Polymath is going public to unlock tokenized real-world assets

0:01I'm Ashton Addison from the Crypto Coin  Show and today on Blockchain Interviews,   we have Vince Kadar, CEO of Polymath, here to  talk about institutional adoption of blockchain,   tokenization, real-world  assets, the Polymesh Layer 1,   and so much more. Vince, welcome to the  show and thank you for taking the time. Thank you very much, Ashton. Yeah, you know,  real-world assets and tokenization have taken off,  

0:25especially since so many corporations are getting  involved with Bitcoin and realizing the potential   that blockchain has brought over the last year and  a half, with ETFs and more companies recognizing   that this is the future. I know Polymath has been  around since long before all of this and has been   innovating and growing with the industry.  I'd love to hear the latest. To start off,  

0:50what is Polymath currently working on?  Then we can dive into all those topics. Wow, well that may take longer than this recording  to go through everything, but we're definitely   very busy, working on many parallel tracks. In  February, we announced our intent to go public via   a reverse takeover of a publicly traded operating  business called Analytics Insight. The goal was to  

1:24be listed by this point in time, but we stopped  the process to acquire another asset. That asset   is our Layer 1 chain, Polymesh. so if anybody  remembers the story about Polymath we are a layer   1 chain we are um or we created a layer 1 chain  poly mesh we separated it out of Polymath it was a   separate organization it operated independently or  has operated independently since October of 2021  

1:58and um a few weeks ago we announced our intent  to acquire uh Polymesh back into uh Polymath as   a subsidiary that's uh located in Cayman Islands  um and that um that that that transaction will   close in sometime next week probably at Friday  of next week but um really what that means is   greater alignment between Polymath and Poly Mesh  now um and a real focus on delivering on the RWA  

2:28thesis and the I guess the intent of why you  know we create like why Polymath is even around   um back in 2018 it was the focus was all about um  the tokenization of real world assets we brought   together the working group of of 25 experts and  companies um to define ERC400 we then created that   layer 1 chain because we realized that the market  needed a fitfor-purpose chain specifically for  

2:57the tokenization of real world assets that smart  contracts were you know again a a not a not an   overkill but it was just a band-aid on a solution  um and that's why we built Poly Mesh um we then   then later carved it out because well that's what  that's what blockchain companies do they create   their not for-p profofit we stay at the for-profit  they build the ecosystem we build actually the you  

3:22know the business and commercial model actually  for you know the um uh for the marketplace um   now that we're coming together as I said um  we're still we're still operating independently   um but with an aligned objective right and so Poly  Mesh Labs will continue on on on its role as being   um an ecosystem play um but like I said there's  just greater alignment with us that we can create  

3:50deal flow with each other we still like Polymath  will specialize in its field but it will work with   its ecosystem partners to make sure that um we're  just delivering actually on the overall objective   which is to get total value locked of assets on  our chain mhm yeah i'd love to dive into the chain   part a little bit more but first I want to hone  in more on the tokenization and the interest from  

4:15all these different companies that you know they  hear other companies are tokenizing they want to   do it too they don't really know where to start  could you walk me through you know if a company   came to you and said I want to tokenize our stock  or something in our company how does that work   yeah that's uh and again we we have a lot of calls  every day as far as people that want to tokenize  

4:39something because they hear the buzz they see  the excitement and now it's like okay um let's   call Polymath because they're going to help us so  we can help them from a technology point of view   right we're not a fullervice company where we  have a broker dealer but we've got a network of   broker dealers that we can put them on to we've  got a network of of legal companies actually  

5:00that we can refer them to as well so you're not  circumventing anything from a legal point of view   that's the most point you still got to actually  have your offering underwritten by a securities   lawyer because what ultimately you're doing is  you're creating a security or you're issuing   a security and it's even it it even gets to the  point where when people see the use case of real  

5:23estate and tokenizing real estate A lot of real  estate developers real estate owners they want to   do that okay so but they what they don't realize  is that you're converting if you're a broker of   record for selling real estate you're not that  same broker that's selling a security now they   have a different license different jurisdiction  and that confusion exists and you know we've  

5:45dealt with that time and time again that you are  you are transferring something from this type   of asset to that type of asset um so how does it  work while there's engagement with us we can set   up a platform for them like if you're a let's say  Ashton you wanted to tokenize your cap table for   Block West Capital right you could do that right  you're the owner you could totally tokenize your  

6:10cap table you can license the technology from us  you can operate it yourself because you are the   owner you can even issue the security token itself  because you're also the owner you don't need a   broker dealer actually to raise your seed round  your series A you know maybe actually after you   do it a couple of times then maybe you know again  get a a lawyer engaged or maybe get a a broker  

6:31dealer engaged but typically again like startups  they do this themselves they do it through venture   funding and you could and you can model your cap  table on a Polymath platform even you know through   your venture funding round and and open it up  mhm um so you again you would where would where   would you start and where would you end at some  point in time you got to get to a lawyer they got  

6:53to put together your offering you've got to price  out the offering you got to describe actually you   know myself as an investor if I'm going to invest  in your particular offering well why do I want to   invest right is there yield do I have do I have  rights right all these things that I'm saying also   have are programmable into the security token  right the yield the rights the jurisdiction  

7:15the trading the lockup value like there's  other aspects that can be incorporated into   that security token as well but uh and where they  end ultimately is hopefully actually on our chain   and hopefully in a trade venue either a DEX or a  centralized exchange that allows it to be tradable   mhm no there's some great insights Vince and that  fact that you laid out in the beginning about you  

7:39know this is not like a shortcut to you know just  doing it the easy way you still have to do it's a   security is a security whether it's on the chain  or off the chain you still have to do everything   the same and you mentioned there at the end one  of the advantages is you can bake that stuff into   the smart contract to make it more efficient  um is can you talk about other advantages for  

7:59these companies that you know they they they've  heard about it they realize okay we're not taking   shortcuts we still have to do everything uh on  the right side of the law but we're including   the tokenization okay programmability are there  other major advantages to tokenizing versus just   traditional security offering um definitely is  it's a transparency well it's making liquid what's  

8:23illi liquid today because a lot of a lot of  products that are now being tokenized and what   we see it's not like we've seen actually the the  other players that they they're tokenizing a money   market fund well a money market fund is already  liquid they're just taking a a product that we   all understand and and you know representing  it actually in a digital format um what we're  

8:45our engagement is with with um organizations  that want to do things differently tokenizing   a revenue stream as an example right and and  providing um because again like they you could   tokenize a future revenue stream on something  that you're delivering you could tokenize a let's   say a a distillery that that's producing gin and  vodka today but they want to start aging whiskey  

9:08right so tokenize the barrels offer that up as an  investment product it's that creativity that that   we see as our level of of engagement um and that's  the it's the interesting use cases that we'd like   to work with i I think where where it comes down  I think where this the start and the stop is is   that there's the hey I'd like to do this what can  I do and you know the answer that we tell most  

9:31people you could do virtually anything you could  tokenize anything right it's just a matter of   what is a lawyer willing to underwrite actually as  part of your particular offering and does it make   sense and then can you deliver on that because the  last thing anybody wants to see in this new space   of tokenization is that you know pe people are  actually just creating you know false products  

9:54and they're issuing security tokens that is tied  to you know um like melting icebergs definitely   no that's a good example with the the whiskey  there's probably tons and tons of companies that   have products or inventory of some kind where the  the process could be so much more efficient if it   was tokenized you know the inventory sitting  on the shelf for years whether it's aging or  

10:19you know minerals in the mine that you know had  to go through the process if you could tokenize   that at an earlier state than the final product I  feel like that would make more companies efficient   through this kind of tokenization right and and  when you when we like the the whole reason for   doing this is that um the goal is is that we  collect the the collective we as far as far as  

10:42all the actors that are building this new digital  u footprint we we um create an environment where   the markets are you know running more efficiently  uh more transparently um optimized as well   we're we're basically I'd say rebuilding or  reimagining the capital um operating capital   markets operating system right and when you think  about that well you know we're a disruptor right  

11:09um and other companies like us are disruptors  like Napster was a disruptor for for the music   industry and Uber was a disruptor for um you know  the taxi industry and Airbnb the same thing right   so disruptors are usually you know met with a  lot of resistance a lot of push back actually and   um and you know that's I think that's what we  saw in the early days when we were starting to  

11:34create this narrative of that you know capital  markets need to be running with security tokens   and smart contracts and you know transparency  and programmability it was like whoa whoa you   know like what are you doing it's not broken you  know what do you need to fix here well the taxi   industry wasn't broken either the hotel industry  wasn't broken either we just wanted to actually  

11:52make it run you know more efficiently we wanted  to reimagine actually an industry like if we   were to create it today and that's very much what  we're doing here um now now what we've seen since   November 4th um is the you know the the winds have  changed right so instead of the resistance we're   seeing and now we're now we're getting the right  pull right so there's wins in our sales and it's  

12:17pulling us in the right direction there's clarity  on what a what tokens are right there's the   collectibles there's the utility and then there's  the security right these are all like what's been   defined by the the crypto council on the hill  um and that's really actually helping to you   know drive some clarity around what we do how we  operate and you know for the industry as a whole  

12:41um so the regulators are you know warm to it um  I know the regulators in Canada like um two have   already approved the issuance of security tokens  on a DLT broker dealers are already starting to   act in that way um I do know there's more than  a dozen broker dealers in the US that have in   their filing that they are permissioned to issue  security tokens on a distributed ledger technology  

13:06platform um so you know we're starting to see  you know again the the narrative is pushing now   it's just going to take it'll take time just much  like Uber you know it took time actually in order   to you know develop the drivers and you know the  workforce and everything else but you know at some   point in time then there's a you go from minimal  growth to explosive growth so at what point in  

13:26time do we get to explosive growth well that still  could be you know a couple of years or it could be   actually as quick as 18 months yeah yeah yeah no  it seems like there's been uh some great progress   uh at least in some parts of digital assets  uh since the new administration has taken   uh hold and you know stable coins bitcoin  uh institutional interest in tokenization so  

13:52uh but of course you need to have a huge framework  to be able to trade securities on a new style   of you know more efficient hopefully t0 24/7  using blockchain technology i feel like that's   not something that they can just do overnight  especially since you know the the way that the   stock market is right now the people that have  a hold of that they they like the way that it  

14:13is although it is pretty inefficient yeah well I  think the inefficiency means there's more cost the   costs actually go to the actors that are you know  again this is a job right like transfer agents   are needed in the current framework they're  not needed in the future framework right and   so we that's what I mean by reimagining you know  what this capital stack formation looks like and  

14:37how it operates today and who needs to be where  you know as as part of you know um having their   fingers on something on a keyboard or in a filing  cabinet right the filing cabinets are gone you   know maybe the fingers on the keyboard aren't  even required anymore because you know and I've   used this reference before we and you know we've  seen actually that movie where the machinery takes  

14:58over you know we're building Skynet here for  capital markets right the machinery takes over   the tokens are actually a program why do we need  humans actually like you know like in between in   order to like settle a transaction it's the actors  like you and I that are wanting to either from an   issuance point of view or from an investor point  of view that are acting you know acting in good  

15:19faith uh with each other and and and issuing  these security tokens and you're making the   investment um but you know once the machinery  is set up and it's processing um what more do   you need definitely i'd love to know a little  bit more about poly mesh in the layer 1 and I   know you mentioned at the beginning about the  the ERC1400 standard which was on Ethereum you  

15:42know I I'm sure there's probably other advantages  besides the fact that you know Ethereum it it can   be slow or it can have higher transaction costs uh  what are the main advantages of having a dedicated   layer 1 blockchain like polymesh to run all the  tokenization through um the major advantages of   having um our own layer one well and and that  is a key differentiator of poly math through  

16:12of from anyone else is that we do have our own  layer one um it was created by us if we need to   make changes to let's say the functionality from  a regulatory point of view we can do that we can   push that change out operationally I'd say we've  always operated the chain and built the chain for   regulatory compliance and institutional grade  um and all of our you know not operators are  

16:40financial services companies or they report to  are up to a regulator they need to be licensed   as a broker dealer as a bank as an exchange um in  in order to operate um the uh the interesting well   and like I said actually it it is our competitive  advantage and our I'd say our our moat now um our   competitors in this space I'd say you know again  if you're issuing on Ethereum or if you're issuing  

17:06on another general purpose chain well the I'm not  saying actually that um that's a disadvantage but   it's definitely you know I would say not going to  be the chain of choice in the future right public   permission actually is you know at least in this  environment I'd say is a is a requirement taking   the chain public actually as I said I think what  we've done is now raise the stakes for all layer  

17:32ones and anybody that's operating in this space of  security tokens unless you know unless your layer   one chain is public right and it's got greater  governance now because we get out and we now have   to report to you know our financial regulator  and actually it's transparent by the way of   financials as well right now we've got that  transparency that I'd say no other chain and no  

17:56other organization has that is operating in this  space um but yeah the the the compliance aspect   is is key and really just being able to move fast  with the market so we've got our ear to the market   we're really listening as far as what's required  you know from a uh a customer point of view from   a regulatory point of view and you know we've got  the ability to move the needle because of that  

18:19mhm yeah know it's it's good to point out  that sometimes you know permissionless   fully decentralized blockchain where nothing can  ever be changed without 99% of people agreeing   to something it can be unfeasible if you have to  fit it into the current regulatory framework and   make that more efficient of of the stock market  you know it's how can you get everyone to agree  

18:43sometimes um if having permission is good but  having the accountability of being a public   company I think sort of balances that out that  it's like hey we we're able to adapt with the   regulators and we're accountable to the regulators  and the investors and the and the people that are   doing the tokenization because everything's on  the books that's right and and at the end of  

19:06the day like it's it's a system of trust that  you build here so you know again like it takes   years to build a a trusted network that people uh  can embrace and say "Okay I'm going to use this   chain i'm going to use this ecosystem i'm going  to use this company actually or or partner with   this company in order to to operate my business  and to issue a security token um it takes all  

19:29of 5 seconds actually to just ruin that trust  right right it's either via security breach or   you know like we saw with another chain out in uh  in the UAE as well where you know the value of the   utility token that powers that chain completely  I think it dropped by 90% so you know again like   we know I'd say majority of our token holders  polymath holds on a large reserve uh itself you  

19:54know as part of a public company as well just to  provide that level of security we're working to   make sure that there are other publicly traded  companies that are also holding our our utility   token on book just to show that again it's a this  is not a this is not a a game here right like we   need to increase the level of of I guess trust in  the network um with public and private companies  

20:18actually holding you know our our token that  powers our chain you know on the on their books   and balance sheets yeah no that's that's really  nice to know if other public companies are getting   involved um you know that's that's much more than  other uh tokens in the space I can say um and you   know I saw that Polymath is also going through  another raise right now and that makes sense if  

20:42there's you know going public acquisitions all  this stuff can you talk about uh the raise you   know potential partners what's that going to be  allocated towards yeah yep so for sure so we're   raising 18.75 million um that represents 20% of a  public float that's required in order to go public   um and and you know the the reason for going  public it's not that we need the the funding or  

21:09the money you know we're well capitalized we you  know we've got a long runway the reason for going   public is you know to raise awareness of what  we're doing but then also to have another form of   currency in order to acquire companies to be part  of our story going forward right so we have a we   have not just a growth story of of of bringing  customers on you know our our capital platform  

21:31our issuance platform and then on chain but we've  got another story that's forming as far as our our   an M&A um an an M&A actually activity right and  so and that's just to be able to say we're going   to compound you know our our revenue and our you  know basically the market cap of the company by   acquiring select assets that we feel that can add  value not just to the overall organization but to  

21:58the chain itself so how do we get increased TVL  on that chain if there's a trady software business   that's operating in the capital market stack um  that's you know provides a key service I'd say   to this industry how can we actually how can we  reposition that so it it needs the chain in order   to you know to power its you know its growth  story right how does it incorporate actually  

22:20directly into the chain it could be fund man fund  management software it could be an AI platform   that's um that's producing you know peer analysis  reports it could be an exchange traditional   exchange that's out there um and it could be even  a cryptocurrency exchange platform as well that   um that's of interest to us so you know the  I think the market is open you know what's of  

22:43interest is is basically anything that fits into  that you know delivers into the capital markets   uh stack from crypto to to uh traditional  finance platforms that's really exciting i'm   looking forward to seeing the raise and and going  public and you talked about you know exchanges   i'm curious on what are you know what are the  security token exchanges where these companies  

23:06can get liquidity or people can go to a secondary  market once it's tokenized i feel like that's   a small sector that needs to grow a lot as well  yeah there there really aren't any right now and I   think that's the that's the that's the issue right  everybody's in this there's in a primary issuance   stage but you know if I think there is Okay so  there is INX inx is now being acquired by Republic  

23:31um so that was that is a security token exchange  um there were several that were operational but   none of them actually with all that much activity  i know a few that have already actually folded and   gone bankrupt a few that are up for sale right now  running an ATS actually for security tokens like I   think the you had to build momentum on the primary  issuance side and and then you need the ATS right  

23:56um and I think there was a lot that went out  with a you know all the components and parts   um at the very beginning um it's and it is an  expensive value proposition like you know what   we're building here actually requires you know  compliance officers regulatory licenses like you   know and and and and con and consistent reporting  actually to your regulator on what you're doing  

24:20um which then what all that requires capital in  order to you know to operate the business and   so you know um you needed actually a large bank  account in order to be able to fund that runway   and unfortunately there's been some carnage  um you know since 2017 I think now is is the   right time to be formulating you know the the  the right approach and and maybe like again  

24:45acquiring actually a traditional exchange you  know and transforming that into you know you know   your own exchange your security token exchange  venue so at least you've got you've already got   a source of revenue already that you can build  upon as you transform yeah know that's a great   uh suggestion at the end there of transforming a  traditional exchange because one of the reasons  

25:06that you know these major companies getting on a  major public uh uh trading stock trading exchange   is you know the access to so many investors but if  you get on a smaller exchange where there's not as   many people know about it you know you don't have  that network effect and then take security token   exchanges they're they're very small and it's  like you know you don't get that same effect as  

25:27obviously listing as a traditional public company  on a big exchange how can security token exchanges   get over that hump to start building a network  effect where more companies can tokenize and get   onto exchange and more people actually know about  it um I think it's going to actually happen like   it's going to be like I think there's going to  be a transition that's going to come from two two  

25:48parts of the market the traditional exchanges that  are going to mo morph into being a security token   exchange the reverse cryptocurrency exchanges that  are going to morph into providing security tokens   actually as a product i think Kraken's already  announced actually plans um you know to operate   that i think Coinbase is working on something as  well like it it is happening right the the the  

26:12press releases the investments actually are are  are underfoot it's a matter of like who's going   to provide it but it's then really what it comes  down to is well what's the product that's trading   on there because there is early evidence i think  you mentioned T0 actually as TZ as a company had   issued a security token and was trading on there  and I believe it was a Ritz Carlton actually out  

26:34out in Aspen that was highly traded they had  more volume traded than you know the the value   of the of of what was tokenized actually in a  day and those are all just market makers just   just moving the token around but you know again  like what's the product that's going to be traded   right is it is it going to be you know a security  token tied to a whiskey barrel is it going to be  

26:54commercial real estate um what's it going to be  so it's anybody's best guess right mhm i think   it's going to be probably somebody's collectible  that you know that's going to be like some prized   possession that everybody wants a piece of mhm  yeah no I'm excited to see how it plays out and   that's some good uh you know prospecting forward i  think a combination of maybe an innovation zone in  

27:14traditional markets where we start testing out  tokenized stocks and then of course the major   crypto exchanges i I I saw Kraken made a you know  some kind of announcement where pe people that are   you know there's there's getting to be more of  an overlap of stock traders and crypto traders   it's starting to merge more and they want it in  one place and Robin Hood I wouldn't uh doubt them  

27:36either to start doing something with tokenization  uh if if their recent talk at the Bitcoin   conference you know they were hinting at that so  I'm excited to see how it plays out uh and but you   know you mentioned a few times it really starts  with the primary issuance with polymath right now   is actually doing the primary issuance before you  get to the market what do you see as like the the  

27:59interest in the since the new administration and  even before that since the the Bitcoin ETF launch   you know we've heard Black Rockck talking about  uh RWA and tokenization other major institutions   uh how much of an a growth in interest over the  last year and a half have you seen from companies   now opening their eyes and and becoming interested  in tokenizing with Polymath um we've uh we've seen  

28:26a lot and and and and this is like information  that we're pushing around actually in our investor   deck as well um we've got a very strong pipeline  that's um that we're working with organizations   that want to tokenize over $4 billion worth of  assets actually with Polymath and onto the Polyst   chain 60% of that is is coming out of the real  estate sector so a lot of actually that activity  

28:49is coming out of real estate which is again it's  the illquid market it's what everybody understands   however but you know it's the one that's really  going to move the needle when it comes to like   you know TVL on on a on a chain um so you know  like I'm excited for the future um I joined this   organization like almost four years ago um  and it's been a I'd say an interesting cycle  

29:14um because I've never seen an industry that there  was where there was so much friction and push back   actually from regulators and other actors in this  space and and even confusion as well like you know   I've I've seen other people on podcasts where they  say you know tokenization of real estate it's just   a REIT just call it a REIT i'm like well that just  tells me you don't understand actually what we're  

29:34doing here right and I think it's that greater  clarity of what it is that we're doing here and   it's you know when you're tokenizing real estate  you're not token you're not creating REIT right   but what what has to change to make things easier  i would say other things also need to be upgraded   in in other markets and like um the land registry  right dubai's uh land department is now running on  

30:01blockchain what does that signal that that allows  the tokenization of real estate to happen directly   without having to create a special purpose vehicle  but now like the the hoop that everybody else has   to jump over in other markets in order to tokenize  an asset has been removed right and so that aspect   needs to happen in other markets where there's  friction from a legal point of view so basically  

30:24really what it means is that really everything  should be running on blockchain definitely   definitely and and we'll see how quickly that  transition can happen in North America uh I'd   love to know you know the road map sort of for the  next 12 months into maybe around this time uh 2026   you know what is obviously you mentioned going  public and and and that that's huge but like after  

30:48that how do you keep the momentum going and keep  the traction growing um that's that's interesting   actually i think we're well I think it's going to  be actually through a land and expand strategy um   and we have a land and expand strategy right now  where we have launched a start me up program um   so if you are a startup if you're you know if you  want to dip your toe into tokenization we've got  

31:14a premium product you can sign up for it online  simply clicking you know the uh um the acceptance   to the terms and conditions create your own um uh  tokenization portal you can issue your security   token you could create your own investor portal  you're done right so and we did this specifically   and it truly is free we want people to use it we  want people to dip the tone it we want people to  

31:39understand it actually and and I think this is  going to help to build the momentum as far as okay   what do what does this industry have to have have  to offer we want to hear about the creativity we   want to hear about people's frustrations actually  as well um and and you know as far as using our   products but we also want to hear and publish  the success stories um it's not going to be  

31:59easy actually in order to get there we understand  that because like this we're not selling socks on   the internet right which you know you could spin  up a a marketplace and just start doing that all   you need is a very simple license because it's a  security it has to go through an extra speed bump   in order to get over you know that that hurdle  in order to utilize and issue a security token  

32:20so you know what we really want to do is grab  as much market share as we can in order to build   that out actually into 2026 so we're going to  do that organically but we're also going to do   that inorganically so you know our our idea is  you know look we we'd like to get to you know a   billion dollar company actually as soon as we can  we're coming out actually on the public markets  

32:42you know and I'd say actually we priced actually  our offering attractively for investors to get   into right and you know what we priced ourselves  out as a hundred million dollar enterprise um   why because we actually see upside and we want to  make sure actually our our own equity and our own   stock actually um tracks to where we think it uh  should go um we have received commentary as far as  

33:05well why aren't you doing it actually on your own  chain well we could we we could have actually but   you know we would be tripping you know over some  compliance issues ourselves if we did um so that   doesn't mean to say that you know and our plans  are we will list on the Toronto Stock Exchange   first we will crosslist on the NASDAQ actually  as fast as we can and and that's about 12 months  

33:27afterwards um we're going to do something creative  actually at that point you know as far as a token   issuance because we we know the path that we need  to take now yeah it's very exciting i'm looking   forward to seeing that uh listing what's the  best way to follow along with the M&As that you   mentioned uh and the the the raise in the listing  um I I guess follow us actually on our you know on  

33:49our primary website you know Poly we'll publish  all the information there follow us on LinkedIn   U Polymath um follow us on Twitter Polymath you  could follow me on on on Twitter as well i'm   tooken Vince um our marketing team actually has  created an Instagram channel where we're trying   to document um our uh our our go public so we've  got an Instagram channel Polymath there's also a  

34:14tokenized Vince Poly uh Instagram channel as well  so multiple ways to follow us multiple ways to   get information actually from us um the tokenized  Vince is actually is just a narrative we are we've   created a I'd say a viral um our marketing team's  created a viral offering with stickers um that   we're sending out to people actually just you know  put a sticker on something that and says tokenize  

34:39this with our logo um so if you want to tokenize a  Porsche if you want to tokenize something actually   record that send that to us we'll put that up  on our our all of our media channels as well   um you know we're we're really excited about this  offering and really what this um uh you know what   this public offering has to do and really excited  about the future because like I said you know I'd  

35:02say six six months ago it was a very different  story and it was a very different different story   for a lot of companies actually that was just in  the digital asset space and even the Bitcoin space   and it's and it's changed actually since then  and like you said you know you and I were both   in Vegas um there's a lot of excitement around um  the this space in general definitely and thank you  

35:24so much Vince for the insights into tokenization  where it's at with with with companies and the   security tokens how can we actually transition the  the stock market into uh being on the blockchain   which I'm excited for one day i'm sure it will  all happen um and uh I'm excited to see the going   public process i'm going to leave the links to  uh those socials and other platform that you  

35:48mentioned in in the show notes and um wishing you  and the team all the best moving forward on going   public and just tokenizing the world so thank  you so much for the time Vince great thank you