As we get to the goal of having more transactions on-chain versus off-chain, institutions are going to be a huge driver of that.

And as they drive more tokenization, we're just going to see an enhanced need for privacy.

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Zcalf report at CoinDisc.com forward slash research today. Hey everyone, I'm Jen Sanassi,

and you're watching CoinDesk. As we wind down the year, we are reflecting on one of the big

narratives of 2026 privacy. I'm joined now by Pantara Capital's managing partner, Paul Veradataket, and Sub-Zero

Labs is Jan Kamenish. We are winding down 2025. Oh, what a year it has been. But we're talking

about privacy. It is one of the emerging themes, one of the big narratives that came out of

2025. Jan, I want to start this conversation with you.

Why do you think privacy stepped into the spotlight this year?

Yes, I think it's a good question.

I'm also very happy to see that, right?

Because I've been working on privacy, it's 30 years trying to push that.

And I guess, yeah, the answer to in my view is really blockchain has sort

of reached an area where, you know, it's sort of caught up as mean coins all of that. Now,

the industry realizes in order to break out of that and have more adoption, enable more applications,

actually prizes and must. It's not just something that should be there,

but it actually must be there in order to broaden up, really hit the world's requirements.

...