Welcome back to the program.

Bullish, the parent company of CoinDisk announced and has agreed to buy Equinity for $4.2 billion.

Equinity is one of the world's largest transfer agents, maintaining records for more than 2,500

companies and processing roughly

$500 billion in payments every year. The deal gives Bullish a fully integrated tokenized

securities platform covering issuance, registry, trading, and settlement in one place. Bullish CEO,

Tom Farley, and DeQuinnity CEO, Dan Kramer, join us now. Hello to you both. Great to see you. Nice to meet you. Congratulations on the deal. I know you've both been very busy talking about it this morning. I think it's important for our audience to just differentiate between what's going on here and the tokenized equities products and stories that we've heard about until now. So, Tom, we'll start with you. Can I just, as a matter of personal privilege,

I first want to say how excited I am about this deal

and how appreciative I am about Dan's leadership.

This is not only a great strategic opportunity for us.

It's a great business.

And really, under Dan's leadership in recent time, it's been revolutionized or modernized in a way that we're easily able to buy this business and bolt it in with bullish in a really cohesive way.

So thank you for that.

Thank you for that.

Looking forward.

So on the tokenized equities, you know, Jen, as I like to say to the team, there's this world

of tokenizing equities which really isn't tokenizing the equity, it's creating a derivative

or a contractual right using a token.

And I'm not a big believer in that, but even if it does succeed,

it's just not the future I'm interested in. My focus, and perhaps it's the head of the New York

Stock Exchange in me, is very issuer focused. And the issuers aren't going to benefit from some

new derivative on their stock. They care about the token being the share, the share being the token. And that's what equinity and bullish can do together. Equinity is the golden source of truth for the actual shares. And now we can create tokens and have those sit right there on the ledger alongside

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