The video discusses significant changes in the crypto industry over the years, particularly highlighting shifts in market dynamics due to political influences and regulatory changes. Dave Ripley, the Co-CEO of Kraken, discusses the increased adoption and solidification of the industry, amidst President Trump's supportive stance towards crypto, which contrasts with previous administrations. This discussion is set against a backdrop of global market volatility, largely instigated by policies such as tariffs.

The conversation also emphasizes the evolution of the cryptocurrency market, which has grown from a focus on individual investors to attracting institutional giant players. This transformation is seen alongside regulatory adjustments that facilitate such institutional involvement. Despite recent challenges and past market downturns, the overall sentiment remains optimistic about the industry's potential for growth and the increasing role of cryptocurrencies in global financial systems.

Main takeaways from the video:

Please remember to turn on the CC button to view the subtitles.

Key Vocabularies and Common Phrases:

1. tariffs [ˈtærɪfs] - (noun) - Taxes imposed by a government on imported or exported goods. - Synonyms: (duties, taxes, levies)

The markets are in a state of flux around the world. Not just crypto markets, but equity markets as well, induced by President Donald Trump's tariffs on countries around the world.

2. liquidity [lɪˈkwɪdɪti] - (noun) - The availability of liquid assets to a market or company. - Synonyms: (cash flow, solvency, fluidity)

Kraken is a financial services company. Look, we're there to provide liquidity.

3. volatility [ˌvɒləˈtɪlɪti] - (noun) - The liability to change rapidly and unpredictably, especially for the worst in the context of a financial market. - Synonyms: (instability, unpredictability, fluctuation)

We don't know what all these people are talking about. I think that's volatility down what, 5, 10%.

4. transcends [trænˈsɛndz] - (verb) - To go beyond the range or limits of something. - Synonyms: (surpass, exceed, go beyond)

Look, it's the only truly global financial network that kind of transcends specific governments.

5. adoption [əˈdɒpʃən] - (noun) - The action or fact of choosing to take something on. - Synonyms: (embracement, acceptance, approval)

I mean, I think it's a fantastically better place for crypto. You know, adoption's up.

6. custodians [kəˈstəʊdiənz] - (plural noun) - Entities responsible for the safekeeping and management of assets. - Synonyms: (guardians, keepers, protectors)

The market structure bill, specifically. Yeah, it's effectively a bill to regulate exchanges, you know, more or less custodians.

7. legislative [ˈlɛdʒɪslətɪv] - (adjective) - Relating to laws or the process of making laws. - Synonyms: (law-making, judicial, congressional)

And since he's taken office, have those conversations changed now to pass more specifics? And as we talk about regulation currently in the US we know there's a number of bills making their way through the legislative process on stablecoins and market structure and various other aspects as well

8. transparency [trænsˈpærənsi] - (noun) - The characteristic of being open and clear, without hidden agendas or conditions. - Synonyms: (clarity, openness, visibility)

But, you know, maybe given that there's a, like a little bit more transparency in crypto, you can kind of see the, the bitcoin move on to an exchange.

9. regulation [ˌrɛɡjʊˈleɪʃən] - (noun) - A rule or directive made and maintained by an authority. - Synonyms: (control, management, governance)

Is it a change of regulation and we'll talk a bit more about regulation, or is it almost a sense of being a bit more comfortable with, with what these assets are?

10. custodial [kəˈstəʊdiəl] - (adjective) - Related to a service or function that involves the safekeeping or administration of assets. - Synonyms: (caretaking, supervisory, managing)

We just launched a layer two non custodial wallets.

Kraken co-CEO on the changing nature of crypto trading

It's been one of the biggest about faces in the crypto industry. You know, since I've been in it, you can't get a more positive change than what we, we've seen. And I mean, I think like, frankly, President Trump made a lot of promises kind of through the campaign period and leading up to the election, and he's like, literally fulfilled almost all of those promises. Kraken is one of the world's largest cryptocurrency exchanges facilitating trading around the world. But at the time of recording this episode, the markets are in a state of flux around the world. Not just crypto markets, but equity markets as well, induced by President Donald Trump's tariffs on countries around the world, even as he touts himself as a pro crypto president.

So what does the future hold? Well, hoping my next guest can help me out with that. I'm super excited to say this is amongst the first launch episodes of beyond the Valley in video format. So you'll be able to watch those on CNBC.com and YouTube as well. Now to my guest. Dave Ripley is the co CEO of Kraken, a cryptocurrency exchange. He's also an industry veteran. Dave, thanks for joining me on beyond the Valley. Sure. Great to be here. Dave, how long have you been in, in the crypto industry? It's over a decade now. Wow. So you've seen it all? You've seen it all. Almost all of it. Never, never chatted with Satoshi in the forums, but been around for a while so we can clear up your. Not Satoshi. Yeah, that's fair enough.

You've been in crypto a long time. What would you say some of the biggest changes you've seen in your time? Gosh. I mean, so 2013, I got into crypto. You know, it's a little over a decade ago now. Massive changes. I mean, look, the first conference I went to was about 80 people, right? And I mean, I don't know how many thousands of people are here, but I've been to, you know, crypto conferences with plus 20,000 plus individuals. So massive, you know, change, massive adoption. Obviously the industry's come so far. Really fantastic. Yeah, it has been. I mean, you got in 2030, it's really interesting time because it wasn't long after we had the Mount Gok collapse and various other things as well.

So let's just talk about what's happening right now as we're, as we're recording this. There's two T's dominating global financial markets. Trump and tariffs and that's obviously hit all sorts of asset classes around the world at this point. What's the view from the crypto industry at the moment about the impact of these tariffs on the. We don't know what all these people are talking about. I think that's volatility down what, 5, 10%. I mean crypto, this is like a Tuesday for us. You know, we're, we're no, no stranger to volatility. So you know, sure, these are kind of big moves relative to traditional finance, but frankly they're, you know, moves work we're pretty used to in financial markets. The other thing I'd point out is like, look, a lot of what we're seeing now with like tariffs and the moves in the financial markets, one, it's a reminder for me of, you know, bitcoin and cryptocurrency, a lot of the fundamentals of it.

Look, it's the only truly global financial network that kind of transcends specific governments that, you know, in a way can connect the world and is connecting the world more so than, you know, we've ever seen before. And so I think that's a meaningful piece about the foundational principles of crypto that you know, frankly, in times where we see these different things, you know, governments taking different, you know, kind of actions and postures is a great reminder. The other is, you know, Kraken is a financial services company. Look, we're there to provide liquidity. We're there to provide an opportunity for individuals to hedge. We're 24, 7, we're always up. We have, you know, some of the best uptime in the industry. And you know, we've seen in kind of volatile times like this in the traditional financial world.

Crypto often is an early indicator because it's the only market that's open in, you know, midnight on a Saturday, in, in, in out there. And so we'll kind of see the moves happen there first. People look to get liquidity from crypto first. And so I think there's a lot of meaningful kind of understories of this that are tied to crypto in some ways. Interesting. We often talk about crypto in these, in these kind of cycles. That happened the last time we had a so called crypto winter, a prolonged downturn. There was some interesting things happening. There was a lot of leverage in the system, there were collapses of companies. Do you think the industry is on a more solid footing in this current state of flux that we're in? Yeah, look, I've been so as we just Talked about. I've been in the industry for a long time. Three bear markets.

You kind of talked about the most recent one. Sure. That one was challenging. You know, we kind of came off all of these various different failures, honestly that were, you know, ftx, but there was a slew of them before that that led to this like really challenging regulatory environment in the US A chaotic one as well. And so I think, you know, right now if we just kind of like think back where we were a year ago and where we're at today, I mean, I think it's a fantastically better place for crypto. You know, adoption's up. I think we see more favorable regulatory environment. Of course, a lot of positive moves from the Trump administration vis a vis what we saw before. So look, I think this is, you know, I would say crypto has never been as strong as it is right now. You said adoption's up. That's, that's interesting.

What's the been the changes in the composition of the market as you've seen them. We, I often hear a lot from the industry. Are we getting more institutional investment happening? Before crypto was so heavily driven by the retail trade? Is the retail trade is still significant? Are they still driving market moves over? Yeah. So I think two things. I mean, it's a, your setup is a great one there as far as like how you framed it. I mean, so one, crypto is originally kind of driven by individuals, right? I mean this is the first, like, I mean a lot of ways financial services and finance very much so driven by companies and institutions and so forth forth in the traditional world. But crypto kind of came on built for individuals, driven by individuals first. And so we've seen institutions come in over time and more recently than individuals.

Individuals are still there, but like kind of the trajectory of institutions have been, has been looks basically like this. We had like the high frequency trading firms all the way back and call it like 2015, 2016 come in, then the VC firms in 2017 with the ICOs. Then let's see what else after that. We kind of saw around the next run in 21, we saw the hedge funds come in. I remember this like Paul Tudor Jones and a number of these folks kind of talking big hedge fund owners and there are many others that weren't quite as public that actually came in and took meaningful positions. We of course know this from some of our data and so forth.

Now even this most recent cycle in this past started last year with the ETF's launch that brought in the RIAs and so we see now a huge adoption among that population. All of these institutions, or at least the recent two bunches, hedge funds, RAs, we're talking about like a fraction of a percent of penetration. So while a large number of them have kind of adopted, it's still a fraction of their total assets. So we have more, much more to run. Not to mention we've barely scratched the surface with things like, you know, pensions and sovereigns and so forth, even though we're hearing some rumblings there now as well. How do you think those kind of investors get involved here? Is it a change of regulation and we'll talk a bit more about regulation, or is it almost a sense of being a bit more comfortable with, with what these assets are?

Yeah, I think it's both. But I, I think that we, we shouldn't discount or kid ourselves on the regulation piece. It's important. Important. It absolutely is. I mean, I've talked with directly with many of these different institutions, and it is, it is a meaningful part of their business. Many of them are regulated financial institutions themselves. They, they manage other individuals money that brings them into the regulatory fold. And so it's like, really meaningful. So we, I think that change in the U.S. frankly, you know, it's probably the biggest collection of financial institutions sits in the U.S. certainly the larger ones. That change of the U.S. regulatory environment has really started to get a lot of, you know, conversations moving among financial institutions.

And so now we have like, mean sovereigns. Yes, come. I mean, including the US With a strategic bitcoin crypto reserve as a sovereign. I think we see, you know, endowments have actually been in, university endowments been in for a while. We're starting to see more of talk among that group. I already mentioned a few other groups. So. Yeah, look, I think there's, there's a lot of institutional adoption that's happening now. And it's one place at Kraken that we're leaning into. We have one of the most complete portfolios of products for institutions. And, you know, we're looking to, you know, really, you know, bring that next group of, you know, entities into the, into the fold in crypto. Whoops. I've been covering crypto since about 2015.

And you know, back then we talk about these bitcoin whales, these large, large holders of bitcoin with the ability to move markets substantially. Is that still significant or relevant to the markets as we talk about price movements and holders of, of bitcoin? Yeah, you know, I, I think it's like, given there's like more transparency in the. I'm not sure exactly where this comes from. This is whales and traditional finance. Right. Or big holders of assets in traditional finance, just the same. But, you know, maybe given that there's a, like a little bit more transparency in crypto, you can kind of see the, the bitcoin move on to an exchange. I always see these posts on Twitter. You know, Whale moves 150 million on the Kraken or, you know, whatever it is. Some of these things are just run of the mill that happened.

But I think it's frankly a bit more of just the transparency that you see. Some of the movements are more public on chain because, like, look, the fact that there are kind of like big asset holders, big traders, big volume movers, that's no different. Tradfi and versus Crypto. Yeah. Can we talk about what's happening in the US at the moment in terms of the administration and also the regulatory front as well? Just starting with the administration, of course, President Trump campaigned on a very pro crypto message and a. On. On the promise of an environment friendly to the industry as well, which is very different, perhaps to his predecessor as well, given sort of what's happened in the business while with tariffs. Is the industry still feeling supported by the current administration? I know it's only three months in, but is the industry still feeling supported by that?

Yeah, I. Look, I mean, I would say this is, this is probably. I mean, it's been one of the biggest about faces in the crypto industry, you know, since I've been in it, frankly. I, I mean, I don't know in areas of government or you name it. I mean, it's. You can't get a more positive change than what we. We've seen. And I mean, I think, like, frankly, President Trump made a lot of promises kind of through the, the campaign period and leading up to the election, and he's like, literally fulfilled almost all of those promises already. And I have no doubt that every last one of the things that he, you know, we talked about with him directly as part of our engagement with, you know, all of folks in governments, you know, in the US here, everywhere else, you know, it's just been super positive.

So we're really, frankly appreciative and we're, you know, this is what we've always thought that there should be an embrace of crypto, and we're seeing it now, which is great. Yeah. You've been speaking to the president. I mean, what are some of those conversations having? You can't necessarily go into specific things that were said. But what was the gist of the conversations you were having and continue to have with the current administration? Look, I mean, I think, you know, a discussion on the fundamentals and the principles of cryptocurrency, which is technology innovation, you know, bringing all those benefits to individuals and businesses, you know, taking a more open approach to innovation is a poised to stifling innovation. This has been a history of the United States, obviously, a lot of innovation that's happened in that country, for sure.

And, you know, just kind of these basic fundamental principles are really the undertones of those conversations, and they kind of lead to this outcome of like, hey, let's take, take a positive approach on crypto, which, you know, it's kind of amazing that, you know, you see government leaders somehow arrive at a different conclusion. It's, I mean, almost lunacy, but it's so it's really refreshing to see that, you know, positive, positive view come out. And, you know, it's been great for the industry. And since he's taken office, have those conversations changed now to pass more specifics? And as we talk about regulation currently in the US we know there's a number of bills making their way through the legislative process on stablecoins and market structure and various other aspects as well.

So, yeah, just what are the conversations at the moment? And is the time spent now more on Capitol Hill talking to lawmakers? Yeah, no, you hit a great point there because that's like, those are a couple of, like, real concrete pieces that we need to happen in the industry. There's stablecoin builders, that what's called a market structure bill is basically the bill that regulates Kraken as a, as an exchange. The market structure bill, specifically. Yeah, it's effectively a bill to regulate exchanges, you know, more or less custodians, so forth. And look, those two bills have been in progress through Congress for quite some time. A lot of people in Congress, in the U.S. congress doing a great job of putting those bills together.

A lot of people, you know, Congress came in, Hill, McHenry as well, working with him, you know, Senator Haggerty, Senator Lummis, a number of great individuals doing great work, battling, you know, a problematic administration that, you know, couldn't figure out how to move anything previously. Now they're going to get done, you know, and this, you know, now that we have a new executive branch, new administration, now they're going to get done, which is a fantastic thing. So you hit the nail on the head with like, a real concrete piece that's important for the industry. Those particular legislative pieces as well. I understand. Also the market structure bill is also about sort of identifying what the Commodities Futures Trading Commission regulates in the sec and that's been a big sticking point right in the US at the moment.

Yeah, exactly. It helps, you know, codify okay, how are we actually going to regulate and exchange like Kraken, which agencies, you know, which assets will fall where and so forth. Do you think that, and as we spoke about the institutional piece, do you think those kind of legislations then allows institutions and not only institutes, I mean if even if we talk about corporates at this point, if there's more regulatory clarity on stablecoins, you know there is a view actually why wouldn't corporates be buying stablecoin even in terms of treasury, in terms of cross border transactions, these kind of things.

Are you of that view too or is that quite a too bullish of you? That's 100% what's going to happen? Yeah, I mean, I mean we already see this, you know, adoption of you know, stablecoin coins, you know in across the world. Lot of different use cases for them. B2B payments which I, I think you hit on is one of the use cases for stable coins. There's a few, I mean there's people that hold stable coins, different parts of the world that want to hold US dollars frankly that you know, want that exposure USD as opposed to their local currency. It's kind of a settlement currency across centralized exchanges and defi.

And then B2B payments is the other thing that we see in our, our customers that actually have adopted using stablecoins. Some of them actually take those stablecoins and then use them for B2B payments. I think that particular one with the regulation piece is going to grow. So you hit the nail on the head. I was speaking to Charles Hoskinson of Cardano and he was of the view the Mag 7 would be adopting stablecoins. Yeah, I don't know. We'll see. Yeah, it's a good one. Perhaps, perhaps. You know I think who was it, you know, Elon said, you know, is it Tesla or was it SpaceX using to pay some of their suppliers and different service providers and different GEOs. So yeah, maybe some of those large tech companies all or get in there.

Right. And just on the, on the current Bitcoin strategic reserve which was obviously a fascinating move. Can you lay out how significant you think it is? I know there was a bit of underwhelm for markets perhaps there was a bit of Hype leading up to the whole presidency, of course, and there always is. But how significant do you think the reserve is given? You know, the US government isn't buying any new crypto at this. Yeah, yeah, yeah. At this point. Yeah, I mean, I think I'm actually not, I'm not even certain where the latest is because I always hear like different, you know, news pieces on this.

But like, yeah, for sure there's the hodling of the existing crypto that the US government has. I mean, I think what are the bitcoin sales that the US government has executed on so far as cost them? What, 5 billion, 20 billion. Some like really big number. I'm not sure exactly what it is in lost gains. So that's going to end. That'll be part of the, you know, strategic reserve. You know, look, I think it's a potential they'll add to it. I guess maybe that's not really locked in just yet is what you're referring to. Perhaps. But look, I mean when you have, you know, the largest, you know, economy starting to move in and you know, establish a strategic reserve, I mean, what's the. How much longer before other countries start doing the same? Yeah, so I think it's, it's pretty interesting.

I think the executive order talking about, well, we can buy. There just has to be budget neutral ways to do so. I'm not sure what that necessarily looks like, but. But do you have a problem how that might happen? Yeah, that's right. Thanks for reminding me. Budget neutral ways. Yeah, look, I. Presumably there's potentially some ways to pull that off. I'm not sure exactly. Yeah. How that, how that happens. But yeah, there's been a lot of discussion as well, Dave, about bitcoin specifically. And as continued innovation happens in the blockchain space, you know, bitcoin's really role in the future has been either questioned or kind of reinforced by others.

What's your view on bitcoin specifically, given it's the biggest kind of digital coin at the moment? Yeah. You mean like bitcoin versus other cryptos? Bitcoin versus other cryptos. What role do you think it has, if any? Yeah, yeah, yeah, look, I think, I mean, I think bitcoin is like, you know, you know, the one, the foundation. It is the, you know, most proven over time. I think we like to use this term anti fragile in the crypto industry. I mean bitcoin in some ways moves slower, but that's a feature, not a bug when it comes to bitcoin. It helps ensure the security of the network in many ways.

And so I think like look, this is foundational. It's the bedrock of, it's the reserve of the crypto economy. And I think bitcoin is, you know, the proven out over time and I think it's only gotten stronger methodically. So while we're going to see a lot of other innovation happen on other networks and that's I think appropriate because I mean naturally there's, this is open innovation in crypto, right? So we're going to see a huge amount of innovation maybe that happens on network. Maybe some of the, the most successful parts of that innovation kind of make their way into the bitcoin network over time. And so I think it does serve a fantastic role as that bedrock of the crypto economy.

Well, you mentioned innovation. What do you think are going to be some of the key innovations happening over the next few years we speak of? Stablecoins are of course one of those. But I've heard a lot about real world asset tokenization as a key example. Where do you think the next big kind of breakthroughs are going to be? Well, I'll give you maybe a few things. One, so we're like Kraken, we're like super deep in trading, investing. This whole defi world. I mean that's like really meaningful, right? I mean we have, we went from 0% of all crypto exchange transactions happening on defi, you know, before the defi summer, then that happened.

You know it came into being now in over the past, you know, year, you know, some months we've seen as high as 15 to 20% of the total happened on decentralized exchanges. Really meaningful. And the adoption of defi has gone really quick. This is also where real world assets come into play, where we might see, you know, trading of equities on defi networks, decentralized exchanges, kind of the convergence of the two in a lot of different directions. You know, tradfi and crypto come together. That is one right there. We already see some. I mean stablecoins are effectively a real world asset, tokenized real world asset. We're seeing some now like treasuries and interest bearing assets and various different forms on networks.

I think that's definitely going to happen. And then my, my kind of one that aspirational I really like is I love Deepen Deepin so kind of all the like physical infrastructure, you know, filecoin I'm a fan of even though it hasn't really seen the adoption yet of decentralized storage and there's A number, you know, decentralized compute. A number of these others that I think are interesting and I'm rooting for those. Yeah, I mean there'll be some listeners who might not be aware of some of these idea that you know, you and I could almost rent out our compute. Right. For example or rent out what storage we have, you know on one of these networks.

Yeah. Or your wireless capacity that's not being used and so forth and kind of have that full mesh network and return the Internet to like a truly decentralized. I know decentralization is almost like a whole another topic but I do want to just pull up as well. You know there's a lot of questions around how you regulate decentralized exchanges when it comes to some of the, the regulations you may have to kind of work with anti money laundering or your customer. These kind of regulations as well is that. And how then regulators should approach some of that so they, they could go mainstream. Are there answers to that year discussions happening or is it too early discussions happening? For sure.

I mean I guess a couple of different things. You know I, you know Kraken, we're actually like meaningful defenders of. Well, we look to advocate for regulation where it makes sense. So a centralized exchange like Kraken. Sure, we get it, we hold our customers funds. You know, let's evolve regulations that are fit for purpose for our business. But when we come to like a decentralized product or a non custodial product or service or piece of technology where there isn't the same type of centralized institution that's taking control of others assets. Also these networks are much, much more transparent as well. Everything's out there on the blockchain.

You know, I think it's a very different dynamic when we talk about regulation. I mean in a lot of ways these networks, Bitcoin itself, Ethereum itself, are self regulated. That's kind of like what they have, they've arisen to be. And so I think we need to be really thoughtful of where we apply regulation versus versus not the crypto space. Dave, let's talk a bit about Kraken then, your business. You came in as co CEO at an interesting time. I think the company had made a round of layoffs, the previous CEO was departing and there were questions over cultural issues, etc. Where is Kraken now? What have you changed and what's, what's happened?

Maybe not all of that's entirely, entirely correct. Like Jesse was co founder CEO of Kraken for you know, decade. You know one of the Greatest entrepreneurs in all of crypto. Founded Kraken, built it to incredible company. I stepped in after you know he decided like hey it's been a decade of leading this company. Of course I've been there not quite as long as him and you know, took over since then. Now co CEO with Arjun. We team up on everything. It's been fantastic. What is Kraken up to though was your question? Look, I think a number of different things. We started right here in Europe over a decade ago. We started as an exchange, first place you can buy and sell Bitcoin with Euros.

We've since expanded meaningfully. We support now 300 plus cryptocurrencies, many other products, derivatives, margin trading, consumer trading, staking other ways to earn interest, an institutional offering, custody, prime execution, all these various different pieces. So where do we go from here? Well one is Geo expansion. We you know from the time we launched in Europe we since over the past five plus years launched in us, Canada, uk, Australia. We're now looking into Latin America, Middle east, some areas Asia Pacific and then the other is products. And so I mentioned we're really deep in training, trading, investing. We're actually and we kind of sit in between tradfi and crypto.

We're actually looking to lean into that. Convergence now are moving into some of the traditional financial assets. We just acquired this company NinjaTrader for 1.5 billion. That's a big move for us. Fantastic company. We're going to look to further integrate their products for our customers and vice versa. So one is kind of leaning into more asset classes, two payments. And so we think about like bringing more to our customers the overall their entire financial journey. Not just trading, investing, wealth building but their, you know, kind of personal finance and payments as well.

And then the third, probably most interesting is what we call on chain which is the world of defi. We just launched a layer two non custodial wallets. We, we have a wallet out there and so I think there's a lot of exciting things that are, that are going to happen in that space that we're going to be a part of. So currently growth being driven from, from these new products from Geo expansion. You mentioned the big acquisition as well. How much is M and A featuring in and what you're doing going forward? We had a big announcement from Ripple I think not long ago about an acquisition as well. So there seems to be action happening in the space.

Yeah, for sure. I mean I think you know our acquisition is interesting. It's the biggest acquisition in crypto and it happens to be a crypto company buying a tradfi company, biggest in crypto history. And it goes in that direction, not the other, which is I think pretty interesting and kind of, you know, it's an indicator of where we're at as an industry. For us, M and A is an important tool. We've used it sometimes in bigger ways and in smaller ways it's usually a tool to look fulfill our roadmap. We have a strategy and a vision of where we're going, products and geographies, different customer segments. And it's an ability and it's a path usually to get to some of that roadmap faster.

And that's how we've used it in the past and how we'll likely continue to use it in the future. Fascinating. And what's the prospects at this point for an ipo? Dave, you probably get asked this all the time. This is the favorite prospect for an IPO given, I mean. And I think the question now is a bit more relevant because I think the changing regulatory environment in the US may make that path easier for sure if there's need for it. You know, in the, in the previous regime with the SEC where it was, it was a challenge.

But like it's of course not a surprising question. Kraken we just announced our, released our financials publicly. I don't know what was it a month ago, two months ago. And you know, for 2024 we did 1.5 billion total revenue, profitable. We've been profitable for many years. So driving strong profitability or strong balance sheet, great adoption and growth among customers, key metrics. So it's not surprising question. We do view going public as a milestone on the journey. What the, you know, the journey is to achieve the mission, grow crypto adoption, achieve financial freedom. That's our long off mission we're focused on.

We're building a, you know, a full financial services platform on the way. Going public is a. Is a milestone that will help in achieving some of those things. And so I think it's out there for us. You know, we're not sharing a specific timeline though. Yeah, it's on the mind though. It's on the mind. Always on the mind. Great day. Thanks so much for joining me. It's a pleasure meeting you and speaking with you. Yeah, you too. Thanks, Arjun. And thank you all for listening and watching that it for another episode of beyond the Valley. Remember, you can subscribe, follow and also drop us a comment if you're watching as well. That's it for this edition. Thanks for listening and watching. Goodbye.

CRYPTOCURRENCY, FINANCE, INNOVATION, TECHNOLOGY, BLOCKCHAIN, KRAKEN, CNBC INTERNATIONAL