Unchained Bits + Bips: Why Crypto's Next Step Is Perps, Tokenized Stocks and Altcoin ETFs - Ep. 861
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Jul 2, 2025 In this conversation, Thomas Uhm, Chief Commercial Officer at the Jito Foundation and former Jane Street veteran, shares insights on crypto's intersection with traditional finance. He discusses the rise of tokenized stocks and how perpetual contracts (perps) might dominate the market. Uhm emphasizes that perps could transform trading and sneak into traditional finance. The dialogue also touches on the potential of altcoin ETFs and the critical role of liquid staking in the evolving landscape of cryptocurrency investment.
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Thomas Uhm's Traditional to Crypto Journey
- Thomas Uhm shared his transition from Jane Street to crypto trading, highlighting experience with exotic options and derivatives.
- Jane Street's resizing was due to regulatory challenges post-FTX collapse affecting U.S. compliance.
Tokenized Stocks Don't Boost Liquidity
- Tokenizing U.S. stocks doesn't boost liquidity as these are already highly liquid in traditional markets.
- Tokenization offers better access and new product possibilities, especially for digitally native users.
Prioritize Usability for Adoption
- Usability is key for adoption of tokenized stocks and perpetual futures in retail markets.
- Platforms like Robinhood create seamless experiences abstracting blockchain complexity for users.