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Keep It Real (tokenization edition)
Consultant : $7 trillion by 2023, $11 trillion by 2024 and then $15 trillion by 2025. Look at this McKinsey chart below! CEO : That is fantastic! Consultant : Yes! Your company would benefit immensely by being at the forefront of this financial, technologic and social transformation. CEO : Great! So what are the steps to get there? I find it curious that incredibly large numbers often get thrown around when people talk about the potential of tokenization but there is no menti
Harvey
Jan 21, 20246 min read
First comes the ETF. Then comes tokenization.
In the 2010s, BlackRock brought iShares ETFs to the masses and gathered over $3.3 trillion AUM. In 2024, BlackRock brought IBIT ETF to Bitcoin and is currently sitting on $500 million AUM after 2 days of launching, a massive success. Larry Fink then says on national TV that a potential Ethereum ETF is but a mere stepping stone to tokenization. If that vision were to come true, what will tokenization by BlackRock look like? That is the topic we will dive into in this week’s
Harvey
Jan 14, 20245 min read
2024: A Cambrian Explosion
Happy New Year everyone! I hope everyone had enjoyed some quality time off. I know I have been away for a while. I have been busy with go-to-market work behind the scenes, helping a number of tokenization teams with their projects, e.g. here . One particular challenge I realized crypto native asset allocators have is a lack of systematic allocation process. If you are a credit portfolio manager reading this. Please drop me a line. There are many productive conversations to be
Harvey
Jan 6, 20244 min read
Crypto Wealth Management
My last article on private credit capital sourcing talked about the growing opportunity in onchain HNWIs and what is required to reach them. So when I came across the news headline that Citi Ventures participated in a seed-round founding of Vega, a startup to “democratize private wealth management” this week, my brain started racing because that sounded awfully like what crypto is solving for… So I decided to dig in a bit deeper. I wanted to find out a few things: How big is
Harvey
Oct 22, 20235 min read
Money, Goods and Tokenization
After our deep dive into the tokenization industry mapping last week, a change of pace is in order. Instead of focusing on micro-level transaction data aggregation, let’s take a step back and survey the whole tokenization market to understand what is happening across the various commercial application spectrum. Apart from our usually talked about onchain tokenization of securities market, there are 2 other tokenization big verticals that are seeing traction. Tokenized money
Harvey
Oct 16, 20236 min read
Mapping Tokenization Industry
How well do you know of the tokenization industry? While the newsreel of tokenization seems to be in perpetual motion, I have been hard pressed to find a complete overview of the industry players, transactions and value accrual points. Last week Binance published a mapping on the industry that arguably not only left out a lot of important participants but also failed to provide a sense of their relative scale. See below. So I am going to attempt to shine a light on the topic.
Harvey
Oct 9, 20237 min read
Who are the F.A.A.N.G companies of crypto? Part 2 - $100 Billion
Last week we went through MakerDAO’s revenue and expense numbers. At 18.3 P/E, it is currently valued at a lower P/E multiple than every FAANG company. You can join the Insiders Club to get your hands on a complete analysis here . What about its future earnings potential? Good question. In this week’s newsletter, we will unpack MakerDAO founder Rune Christenson’s controversial “ Endgame ” plan that aims to scale the market cap of DAI, Maker's stablecoin, from the current $4bi
Harvey
Aug 19, 20234 min read
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