00:00:00
change just for the sake of change might
00:00:03
not be that useful. You need to be
00:00:05
solving problems and this new technology
00:00:09
offers the potential to solve many
00:00:11
problems. In our system of equities at
00:00:15
the time of kind of the foundational
00:00:17
sort of work in crypto, it took 3 days
00:00:20
to settle a stock transaction. Now we've
00:00:23
improved to one day and it should be a
00:00:26
matter of seconds. Our current financial
00:00:29
system is very exclusive. So there are 4
00:00:33
billion people in the world right now
00:00:35
that are unbanked. So this is about
00:00:38
inclusion and fundamentally economic and
00:00:41
financial democracy.
00:00:43
>> Number one, you can't settle 24/7 365.
00:00:46
Can't settle money. You can't sell
00:00:48
equities with the existing financial
00:00:49
system. Second, you can't really make
00:00:51
programmable payments. It's really
00:00:53
difficult to marry software with the
00:00:56
movement of money. And then third, the
00:00:58
fees are way too high. In the United
00:01:00
States, merchants mostly bearing the
00:01:02
costs which they pass on to consumers up
00:01:04
to 3%. But you know, everywhere we're
00:01:06
paying way too many fees, especially
00:01:08
unfortunately for things like
00:01:09
remittances and crossber transactions.
00:01:12
So it's not that we didn't have the
00:01:14
technology to settle 247 or it's not
00:01:17
that we didn't have the ability to
00:01:19
reduce fees. It's that the existing
00:01:21
players didn't want to deploy better
00:01:24
technology. They didn't want to change.
