YouSaid · the spoken record

Bill Wolf

lines on the record: 86
first: 2022-08-11
most recent: 2022-08-11
sittings or episodes: 1
sources: podcast

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“Question. So we've not yet in our founding strategies. I mentioned the four stable coins, which are depositable into four different of our founding pools. We've not had a default in any of the loans that we've made, and we've made $1.7 billion of loans since we started lending in November of 2020. And we've had an incredible number of repayments because our total loans outstanding today is probably somewhere in the 300 million range. I didn't click on my screen this morning to see where it is. We've had some repayments in the last week. And so we have a large amount outstanding. We've made a lot of loans across all of that activity. We've had absolutely no failures in the software. No money has been lost from it going to the wrong place. And we've had no defaults. We don't expect we're going to have no defaults. And also, we have done some negotiations behind the scenes because that happens in credit markets where you talk to your borrowers and you say, hey, we want you to do this. Or they say, hey,”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“The ones who staked exactly because if somebody bought true six months ago just like a lot of other crypto related assets or other tokens similar to ours, yes, they've definitely lost money, which is obviously unfortunate. Again, back to the analogy of the dot-com boom, there were a lot of early internet businesses that got ahead of themselves in terms of valuation. And obviously, we think long-term true has a huge promise, and we think it's a very interesting protocol that will over time prove out its economic model. But it is definitely down. And all of us at the company are holders of true, and we're right there with all of our independent true holders linking our wounds in that regard.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Yes, I think I sort of have something that the audience doesn't. It's because I've studied this before and we did a pre-interview. So I just want to make sure that people get it. So people own true, which is the utility token, and they essentially get to vote what the company does. It's essentially like voting, if you have a share of Coca-Cola, you can vote on what it does. I mean, often people don't vote at all. If it's passively held, it's voted in the way that the directors want. So that's the governance token. That is a floating, it's not a stable coin, it's a floating thing that's sort of quoted.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“We think is going to drive the value. Right now, we charge tens of basis points for the protocol fees in order for the portfolio managers to utilize the software.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Big, important kind of overall meta issues or major structural changes will be voted on. We don't expect the individual voters on true to vote on individual credit decisions or things like that because that's why the experts, the portfolio managers are coming on there. And so at one point we had a vision and we wondered whether we could have them all the way down at the micro level. And some of our earliest funds, which are still out there in existent, we allowed the true holders to decide whether they wanted to stake their true against that to be a first loss in case there is a loss. We've had no losses to date to the true holders, but they are able to stake their true in order to earn a little bit of a share of the interest and in effect providing credit insurance against a loss. But we think the long-term vision of that is for the true coin to be, again, this participant in the protocol fees after paying for expenses.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Protocol fee to the protocol. The protocol pays its expenses. It has governance. It is a decentralized, autonomous organization or a DAO, which is a new form of organization which lawmakers all around the world are going to have to figure out how they're going to regulate and interact with these, but it's a very open, almost kind of like communal style of ownership of this or governorship of this protocol. And the owners of the true token are entitled to any economic returns that happen above paying for the Dow expenses. So theoretically, at some point, once we have a surplus of protocol fees after we pay the expenses for the DAO, we could either go out into the marketplace and buy in True, or we could distribute the excess funds in the form of stablecoins to the holders of True. And True holders get to vote on what happens. They get to vote on who are the board members of the DAO.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“The honor of the protocol and say I'm an expert in this particular type of credit management. And so here's my fund's disclosure around that, deposit your stablecoins if you're looking for yield. And then we're borrowers who are looking for capital can come and find from any different manager who's expert in deploying capital into whatever space they're looking for capital themselves to consume can come and look for that. So that's the marketplace. What true is true is the utility and governance token that runs our marketplace. And what it's entitled to economically is that when people run a portfolio on the Trupi marketplace, they pay a protocol fee. Now, we have some other types of economics, but I'm focusing on where we're going because this is happening right now. So some of these new funds that I was describing to you that are doing the real world asset lending, they are paying a”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“And it is complicated. And I think you laid it out very well. But let's focus on the true fi side of it because that is the base layer of what we're focused on. We started with our stablecoin. We're glad we created it. It's got over a billion dollars of minted coins out there and it's an important player in the market and we're proud of that. We accept other stable coins. But we're really focused on is growing TruFi as a marketplace. And what we're trying to do there is create a place that is totally agnostic. It's an open marketplace where an investor can come and find a huge range of potential investment opportunities in terms of credit, in terms of looking for yield to invest their dollars. So we think of it as a three-sided marketplace. Investors or lenders show up looking for yield. Portfolio managers can come and use our software by literally pushing just a few buttons and making decisions and be onboarded onto.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Gaining around on Tether steadily. And I think a lot of people are predicting that they will overtake Tether at some point in terms of total dollars minted, if you will, in Stablecorn.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Tether is a huge. It's still today the largest in terms of dollars out there in terms of the minted tether coins. It's still the largest one in the world. But you've seen over time ones that are fully backed and also in ones that are in much more liquid assets and not taking risk by investing in some of these higher yielding strategies are out there. One of the things we're crying for is more clarity from the regulators. Don't go so fast that you create the wrong rules, but please go as fast as y'all can because we, like a lot of the other players, we want to follow the rules. But from our standpoint, obviously philosophically, we believe that the safest place to be and the best place for an investor is in these fully 100% backed. And that's what TUSD is, which is the stablecoin that we operate and that we created. And USDC is similar to that. USDC has been gaining ground because the great distribution they get through Coinbase, they've been getting”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“I think this is a caveat emptor situation to your point and to your question, which is you're taking risks there. And remember, the risk you're taking is that when you want your capital, there's not a mismatch between your desire to have it today or right now and when the assets that have been invested in with the dollars that you put in there are available. And so I think as long as the individual who's making the choice of which stablecoin they want to use understands it, then they know what risk they're taking. But remember, they're not getting paid for that risk because the interest being earned on those stablecoins is being accrued to the operator of that stablecoin. And so if you're not getting paid for that risk, my question is, is why would you take it? This is a personal preference thing, and I'm not going to disparage anyone else's choices. People are making that. Obviously.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Right. And then what are your views about those stablecoins that are fully backed, but they haven't done an audit? Tether comes to mind where they do, either given attestation, but I don't think they've given an audit in quite some time. And in their assets that they hold, a lot of it is treasuries. Then some of it is loans. Some of it is digital assets. So it's kind of correlated where prices go up, the value of their assets goes up, but when prices go down, the value of their assets go down. And I actually think that they did lend or they did have an asset that was in some way tied to Celsius, which I think recently declared bankruptcy. So yeah, what do you think about Tether?”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“A traditional system of finance which relies on ACH transfers or wire transfers, which again is frankly programming and computer infrastructure that was built decades ago and that is very, very imperfect. A lot of people are trying to improve that and maybe there's a way to bubble gum and rubber band that system to be as good and as perfect as the new system. But a lot of other people are making the bet as we are that the future is in the blockchain technology, which is, again, also very difficult to work with, not perfect if you don't program it well and test it well. So a lot of these attacks and loss of funds that you see happening is not because the technology promise is not good and it's not that people have underestimated how good the technology could be.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“We have an accounting firm, a major U.S. accounting firm that has the ability through API connections into the trust accounts where the dollars are deposited to see on a frequent and real-time basis exactly how many dollars are in there. And they then publish and attest to how many dollars are in there, which then gives the investor or the holder, if you will, of that stablecoin the knowledge that a trustworthy third party source has said their dollars there, you know your stablecoin is worth a dollar because at any time you can go through the reverse minting process and turn in your stablecoin and back into your bank account through wire transfer or ACH or however the transfer occurs, you'll have a good old US dollar back in there. And so we think that's the most important one right now. And again, the enabler of this because once you're in that stablecoin, your transactability is real time and you're avoiding the working pretty well, but not far from perfect.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Where they issue their stable coin, if you will, in return for people exchanging real-world assets with them. Those could be loans. It could be a lot of things. And that's, again, an intermediate case here, which we think is also very interesting in MakerDAO, the organization, if you will, behind the creation of Maker Die, has been very, very successful. We think that's an area that's going to be very productive and interesting. But the area that's for us right now, just sort of our bedrock and that we're focused on is the third area that you mentioned and the one I was talking about before, which is these purely fiat-backed in a bank account somewhere. And you talked about how there's different flavors of this. Certain ones have different levels of transparency. What we created, and our friends at Circle with their USDC have a similar methodology to this, is full transparency on this. And ours even goes to a different layer on that.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Well, I think we've seen the risks in the pure algorithmic ones. And obviously, you're pointing to the Terra and Luna blow-up that happened earlier this year. That was an absolutely fascinating idea and concept. It appears that it got exploited and attacked, and it collapsed. It was an interesting idea. I'm not saying that those ideas aren't going to continue to thrive. There are others out there that are attempting to do that. That's sort of a method, but that obviously presented with extreme risk. And so we're not as focused on that, and like a lot of other people, we're very cautiously watching what happens in that. So that's in the pure algorithmic. And the partially backed, and this is, again, another area where there's lots and lots of players in this, but I'll mention one that we have a lot of relations to, which is MakerDAO, which is a reserve currency. You call it the partially backed sort of stablecoin. This is where people are trying to generate an alternative reserve currency.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Institutional grade stable coin by working with banks for them to, in the U.S., accept and for us to do real-time attestations so someone knows their dollars in a bank account in case they want to exchange it out. And then we also accept Binance's stablecoin BUSD. And so those are all ones that are all fiat-backed and very stable, truly stable, stable coins. So people come and deposit those into the accounts, and then that's from there where we accept those. We're experimenting with accepting some other types of currencies. We think the major part of this is going to be these stable coins. And eventually we think the U.S. Treasury and the Federal Reserve are studying stable coins. And eventually we think there will be a U.S. central bank issued stablecoin. But that's probably years down the road. And while they're working on it, these other ones are feeling that important building block component in the marketplace.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Great question. And this is an area where a lot of people who've studied this base know that there's many different forms of stablecoins. A lot of them get to claim the word stable even if they aren't necessarily the most stable version of stable. The ones that we accept are true dollar or fiat currency-backed. They can be in currencies other than the US dollar, but the principal ones are in US dollars. And so our founding funds we created, our founding pools, as we call them, accept four major stablecoins, USDC, which is the stablecoin founded by our friends at Circle and Coinbase. USDT, which is the Tether stablecoin, which is very popular, particularly in some international markets like Asia. TUSD, which is actually a stable coin that we founded, our company, before we got into the lending protocol business, we created the first”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Bond market activity, but the alternative credit market. And then there's traditional venture capital and venture debt. Well, there's some holes in there for some of these newer business models that are not well served by those traditional sources. We've identified some of those. It's not that those are risk-free, but they're interesting areas and they're real GDP lending areas. And one of the examples that we're doing right now in an area that we have to do a lot more of is we're lending to a payments and small to medium enterprise lending business in Mexico. And one of our portfolios lends to this business in Mexico. They take stable coin.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“So, but the money is mostly coming from crypto native investors. We have some initial investors coming in who are not crypto native. And this is part of the building block point, which is we're having to help them with on-ramps to come onto the blockchain to seek yield, because traditionally they would go into just normal digital approaches where they would go to your favorite mutual fund complex or your favorite alternative credit manager, and they would maybe there'd be a digital component to it, but be a more traditional investment on ramping. So back to your point about what are some of the real opportunities that we're currently doing that with these lenders and investors. They're showing up on our platform. One of the best examples I can give you is in the fintech space. And that's an area that we think is an opportunity for us to address in terms of credit markets because there's a very well-developed mainstream corporate alternative credit market, meaning not the bank's lending, not traditional capital markets lending.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Great question. So, no, it's not our capital. I mean, we do do a little bit of dog fooding, we do have some of our own corporate capital, and we have at times deployed that into some of the strategies that are being managed on the protocol. Now, the investment or coming from investors, and these are the early adopters. These are folks that are already crypto-native investors. They've made money in other areas of crypto, and they've decided this is a place they want to stay on chain, if you will, and they want to find yield. And initially, they were investing into our funds and our portfolios that were lending into the market making function because they understood that and they understood what that risk was. And we've had a fantastic track record in managing that. It's not perfect. There's no such thing as lending without some bumps in the road, but it's not like some of these CFI lenders, if you will, that were lending into the blockchain and not doing it a highly visible, transparent way. And they made some very poor choices.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Right, I guess the idea is if you're lending on the block via the blockchain for real GDP loans, lending to companies to make factories, in theory intrinsically it will not be correlated to the price of crypto, whereas if you're making a loan against Bitcoin and the price of Bitcoin falls, you've got to liquidate your obligore. Otherwise, you'll be in some trouble. Of course, I guess dependent upon the capital to lend and if there's inflows or outflows and if there are a lot of outflows during a market route, that can be destabilizing. But yeah, who are the, are you Trufi lending or trust token lending its own money? Is it pooling investors' funds to lend to those businesses? And also, what sort of businesses are borrowing real GDP loans via your protocol?”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“The same way that the inevitability of the internet slowly started building and so that e commerce is huge today. We take it for granted. We believe that in finance and in lending, the sector that we chose to focus on, that it will be huge and meaningful. And that will be a much more efficient way for people to form, manage, and deploy capital.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Analogy we think about is we're early web 1.0 days and the business models and the innovations that need to happen to take us into the Web 2.0 equivalent world, which is now obviously we're talking about Web 3.0, those things are being built. There's lots of folks doing what we're trying to do or doing pieces of what we're trying to do. And that composability and that innovation is going to be dramatic over the next several years. This downturn that's happened in the marketplace, while it's not ideal, in some ways it's analogous to the dot-com bus that happened where a lot of people created business models that weren't really productive. They weren't really contributing anything. They were riding the hype. So a lot of that, what I call the underbrush is being cleared out right now. And the folks that are really trying to build something that is transformational and hard, quite frankly, is going on right now. So it's very small right now, but we believe that five, ten years down the line.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“But it's one where lots of pieces and building blocks, if you will, have to be put in place for it to happen. And so we're working on some of those building blocks, both at the TrueFi level, which is that's our protocol, which is governed by our utility token True TRU. We're building a base layer of software using smart contracts and blockchain programming to allow people to come and invest or lend money, have portfolio managers come inform portfolios, and then have borrowers who are looking for capital come and utilize that capital. So that's our base layer. And we're building that as one of the building blocks. We're also building on our corporate side, on trust token side. We're building additional software and services that sit on top of the protocol layer software to give additional functionality to those portfolio managers, to those lenders and investors, and to those borrowers. And so right now, that's a very small effort, and a lot of things have to be built.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“A many billions of dollar market. That has shrunk also with the downturn that's occurred in the crypto markets, just because the demand for capital and also the uncertainty about who's really deploying that capital in a productive way, in a way that's not too terribly risky, has decreased that a little bit. Much, much, much smaller and much more emergent is what you're referring to. And this is where we think the important development is going to be, which is lending against real economic opportunities. So not just the rough self-referential internal crypto system, which doesn't necessarily generate any real GDP to your example of financing a factory. And so right now that real GDP loans or real asset loans is just low millions right now. We believe that's where the incredible evolution is going to happen.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Right question. So the market that developed first is the one you're pointing to, which is the on-chain lending markets. There's the collateralized portion, which I'm not going to speak to, and these are these fabulous algorithmic protocols for borrowing and lending on a secured and over collateralized basis like AVI and Compound. And that's a big business. It continues to be a big business. It's tens of billions of dollars. It shrunk a little bit just because the underlying assets that people were borrowing against has shrunk. What we started out testing our technology on and is still an important business to us is lending on an uncollateralized basis on a credit and reputation basis, if you will, to market makers and Delta Neutral hedge funds in the crypto space. And we did that because it was a market that no one had addressed yet. And it was a chance for us to apply traditional credit approach to this new market. Now that market got to be fairly sizable, it turned into”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“I want to highlight that distinction that you drew. So in the traditional finance world, credit is used by companies to do real things, to build a factory or refinance other debt. That is separate from margin lending where a trader, oh, I want to short this stock and I want to get extra juice and go extra long on this stock, that is a fraction of the entire TradFi credit markets. Whereas in crypto, it's my perception at least that the vast majority of crypto lending right now is about financial flows. And it's my perception that the real world lending for blockchain, which when people hear this, it may take them a second to get it because they may not know it existed. I didn't really know it existed before I spoke to you, is a small fraction. So roughly how big is the crypto?”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“While they may be giving different signals to the public about it, they're spending lots and lots of money, millions of dollars in development, to look at how they can future-proof their businesses from the evolution and the disintermediation that's possible in Web3”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Credit. A lot of people in the early stages of DeFi or decentralized finance that's going on on the blockchain and in the crypto world first focused on collateralized or over collateralized lending in that space, but that's a relatively small part of the traditional finance world in that $7 trillion market number that I mentioned margin lending effectively, which is what that is, or collateralized lending of securities, is a relatively small part. So we're going after traditional credit-oriented space. I think that's going to be, and it's not going to be necessarily overnight. It's not the next 12 to 24 months. I think this is a three to five years rapid change. And then over time, just like the internet took 20 years or so to get to the stage that it's at today of rapid evolution, I believe in 10 to 20 years, you will not recognize the way finance works. And that's not just our opinion. Major financial institutions.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“I think there's a lot of them, and probably there's more than we have time for in our chat to talk about. I'm going to focus on the one that I think is most interesting. I'll start at sort of the higher level, which is the disintermediation of trusted institutions, where you no longer have to have fabulous 100, 200-year-old institutions, or maybe just 50-year-old institutions that are the embodiment of why you trust and why you are willing to transact with and trust your financial future, whether you're an individual or a corporation or an institution. I think that's the most fundamental shift in what's going to happen. So let me take that down a layer. And the area that I'm most focused on and what our company is focused on is in debt and in credit. Because right now, the problem that we're working on and that we're trying to address is the overall corporate credit markets, and there's a bunch of different ways to measure it, but the way we look at it and the measure we think is most interesting is today around a $7 trillion market for corporate.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Internet was going to be a very productive and interesting place to move information, to conduct commerce, et cetera. I believe our company believes, and obviously thousands of other people believe that blockchain and Web3 is going to be inevitable to be a fundamentally important and revolutionary, not evolutionary technology for finance.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“So, Jack, once I started digging into it, and I don't think I'm unique, a lot of people go down the rabbit hole and they start investigating it and they realize there's so much interest about it. And as you mentioned at the outset, I am a student of financial history and a little bit of a geek in that regard. As I got deeper into it, I realized that this wasn't just an interesting add-on evolutionary technology, I believe, and a lot of people believe this isn't, I'm far from alone in this, that this is one of the most important evolutions in technology that's going to impact finance. And in my judgment of this, this may be one of the top five major innovations that have ever happened in finance, and including in that are such fundamental things that we take for granted that are centuries old, like dual entry accounting, like central banking, like fractional reserve banking. And so just like in the 90s, when I missed the opportunity on the internet and a lot of people, a lot of smart people realized that it was inevitable that the”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“25, 30 years ago. And so that's what brought me to it. And it's been the most exciting thing I've done in my career. And I'm thrilled to scratch that entrepreneurial itch that I've had all along.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Heard about Bitcoin and other related things around crypto and blockchain fairly early on. And frankly, I didn't painting any attention to it and I frankly didn't understand it. And then a group of guys that I spend time with here in Silicon Valley and do a little bit of fun investing with brought to our attention the company that I'm now a member of, but initially as an investment. And we looked at it and a bunch of us all invested in it together. And then I realized that it was a traditional finance play. And I could, or at least it was an emerging markets take on a traditional finance play. And then I could add some value. So I invested and then became an advisor. And then during the time while I was advising the company, Trust Oaken, it became time for us to exit the business that I was currently working in, which is our leasing business. And I started thinking about what I wanted to do next. And I realized this was my opportunity to go back to the cutting edge that I missed out on.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT
“Sure. Well, as you say, my background is traditional finance, and I was an investment banker for 20 years, and then I went on a different traditional route working with some partners to found a specially aviation finance leasing business. But really my journey that led me to blockchain in the crypto space was really some FOMO I had from back in the 1990s when I was observing the development of the internet and saw how powerful that was. And I had the opportunity and an inkling I should have gotten involved, but I didn't. And I don't have any regrets in my career, but I think I'm now making good on something I wish I had done a long time ago, which is get involved in an emerging and cutting-edge technology.”
2022-08-11 · Forward Guidance · Real GDP Lending on Blockchain Could Be A Gamechanger | Bill Wolf · IDENTIFIED FROM THE TRANSCRIPT