Name: How Fireblocks & Canton Power the Next Era in Tokenized Assets
Uploaded: 2026-06-30T16:01:08.533Z
Duration: 45 min 40 s
Description: How Fireblocks & Canton Power the Next Era in Tokenized Assets

Transcript for "How Fireblocks & Canton Power the Next Era in Tokenized Assets": Hello and welcome everyone, to this webinar. Thank you for joining us. We're at the hour, so let's get started. Few housekeeping things first. We've got a q and a section on the right hand side for you to submit any questions, and we'll be able to come to that towards the end. And this session will be recorded, and you'll be sent that directly, at the end of the session. Let's dive right in. Let me start by, doing some intros. So I'm gonna ask my my colleague here, Kelly, to introduce herself, and then I'll go next. Kelly. Wonderful. Well, thank you for including me this morning. Kelly Matheson. I lead business development at Digital Asset. We are the creators of the Canton Network, and we are a partner to Fireblocks. Hello. I'm Varun Paul. I'm senior director for financial markets at Fireblocks. I lead on a number of engagements around tokenization and blockchains, and I'm glad to be working very closely with the Canton ecosystem, in our development and our support for them. So glad to be here today as we talk about Fireblocks and Canton together and powering this era of tokenized assets. And what we're gonna do is, do a bit of a fireside chat. I'm gonna ask some questions with Kelly, put her under the spotlight, and then I'm sure she's gonna turn it back on me. I am indeed. So so let's let's start by getting into I guess, give everyone a flavor, Kelly. What is it about Canton? Why why does it exist? Why is it, so valuable in the ecosystem? And what is different about Canton versus everything else. that's out there? Well, so I think of Canton. I think I think so many, ways of answering this immediately get into the the technology, and I'm very conscious of the fact that I'm talking to one of the leading technology providers to Canton Network. But I think of Canton as less as blockchain and more as infrastructure for the next generation of capital markets. That's my background. That's what attracted me to being part of this team is really the opportunity to transform the capital markets. Now it is a public blockchain, but it's one that's designed specifically for the regulated financial markets, for systemically important financial markets and the regulated institutions that operate in them. So it's where those institutions, those market participants can securely, to use a different word than privacy, securely transact in tokenized assets, in digital cash, in the financial applications, while maintaining the things that are important to financial markets, privacy, governance, regulatory controls, and and frankly, all of the compliance and control requirements that that that go along with with being active in the market. So other than saying the words tokenized and and on chain, I think that what I just answered probably sounds a lot like capital markets today. But there are three differences, actually three very key differences that in in my opinion change everything. So the first is going back to that that that set of words on chain that I used. I think that there's a sort of a bit of a misunderstanding in the market that because we as as consumers of financial services and other services can experience the immediacy of texting or communicating between us, we think then that the value that gets exchanged when doing a financial transaction, the movement of securities or the movement of cash move as immediately and in real time. And they actually don't. Most of the systems and infrastructure that support financial services stay well, arguably incredibly faster than than when many of them were invented decades ago, are still not as real time and as immediate. And the fact of the matter is is you and I can talk about doing a transaction together, but the actual doing of the transaction together is going to happen much slower, and and in a a more sequential batched, sort of settlement type platform. So it's not anywhere near to being to being real time. And so what on chain does is it it brings the assets that you and I are are talking about in a transaction to be on chain, to be able to be moved and transferred and have their value assessed and to be part of transactions at the same speed and the same immediacy and certainty of the decision making we do. So that's one of the things that is, is really, really key. Privacy is another thing that's key. I you know, we can get into this a little bit more as as we we chat here this morning, but I think that that's the there's sort of this this conversation that ended up starting as as crypto became a thing that suggested that the only way to have trust in the the markets is by, having everything be transparent. I'm a go I'm a go down this rabbit hole here right now, but, you know, I might position to you that that actually the backbone of financial services and of being able to do transactions is by having privacy, by not disclosing to those that are not party to a transaction that could do something nefarious with the information that really just have no right to know that information about you and I in a transaction, to be able to safeguard that so that you and I can actually do those transactions in a way that we can rely on our information being ours and deciding who gets to use it either to support us. You know, privacy is key, but it's always been at the consequence of being part of a of a public network. So I think that's the other thing that's really important and we can pull on that thread a little bit if you want. And then the last one and the third key differences that I would say, I'm gonna use a different word other than interoperability, is say composability. And obviously, this can be a good lead into some of the expertise that Fireblocks brings to the ecosystem. But I think most importantly, if you're going to create a new network and one that attempts to improve on financial services and capital markets the way they operate now, it has to be that those in those applications and those service providers can still be independent. They can be sovereign in the sense that they set their own rules, decide who are their clients, decide how they price for services, but that they can begin to to interact in a much more seamless real time data being transferred across those applications. That's the interconnected system that improves on the market model today. So anyway, I mean, for me, Canton really isn't about blockchain. It's about solving problems that have existed in capital markets for decades. Financial institutions already have incredible assets, incredible infrastructure to some degree, and incredible people, but too much of the systems and the infrastructure remains fragmented. What Canton does is it provides that infrastructure where assets, cash, financial applications can interact securely and in real time, and thereby allow those market participants to use their assets to conduct their trades much more efficiently. So, I mean, you're absolutely right. Bringing capital markets on chain to create all that efficiency. Now a lot of people have been trying to bring institutions to the to the table for some time, and tokenization is obviously the use cases. It's not about crypto. It's about tokenized securities, tokenized assets, and and for real at scale. Why how is Canton able to win this, where others have failed? What is it what is different beyond, deeper than what we've just said here? Maybe we go deeper into the pros and the control. What is it that you're able to persuade them to actually say now is actually, I get this now. This is something I can get onboarded, and I can I can bring these assets on chain? Yeah. It's a great question. And the truth of the matter is probably a lot of answers to it, but I'll focus in on on a couple of things here. I do I'm gonna go back to that last point that I made about composability and interoperability. I think that interoperability between applications is the is the real breakthrough here, with the subnote of while preserving privacy. Because I think if if you're getting to that level of interoperability, but everybody is going to know about your financial transactions, it's, you know, frankly, it's a a nonstarter, and I can I can touch a little bit on that in a moment or two? But I do think that, you know, across financial services, institutions, the market participants, the CSDs, CCBs, you know, prime brokers, broker dealers, asset managers, they do not want one giant application. The transactions and activity from custody to payments to clearing, repo, collateral management, the trading that and investing and hedging that starts all of that are are separate businesses and separate applications, not because, you know, because they're sort of designed to be that way from a technical perspective. But if you think of some of these institutions, they are separate businesses. There are different skill sets, different people, different levels of expertise that come into operating those businesses, supporting them from a service perspective. There's different regulatory influence, different market influence, different jurisdictions around the world where those applications are necessary and thrive and create commercial opportunities. So if you can kinda separate for a second from this idea of there's one giant application and that no one might want that, you can get back more comfortably to the space that you need to have independent, and may I use a different word, independent applications that allow for different commercial focus, different competitive landscapes, different ways of servicing clients. All of that is good capitalism. Right? I think the ironic thing is that we're talking about good capitalism in all of this and sometimes move away from those principles, but but all of that is good capitalism. So what Canton does is it accepts that notion, frankly, in a, you know, I think we kind of approached it in a pretty humble way of just saying, look, we're not trying to completely replace capital markets or financial services. We're trying to make them work better. And when you do that, you you honor that there are independent applications and the entities that run them. Yes, maybe the competition will change, maybe this opens up new opportunities for organizations to exist and to provide services, but independent applications. It allows for independent governance of those applications. Only you can decide who your client should be. It should not be that it's sort of open to an ecosystem to put you in that that position. But you have to raise it to a level of improving the environment. If you're going to try and enhance something and make it better, you have to justifiably and verifiably make it better. And you do that by allowing the data that's being used across these independent applications and independent, products and services with independent governance to be able to be synchronized across transactions, to allow a market participant to be able to avail themselves of multiple of those applications that are independently and competitively offered, but to be able to to be able to have the data now move seamlessly. It gets back to that first point that we're saying. We as consumers in the world experience the immediacy of making a decision and and sort of feeling the effect of it because we can communicate it to each other. It's pulling all of that post the decision, post the trade, post the investment choice, post the hedge, pulling all of that additional activity that happens after that up to the moment and saying it can be as, as immediate as well. But to be able to do that, you have to have these independent competitive solutions be able to interoperate. And and so to me, that's the breakthrough. It's that network effect that comes from connecting those applications, and it's not forcing everyone onto one giant application or one giant solution. So interestingly described by that. Obviously, I mean, it sounds obvious. Every institution, every provides a different part of the ecosystem, and it's all about bringing it together in a in a network and the ecosystem. Each provider, fulfills their individual role in that ecosystem. So you've got this we describe it is each of those providers of the application has their own permissioning and they decide who gets to interact with it or you have some arrangements there. But the, the, the network, the council network is bringing all that data together. So you're getting this genuine balance between permissioning and public chain in a way that, has been the kind of Nirvana that people have been looking for. Can you you say a little bit more about how this, genuinely comes together and. and in the. eyes of men as well? Yeah. Well, and in a minute I'm gonna turn the tables because how it generally comes together with organizations like yours. But so hold that thought. I think that historic you've touched on it the right way. Historically institutions had two really bad choices. Privacy, public being public, but no privacy, or being private, but having no network effects, which, you know, frankly is probably a step backwards from the current environment, not even remotely an improvement on it. So what we focused on with, the the Canton network ecosystem, frankly, with, organizations like yours and the market participants, we'll talk about use cases in a minute, the market participants that we support, is, is sort of that sweet spot of having a public network, taking advantage of the fact that you can decentralize the validation. Only those parties to a transaction can decide that that transaction and the data associated with it is valid and should be a matter of record and can write it to the ledger. And having those transactions then by definition, all the engineers and and DA right now are gonna say, oh, I didn't explain this perfectly well. But, but having those transactions then be private to those entities that are part of it and and their service providers. Right? Like, to and anyone so we can model the world as it exists today. Not everybody is handling their own transactions to the nth degree. They use expertise of service providers. So, ultimately, you get to this scenario where the participants and their providers only see what they're entitled to see, but you get the public blockchain benefits without exposing sensitive, sensitive market data. And so privacy becomes not an obstacle to the network's effects. It's actually core to what enables those institutions to participate and to get the effect of of, you know, frankly, what matters to all of us, being able to grow or scale their businesses and grow the activity across their products and services. Yeah. That clearly resonates. And and it's it's the thing that is actually bringing, these institutions on on chain, and it and it's then we'll come to it, I'm sure, but, it's what we're seeing in the in the market. Can Can you tell us a few of the more fundamental things about the cancel network? Who who are the the validators and the major participants, and and what is what is it that, helps people decide whether to build in the network, and how should people on this call be thinking about it? Yeah. There's a really cool visual on screen that nobody who's dialed in will be able to actually read because it's it's quite nicely getting quite crowded. And we keep, modifying it, every every quarter or so. Obviously, Fireblocks has been an an image in it from the the very, very beginning. But I I I say that only to encourage anyone who's dialed in today to to go online and take a look at it. It's a pretty handy way of seeing the ecosystem and having it it parsed out. There's also really really good information at canton.foundation or canton.network/ecosystem as just as a public service announcement. But to answer your question more directly, the the real answer is yes. Yes. There's just about every, market participant, is active in Canton in in some way. But I would, I I personally, I kinda break it down in sort of three ways, although this is the world only according to me and I'm not suggesting that it's the way others think of it. But there are a number of organizations from both the, legacy or sort of, incumbent providers of securities and cash services, bringing those cash and and securities and cash on chain or assets and and cash on chain. And I think what's critical to having a vibrant ecosystem is having the the actual assets, that are going to be used in transactions beyond chain. So you see, organizations such as Nasdaq and Broadridge and Tradeweb spending time making sure that they have the ability to get the assets that people want to be able to use on chain, or or cash on chain. I'm kinda I've said in a number of different settings before that if you just get the securities on chain and you don't get the cash on chain as well, it's a little bit like one hand clapping because most transactions other than a very simple collateral pledge, which I love as a transaction, but most transactions actually require both. So you can see that there are any number of of transactions from, any number of organizations that are bringing cash and liquidity on chain from, Encanto Network from, Circle, from a stablecoin perspective, LSEG with their tokenized deposit platform, Benji and Hashnote from a tokenized money market perspective, and it'll grow from there. So you can sort of get this healthy ecosystem of both the securities, I know we're gonna talk about DTCC before we're done. So deep coming into the ecosystems like the US treasuries and equities, the cash. And then it's those, applications that I I mentioned a moment ago, like NASDAQ and Tradeweb and Broadridge and Talos and Temple, and, many, many others that are creating both the digital expression of of of of applications that people are familiar with. Some of the names that I just said have been in the markets for decades, but some of the names that I said are newer. So they're creating new ways of of exchanging value by using the HiFi and eToro and others are using, the newness of this digital ecosystem as a way to create new versions of products or services. So in that sense, I think Canton has attracted participation from leading financial institutions, from market infrastructure providers, from technology companies, from application providers, and the validators and and major market participants are some of the ones that you can't see, but you can look them up in the logo in this this circle that that's on the page. Yeah. It it it is a hugely, crowded ecosystem. There's so much there. It's amazing how much it has grown. And, you know, you and I both come to this from a capital markets perspective. The cash versus, the asset is the kind of thing I spend all day talking about as well. Yeah. And I know about, for example, the Broadridge, app has been, you know, highly vaunted around the world, some time. Yeah. for that. for that repo application, it's been huge volumes. Then you see London Stock Exchange stepping in and being able to provide their digital settlement house and so on. But. it's really interesting that it's not payment platform, that's one that I just didn't mention a moment ago, but probably should have. Yeah. and and yet it's not just, those old names, as you say. It somewhat somewhat interesting, isn't it, that you've got these newer players exactly you say using the technology for the same reasons. You know, they still need the same capabilities, that privacy and that permissioning to make use of this at scale. So it's really great to see that, all those different use cases, whether it's repo settlement, and and as you say, some of those Etoro and Visa use cases as well in Canton. Yeah. It's it's what's kind of interesting is that, you know, you might ask yourself, why would we go for these assets first when when some of the things this technology does unlock is the ability to create new types of of assets and new types of trading, investing, and hedging structures. But you kinda go for these assets first because they are the largest markets, they are the deepest liquidity, they are right now where you get the strongest financing utility, the strongest use of balance sheet. And frankly, when you add that up, you get the clearest economic benefits. So so I think what's common across the the sort of the heritage TradFi side of market participation and the newer emerging digital only or crypto is that you're going to look to tokenize US Treasuries, tokenize US equities, two largest, highly liquid, high quality liquid assets around the globe, two UK gilts and and and Euro GOVIs and JGBs. Right? You begin to get to this high quality liquid assets. And then you wanna be able to use them in repo and financing transactions for collateral mobility. And this is you're creating this ecosystem of of activity. So I think that's where where they're all pointed. I might just say if we could just turn the tables a little bit because we've talked now about how the market has a real need, or hopefully, I've I've sort of convinced the the audience that there's a real need and a lot of out of momentum, around that from a demand perspective. But it's only met by having the providers of those financial services and that technology infrastructure that makes it possible. So a question for you to turn the tables a little bit. Why is Fireblocks why are you why are you attracted to, to Canton as a commercial opportunity, as a way for you to be able to build your business and also to why now, right? You've, you've been in the industry for so long. What is it that makes it a good commercial opportunity right now? Yeah. I think it's it's very clear to us that when we, looking across the digital asset ecosystem as as we have been for many years, we have to follow where the demand is. Where do our clients want us to be building next? And it's been very clear from the names, that have been associated with the Cantonese ecosystem you just showed in the previous slide, that there's been there's a huge there's a huge volume and a huge size of activity that is about to come, on chain. And so the demand is the first thing. We have to follow the demand and that's been, the the reason we've turned our heads in this direction. And then more fundamentally, the core infrastructure is based around, as you've really well articulated, institutions need, we've been saying for some time, institutions should come and change, but there've been real barriers. And we talked about privacy and permissioning as key, and control as as key barriers, not least, in the conversation I've had with for many years with with banks and FMIs when it comes to the way that the Basel rules allow for public blockchains. And so Canton has these these features, which allow, the big institutions to engage in earnest, in in digital assets and bring assets on chain and be able to do some of those things that we've been talking about for many years and have delivery versus payment at scale. And so you've got this real market depth there, and that's clearly, come coming to a head. And the timing is just right. We we've seen given everything that's happened in the US administration, regulations in The US, we've seen a real jump in activity from US banks. And I've seen that spread across the world right through to EMEA and across to APAC, as everyone feels the sense of urgency. And so the timing, has coincided really nicely with this institution grade, ecosystem that is thriving and and and building and scale. And so it's an obvious choice for Fireblocks. With our, you know, ecosystem with 2,500 institutional customers, there's real tangible demand, and we can see that there's real scale that people wanna bring on chain, into this ecosystem. So it's a it's a really good confluence of events right now, and we're hoping to make the most of this opportunity with you. Well, that's really good. Yeah. I a bit of regulatory clarity always sort of paves the the path for a good amount of competition. There's a good question that has come in. I'm gonna sort of modify the next question for you because someone is from the audience is asking whether we're working with anyone in the the DTCC project. I know we'll get to it. And obviously, we can't steal the thunder of naming the entities that we're working with because they're gonna do their own press releases. But but can you talk a little bit just to kind of pull on that? Can you talk a little bit about, you know, using that as an example, what is it using the the market participants at DTCC as an example that you are working with? What does it mean for a client of Fireblocks to work with with Canton? What what are they able to do? What are they able that are they're not able to do elsewhere, and what are some of the initiatives that are are sort of immediately unlocked for them by partnering with you? Yeah. And it it's good that we have had that DTCC project to work through, and I've been deep in on this. And so I've seen it materialize in in real time. Probably more think you ever wanted. what I've been really proud to see, actually, actually, is the way that Fireblocks builds this stuff. We don't just build it for the sake of it for a bespoke use case. We're building it into the core product. And so every one of our customers gets to benefit from this product we have built. And so when we say we've integrated Canton, it's in the product that they're used to using. So you get the advantage of everything out of the box. And I think that's really important. So you it it is ready off the shelf. So you get the ability to interact with all these assets, not least Canton Coin, USDCX. You've got some money on chain. But, recently, we've added, support full support for Canton's CIP 56 standard tokens, and that's the most widespread standard out there. So that's enabled us to interact with all these assets, in the DTCC pilot. And that's the kind of core of what Fireblocks does. So the custody and transfer of any token. That's great. Oh, no. Just? keep going. Please keep going. No. No. Keep going. I was gonna say that, that's kind of the first step. Right? Especially in the way that, Canton works. There's, not just the custody and transfer the tokens because you need to interact with the different apps. And if we jump ahead one slide, I've got, there's obviously the validator nodes that we should talk about as well. And this, is slightly. Interesting. different from from the way we interact with other blockchains, and there are choices and flexibility here. So, in this case, the way the wallet infrastructure works is it's gotta be assigned to a validator node. And so that's something that our clients get out of the box as well. We have a range of different deployment options in the validator nodes, and we give you that ability to scale up, and, scale your operations whether you choose to do it as a Fireblocks, run, validator node or a dedicated validator node. And we have three different options there. And if we jump ahead one more, I wanna pull this together because the way I think of this is there's a core custody and transfer elements that those tokens are talked about. So being able to custody and transfer, count on coin USCCX, and any CRP 56 token, that's what you get out of the box. And that also applies to our, NYDFS regulated trust company in The US. But you also get these flexible deployment options in the validator nodes, and that is something that is relatively new for us to be able to offer the shared Fireblocks validator node out of the box or the option to bring your own validator node if you've been on the ecosystem for some time, and already are operating a validator node on the Canton ecosystem. And we've had clients come and say that to us, and and we're able to to build that into the flow. And and finally, to be able to offer a dedicated validator node service that Fireblocks is, able to run for a client because we see that as another level of control and privacy some of our largest banks want us to be able to do, and they wanna have a single provider. And so that's the third, model for the validator node. But then, crucially, as you really well set out, all of the activity in count on is taking place at the apps. And and it's the providers of those apps that are really important for the, for the interaction. So when you wanna engage in count on, you need to be able to connect to those apps, and that's what we're providing the connectivity for. So using those validator nodes, we're able to install those DAF files and, enable access to whether it's DTCC's app or Tradeweb's app. Those are the that's the connectivity that our clients want. And that's what I think is is the beauty. So you're getting the wallet infrastructure. You're getting the secure signing that you expect from Fireblocks. But in addition, you're getting that node management and that really fine grained policy engine that's really important, within Fireblocks that all our customers love and and now, and expect from us. So if we had to distill it because we're getting some good questions on just sort of how how people get started and what's sort of I mean, there's a lot of interest around, the DTCC project because it's so present for all of us right now. But for given everything that you've just said, what is it what is that that go live readiness look like for someone who wants to utilize, Fireblocks and Camtime together or utilize your services to get active? What what do they need to do right now? Yeah. So, look, if if anyone here is an existing client, just, give us a call, and, we'll help get you set up. But, actually, you get access, as I said, out of the box in the product. You can, go and look for the for the Canton network now in the in the list of available blockchains. You can get access to the testnet to start, playing around and, understanding how it works, and getting used to the way that counts and party IDs, or vault vault accounts and party IDs work, and understand how these flows can interact with your existing policy engine. We can, we can get you, set up with a Volts account, and it's as simple as actually in any of the any of the other blockchains we support. We've made it simple enough that you can simply create a Volts account from the drop down menus, and that will enable you to to hold any of those tokens. And you can self list, the tokens that, are part of the DTCC pilot as well, and we're enabling our customers to do that today. So that's it's all it's all really made really easy, and and that's what I'm really pleased to see. We've abstracted, any of the complexity and made it really simple for people to interact with with their simple wallet infrastructure as they'd expect. And there are a few different naming conventions on Canton, like the party ID, which is essentially the wallet address, if I can if I can call it that. But, again, we keep that nice and simple, and that's the the beauty of, using Fireblocks on Canton. And so that went last in I'm sorry. Go ahead. the last thing I was gonna say is the policy engine. So that, that policy engine that people use, really important when you do go into production beyond the just the testing to have those, fine grain policy controls built in. And that works like any other, capability, like on any other chain, any other transaction. So you gotta use the the count on specific operation types, including the Canton call, and the accepting and rejecting, incoming transactions as well, which is a neat feature actually of Canton. And it's important to for some of those institutions to be able to say, I I am willing to accept this asset or I I'm not actually I don't know what this thing is, and it's not part of my flow. And having that all built into the policy engine is really important. So that sort of giving the the detail of sort of what, what that journey is for an an institution if they wanna get active now. If you kinda lift up a little bit from it because you are an organization that's getting to see a broader set of initiatives both across the Canton ecosystem and the, you know, sort of whole digital theme of the evolution of capital markets and financial services. If if if someone's listening into this right now, what what what should they be doing to get engaged? Like, how you've given the good information on what Fireblocks does and and how they should get started with you. But if you pull back a little bit, what from your experience, what should institutions be thinking about taking action on right now? So I think it's really, really important for institutions to have a really clear use case in mind. And we we do see lots of lots of clients out there saying, I need to get involved. I'm not sure what I need to do. But I think it's really important to work with, you know, get get the advice from from us, but also, from the team at DA and and and also from your from their counterparties and understand what's gonna actually add value. There's no point, doing this for fun. We there there are real revenue opportunities here, and we we are gonna see some of those play out. So define the revenue opportunity. Where can this really improve efficiency, and and deliver value for the institution? And then start to to map that out, with, the counterparties. So it may be that the first step is get involved in the DTCC pilot. It may be that that's where because of the, the sheer scale of that opportunity, and the number of participants that are getting on board, that's the right way to go. And and so being part of that is the first step and identifying the counterparties in that in those trades and then identifying exactly what I do. Is it I I just wanna tokenize US treasuries or tokenize US equities, or is it I wanna tokenize them and use them as collateral for a trade? Or is it I wanna now engage in repo? And because I can do intraday repo and I can do it instantly, that's gonna really create some efficiencies and allow me to manage my liquidity at a much shorter horizon. And, actually, that is where the the value is at. So, really important to understand what is now rapidly coming on stream because of the DTCC pilot, understand who the counterparties are and how, and what apps they are working on, and then, come and come and speak to us about, how to get involved and how to to leverage the infrastructure that you know and love to to engage with it. But what about I mean, what do you is that a fair fair response? What do you see as well? How how you're you're out there advising customers as well all the time. What's. the best? I it's yeah. I know. It's we talk about this all the time. You do get the question. It it was a nice environment to be in where where so many organizations around the the globe want to be part of of, you know, really creating this together. I would say, you know, again, just grounded in sort of a couple of things that are really important. Regulatory clarity has happened to a large degree in The US and is improving globally. The infrastructure, actually everything that you've described, in fact, the detail that you could go into on this call with such a certainty of service that is showing that the infrastructure is maturing. It's going to continue to grow for years and years to come, but it is maturing. And I think what's critically important now is that major institutions from across all ends of the financial services spectrum are starting to participate. And this has mean that the market is now moving from concept to to implementation. These are the conversations not on if or why, but on or on how. And to your point, there's an immediacy to it, not a, you know, running around with your hair on fire point, but but there's a real sense of urgency to to getting to this. I think it's important to be grounded in that that that as much as there is that urgency market structure changes gradually, not not overnight. And for any of us who are involved in an initiative like DTCC, you might argue that their decision, at the end of twenty twenty five to launch something in the, in the, middle to third quarter of twenty twenty six is lightning pace. And it really kind of is lightning pace. So what I see and what we see happening is that that the impetus of all of this is because of the clarity of the maturity, the regulatory player, of the maturity of the technology, of the major market institutions being filed. But that's all happening because there is a a real use case underneath. And I think tokenization is that real use case that's starting to drive or unlock so much of the capital markets activity. And I just, if we could, I would just want to make one key point about this. In the market so far, there have been any number of really wonderful initiatives to create wrapped assets or, digital twins of assets or trust certificates over assets or some form of new digital derivative version of an asset. And, you know, to some degree, I really applaud that that work for for paving a path of of of of innovation that that then drove demand. But in the end of the day, people want a US treasury on chain. They want a US equity on chain. They want a UK gilt on chain, a JGB on chain. They want to know that the asset that they're holding and they're transacting with is the asset. It's not a claim to be able to go get it from Varun at some point in time in the future. It's not an asset that has the profile of performance of the underlying but isn't the underlying itself. I mean, in time, I hope those derivatives get created. I really, really do. But initially, you first have to have that underlying asset on chain. And I think that's what's been so transformational about the DTCC initiative and so many others that it's it's given real impetus to around the globe and others that had started of their own accord anyway is tokenization and bringing that actual asset, the authoritative digital record of that asset on chain, whether it's a security or a cash so that you know irrefutably that you're holding the thing to which you think you have exposure, not to someone who's holding it for you. All those great innovations will come in time, but getting that underlying there is what I think is really evolutionary about the work we're all doing together, and the, you know, frankly, the long term impact is just going to be transformational. Yeah. I couldn't agree more with you actually on that. And and and it's it's it is telling that so many institutions are following suit. They it is becoming this lightning rod for for the for the institutions all around all around the world, in fact, starting with The US. But these large institutions are suddenly saying, actually, this is an asset that I do really want, and I do I can interact with. And now I can see that this use case will materialize because it is it is the real US treasury, and it's on chain or it's the real US equity. It's not a derivative product of that. So that is really powerful. Oh I'm conscious of time. We we're actually into the last five minutes. god. Yes. So really good. why don't. we why don't we answer a few questions? Shall we there's there's a there's a simple one here about, our support of the token standard. I covered it already, but we support CIP 56 standard tokens, in the Canton ecosystem today. And and that's it for now. I'm I'm not actually very familiar with CIP one twelve. I I don't know if you are, Kelly, and say something on it, but that's not something that's on our, roadmap at the moment. What we're seeing in the market is overwhelmingly the requirement for CIP 56. Then there is a question here. As a client of Fireblocks, do you, route MPC sign transactions through global synchronizer to validators super validators? Yes. I think that's exactly right. So we're signing those transactions, and they're going through the global synchronizer. And you can, read up more on the more technical details there. But I won't go any I won't go beyond my technical capability even there, if that's, okay. And I don't wanna, push beyond others. Kelly, any questions that you've picked out in, the chat? I think, this is kind of an interesting one. Let me just see. You know, one. it's it's sort of an interesting question about how institutions should be thinking about the right level of privacy. Actually, we're gonna have a whole webinar probably and a half just on this one. So, I will just say that for those organizations that are thinking about getting active in the the ecosystem, the the given the the way Canton is, that it allows for application and product and service providers to decide the level of privacy that they need for their businesses and their products and services, it's really a question to have with them on on on on the products and services that you want to buy. Canton can support, all levels of of that. I think and I do think that's the difference. It's it's not that Canton, comes at it with a requirement that privacy is imposed as a predetermined decision on anyone who's creating a business or an application or solution in Canton America. It's just that it has the ability to maintain that in the standards that we all know for systemically important financial institutions and regulate highly regulated financial markets and and and the like. So it's it's a it's not I mean, I might just say it this way. It's not really a question for those of us who are working on Canton. We've created the technology to be able to support those decisions that are made by the product and service and application providers. There'll be applications and services that are very familiar or similar to financial services today, where it is private, and there may be some that that have a a good commercial and business reason for for doing it differently. So it's the right way to think of it, I would say, is by deciding the products and services that you're looking to buy and or use or be part of and talk to the providers on them on on what is appropriate for your type of entity and the type of transactions that you're going to do, frankly, and the regulations that you're operating under. There's another interesting question here about interoperability. I think we should confront it, and we should tackle it head on. There's a is the question says, you you solve it within the Canton ecosystem, but what about Beyond? How does how do we stop fragmentation? Let me give my answer, and I'm keen to get yours. Yeah. Please. Our answer would be look. Fireblocks is here to provide interoperability of a sort, and there are interoperability providers out there. What's what's clear to me is you don't go looking for the one chain to rule rule them all because there are different use cases and there are different ecosystems, and that just is the nature of the world we're in. What's really important about Canton is the depth of the liquidity and the size of the institutions. And the use cases we've just talked about and and the DCCC means there's there's gonna be real material activity here. Whichever way you look at it, wherever whichever part of the digital asset ecosystem you come from, there's gonna be material activity in Canton. And so sometimes people are gonna wanna bridge in and out of different ecosystems. I think that's natural. And there are interop providers that I know are part of the ecosystem in Canton. You you have them in that chart. And what's really important is that you can take money to where you need to to use it. And within Canton, we've described how you take that from one app to another, and there will be use cases, I'm sure, where people wanna do, move money and assets between different ecosystems. And that's natural, and we'll see how that plays out. But what's very clear to me here is a real depth of liquidity, and that's what's gonna be the the USP, I think, of Canton. Is that fair, Kelly? Yeah, and I know I think you've said it well and I'll just add on or just underscore one of your points that, and we see it as our sense of responsibility, in building Canton Network to build it to the best that our clients are demanding of us to make it be a chain, one of the chains that's being used because we have a vibrant depth of liquidity, active ecosystem, major market participants. Our responsibility is to contribute to that equation by having one of the best components of that equation, one of the best solutions for those, those market participants to be active. Our job is to make Canton Network be a place that everyone wants to be. Brilliant. Great words to close this out. So there you have it, everyone. I hope that's been useful and interesting for you all. You've heard from Kelly Mathson and myself, about how Fireblocks and Canton are are tackling this tokenized asset ecosystem. If you have any questions after this, please come to us. Come speak to your team, your contacts at Fireblocks or at the Canton, network, and we'd be happy to help you as you engage in this journey. Thank you very much, and you'll get the recording straight after this call. Take care. Thank you all.