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00:00BLOCK chain is a technology which is real deployed in many places we deploy with ink with Onyx, which some of you were part of, and a link with some of your part of the JP Morgan coin, which is a stable coin backed by a U.S. dollar deposit at JP Morgan. And there are a lot of these technology going to work there to replace ledgers. They're going to make things cheaper. I think banks will be big used to that. And yes, it may disintegrate certain part banking. So be it that we have that problem, like with technology to last 50 years. And so my issue has always been with what you guys call a crypto currency, which I call a crypto token that doesn't do anything. JP Morgan CEO Jamie Diamond last week doubling down on his disdain for crypto tokens but backing block chain technology earlier. Michael Anderson, co-founder of the crypto venture capital firm Framework Ventures, reacted to what Diamond has had to say on Bloomberg Crypto. Take a listen. I think, you know the part about block chain being real. He's completely right. There are a number of different application categories that are built homes launching today. Cryptocurrency and Bitcoin just happens to be one of them. NAFTA has happened to be another. We're starting to see the rapid innovation of what these concepts can bring about, not just from a cost savings perspective for existing businesses, but new types of economic transactions that can exist in a new ecosystem that can connect into the financial ecosystem. You know, you touched on it in the previous segment, but gaming happens to be one of those segments of the market that's just completely new. And a new business model for gaming will bring about a huge amount of economic activity. He makes an interesting point about the coins, Michael, and I've always wondered myself. I mean, even if you see the beauty and the block chain, aside from, you know, faith from the group, what's the reason that these tokens should be worth a lot of money, considering the fact that you don't really need even a full token to get on the block chain and they're infinitely divisible? Yeah, well, you know, I think one of the hardest things that we did for ourselves as an industry is is called this industry, the cryptocurrency industry. You know what it should have been. Maybe crypto commodities would have been a better monitor for some of these assets. But really it's just a new technology platform. You know, there are reasons why tokens need to exist in these ecosystems to secure networks. You know, one of the ways that the proof of state ecosystem for a theorem works is you're taking a theorem tokens and putting them up as economic security to validate transactions and provide security in that network. There is a there is a core reason for that. And a theorem in particular has a number of transactions. The amount of transaction revenue that's going through it every single day is tantamount to something that's a massively scalable and profitable company. If it were to be traded on the Nasdaq like a salesforce or workday. So if you if we look at them from that perspective, you know, there are assets in this ecosystem that are fundamentally valuable. How? How? Or tell us about some of the businesses you're invested in that are doing actual work with the block chain. That has nothing to do with the value of the token, for example, smart contracts or recording events. I mean, what can the block chain do that that you're actually seeing it, seeing work in your companies? Yeah, well, one of the companies that we just announced, a large series a fundraise for was Stardust. Hannah Miller, hats off to her, broke that story earlier today. They just raised a new round of funding, which we continued on with our existing investment. What they do is they provide an ecosystem for traditional game developers to develop their games and integrate blocks in just with the ease of integration of an API and some tooling and some infrastructure. We liken it to be being sort of the coin base for Web 3 gaming, where it'll just be the on ramps for hundreds of developers who are building in this ecosystem who want to integrate and FTSE. And frankly, the integration of NFTE just represents a new business model for game developers. It's not, you know, a speculative fervor as we've seen with NFC gaming so far. The tens of offers that are building on top of it are actually building and succeeding today. And we're just gonna continue to see that trend continue.

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Crypto Report: Framework Ventures Claps Back at Dimon

Framework Ventures Co-Founder Michael Anderson reacts to JPMorgan CEO Jamie Dimon doubling down on his disdain for crypto tokens -- but backing blockchain technology. (Source: Bloomberg)

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