Empire How To Fix Crypto's Token Problem | Weekly Roundup
Mar 13, 2026
A lively debate about converting crypto tokens into equity and what that means for project teams. Detailed breakdown of Across Protocol’s token-to-equity proposal and its market reaction. Discussion of whether tokens help go-to-market or become operational headaches. Coverage of Ripple’s $50B valuation, Kraken’s Fedwire approval, and Mastercard’s crypto partner program.
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Rob's Move Back To New York Improved Productivity
- Rob moved back to New York after finding Miami hampered productivity and in-person deal flow.
- He found San Francisco's fintech and crypto scenes reviving, but still sees New York as center of gravity.
Why Across Wants To Convert Tokens Into Equity
- Across Protocol proposed converting its ACX token to equity because the DAO structure blocked enterprise deals and enforceable contracts.
- The plan offers a 1:1 conversion or a 25% premium buyout with KYC and SPV structures for small holders to access equity.
Market Preferred Equity Over Token For Across
- Market reaction (token price rising above the buyout premium) signals investors prefer equity exposure to token exposure for Across.
- Rob Hadick interprets the premium trade as belief that the company is more valuable as an equity business than as a public token.