custodian to start, well, likely
onboard Anchorage at some point in the near future. And
then from a brokerage perspective, you know, work with some
of the biggest broker's Galaxy DRW and Electric is our

(15:41):
asset manager at the outset, and as I said, they're
probably one of the largest de fi asset managers in
the world.

Speaker 2 (15:48):
Got it, Yeah, very familiar with those custodians and so forth.
The coinbase of course, anchorage. Does it make sense as
you build a strategy out and everything is working well,
that you look to acquire other companies and become like
a larger holding company so to speak. I don't know

(16:08):
if that makes sense, but yeah.

Speaker 1 (16:11):
Well, Tony, I feel like we just had a couple
of these ethereum treasury companies go public. I don't I
would never want to say, you know that we're thinking
about acquiring anything right now. We just we just went
public ourselves or just did this pipe transaction rather, But
actually think in the long run there's naturally going to
be some consolidation in the space, depending on what the

(16:32):
you know, other treasury companies have a different business model
than what Ecilla is today. We're setting it up so
that we're going to have a really strong balance sheet
and we're going to be in a position to think strategically.
But I think at this point in time, like where
we are in the cycle, you'll probably just see more
treasury companies come come into the marketplace and there won't
be consolidation for quite a while until there's more proliferation

(16:53):
in these things.

Speaker 2 (16:54):
On the Michael Saylor front, right, what he's doing with
strategy and bitcoin and the amount of capital he's raised, Yeah,
is there a ceiling too? You know he's called it
like the infinite money loop or something like that, right
because of you know how it's all set up with
FIAT and so forth. Is there a ceiling to your
mount of capital you guys would raise to buy eth.

Speaker 1 (17:18):
Well, I think that business models actually set up so
that we can continually as long as long as we're
trading in or putting them to M. And now we
can strategically raise capital off of for ATM. But you
reference what Michael Saylor has done. He's used all the
traditional finance tools to raise capital to grow micro strategy.
And we have a great baseisilla between Jason new i

(17:41):
was the vice chairman of as OAR who's coming on
to the board and myself. You know, we've got a
great base to use all those same tools, redeemed preferreds,
bond offerings, term lons and we can think of about
all that when the time is right in the market.
So we've got access to a lot of capital. I
think it's how and when you use it, and so
at the outset, equity is probably the best thing to

(18:03):
use to add more ethereum. But there's obviously theorem's got
a very large market gap four hundred plus billion dollars.
Like we only need to be a tiny percentage of
that total market cap, and we're Eazilla is multiple times
larger than it is today, which is a good thing
from any per share perspective for our shareholders.

Speaker 2 (18:23):
Yeah. Absolutely. Now we've seen markets move in cycles. There
has been bear markets and obviously downturns in the crypto market,
and I'm curious, how are you planning ahead for bear
markets and how that will affect your eth holdings if
the value goes down. But also will you be kind
of okay because you have the once again the DeFi

(18:45):
component of staking yield and so forth.

Speaker 1 (18:48):
All Right, lots of parts of that question. I'm going
to just take it in three parts. From a cycle perspective,
I think we're in a bull cycle on eath right
now and it probably continues. And if we do get
some rate cuts in the United States, I think it's
gonna you know, there's more upset and ETH. That being said,
long term twenty twenty six onwards, we are preparing the

(19:10):
balance sheet for a potential bear market in the ethereum.
So to do that, what you don't want to do
is add too much leverage, which we're not doing. And
then you want to keep a lot of both ETH
and some USD cash on the balance sheet so that
you're so if you do get compression and eath prices
that you can weather it. If you're not levered, you

(19:31):
can write it out. And that's generally our strategy. Just
kind of keep stacking ETH, use a bear market to
come out on the other side with a lot more.

Speaker 2 (19:38):
And then I think going back to the staking and
DeFi component, that could help you weather to storm in
any market downturn, right because you have that constant.

Speaker 1 (19:48):
Well for sure, you've got monthly cash flow. I mean,
it's real free cash that will be generating. You're not
as opposed to Bitcoin where you're betting soling on appreciation
with US hearing your on yield and it's got a
very separate YELD curve from the global global like yield curve.

Speaker 2 (20:07):
Does it make sense that eventually, and this may be
very early to answer this question at all. Let's say
three years from now, your E strategy is doing really well,
continue to grow your ETH holdings, but there may be
opportunity to bring in other assets, crypto assets, and maybe
have a kind of a basket strategy. Do you think
that's something that's may maybe on the horizon.

Speaker 1 (20:31):
I think for this group and this vehicle and all
of our investors, everyone is very E focused. So we
are going to stay solely focused on the Ethereum network
and everything you can do with that, and let people
invest in other digital assets through through other vehicles or
directly in those assets, like we're going to stay focused
on Ethereum.

Speaker 2 (20:50):
So as this crypto acid class grows and there's more
tokenization on these protocols like E Salon and others, do
you see more publicly traded companies doing this, even the
larger ones, And maybe they'll be the laggards, but a
lot more of the folks in the NASDAC top one
hundred or more s and P five hundred, they start

(21:12):
adopting the strategy, whether it be big one ether. Do
you think we're going to see this trend continue well?

Speaker 1 (21:18):
I think from a corporate treasury perspective, you've got to
think about capital allocation and what your return on that
capital is, and should you have some bitcoins, should you
have some etherium, probably just as a way to diversify
your US dollar holdings on your balance sheet. And I
actually think you're going to start to see financial institutions

(21:41):
transact point to point in ethereum globally in the next
couple of years in the way they transact assets, so
they'll end up just naturally holding etherium based or tokenized
assets under balance sheets. So they're going to have to
hold some And if you just think about that tiny
percentage change in all these companies starting to have a

(22:03):
small portion of their treasury assets and either tokenized assets
or some amount of cash equivalents and digital assets, it's
a big amount of dollars.

Speaker 2 (22:12):
Are there any risks to the strategy that I don't
know how much you can share here, but things that
you got to look at, like, hey, we've got to
watch out for this. And one of the things we
mentioned earlier was market downturns, but anything else.

Speaker 1 (22:24):
Well, I'd say number one is the price of ethereum.
I we had a big drawdown just in April and
ethereum alone, right, So you've got to be willing to
withstand the volatility of etherium number one, to be invested.
But two, I think you have to be just super
careful on a risk management side about tokenization deals that

(22:45):
you're doing and what percentage of the portfolio is going
into that versus typical yield farming and liquidity provisioning. And
that's why we're partnering with Electric so that you know
they can think through that. So a much smaller percentage
of our portfolio is like new token so to speak,
and I much larger percentages restaking, lending, you know, much
lower risk, moderate yield activities.

Speaker 2 (23:06):
Yeah, that's great that you have the folks at Electric Capital,
and I've had one of the founders on over the
years talking about your strategy and obviously that's they're living
and breathing crypto, and it's great that you have them
as a management kind of managing a lot of the
crypto related items.

Speaker 1 (23:26):
Yeah. No, we're lucky to have them as a partner.
And they were very influential in the name, which was
which was cool.

Speaker 2 (23:35):
Yeah, you know what I saw the name, I was like,
whoa really going all in. Yeah, yeah, for sure. So
what's on your robot? You know, I know obviously you
just had the rebranding and the launch, so a lot
on your plate right now. But what can we expect

(23:55):
Maybe in six months or.

Speaker 1 (23:56):
So, I think we'll stacked a lot of eth We're
looking at a lot of creative partnerships on the yield
framework side, and then I think, you know, there's some
pretty interesting stuff that we can do from a marketing
perspective too. I mean, I mean, there's not many people
that understand ethereum I think globally yet on a percentage basis,

(24:17):
and I think it's part of our job is just
to get out there and explain to everyone what Ethereum is.
And so we're going to really be actively doing that
and doing it on Wall Street and doing it on
Main Street.

Speaker 2 (24:29):
Yeah, that definitely makes sense. There's still billions of people
who don't know what this all this technology is and
what it's about and the use cases and so forth,
so a lot of education that's needed. I don't know
if this makes sense, but just a question that came
to mind. So obviously there is ets for stocks and
different categories of stocks, but the fact that you're holding

(24:50):
and there's also crypto ets, right, you have an ethereum,
Bitcoin and so forth. But now with you holding ether
on your balance sheet, does that change anything with the
ETF setup? Does it open up new opportunities? And this
may be a question you can't answer because you're not
an ETF issuer, but curious if you had any thoughts
on that front.

Speaker 1 (25:10):
Well, I think the ETFs are very different from what
we are. I mean, the ETFs hold ethereum and charge
their holders of fee. We hold ethereum and generate yield.
So our investors effectively are getting cash flow for being
invested with us, and we're not charging them a fee
to do that. So it's kind of a different business model.

(25:30):
If you're buying an ETF, it's probably because you just
don't want to buy it on coin base, or if
you're buying US, so, I think you're actually investing in
a business and you're investing in the possibility of network
expansion and yield expansion. It's I think of it as
a totally separate way to invest.

Speaker 2 (25:49):
Yeah, that makes sense, and I guess we'll have to
wait and see if if anybody gets creative and creates
a new type of ETF, new type of product. Given
you know many companies who.

Speaker 1 (26:01):
Are like a treasury a treasury ETF. I mean, that's
probably the next thing is they'll they'll roll up treasury
vehicles into one ETF.

Speaker 2 (26:08):
Get exposure to all the bigcoin treasury companies, all the
eight Treasury companies, or a mixture of both, or things
like that.

Speaker 1 (26:14):
Exactly, Well, that's probably inevitable.

Speaker 2 (26:16):
Tunny, Yeah, yeah, for sure. I would love to get
your take on what's happening in the general market. We
just recently had the Genius Act pass into law in
the United States, which is a stable coin legislation. What
are your thoughts on that and what it means for
the stable coin market.

Speaker 1 (26:33):
Look, I mean, we have a really supportive government and
regulatory framework in the US and that was the catalyst
early in the year when we started to focus on
executing on eight Zella as a team, we just thought
the time was right. I think the US is making
the right decision to take the you know, take the
lead and becoming the global leader and digital assets. I mean,

(26:58):
it's literally I think the rest of the world is
going to follow suit because of how important it is
financial networks so I'm hugely supportive of what the government's
doing and the regulatory framework they're putting it. The more
regulation they put around digital assets in the US, the
easier it is going to be to operate going forward.

Speaker 2 (27:20):
Oh for sure. So on that note, the Clarity Act
that is expected to pass late September into October White
House cryptos are as they call them, David Sax said
that was kind of the timeline the Senate will pass
the bill. That is, you know, kind of the meat
and potatoes of the addressing certain things in the crypto
market CFDC, SEC, DeFi and so forth. Right now, you

(27:45):
guys are able to add E through your balance sheet.
Doesn't seem like that will necessarily change anything for you,
but it will probably allow for more adoption of the
ETH protocol and the asset itself. Do you foresee that
if your business anyway? And I'm talking positively and not
negativily or anything.

Speaker 1 (28:04):
Like that, Yeah, you know. I think we're gonna have
to wait to see what all the details of the
Clarity Act are. But I think the categorization of investment
contract assets and permitted payment via stable coins is going
to really open things up. I mean it's a lot

(28:25):
easier to move money around. Talking about like you pay
thirty five dollars for a fed wire and you know
it takes a couple hours to move it. You can
send someone as much money as you want with ethereum
in twenty seconds. So same thing with the same thing
with a stable coin. And I think that's going to
open things up a lot in the financial market. What

(28:45):
I'm just seeing on our side is there's a lot
of institutional interest from large private equity funds and banks
and just how to operate in this marketplace and how
things are going to change. And I think the ACT
is going to help to clarify it even further.

Speaker 2 (29:03):
So, do you believe like there's still a lot of
liquidity or capital sitting on the sidelines. They can't touch
it like the banks, right, But once we have these
laws in place, they will be able to freely enter.

Speaker 1 (29:17):
I think just from a yes. I think from a
pure cost perspective, why would you not if it takes
you a couple of people to transact alone portfolio, and
it takes thirty days to execute on that transaction with
a bunch of factions and paper going back and forth,
and you can suddenly do it a lot easily, more
easily because of some regulation. Banks are all about cutting
costs and generating more revenue. I think you're going to

(29:38):
see it happen.

Speaker 2 (29:42):
One of the big things that are being worked on
by a lot of trad fin institutions is tokenization of assets.
Black Rock, Fidelity, Franklin, Templeton and many more have been
putting money market funds on chain. There's a big move
towards putting stocks on chain, and that's going to create
kind of a truly global asset class. Because mentioned earlier,
you just need a phone. Smartphone you can access some

(30:03):
of these assets into protocol and then you're going to
have almost like twenty four to seven trading markets, right,
no more opening and closing, bell and so on and
so forth. Do you see these assets and even like
for example, Eazilla stock now being open to the world

(30:23):
and bringing in more liquidity.

Speaker 1 (30:26):
Tony, Now, that is just like such as a great question.
It's complicated, and we'll just we'll hit a couple of
points on it. As a former public equity investor, the
thought of twenty four hour trading does make me get
a little bit worried. From a stock market perspective, But
I do think you're going to have US listed stocks

(30:47):
issue tokens on some of the bigger ATS exchanges in
the US and globally once we're allowed from a regulatory framework,
and then yeah, they can trade twenty four to seven.
I do think the market, though, always gravitate to liquidity,
and the stock markets today are great sources of liquidity
for like the companies. Globally, commodity markets are pretty well

(31:09):
set up. Where I actually think you're going to see
the biggest impact from this is in the deb capital
markets and then in some real world asset markets like
real estate for example. It shouldn't take so long to
transact in real world assets with all the paperwork that
we have in place, when you can have a completely
confidential blockchain put in place on the Ethereum network, and

(31:32):
whether you want it to be on level one or
level two, use it to execute on the transaction of
that asset, whether it be a loan or a piece
of real estate or an aircraft. I mean, there's so
many different ways that this is going to I think
unfold and allow people to then transact in assets on exchanges.
So that's what gets me really excited. About this. I

(31:54):
do think that you know, the stocks are going to
be a component of it, but it's going to filter
down to everything.

Speaker 2 (32:00):
Yeah, that definitely makes sense. Mcandrey. Great stuff, and I
love what you guys are doing and I'm looking forward
to future updates. I got some wrap up questions there
for you. Yeah, first, if you could create your own metaverse,
what would the theme be?

Speaker 1 (32:16):
I think it could be, Uh, South Island and New Zealand.

Speaker 2 (32:20):
Nice rapid fire questions. Favorite food.

Speaker 1 (32:24):
I love fresh tuna tartar.

Speaker 2 (32:28):
Favorite musician or band the.

Speaker 1 (32:31):
Old School, Bob Marley and the Whalers.

Speaker 2 (32:33):
Favorite movie.

Speaker 1 (32:36):
Caddy Shack.

Speaker 2 (32:38):
I love that Roden Rodney danger yea favorite judge.

Speaker 1 (32:44):
Favorite book. I love a book called The Cruiser's Guide
to the Northern Bahamas because I've got a boat and
I like to read about the different places to go
in the Bahamas.

Speaker 2 (32:52):
Very cool. Uh, and you may have answered this, but
when you're not working, what are you doing for fun?
Is it sailing?

Speaker 1 (32:58):
Love? I love to ski and I love to fish.

Speaker 2 (33:01):
Good stuff, McAndrew. Thank you so much for joining me
and taking the time, and we'll look forward to having
you back on as things progress would eat Deale but
thank you so much for joining me.

Speaker 1 (33:11):
Definitely thank you for having us to meet you, Tony

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