Exchange the US with Binance US CEO Catherine Coley


You just talk about that path and what you did previously and and how we got here today. Sir Super excited to share this with your listeners. They spend such a devout part of shaping the crypto ecosystem so. It's exciting to ship fan. But I began really as an experiential learner and in order for me to understand things I have to do them. There are auditory learners their visual learners in Connecticut. And I happened to be the last one so I really in order to understand how this world works at a throw myself into situations to understand them and one of the things that couldn't grasp was how the world works and I taking courses etc and always had something in the back of my head that I learned it. Was You know? Follow the money in history will teach you and so the best way to follow the money was to put yourself really in the middle of the largest flows in the world which was the foreign exchange markets and going onto a trading floor. And really witnessing what that was I read a book. Called Liar's poker in it changed my life so I mean that's that's the best way for me to understand how this world works is seeing really what people are identifying as news and what they're trading on and what swings. We're seeing in reaction and how they affect anybody else. So I got my start. On the Hong Kong trading floor at Morgan Stanley covering the onshore Asian currencies understanding that after the Asian financial crisis these countries had restrictions and limitations put on them to safeguard against potential attacks from others. So it was a very unique situation where my counterparts in. New York barely knew the difference between Malaysia System in Thailand system and yet I was super aware of those niche differences that opens and closes distinct their equities markets the the ability of having like an omnibus account versus having to do individual trades. There's another world out. There is really telling to why these economies are developing in certain way so I found it super fascinating and just enjoyed that case and the understanding a real pulse on how the world works but the world was changing so I during Dun Dun Dun during my time I witnessed it one of the jobs that I had was extremely manual. Had to move between a Bloomberg Terminal Reuters terminal and so no matter the automation that provided Skip that step and you just Kinda sat there. Frustrated blind like this is job security. They need me. I'm I'm the rotation of my My Body over here type this. There's something I can create mechanical. Do this for them but You just noticed that there were some frictions along the system. That really helped things back from going to the fully electronic funding we use the word electronic describing things this fast moving back then or now it's all digital so electronic trading was taking off the ability to put. Al Goes in the hands of your customer rather than facilitate a tea or time weighted average going through that on their own was something it was empowering your user or your customer really enjoyed being able to monitor and watch their activity. N- understood that they were getting the best price they weren't having a Middle Man. You know take things off based on how How they felt really And that that was something that we were seeing as a scaring factor on the sell side but an empowering factor when he thought about the market as a whole so I really pushed forward in dug into how electric trading and the fx platforms point be helping oftentimes told slowdown. This is ruining our enjoyable jobs as voice brokers to some extent so When I witnessed all that other Lucien I kept in the back of my head. Saying there's gotta be a better way. There's got to be faster way. I don't want any little girl to wake up and say today. I'm going to type on a Bloomberg terminal and rotate type on Reuters terminal and that's going to be why I went to school and why I continue to wake up every day. So the ability to automate that or make it moving away. Everyone can access. It was really exciting to me. So that's truthfully I think of it as I've been training for the Olympics. Those were the those were the early days that got me to say. I'm fired up about increasing the rates which we can offer institutional quality services down to the individual and streamline the whole process in itself. It boggles my mind. Three thousand people which is still small. That's the amount of sell side. Employees there are in exchange Three thousand people were dedicated to moving other people's money from one place another and ultimately that should come down further and further because moving money from you know pointed point being four axes. It's I don't know that the number of people actually changes is just the medium and the the forum through which these assets are changing hands is going to be different and it will continue to Also changed the Say there is like one person that is facilitating that trade for Hedge Fund. Then they're sixteen people dedicated to that one day. So you've got compliance. You've got your back office. You Bet your settlement team you. And if you can streamline those roles and provide alternatives for people we could have far more fulfilling in motivating experiences in life or for years and so I think there's a lot of those bottlenecks that our customers. They could be eliminated and really give people a sense environment. It's funny twenty. Fifteen was this era of blockchain. Not bitcoin right after crash and the pitch was basically about eliminating cost centers. That was the big thing that all the enterprise players got excited about an alone. Behold another entire market cycle passes in CRYPTO and. I think the reason that the public chains are so much faster aside from just the incumbents move slower by default is that twenty seventeen was all about. I can make a lot. More money with crypto. Right whether it's status you know trading whether it's market making whether it's you know creating an ICO and selling it and liquidating that is a much more compelling reason to adopt a new technology and finance than just we're gonNA limit costs right. It's like the vitamin versus painkiller. Headache get people addicted to like the the ICS drugs. There's a lot of bad things about that addiction. But you're starting to see some of the fruit born in kind of the next market cycle. Where did you come in full time to criticize? So I guess what were the exposure points that before you made the switch and what finally made you take the leap and enjoying ripple in Hong Kong. I'm twenty thirteen. Bitcoin was kind of something you bought on your p. a. just to watch is almost like a plant in your kind of like it's GonNa either grow or it's GonNa die. None of us really have too much skin in this worry about it and the other aspect of it was you were seeing in beginning to see a lot of activity taking place from these self-sided analysts in Hong Kong. One of them being Arner Hayes. It was a good buddy back when he's at Georgia And other people are taking notice so it was. It was triggering the minds of these trader types. Who Getting to see there's real value in what you mentioned the Arab the speculation The ability to to get behind this budding marketplace apply what we already knew from a larger perspective so I kind of had a cheat sheet in seeing the twelfth chapter of the book before the forward was written And so I kind of knew how the book would end in. It would only be a matter of. Did everyone knew that story. Conclusion when Up Story or did they WANNA milk it for a little while because a few of us weren't around in the eighties when markets were roaring. So I took that as an interesting thing but I really jumped in in the summer of two thousand seventeen. I was at Silicon Valley Bank catering. A lot of these texts that were beginning to use bitcoin. As a means of moving money between a places like vima non in wire those are some of the budding names that I was hearing about is like. I'm going to be on the upside of that. I want to be sitting here. Just asking them if they're hedging their effects when I could be helping them move this forward. So that's where I I saw I have linked for ripple and popped up. Asked exactly what I had in terms of my experience. Oftentimes you see something in you got. That's not really aligned. But I'm the one that knows that so I'm GonNa go for

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