The Importance of Institutions in the Crypto Space

In my conversations with institutions, family offices and other larger players, most have done the work now. There are very few actual like what we would call institutions of endowments, sovereign wealth funds, pension funds, foundations that are actually owning tokens. And so still like the big piles of money that have investment boards, they're all getting up the education curve but I would argue most don't have true or meaningful allocations to the space today.