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Welcome back to The Breakdown.

It is Monday, February 24th, and today we have an interview with Caitlin Long.

Caitlin is one of the best-known commentators on Bitcoin and Crypto, particularly as it

relates to traditional markets.

She has a background on Wall Street that expands decades

and is one of the most cogent thinkers at the intersection of traditional markets and Bitcoin,

and in particular what Bitcoin and crypto assets can do to address some of the problems

that we're facing in the macro markets. Well, today it was announced that Caitlin is building a crypto bank in Wyoming.

The bank is called Avanti, and it's focused on providing payment custody and security and commodity

activities for institutional customers using digital assets. They currently have eight products in their pipeline that are not available

in the U.S. market based on regulatory requirements. And the interesting thing about Caitlin's thesis,

as you can hear in this interview, is that we've reached the point where for many institutions,

the question isn't whether they're interested in being involved with

crypto assets, but what the actual infrastructure allows them to do.

The interview focuses in large part on what makes Avanti different in terms of its vision

for how it interacts with its customers' assets.

This is not the same type of relationship that you might see with commercial banks,

but involves much, much stricter requirements such as full reserve assets at all times.

One thing that I find so interesting about this is that in a world where institutionalization

of Bitcoin and crypto assets is inevitable, a lot of the type of work being done

...