Banks are looking to get started in DeFi - Aya Kantorovich
The Scoop's host, Frank Chaparro, was joined by August Co-Founder and CEO Aya Kantorovich.
In this episode, Chaparro and Kantorovich went over the state of crypto capital markets, the resilience of DeFi during market downturns, and how banks are looking to get started in DeFi.
OUTLINE
00:00 Introduction
01:08 From banking to crypto
02:30 Why institutions avoid DeFi
05:33 How institutions impact volatility
10:50 Crypto as the weekend market
17:00 Bitcoin as a reserve asset
20:01 Cambrian explosion of memecoins
26:28 Coinbase earnings
31:42 The resiliency of deFi
37:49 AI Agents
42:00 Conclusion
GUEST LINKS
Aya Kantorovich - https://www.linkedin.com/in/ayakantorovich/
Aya Kantorovich on X - https://x.com/aya_kantor
August - https://www.augustdigital.io/
August on X - https://x.com/august_digital
Red Pilling Institutions: Raising in the Bear Market and How CeFi implosions grew DeFi
Aya Kantorovich is the co-CEO and co-founder of Fractal, which is an infrastructure provider enabling institutions to clear, settle, and margin digital asset trades on-chain.
In today's podcast, Aya shares her founder journey at Fractal, the impact of the FTX collapse on institutional players, DeFi growth since many CeFi companies imploded, how Fractal is red-pilling institutions, as well as her prediction on how many institutions will be cosseting crypto and having tokens on the balance sheet in 5 to 10 years time and so much more.
But first, Aya tells us about her crypto journey thus far.
Why Gaming NFTs Will Be Bigger Than Twitch | Justin Kan
On today's episode of Empire Jason and Santiago are joined by investor, entrepreneur & Co-Founder of Twitch Justin Kan, for a deep dive into NFTs. Sitting at the crossroads of gaming and NFTs, after launching Fractal, a Solana based marketplace for gaming NFTs, we invited Justin to Empire to discuss what he anticipates for the future.
He shares what it was like after leaving Twitch, getting into crypto, launching Fractal and so much more. Justin provides a look behind the curtain into the fast evolving world of Web 3.0, from the the traditional Web 2.0 and gaming perspective, discussing the new possibilities crypto provides for gamers, streamers & communities online.
--
ParaSwap:
If you want to make a swap at the best price across the DeFi market, check out paraswap.io. ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices, and lowest slippage.
--
Empire is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/
Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show!
Subscribe to the podcast on Spotify: https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq?si=41bc452345b649f9
Subscribe to the podcast on Apple: https://apple.co/3srZf7M
Tarantino sued over NFTs + Twitch Co-Founder Justin Kan: YouTube, Entrepreneurship, Investing | E1329
First Jason explains why Miramax is suing Quentin Tarantino over his Pulp Fiction NFT collection (2:31). Then Twitch Co-Founder & GP at Goat Capital Justin Kan joins (19:19) to discuss lessons from entrepreneurship, what he looks for when investing, his YouTube channel, podcast and more!
FalconX's Aya Kantorovich explains what's been behind bitcoin's latest price gyrations
Aya Kantorovich, head of institutional coverage at FalconX, has been experiencing a bit of déjà vu.
Kantorovich, a former associate at crypto hedge fund Pantera, joined The Scoop to unpack the crypto market's recent bouts of volatility and how the market is stuck in a cycle of retail-led drawdowns. FalconX — an aggregator of crypto trading flows — has a window into both the retail and institutional market.
According to Kantorovich, liquidations across off-shore market venues, cascading liquidations, and the inability for traders to access crypto exchange platforms drive prices down. When money can't move around, price drawdowns are amplified.
"We saw $2 billion worth of liquidations happening across BTC," she said. "Retail liquidations was a large portion of this ... and then a cascading effect."
"When you have this level of heightened volatility you see some exchanges begin to shut down their trading capabilities and when these centralized trading platforms shut down those capabilities then traders don't have the ability to top off on their margin so you see a continued cascade," she added.
Kantorovich doesn't think this is a cycle that will break because many new institutions have to sell when the price reaches a certain threshold. Unlike crypto native whales, which have driven the buying at the dip, large billion-dollar plus asset managers "have a completely different level of drawdowns that they're allowed to maintain."
"Let's say the market falls down by 30%, they have a fiduciary obligation to take money off the table," she said. "These aren't the momentum diamond hands that we're so used to seeing in crypto."
"I think the reason for that is we are going to continue to see institutions that do not have a momentum-long venture persona ... and that could be both good or bad for the space."
This episode is brought to you by our sponsors Eventus, Kraken, and Exodus
Eventus is the leading global provider of multi-asset class trade surveillance, transaction monitoring and market risk solutions. Eventus offers a powerful, award-winning trade surveillance platform that is easy to deploy, customize and operate. Eventus is proven in the most complex, high-volume and real-time environments and supports many of the industry’s leading crypto exchanges including Coinbase, Gemini, ErisX and OSL. The company’s rapidly growing client base relies on Eventus’ responsive support and product development teams to overcome its most pressing regulatory challenges.
About Kraken
Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today.
About Exodus
Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface.
Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control.
Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you’re ready to go.
20VC: It's Time To Talk About Drinking; How To Stop, The Impact It Has, How Life Changes Post-Alcohol and The Biggest Misconceptions on Drinking with Ryan Petersen, Founder @ Flexport, Justin Kan, Founder @ Twitch, Matteo Franceschetti, Founder @ Eight
Ryan Petersen is the Founder & CEO @ Flexport, the operating system for global trade with over $1.3Bn in funding from the likes of Softbank, Founders Fund, DST, GV and First Round to name a few.
Justin Kan is the Founder @ Atrium and Twitch (acq by Amazon for $1Bn). Justin is also a prolific angel with a portfolio including the likes of Scale AI, Digits, Cruise and Triplebyte to name a few.
Matteo Franceschetti is the Founder & CEO @ Eight Sleep, the #1 Smart Mattress, designed to help you fall asleep faster and stay asleep. To date, Matteo has raised over $70M from Founders Fund, Khosla Ventures, Craft Ventures, Kevin Hartz and Ryan Petersen to name a few.
Steve Schlafman is a Coach and Investor @ High Output. Previously Steve was a Partner @ Primary Ventures in NYC and before that Principal @ RRE.
CLICK TO LISTEN ON ITUNES
In Today's Episode You Will Learn:
1.) What was your realisation moment for stopping drinking? How did it come about? What was your prior relationship to alcohol like?
2.) For me I always found an excuse to not stop drinking, when you think about your attempts to give up, what excuses did you provide as reasons for continuing to drink? What insecurities and vulnerabilities did drinking hide and mask for you? How did it impact them?
3.) From a literal standpoint, how did you approach giving up the act of drinking? What tools did you find most helpful? What resources do you recommend? How has your life changed since you stopped drinking? Matteo, you have the data from Eight Sleep, what does the data say about how stopping drinking truly impacts your sleep?
4.) People often say that stopping drinking kills your social life, what would you respond to that commonly held belief? What other core misconceptions do you find people hold towards drinking? To those considering giving up drinking, what would you advise them? What do you know now about alcohol that you wish you had known earlier?
As always you can follow Harry and The Twenty Minute VC on Twitter here!
Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
20VC: Justin Kan on Why We Have To Normalize Vulnerability in Startups Today, Why Attaching Happiness To Future Outcomes Will Only Lead To Suffering & Why It Is Total BS That You Have To "Suffer" When Doing A Startup
Justin Kan is the Founder and CEO @ Atrium, the startup providing a full-service corporate law firm that uses modern technology to give startups a legal experience that is fast, transparent, and price-predictable. To date, Justin has raised over $75m in funding from some of the best in the business including Founders Fund, a16z, First Round, General Catalyst, Thrive, Initialized and more. Prior to founding Atrium, Justin was a Partner @ Y Combinator, the globally renowned accelerator and the birthplace of some of today's largest startups. Before that Justin was the Co-Founder @ Twitch, the world's leading video platform and community for gamers which was acquired by Amazon for $970m. If that was not enough, Justin is also a prolific angel investor with investments in the likes of Cruise Automation, Rippling, Zenefits, Triplebyte and more.
In Today's Episode You Will Learn:
1.) How Justin made his way into the world of startups and YC? How that led to the founding of Justin.TV, later Twitch? What was that a-ha moment for Atrium?
2.) Why did Justin feel that being an investor full time was not for him? How does Justin think about and approach the learning process as a founder? What advice does Justin give to those who want to quit? What was it that made Justin embrace the series of self-improvement habits he now practices?
3.) What does Justin mean when he says, "attaching yourself to outcomes will only cause your own suffering"? How does Justin think about and advise founders when it comes to burnout? How does Justin feel about the "crushing it" culture in tech? What can we do to normalise vulnerability? What were Justin's biggest takeaways from "The Score takes Care of Itself"?
4.) What have been Justin's experiences with therapy? How does he advise founders thinking of engaging with therapists? What have been his biggest lessons that drive success in therapy? How does Justin look to show authenticity through positivity? What does that really mean?
5.) What have been Justin's biggest takeaways from "The 15 Commitments of Conscious Leadership"? What are the core principles? What is required to roll out these values and principles within an organisation? What are the fundamental challenges to successfully roll this out on a large scale within your company?
Items Mentioned In Today's Show:
Justin's Fave Book: The 15 Commitments of Conscious Leadership
As always you can follow Harry, Justin and The Twenty Minute VC on Twitter here!
Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
a16z Podcast: 10+1 Lessons from Serial Entrepreneur Justin Kan
Want actionable advice from a founder who has built multiple tech companies and has invested the time to be open, introspective, and transparent about lessons learned?
In this episode (which originally aired as a YouTube video), a16z General Partner Andrew Chen (@@andrewchen) talks with Justin Kan (@justinkan). Justin is a repeat entrepreneur who co-founded Kiko Software (a Web 2.0 calendar that pre-dated Google Calendar by 4 years); Justin.tv (a lifecasting platform); Twitch.tv (a live streaming platform for esports, music, and other creatives now part of Amazon); Socialcam; and now Atrium, a software-powered law firm for startups.
Justin reflects on his journey and shares 10 + 1 lessons he’s learned:
The paradox of choice: choosing a focus
Tradeoffs between B2B versus B2C companies
Market risk vs execution risk
Fundraising strategy: go big or stay lean?
Managing the stress of being a startup CEO (again!)
Seeking out mentors, coaches, and peers for help
Intentionally designing a culture to avoid the pitfalls of “culture eating strategy”
Things he’s still doing in his latest startup—and things he’s doing very differently
Managing higher expectations
What he’s reading and listening to
Bonus: advice he’d give his 20-year old self
The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/.
Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.
Stay Updated:
Find a16z on YouTube: YouTube
Find a16z on X
Find a16z on LinkedIn
Listen to the a16z Show on Spotify
Listen to the a16z Show on Apple Podcasts
Follow our host: https://twitter.com/eriktorenberg
Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Living phone-free in Silicon Valley and the future of music tech with Justin Kan and Ranidu
On this episode I'm visiting Atrium's headquarters in SoMA in San Francisco to chat with two serial entrepreneurs, Justin Kan and Ranidu.
Justin Kan's career blew up in the mid-2000s when he started livestreaming himself 24/7 on Justin.tv, a Y Combinator backed startup that he co-founded. Justin.tv eventually turned into Twitch and sold to Amazon for nearly a billion dollars. He has gone on to found multiple startups since then, including Exec, Whale, and now Atrium.
Ranidu has a unique background. Before jumping into tech, he rose to fame as an R&B and hip-hop artist (check him out here). He went on to join Google before founding the first of many startups, many of which have been centered around his passion for music. We talk about a few of them including The Drop, The Artist Union, and Audius, a decentralized audio distribution platform he started earlier this year.
In this episode we talk about:
What they've learned from building products and startups, what lessons they would give to entrepreneurs starting out today, and how the startup and investing landscape has changed.
Justin explains why he says that 2010-2013 was the “sweet spot” for building and scaling a company in the Bay Area. We talk about whether distributed teams make sense due to the escalating cost of living and the battle for talent in San Francisco.
Whether an Apple Watch can replace your smartphone. Justin talks about how he survives in Silicon Valley without a phone, how going phone-free has changed how he works and lives and why he compares compulsive smartphone use to an addiction. He says a smartphone is a “Juul for your mind.”
We're all big music fans, so we also talk about artists we've been loving recently, why the lines between music genres are being blurred, and the economics of creating music for artists.
We also discuss some of their favorite products including a gratitude journal app that will improve your mental health, a “social network for athletes,” and a tool to help organize your tasks at work.
We’ll be back next week so be sure to subscribe on Apple Podcasts, Google Podcasts, Spotify, Breaker, Overcast, or wherever you listen to your favorite podcasts. Also, big thanks to our sponsors, Rally Rd and AngelList, for their support. 😸
Quotes from This Episode
“We [at Atrium] have some resources, [we] have expanded, but measuring your company’s success in headcount is like measuring an airplane in weight, so it's not exactly the right measure of success.” — Justin
“As an independent artist today, it takes between three months and eighteen months between the time you stream my music to get paid, and we [at his new company Audius] think that’s wrong in 2018.” — Ranidu
“I think the sweet spot [to build a company in the Bay Area] was in 2010 through 2013 or so, where the costs were relatively much lower on the startup salary side. Now your million dollars is good for hiring two machine learning engineers.” — Justin
“A lot of days [in my gratitude journal] I write about how awesome it is to live in San Francisco and have all these resources and friends. Life here is great and I think we get caught up in the little bit that is bad and think that everything is bad. To hate on San Francisco is very fashionable.” — Ranidu
Companies and Products Mentioned in This Episode
Airtable — Real-time spreadsheet-database hybrid.
Apple Watch — The most powerful and advanced smart watch yet.
The Artist Union — Discover and support the next generation of artists.
Atrium — Legal services for startups, powered by machine learning.
Audius — The future of music streaming on the blockchain.
Five Minute Journal — The simplest, most effective way to be happier every day.
Headspace — Learn to meditate and live mindfully.
Insight Timer — The best free meditation timer, redesigned.
Monday — Simplify the way your team works.
Pacemaker — DJ with artificial intelligence from your Spotify.
Strava — Run and cycling tracking on the social network for athletes.
The Drop (RIP) — EDM discovery community.
20VC: YC's Justin Kan on The 3 Qualities All Successful Investors Have & Why 'VCs Don't Really Do Any Real Work'?
Justin Kan is a Partner @ world renowned, Y Combinator. The birthplace of the likes of Airbnb, Reddit, Dropbox, Stripe, Zenefits and many more incredible companies. Prior to YC, Justin co-founded SocialCam, acquired by Autodesk for $60m and Twitch.tv, the world's leading video platform and community for gamers, acquired by Amazon for $970m in 2014.
In Today's Episode with Justin You Will Learn:
How Justin came to found Twitch.tv and then later made the transition into VC with YC?
Having been a YC alum, how has Justin seen YC as an institution change over time? How have the interviews, demo days, mentoring arrangements altered? How can YC keep the same quality of startup treatment with the mass scaling taking place?
YC always positions itself as an accompaniment to the VC industry, does the new $700m YC growth fund not directly compete against VCs?
What 3 qualities does Justin believes all good investors must have? How has Justin looked to establish his own personal brand? What has worked and what has not?
Justin is very bullish on Snapchat, why so? What makes Justin so excited for the platform? How does Justin use it to such success? What would Justin like to see change in the platform?
Items Mentioned In Today's Show:
Justin's Fave Book: Shogun
Justin's Fave Blog or Newsletter: Nuzzel & The Information
As always you can follow Harry, The Twenty Minute VC and Justin on Twitter here!
Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.
Product Hunt Radio: Episode 38 w/ Justin Kan
In this episode Justin Kan, partner at Y Combinator and founder of Justin.tv, Twitch, Exec, and Socialcam joins us. Justin shares tips for hopeful YC applicants, the motivation behind his new EDM music discovery site, and impressions of this renewed interest in livestreaming video. Listen in. P.S. Here's a pic of the original Justin.tv broadcasting machine, as taken from our "recording studio" at Twitch: https://instagram.com/p/0B2Gs9D9Z1/
