Inside Securitize's $1.25B Nasdaq SPAC and Pacific Stock Transfer Acquisition | Billy Miller
Talking Tokens
Errors, Controls, and Blockchain Automation
Billy warns blockchain reduces but doesn't eliminate errors and emphasizes continued need for robust controls.
In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Billy Miller, COO of Securitize, about how transfer agents evolved from background infrastructure to critical onchain infrastructure and why blockchain technology gave this traditionally overlooked sector a chance to reemerge. Billy explains what transfer agents do, how Securitize acquired Pacific Stock Transfer in 2022, and why its Exodus tokenization was a pivotal moment proving regulated tokenization could work at scale.
He walks through why early tokenization efforts focused on the wrong assets, how the market shifted from speculative ICOs to institutional-grade products like BlackRock's BUIDL fund, and why issuers underestimate how easy tokenization can be. The conversation covers institutional adoption timelines, why intermediaries are threatened by onchain infrastructure, FG Nexus tokenization challenges, global investor access, and why within five to ten years tokenization will simply be how capital markets operate.
This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.
TIMESTAMPS
(00:00) Intro
(01:19) Defining tokenization
(01:58) Transfer agents and infrastructure role
(03:25) Transfer agents in the shadows
(04:07) Blockchains and transfer agent prominence
(05:59) Bridging traditional and onchain finance
(06:49) Pacific Stock Transfer acquisition
(08:40) Wallets vs stock certificates
(08:52) Billy's first tokenization exposure
(10:06) Securitize as first digital transfer agent
(11:16) Blockchain automation vs responsibilities
(11:50) Exodus tokenization pivotal moment
(14:00) Shift to important infrastructure
(14:18) Early adopters' wrong reasons
(17:24) Tokenizing for end utility
(18:48) Tokens as DeFi collateral and 24/7 trading
(19:45) Investor asset control
(20:25) Legacy finance views shifting
(21:47) Institutional-grade standards
(22:16) Operating in regulated frameworks
(23:42) FTX collapse impact on KKR
(24:54) Regulatory clarity returns institutions
(25:52) Tokenized stocks predictions
(26:39) Intermediaries threatened by democratization
(27:26) Issuers overthinking tokenization
(28:55) FG Nexus infrastructure resistance
(30:11) Intermediary exploration easing deployment
(31:05) Tokenization inevitability
(32:00) Stock certificates and legacy systems
(32:53) Timeline: 5-10 year transformation
(33:38) Efficient tokenized market vision
(35:00) Building new vs improving markets
(35:07) Opening doors to global investors
(36:04) Most interesting conversation
(37:07) Final advice on asking questions
ESSENTIALS
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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.
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