The discussion highlights the significant evolution of crypto exchanges into "super apps" or "universal exchanges" by integrating traditional finance (TradFi) assets like tokenized stocks and ETFs, blurring the lines between centralized and decentralized finance and signaling a future of consolidated investment platforms.
Mind Map
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คลิกเพื่อสำรวจ Mind Map แบบอินเตอร์แอคทีฟฉบับเต็ม
Um good afternoon everyone. Thank you
for joining the exchange 2.0 discussion.
I am particularly very excited to talk
about um sort of like how exchanges have
evolved over the years. I've been
working at exchanges for the last five
years just recently joined on. So um I
have seen and witnessed sort of like the
evolution in terms of how this um
exchange platforms has adapted into
truly a super app. There are you're able
to do literally everything within an
exchange platform right now. You can
invest there's wealth management. Um
there are bots already in it and now
we're introducing tokenized stocks and
ETFs. So now we are seeing sort of like
this blurring between a trapy platforms
and a D5 platform. So with me we have
leaders um in the industry. Um so I will
ask them to introduce themselves.
>> Oh great. Well, thanks for having me uh
today. I appreciate it. My name is uh
Peter. I'm the CEO and founder of
blockchain.com. Uh we've been helping
people and then later institutions be
part of the crypto financial system
since 2012. So, we've been at it for
quite a while now, as I'm reminded
sometimes. Uh, and today we have about
40 million uh, retail customers around
the world, about 2,000 institutions that
we do various sort of business for, and
we transact about one to one and a half
trillion in volume a year. Uh, we're
also a major supplier of liquidity
across the ecosystem. Um and we uh have
sort of helped incubate, invest in or
launch a lot of the sort of more
successful projects and companies across
the space today. Uh and so yeah, we have
a pretty broad sort of view across the
whole ecosystem. And one of the things
that we're most excited about is
bringing sort of more assets from the
traditional finance world into the
crypto world. Um particularly the sort
of really interesting and high quality
assets that our customers are are eager
to have access to.
Hi everyone, I'm Gracie Chen. I'm CEO of
Bitgat. Bit is a top crypto exchange uh
established seven seven years ago. Um
according to coin geko coin market cap,
we are typically top five in terms of
trading volume among other offshore
exchanges. So one key strategic change
that we are having right now or facing
in this industry is exactly what the
title point out from crypto to stocks as
main pointed uh we are all partners with
them and big partner with mainly on
being one of the distributors for their
tokenized US stocks and ETFs and I think
according to your data published in
December we contribute about 90% of that
volume so that's definitely a lot of
tractions that we are seeing from our
retail users who are interested in um
trading tokenized US stocks and ETFs. Uh
we have 120 million users coming from
more than 100 countries. So definitely
also want to explore other opportunities
with you guys audience anyone who want
to expand or collaborate with an
exchange like us.
>> Thanks. Thanks for having us. Uh Michael
Shalov, I'm the CEO and co-founder of
Fireblocks. uh we provide infrastructure
for uh institutions and enterprises
mostly financial institutions over 2600
financial institutions that are using
our platform and that includes
everything from wallet settlement
technology uh tokenization and uh access
to defy orchestration and many other
things. Um so you know we basically last
year uh there was about $6 trillion uh
worth of uh transaction volume that uh
went through our platform and about 40%
of our client base are what you would
define as like exchanges super apps neo
banks basically the category that is uh
financial institutions that are facing
uh retail clients. I think like you know
when you aggregate probably over a
billion of uh retail clients across all
those uh platforms and definitely kind
of what we've seen front and center in
the last 12 months or so is the
convergence or basically the adoption of
traditional assets into those platforms
and uh which I think makes a lot of
sense for uh anyone who is able to offer
digital first experience and also
probably something we're going to talk
is a bit of how the incumbents, right,
the old school Troutfi are currently
looking at it and what are they going to
do about it.
>> Thank you very much. Um Peter, um diving
straight in, right? Um you've been sort
of like in this industry for quite some
time, right? Since 2011. Um so, so you
have seen across the various cycles, you
have seen sort of like the evolution in
terms of how exchanges has adapted over
the years. um what is your perspective
with regards to how are the platforms
evolving and now integrating tokenized
stocks and ETFs um into offering how are
you seeing the competitive landscape
with say trafi super apps
>> yeah it's an interesting question I
think you know crypto exchanges are for
the most part um in the business of
growing and harvesting sort of retail
trading flow so almost like a payment
for order flow model um And you know
with that said like most of the real
liquidity in sort of the top five
digital assets is predominantly you know
in one or two derivative markets and
increasingly for Bitcoin it's in the
CME. So what we see is you know sort of
with tokenized equities the liquidity
obviously for those assets is in the
traditional financial markets and to
some extent you know you see these
assets issued on chain and then they're
going to be distributed to retail due
the sort of exchanges brokerages like
ourselves etc but the real liquidity for
those assets will remain sort of where
it's always been. And so one of the
things that we think will be an
interesting transition to watch is sort
of the transition of liquidity of crypto
assets moving away from a lot of the
sort of cloud-based more retail oriented
exchange platforms back into the sort of
on-prem traditional finance trading
venues. Um which whenever I say that the
crypto people kind of in the room get a
little upset. Uh but we're already
seeing that transition happen live in
the case of Bitcoin and Ethereum. price
discovery is almost exclusively on the
CME at this point and I think we'll
continue to see that across any assets
that are very successful. I think for
assets like you know that are smaller
like a new new project or a new ICO of
course the liquidity for those will
predominantly be in crypto native
exchanges and I think that will
predominantly happen on dexes actually
but I think for assets that really get
to scale you'll basically see them
almost emulate what we see in tokenized
socks and so I tell people that like as
a platform offering tokenized stocks
getting good at setting up that
infrastructure hedging across Stratfi
and crypton native venues is super
important because I think that that's
probably how price action develops
across the entire market.
>> Thanks. Um and and Gracie, I know that
um BitGet's focus has been kind of like
launching what you call the universal
exchange, right? Can you talk a little
bit about that sort of like initiative
at BitGet? Um and then how have you sort
of like prioritized Stratfi integrations
within the platform?
>> Sure. Um so the in the crypto world
there are two terms CEX and DEEX
centralized exchanges decentralized
exchanges um a little bit like uh
bipolar and and people just think it's
either CEX or DEX. In our opinion it
doesn't really explain what we do
anymore since 2025. We still hold very
high um security. you know, all of our
users need to do KYC, that kind of
standard that's very similar like a UEX,
but at the same time, we offer lots of
onchain um kind of uh tokens, including
of course on tokenized stocks and ETFs,
but at at the same time uh actually
millions of uh um onchain DAX kind of uh
trading assets as far as they are
launched on top five uh public chains
that we integrated including Ethereum,
BSC and Solana etc. They are tradable
like our users can just put their
contract address of this token and start
to trade it using the the USDT and USDC
etc the infrastructure on on um
exchanges. So we we feel either DEEX or
CEX can explain what we do now and we
came up with this term UEX universal
exchange. It's not just a marketing
term. That's something I want to
highlight. Uh although it sounds very
much just like you guys created a new
term. Uh it is a trend. What I mean by
that is if you look at the exchanges
um we are all sort of offering more
assets. It's not just big but big is
leading this conversation. Uh Coinbase
co everything exchange they're also
exploring offering stocks and uh uh
crypto as well as some other RWA
products. Uh Binance wallet also listed
on those stocks. But that is a trend
that lots of offshore exchanges are
heading to. Uh we just tend to call it
universal exchange to explain what we do
exactly. So universal exchange means
universally asset coverage at this at
the same time using for example AI as a
tool to help our users gather
information, place some trades and also
still hold very high standard for
security and protection. We have
actually the second largest protection
fund in our industry which is 700
million um a aumumumumumumumumumumumumumumumumumumumum
