00:00 President
It is therefore really important that one of these markets is evolving is market stability worldwide. UM, and the United States has now become at the forefront of the promotion of crypto, cryptographic technology, innovation. UM, and Europe, uh, is in the same place where they have really designed and implemented, uh, what we call now, you know, Mika, uh, in Europe and Asia, in a way in a way. I think what is important is that the world has already advanced from a regulatory point of view on what it looks like, uh, how is it how it judges sure and secure in the name of everyday consumers, everyday traders, everyday people who want to be able to save and get a yield? UM, and therefore what is happening is that now the institutions, you know, traditional banks, traditional investment banks, everything we call tradfi individuals are now entering the ecosystem that wants to participate or participate in what crypto means for them, not only for them for what they call Tradfi start to see emerging on the market.
03:06 President B
Recently, you have received a license in Ireland to authorize the UH regulator to allow you to trade throughout the European Union. Coinbase did the same thing in Luxembourg Uh just before you. Uh does that which does not really shout a new kind of decentralized platform for cryptocurrency.
04:05 President
So, uh, being regulated on any market means what you are doing to protect and serve your customers. UM, this does not mean that uh, our customers cannot have decentralized portfolios. This does not mean that they cannot compare with each other. I mean, it does not mean that they do not have full control of their assets and that it cannot, you know, it may or may not be rehypothées. Hmm, so it means that we are under compliance under European compliance now Mika. The same goes for happening here in the United States between what they call the stable corner genius act, UM, then, let’s hope, by the end of the year, the bill on the structure of the market. Hmm, it’s just more than what are the rules of the road so you can build innovative products.
05:23 President B
Now you have launched a Peer-to-Peer payment application called Crack last week. How does it really work and what was your motivation behind this decision?
05:46 President
The motivation was therefore really that we wanted to be able to build uh what we have already built, which is on our exchange and for our professional traders, uh, they again use our products every day to exchange. Uh but they also use our products to save, for guard, uh, to lend or lend against. UM, and therefore what we wanted to do is that UM, because we offer these products to a different customer caliber, you know, once again, professional traders, but these specific services should also be available for the daily individual. Uh, and we can make it free. Thus, the possibility of sending and receiving payments or sending and receiving money in any type of guarantee that we have on our platform or listed free of charge on our platform. Uh, we thought we were integrated and one of the most significant things we could do on behalf of a wider audience. In addition to that, when you send and receive, you want to be able to store. Once you have stored, you want to be able to think about investing and if and beyond the investment, you want to think about what savings and performance might look like. And we therefore wanted to be able to offer these products again to our customers at a higher level of distribution in several jurisdictions. So, today, we are available in around 180 jurisdictions and countries, uh, to be able to send, receive, store, save and give in, uh, more, you know, between five percent USD, sorry, 4.8% USD of yields linked up to eight to 12% UM, in yields related to cryptography.
08:29 President B
Now we have seen reports that Kraken will soon be a listed business. Do you still consider an IPO in about six months?
08:45 President
So we have first and foremost as transparent as possible for our customers. Again, crypto’s promise has been transparent and transparency in a UM transaction on the blockchain. So, for Kraken, our goal was culturally, uh, well, let us ensure that we show our proof of reservations for the assets of our customers. Let us ensure that we show our finances on a quarterly basis to our shareholders, to our employees and to our customers. And what is really important is the trust you have with your customers is your motto. So we use this term a lot, as trust is our motto. UM, and therefore while we get a larger market share on some of our markets, while we are launching new products, which we want to continue to show and disclose to our customers while we grow in these markets, is that uh, here is how we effectively operate, here is how we operate UM, in terms of growth steps. Here’s how we think about building new products, and here are the results to support the way we move on behalf of you. Uh, and therefore if we think of becoming a public, uh, whatever the calendar, it will be essentially able to show continuous transparency, uh, and that this is in the best interest of our customers and our customers, not in the best interest for us.
11:02 President B
So, have recent job cuts were, I think that 30% of your total workforce linked to the preparation of the IPO?
11:16 President
No, so the way we think of UM, building Kraken and and at some point, we were, you know, almost double the size of the place where we are today. UM, was this look, in 2022 and when uh, you had this peak in growth not only Kraken, but a multitude of companies in the start -up ecosystem as well as on public procurement, people tended to hire too much, to allocate and to spend in areas that were simply ineffective. Similar to the way you think the government is ineffective, right? We are in the moments of what I call gluttony. And so a large part of what we do is simply to make sure that we are back to the standards of what we consider as a performance -oriented culture.
12:31 President B
Now we have talked about obtaining a license in the EU, uh and we know that Coinbase also has one. So who will win between Kraken and Coinbase in the EU then?
12:51 President
Listen, we do not consider ourselves as UM competitors, much of the ecosystem, and here is why. There are a certain set of people who traditionally focused on the consumer. There are a certain set of people who traditionally focused on the institution. UM, and as I mentioned previously, we focus on professional traders. Professional merchants who negotiate with us every day, day after day, allow us to innovate new products, UM, Case and Point Crack to be able to deliver it for free. UM, and therefore when I think of what we are trying to build, we build a family of brands and products that are powered by our exchange. UM, and when I think of the competitive landscape, they could build a set of very specific products for a set of very specific customers. I think of what we can do widely, but also to make sure that we can stay focused on the nucleus and make sure that we can grow in both directions. And I think that the duty of any business is that the benefits we drive are withdrawn in the creation of increasingly innovative products so that we can continue to grow on behalf of the customers, Uh, which we want to be able to continue to reach and attract in the longer term.
