Justin Sun Might Be Good for Wrapped Bitcoin, Says New Custodian’s Director

We have the unique competitive advantage here on a couple fronts. Number one, we have a truly diversified jurisdictional and geographic control of the vault and private key, right? No one can compete with that, and that’s very important, until we have a harmonized global regulation. Without that, this is the foolproof setup. There’s no single point of failure. It’s virtually impossible for three different jurisdictions to collude if they don’t like it. So that’s number one. Number two, we strike the right balance between centralized and decentralized. The centralized element is absolutely necessary if you want to grow an important strategic asset like wrapped bitcoin, if you want to grow by scale, you have to have a trusted party to hold billions of multi billions, tens of billions of Bitcoin, right? You cannot. I’m personally not aware of any decentralized project that can just take away your bitcoin and say, trust me, it’s always there, the minute you want it, it’s always there. I am personally not aware of anything like that. On the decentralized front, they say, trust me, right? And just leave your bitcoin with us, and there’s no accountability if something goes wrong. Those people don’t even go by their real names, right? They go by all kinds of strange animal names. Nowadays, I know identifying with the animal is quite trendy in the U.S., right? But at least we go by our real names. And then on the centralized side, compared with [Coinbase’s] cBTC, we’re not subject to a constant subpoena by some government regulator, like in the case of Coinbase, right? They will get the subpoena on any given time in relation to any assets, any clients who onboard with CBTC, right? We don’t have that in Hong Kong, in Singapore. The regulation is very different, very clear cut, very different, right?