Driving Transaction Costs Down to Zero ( w/ Jeremy Allaire & Raoul Pal)

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 24 February 2021

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Crypto Wednesday: Circle co-founder, chairman, and CEO Jeremy Allaire joins Raoul Pal, Real Vision CEO, to discuss stable coins, regulation, and the problems that Circle is working to solve. Allaire explains that Circle was created to improve the way traditional money, or fiat, was transacted. This vision led the company to helping build out USDC, a fully backed stable coin. Allaire believes that once there is a fiat digital currency model on public networks, this would drive the cost of transacting value close to zero. He also states that regulation of the crypto space implies acceptance from governments and institutions and that this is a good sign for crypto. Filmed on January 14, 2021. Key Learnings: Transacting in the traditional banking system is expensive and slow compared to the new crypto payment and settlement rails. Fiat digital currencies can assist in dramatically reducing the cost of value transactions and can grow the utility of crypto networks dramatically. Consequently, a secure fiat digital currency can encourage governments and institutions adopt crypto networks. Recorded on Jan 14, 2021 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Music
0:15.0	Jeremy, great to get you on to Real Vision.
0:17.0	Thank you.
0:18.0	Awesome to be here.
0:20.0	Listen, before we kind of get into the meat of this,
0:23.0	I'd love to hear a bit of your journey into crypto.
0:26.0	How the hell did you get here?
0:28.0	Yeah, it's a great question.
0:31.0	You know, my background is in building kind of internet software platform companies.
0:37.0	And sort of started in the early 90s and the mid 90s in the sort of first generation of the commercialization of the internet and was very focused on how to build essentially like the tools and the infrastructure for building the web.
0:52.0	And did that built public company, merged into another public company with CTO there.
0:58.0	And then kind of the next kind of generation was really working on basically creating the platforms that were necessary to do television on the internet, sort of like we're doing right now.
1:10.0	And built out another company called Breitcove.
1:14.0	Which we use Breitcove the will eventually.
1:16.0	Well, there you go.
1:17.0	So you're a customer of mine.
1:20.0	And you know, built that out, grew that, took that company public.
1:24.0	And in 2012, which was actually not long after I took Breitcove public, kind of went down the rabbit hole and crypto.
1:32.0	And now the interesting thing for me is that, you know, all of the things that I've worked on in my career, there's like a thread that runs through it all.
1:40.0	And the thread is basically what brought me into the internet in the first place back in 1991 was the realization that this was a open network that any computer could connect to.
1:53.0	And that basically the protocol layer of the internet was also a set of essentially open protocols, open standards.
2:02.0	And that that distributed or decentralized infrastructure was incredibly powerful.
	...

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