Rebank: Fintech Analysis

Mike Cagney, fintech entrepreneur and co-founder of Figure, who builds financial infrastructure on blockchain rails. He discusses why equities should live on-chain for efficiency and liquidity. He explains Figure’s ATS and wallet-based self-custody trading. He explores DeFi use-cases like collateral and stock-loans, and the regulatory and technical paths for native on-chain securities.

Nathan McCauley, co-founder and CEO of Anchorage Digital, a federally chartered digital asset bank. He discusses Anchorage’s role issuing USAT with Tether, how regulated stablecoins bridge retail and institutional use, and the regulatory and infrastructure work that enabled institutional crypto adoption.

Sébastien Derivaux, DeFi-native who launched MakerDAO’s first decentralized Core Unit, and Adrian Vasiljevic, ex-Goldman/Bain internet-native asset manager, discuss vault curation and non-custodial on-chain investment products for stablecoins. They talk about cryptographic guarantees and guardian vetoes. They explain Coinbase integration, vaults as institutional-grade alternatives to traditional structures, and scaling vaults for a stablecoin economy.

Andy Kangpan is a Partner at Metalayer, a crypto-native investment firm focused on backing companies building institutional-grade financial infrastructure on blockchain rails. Founded by former Two Sigma investors and operators, Metalayer plays at the intersection of venture capital, on-chain markets, and next-generation asset management. Andy brings over a decade of experience in venture capital, with a background spanning early-stage technology investing and seven years at Two Sigma, where he led the firm's crypto venture efforts. During his tenure, he worked across private investments and liquid strategies, developing a deep understanding of how blockchain technology can be applied to reinvent core financial plumbing. At Metalayer, Andy focuses on seed and early-stage investments in companies building for the institutional phase of crypto — particularly where on-chain infrastructure intersects with regulated financial services. His work emphasizes disciplined portfolio construction, long-term value creation, and expanding the venture playbook to include new, on-chain-native investment strategies. Please enjoy the following insights from Andy Kangpan of Metalayer.

Steven Venino is a Partner at Strobe, an early-stage, crypto-native venture firm focused on backing founders building long-term, sustainable businesses on blockchain rails. Formerly BlockTower Venture Capital, Strobe was spun out by Steven and his partners in 2024, bringing with it the same fund, portfolio, and investor base — and a renewed focus on disciplined venture investing in digital assets. Steven began his career in traditional finance, with experience across hedge funds and public markets, before moving into crypto during its early institutionalization. At BlockTower, he helped build and deploy a multi-year venture strategy spanning DeFi, real-world assets, consumer crypto, and on-chain financial infrastructure, with an emphasis on ownership, thoughtful token design, and long-term value creation. At Strobe, Steven focuses on leading and co-leading seed investments in companies that often look more like Web2 startups on the surface, but use blockchain infrastructure to unlock new capabilities under the hood. His work centers on applying proven venture frameworks — from portfolio construction to founder support — to a market that has historically been driven by short time horizons and speculative incentives. Operating at the intersection of traditional venture discipline and crypto-native innovation, Steven brings a pragmatic, long-term perspective on token design, capital formation, and what it will take for crypto businesses to mature beyond hype into enduring companies. Please enjoy the following insights from Steven Venino of Strobe.

Nick Cherney, Head of Innovation at Janus Henderson Investors, shares over 20 years of experience in ETFs and asset management. He explores the parallels between early ETF culture and today’s tokenization trends, emphasizing the importance of delivering immediate value in blockchain adoption. Nick outlines three approaches to tokenization, discusses the efficiency of using blockchain in traditional finance, and highlights how it can empower unbanked populations. He also reflects on the potential for tokenization to evolve similarly to ETFs amid varying global regulations.

Niklas Kunkel is the Founder and CEO of Chronicle Labs, a leading oracle infrastructure provider securing both decentralized finance and the rapidly growing market for tokenized real-world assets. Formerly a core contributor at MakerDAO, Niklas helped architect the original DAI stablecoin system — designing the first generation of Ethereum oracles and building foundational infrastructure long before DeFi existed as an industry. Today at Chronicle, Niklas focuses on the critical problem of connecting off-chain financial data to on-chain markets with the reliability, security, and transparency required by institutions. His team provides oracle infrastructure for tokenized money market funds, private credit, stablecoins, and next-generation financial products issued by firms like BlackRock, Apollo, Janus Henderson, and Superstate. Operating at the intersection of blockchain, data security, and institutional asset management, Niklas brings a rare perspective across both crypto-native and traditional financial systems. His work is helping define how tokenized assets are priced, monitored, and integrated into automated on-chain markets — and why robust oracle infrastructure is becoming core to the future of tokenized finance. Please enjoy the following insights from Niklas Kunkel of Chronicle Labs.

Thomas Cowan, Head of Tokenization at Galaxy, dives into the evolving world of tokenization in finance. He discusses how tokenization has transitioned from experimental technology to vital market infrastructure. Thomas identifies three key trends—technological maturity, regulatory clarity, and the influx of traditional finance capital—as crucial factors driving this shift. He outlines the benefits of on-chain structures, including real-time transparency and improved settlement. The conversation also touches on potential risks and the future of institutional adoption in areas like money market funds and CLOs.

Tanner Taddeo, Co-founder and CEO of Stable Sea, shares his expertise in on-chain payments and stablecoin infrastructures. He explains how Stable Sea facilitates faster, cheaper cross-border payments for U.S. businesses, highlighting the importance of instant settlement and currency coverage in emerging markets. Tanner contrasts traditional finance with stablecoin advantages and discusses the implications of recent mergers in the fintech space. His insights reveal the potential of tokenized products and the balance between decentralization and regulatory compliance.

Nikhil Raghuveera is the Co-Founder and CEO of Predicate, a company building on-chain policy infrastructure that enables organizations to set programmable, enforceable rules for transactions within blockchain-based financial systems. Predicate's technology underpins compliance and policy enforcement for next-generation stablecoins, privacy protocols, and real-world asset tokenization platforms. Before founding Predicate, Nikhil was Head of Strategy and Innovation at Celo, where he led many of the blockchain's early Web3 deployments and helped shape its evolution from a Layer 1 to Layer 2 network. He has also been a Senior Fellow at the Atlantic Council, focused on digital asset policy and the future of global financial systems. Earlier in his career, Nikhil worked in economic and management consulting, including at BCG, advising on securities, antitrust, and financial innovation. Bridging deep technical expertise with a sophisticated understanding of regulation and markets, Nikhil is helping define how institutions and fintechs operate on-chain as blockchain becomes a global financial settlement layer. Please enjoy the following insights from Nikhil Raghuveera.