Rebank: Fintech Analysis

Today we’re joined by Bhaji Illuminati and Jürgen Blumberg. Bhaji is CEO of Centrifuge, one of the original players in the RWA space. Jürgen is a former Goldman ETF exec and, as of recently, COO of Centrifuge and CIO of Anemoy, it’s asset management arm. In this conversation, Bhaji, Jürgen and Will Beeson dive into the evolution of investment management toward an on-chain markets future. We discuss the early growth of the tokenized financial asset market, similarities with the early days of ETFs, current on-chain investment capital pools and investor demands, the interplay between stablecoin growth and tokenized assets, use cases and distribution strategies for assets across the risk curve, the relationship between DeFi and TradFi, future market expectations, and much more.

Chris Yin is the co-founder and CEO of Plume, a crypto-native RWA blockchain. Real-world assets, RWAs for short, are financial assets implemented in token form. Alongside stablecoins, these assets are at the heart of the transition of financial markets onto upgraded settlement rails in the form of blockchains. Chris brings an interesting perspective to the RWA conversation. Whereas some firms, including BlackRock and Franklin Templeton, are focused on building institutional-grade offerings that mirror traditional financial products, Plume takes a different approach. Pointing to the success of crypto-native markets, Plume’s ecosystem bridges speculative retail users and experiences with yield from traditional financial assets, on the premise that crypto energy is the source of the demand that will pull finance on-chain. In this conversation, Chris and Will Beeson discuss the state of the RWA market, what’s real and what’s hype, the importance of crypto-native users, why there are multiple successful approaches to bringing finance on-chain, and what it takes to build and scale a thriving RWA ecosystem.

Sandy Kaul, Executive Vice President at Franklin Templeton and a pioneer in digital assets, discusses the implications of the GENIUS Act on stablecoins and the banking sector. She shares insights on the launch of BENJI, a tokenized money market fund, long before the trend gained traction. Kaul emphasizes the transformative potential of stablecoins in creating a more transparent and efficient financial system. The conversation also touches on the competitive landscape for traditional banks and the promising future of tokenized investments in cash management.

Kirill Gertman is the founder and CEO of Conduit, a leading B2B cross-border payments platform powered by stablecoins. Conduit leverages stablecoins to allow businesses to move money faster, cheaper and more transparently than legacy platforms such as SWIFT. In 2024, Conduit grew transaction volumes 16x year-on-year, surpassing $10 billion in total volume. In May 2025, Conduit raised a $36 million Series A, co-led by Dragonfly and Altos. In this conversation, Kirill and Will Beeson discuss the true economics of stablecoin versus traditional payments, when stablecoin payments make sense, and when they don’t, how corporates use stablecoin payments alongside traditional payments in practice, what needs to change for stablecoin payments companies to win more use cases, how the stablecoin issuance market will evolve post GENIUS, and much more.

In this episode, we’re joined by Luke Voiles, the CEO of Pipe — an embedded finance platform offering credit, cards, and other financial products to a range of B2B2B partners. Founded as a revenue-based financing business, Pipe pivoted into a platform business under Luke’s directly when he took the reigns in 2023. Prior to joining Pipe, Luke was the GM of Banking at Square and previously head of QuickBooks Capital, Intuit’s SMB lending offering. Luke has nearly 10 years of embedded finance experience, especially in lending, and has shaped Pipe’s offering based on his extensive learnings. In this conversation, Luke and I discuss what makes a good embedded finance offering, the opportunities and challenges in credit, including the economics, cyclicality and risk management considerations, Pipe’s distribution strategy, scaling a fintech platform business internationally and much more.

Mark Garabedian is the Director of Digital Assets and Tokenization at Wellington, a leading US-based, global asset manager with approximately $1.3 trillion in AUM. Mark has wide ranging experience in trading and financial markets and brings a highly informed perspective to the topic of financial market innovation through digital assets and blockchain. I find Mark’s views to be particularly valuable, because they skew heavily toward the practical, as opposed to the theoretical, informed by decades of hands-on markets experience. In this conversation, Mark and Will Beeson discuss the transformational benefits of digital assets and tokenization in investments and markets, step function improvements DeFi has delivered and the implications for traditional finance, the specific projects Mark and Wellington are working on today, the path that Wellington, a nearly 100-year-old asset manager, has taken so far on its digital asset journey, and much more.

Alex Gluchowski is the co-inventor of ZKsync and co-founder and CEO of Matter Labs. ZKsync is an advanced Ethereum Layer 2 blockchain network offering privacy and scalability using zk proofs. In this conversation, Alex and Will Beeson discuss the benefits of zk technology for financial use cases, architectural considerations in building blockchain networks for complex industries like finance, optimal infrastructure for tokenized financial assets and workflows, ZKsync’s trustless network + shared liquidity vision and more.

Kevin Miao is one of the most insightful practitioners at the intersection of traditional and on-chain finance. Until recently, Kevin was General Partner of BlockTower Credit, a $1.9 billion AUM private credit fund that leveraged public blockchains, stablecoins, and tokenization to maximize capital efficiency. Prior to BlockTower, Kevin managed a Structured Credit trading desk at Citigroup, focusing on consumer credit, esoterics, and distressed crisis-era securitizations. Currently, Kevin leads growth at Steakhouse Financial, a DeFi-native advisory and technology business that helps manage the biggest DAOs in web3. In this conversation, Kevin and I explore the theory and practice of running an on-chain credit fund, the benefits and challenges versus the traditional model, current limitations in on-chain investment management, and potential paths to upgrading finance with blockchain rails.

Steven Goldfeder is the Co-Founder and CEO of Offchain Labs, the company behind Arbitrum, one of the leading blockchains.  Arbitrum’s flagship blockchain, Arbitrum One, is a leading Ethereum L2 in terms of TVL and liquidity and supports applications across DeFi, DePIN, AI, gaming, RWAs and other verticals.  In this conversation, Steven and I discuss Arbitrum’s origins, the use cases that have driven its success so far, and expectations for Arbitrum’s role in the transition of regulated financial activity onto blockchain rails.

Laszlo Szabo is the CEO and Co-Founder of Kiln, a staking infrastructure provider backed by 1kx, Crypto.com, Wintermute, GSR, Kraken Ventures, Consensys and others. Diana Biggs is a partner at 1kx, a crypto VC that has led rounds in companies including Arweave, Pudgy Penguins, Rarible, Wallet Connect and many more. In this conversation, Laszlo, Diana and Will Beeson break down the staking opportunity and Kiln’s view of the space and also use it as a jumping off point to explore 1kx’s investment strategy. Specifically, we discuss staking as a crypto primitive, its potential to supercharge consumer and institutional crypto use cases, the investment thesis behind staking infrastructure, technical considerations and more.