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Unchained

Companies Are Competing to Bring Crypto to the Masses. Who Is Best Positioned? - Ep. 889

Unchained

Laura Shin

News, Tech News, Business News

4.61.3K Ratings

🗓️ 21 August 2025

⏱️ 76 minutes

🧾️ Download transcript

Summary

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Crypto is moving past speculation — and into the battle for mass adoption. In this episode, Phantom CEO Brandon Millman and Pudgy Penguins CEO Luca Netz join Unchained to debate who will own the next hundred million users. Will it be product-led startups, Web2 giants like X and Meta, or crypto-native apps like Phantom? From payments to trading wars to the “everything app” dream, they unpack where the real value will accrue — and why the easy money era for entrepreneurs is over. Thank you to the sponsors who make this show possible! Re  Mantle Guests: Brandon Millman, CEO and co-founder of Phantom Luca Netz, CEO of Pudgy Penguins Timestamps: 🎬 0:00 Intro 🚧 3:34 Why Brandon still thinks it’s a great time to build in crypto ⚡ 5:55 How Luca sees this moment as an “inflection point” for the industry 👥 9:36 What Brandon and Luca’s personal journeys reveal about building in Web3 🌍 18:07 Who’s best positioned to onboard the next wave of users into crypto 💸 25:05 How distribution is key and why Luca desperately wants to invest in Phantom 😀 💳 37:00 Who might win the payments race and what gives them the edge 📱 51:26 Whether Solana’s Seeker phone has any real shot at breaking through 🔗 58:32 How Robinhood might use Privy and Bridge to dominate the crypto stack ⚔️ 1:01:17 What the new crypto trading wars say about Robinhood, Coinbase, and Kraken 🤔 1:06:05 Whether Coinbase lacks a good product team 📲 1:10:36 Whether the “everything app” dream actually makes sense Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's never been a better time to build in crypto.

0:03.1

And, you know, to look at this point, you can really feel that we're in this inflection point at the moment.

0:09.6

The great entrepreneurs will get greater.

0:11.9

More people in the middle are going to be looking for a way to kind of find opportunity.

0:17.0

There's no better opportunity than navigating the on-chain rails that is crypto rails.

0:22.4

And I also think that the top entrepreneurs from other industries are really starting to come in here and starting to compete, which I think is going to raise the bar for everyone.

0:35.7

Hey, everyone. If you're watching this rather than listening, apologies that I could not be on video for this episode.

0:42.6

Regardless, this was a fun conversation with Luca Nets and Brandon Milman about how crypto goes mainstream and which players are well positioned to bring the masses on chain.

0:52.9

Some of the more interesting questions we raised

0:55.0

were around the future of Coinbase, which is trying for the first time to be a more

0:59.2

product-focused company. Luca feels like it should focus on its core strength, which is around

1:04.8

business deals. Meanwhile, Brandon feels that in Everything app is just an impossible task.

1:10.7

Both Brandon and Luca see

1:12.2

Stripe and Robin Hood as strong players to contend with, and Luca also surprised me when he said

1:17.3

that he felt like World Liberty Financial could be a dark horse. Finally, we also talk about how one of the

1:22.8

big opportunities is to replicate the business models of successful fintechs, but to do so in a borderless

1:28.9

way on blockchain rails. In fact, Luca is a super fan of Phantom, and he seems to think

1:34.8

that Phantom could exploit this opportunity. And perhaps Phantom could even leverage the

1:40.0

Salana Seeker or another phone to do so. Plus, we cover why it is that incumbents are likely to fumble the ball, and at least in the

1:49.1

case of PayPal, seem to have already lost their opportunity.

1:53.0

As always, I hope you enjoy the show.

1:56.0

Earning yield on stable coins just got smarter with READ protocol.

...

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