Hi, everyone. Welcome to another episode of Bits and Bips, The Interview. My name is Steve Erlich. I am the head of research at Sharplink and also your host for today.

Really excited to be back with all of you. Sorry, I missed last week. I was a little bit under the weather. But we have a terrific show.

But as always, before we get into it, let's just take a brief moment to hear from some of the sponsors who make this show possible. If you've been loving bits and bibs, don't forget that the show is transitioning to its own fees on X, YouTube, and your favorite podcast player. If you're not already subscribed to Bits and Bips on its own channels, go there now and hit that subscribe button so you can keep up with our twice weekly

live streams and macro-mease crypto breakdowns.

But some bits and this will only be on the Unschiemp for a few more weeks.

So subscribe today to be ready for launch.

You can get all the links at Unchained Crypto.com slash bits and bits.

Welcome back. Now as always, before we actually begin, a brief disclaimer, nothing that you hear on the show should be considered financial or investment advice. For full disclosures, please see unchaincrypto.com backslash bits and bibs. And let's begin. Today, we're going to be talking about the repo market and trying to bring it on chain.

The repo market, as my guest who I'm about to bring in, will tell you, is widely considered to be the central nervous system of basically the entire financial system.

It's one of these giants that many people don't think about until things potentially go wrong, but it's really the oil that makes everything go.

So it's only natural to try to bring it on chain.

And my guest today have found a clever way to try and do that.

So let's bring them in.

First, we have Craig Birchall.

He is the head of lending at Falcon X.

We're the top prime brokers in the crypto industry.

So welcome, Craig.

Thank you. Great to be here.

And second, we have Mateo Pendalfi, who is the CEO and co-founder of Pareto, an on-chain credit infrastructure provider. So welcome, Mateo. Thank you. Thank you. Glad to be here as well.

Thanks. So I've been really excited to have this show. I know we've been working on it for a couple weeks. For one, it was a great opportunity for me to really kind of dive in to see how repo could work on Shane. And it's not quite as simple. There's a lot of overlap, but it's not quite as simple as it may seem. And we're going to get into all of it. But before we do, just very quickly, Craig, maybe I can start with you.

Can you please just explain to people? it may seem, and we're going to get into all of it. But before we do, just very quickly,

Craig, maybe I can start with you. Can you please just explain to people in the audience who may

...