If you're just joining us now, we're continuing our live coverage from Consensus Hong Kong.

Joining us at the desk is Kragans, VP of X-Stox and Global Head of Consumer, Mark Greenberg.

Hey, Mark.

Hey, thanks so much for having me.

Thanks for being here. How's your consensus going? Oh, man, there's so much energy on the floor here. It's been really, really exciting so far. Take us inside some of the conversations you've been having. You're based in Canada. You were telling us, just before we started this interview-wise, important for you to be here in Hong Kong and what kind of conversations are you having about the region. Yeah, so I'm really focused on our X-stocks product, which is tokenized equities.

And we're just trying to find more ways to sell what is an amazing product out to get it into more hands.

And so we just hit this morning $20 billion of volumes.

It's a pretty exciting start for us.

We're talking about adding potentially

Hong Kong stocks and other stocks into the mix sometime soon. And maybe the best story of the day is I ran into somebody hadn't seen in a while. He was like, wait, you're working on X-stocks? It's already in my app. And he didn't even know we were working on it. And so that's the coolest part about X-Dox. It's the kind of infrastructure that we're building for a foreign industry,

and we don't even have we were working on it. And so that's the coolest part about X-Dox. It's the kind of infrastructure that we're building for an industry. And we don't even have to be involved if you want to build it in. Those are the types of interactions you have at consensus. That's right. That's why you've got to be here on the floor in person. Absolutely. So I have a question. I have a bunch of questions about this. Sure. The talk of the town has been tokenization.

And I think everyone has kind of a different flavor of that. But in the context of X-Dox and the thesis of the business, where is the demand coming from? And where do you want the demand to come from? And are they the same? Yeah. To be honest, we're hoping the demand will come from many different places. So we're lucky to have more than 100 X-Dox partners right now, including many of Cracken's competitors. The idea is to be

able to buy X-docs in, you can already buy them in Telegram, you can already buy them on

buy-Bit, you can buy them in lots of different places. Each of those use cases is going to be

different. And that's,

same with Bitcoin, same with crypto, right? The idea is that it's not one use case for one type of

user. We see institutional demand. We see lots of like, I want to buy $5 of Tesla or want to buy

$5 of the S&P 500. Both of those things are going to be key parts of our demand going forward.

I want to hear how you're thinking about this. I've been hearing folks talk about retail.

Retail's largely been on the sidelines during this last cycle. And now we're hearing about retail in different parts in the Asia region, kind of stepping away from crypto and looking

at tokenized U.S. equities instead. Curious to hear your thoughts on that. Yeah, just curious to hear how you're thinking about that. Yeah. I think, look, everybody's going to have a different asset class that they're excited about, and all are important. I think if you're making a great portfolio, you're probably going to have some equities in it, you're probably going to have some crypto in it. That's my two cents on the subject. At the same time, why is crypto trading so much easier for folks in equities trading? And that's something that we've been really focused on trying to be. You can't trade equities 24-7 without X stocks. You can't use them in a self-custodial wallet. You can't buy five or $10 easily.

You can't use it as money with a card.

...