Sam Abbassi on Why Proof of Reserves Matters Now

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 29 December 2022

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Circle and Kraken. Today’s guest is Sam Abbassi, founder and CEO of Hoseki. Find our guest on Twitter: @samabbassi - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our holiday theme music is "Spike The Eggnog" by Two Dudes. Music behind our sponsors today is “Glasgow” by Falls. Image credit: Velishchuk/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	It was weird when we first started because I kept saying that we're a proof of reserves company,
0:04.5	but people didn't think that was very useful because, well, there aren't that many exchanges out
0:09.2	there. So what is your total addressable market? But the thing I kept trying to communicate was
0:12.7	that you as an individual are in the same category as a custodian, as an exchange, as an institution,
0:17.6	and you have a lot of the same needs as a bank.
0:22.7	Welcome back to The Breakdown with me, NLW.
0:26.9	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:32.8	The breakdown is sponsored by nexo.io, Circle, and Cracken, and produced and distributed by CoinDesk.
0:42.3	What's going on, guys? It is Wednesday, December 28th, and today I am speaking with Sam Abasi,
0:47.5	the CEO of Hoseki. Before we get into that, however, if you are enjoying the breakdown,
0:52.1	please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:56.9	come join us on the breakers discord. You can find a link in the show notes or go to bit.ly
1:01.0	slash breakdown pod. All right, friendos, well, this is an interview I'm really excited to share.
1:07.2	One of the things I've been finding and talking with folks in the wake of FTX is that a big part of where continued inspiration is coming from is from the entrepreneurs that remain here working on really important problems.
1:18.1	And Sam and Hoseki are a really great example of that.
1:21.9	Hoseki is a proof of reserves platform that helps people demonstrate that they have the Bitcoin they say they do.
1:27.2	This is obviously a problem space that has much more discussion because we're all understanding
1:31.9	it to be even more important than it might have once seemed.
1:35.0	In this conversation, Sam and I get into all of that and so much more, so let's dive in.
1:40.2	All right, Sam, welcome to the breakdown.
1:42.5	How are you doing, sir?
1:43.8	Doing well. Thanks for having me.
	...

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