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Hello and welcome to another episode of the Adlots podcast. I'm Tracy Alloway.

And I'm Joe, isn't it all? So, Joe, it's been, I mean, I think it's been a kind of a tough

couple of weeks for crypto. We had the price of Bitcoin go down below 30,000 at one point,

but it's shot up since then. I think it's closer to 40,000. But on the other hand,

we had some interesting developments around the sort of crypto ecosystem, around the market structure

aspect of crypto. Well, it's interesting because all right, we did get this like sort of

bear market. And I don't know if it's still in one because as you mentioned, it's bounced back.

But unlike say, you know, the sell-off in 2018 or at the end of 2017, it doesn't feel like there's

any slowdown at all in the pace of investment into this space. Like, where is it the end of,

you know, 2018 is like, all right, well, maybe this whole thing was a bubble or a fad. This time,

it feels like no one's thinking that it's like full steam ahead on various business plans and so

forth, at least in these early months since the peak back in April or May. Yes, indeed. And

as a sign of that investment interest, we just had the crypto exchange FTX, which we've talked

about on the show before. It completed, I think it was a series B fundraising of 900 million

that valued the company at 18 billion. So to your point, I mean, the crypto ecosystem itself

is clearly being valued by investors as a future investment. 18 billion is pretty big.

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