EP1 - Bitcoin before Maximalism: The experiments we forgot.
Before Ethereum. Before smart contracts. Before the hype around NFTs and ICOs — Bitcoin was already experimenting.In this episode of Beyond Digital Gold we rewind to 2012–2014, when developers were pushing Bitcoin’s limits with: • Colored Coins were early real-world assets • Mastercoin, the first ICO in crypto history • Counterparty and Rare Pepes, the first NFTs • Lightning Network, Bitcoin’s first native Layer 2Featuring JR Willett, Matt Luongo, Yoni Assia, Adam Krellenstein and Elizabeth Stark, and co-hosted with Nathan from StarkWare, this episode asks a fundamental question:👉 If Bitcoin has alre...
Yoni Assia on the Rise of Active Trading in a Blockchain-Based World and Building a 27M-User App
Yoni Assia is the founder and CEO of eToro, one of the most successful crypto and stock buying apps with over 27 million users in more than 100 countries. Originally founded in 2007, it was one of the pioneering companies to incorporate crypto as early as 2013. Yoni speaks about what led to being so early and where the idea for Etoro stemmed from. He also dives into the importance of the user experience in creating a mainstream crypto trading app, and how including a social aspect to the product early on helped in accelerating growth.
We talked about the next phase for eToro and the role NFTs and DeFi will play in the platform, as he looks to integrate both. Yoni is convinced finance will become increasingly digital, and believes eToro’s role is to help investors diversify their holdings. He sees a change in investment attitudes as the younger generation is interested in taking a more active role with their assets, and trading is becoming a more social experience. Finally, we talk about some of the lessons he has learned about entrepreneurship and taking big risks.
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Retail traders are here to stay, says eToro's US CEO
At the onset of the pandemic in 2020, the daily lives of virtually everyone around the world radically changed. Commutes to the office ceased. Concerts and dining outings were canceled.
For some, punting stocks and cryptocurrencies on online brokerages filled the void. That fundamental shift reshaped US equity markets, ushering in an era dominated by Wall Street Bets, meme stocks, and cryptocurrency. Indeed, retail trading has yet to subside even as economies reopen. Monthly net purchases of US equities by individual investors have stabilized at around $20 billion—a surge from the pre-pandemic norm of about $5 billion.
On this episode of The Scoop, eToro's newly-appointed US lead Lule Demmissie explained why she doesn't see retail's newfound presence in the market subsiding anytime soon, and how eToro plans to capitalize on growing its business related to cryptocurrencies and stock trading.
"What you're seeing is the sustainability of that user base staying engaged, waiting for dips, getting in the markets when necessary," said Demmissie, former Ally Invest president and TD Ameritrade managing director.
"Ultimately they're sticking around and they're engaging every time there's volatility," she added. Demmissie said that the collective mind of the retail crowd could have more insight than institutions previously may have thought.
"I'm originally from Ethiopia, right? So I grew up in the throes of a revolution. So the idea of mob rule is something that is like embedded in my DNA as to be averse to it," said Demmissie. "There is a self-made mechanism, a self-clearing mechanism that is happening in social, where there is a balance that takes place within the crowd, where the crowd gets smarter and smarter, and the synthesis of it afterwards becomes something that is really interesting to listen to."
Episode 4 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and CEO Lule Demmissie of eToroUS.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Fireblocks, Kraken & Chainalysis
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
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About Chainalysis
Chainalysis is the blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Our data powers investigation, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.