this fidelity news as matt mentioned following the news from black rock ark everybody is looking to get into the etf fresh to surprise you not at all the fcc has this way of applying for an etf etf are a way for people to get exposure to a variety of different products one of those are international equities commodities currencies through this regulated vehicle in a way thats much cheaper and easier than a holding underlying so its natural for people to want to bring exposure to retail institutional masses through the etf process now of course this is a good opportunity following blackrock buying for their etf to try to throw their hat in the ring as well and figure out if they can get over the hurdle that the fcc has placed for them since the first wave of rejections have happened in the past couple of years and and how much does the situation with ftse itself play a role in the fact that it has felt like a bit of a roller coaster ride or a crypto crackdown and now within the last few weeks all of these etf applications which sort of builds this story once again momentum so i mean etf were getting rejected for a spot bitcoin etf prior to the collapse of course post collapse have caused a tremendous amount of damage of credibility for the crypto industry in washington and just across the financial services sector in general i think now people are starting to emerge again not just because the price of bitcoin is going up because people are seeing if were going to create regulated vehicles regulated exchanges properly surveilled by the places for people to be able to trade this asset we should start doing this again and so thats why you see all these traditional players like fidelity blackrock throw their hat in the ring for this i want to get to your young firm architect financials brad which is fascinating because well for many reasons but also because of your use of the but before we get there to wrap up the idea of a spot bitcoin etf i spoke with a former sec lawyer a couple of weeks ago who said in his mind one of the biggest problems is volatility and settlement do you think that thats an easy one to solve especially for you know gigantic firms like the 10 trillion dollar blackrock i do think they can solve that problem and remember think about all of the other etf etf ads that are out there right now i mean you have the double long leveraged vix etf and you have an etf on for example corporate bonds that are extremely illiquid you have etf on foreign stocks and so having you know the bitcoin market which is a a trillion dollar you know a total market for all of crypto i think that these companies can figure out how to do proper settlement that they can do surveillance of the exchanges in a way that will satisfy regulators in a way that will ultimately protect the investors who will get this much better way of getting exposure of the underlying product all right with that behind us because i think it was a very cool story to drop this hour and you have a background in etf and crypto so is a perfect timing lets get to architect which is the firm that you recently founded and even before this wave of ai fascination you already had planned on using ai to help institutions trade crypto explain to us how it works so the intersection of ai and financial services is a very exciting area when you think about what something like djibouti is very good at its great at taking natural language instructions and passing those and creating sort of interactive dialogue with the user to help them solve a task so it could be you know yes finding restaurant recommendations or could be coding up a project well in the financial services sector especially for what we were building with architect which is trading software we are trying to help people be able to create automated trading systems to create trading strategies in a way thats a lot easier than needing to know how to for example code completely from scratch or have years of experience within some secretive proprietary trading firm says what were working on an architect is being able to use ai and all of the connections that were building to various exchanges not just for digital assets but for regulated derivatives as well to let people make these strategies easily using ai you know its interesting we reference that you were just at this large tech conference here in toronto collision where its ai all the time everybodys been working in their own silos in a year where this has become such a story of excitement to see all that energy one place that it did it almost make you feel validated and what youve been doing yes on the other hand i think one thing thats important for us is that we are taking the long view on what were building were not just going to follow the hype cycle and you know were not pivoting to become an ai company here we are a financial services company where a financial technology company we believe in the long term prospects for digital assets of course we believe in all emerging technologies helping investors in the long run whether thats block chain or ai and we want to use our skills in the areas of programming and in finance and market structure to be able to help investors is it brett a software as a service play i mean youre youre not doing any kind of actual crypto trading you dont have a platform that custody is any assets right youre just looking to help institutions that want to be able to play in this market right now we are a pure software company and so our product we deliver a software bundle to the customer they install it on their own servers on their own hardware to allow them to have much easier connectivity to exchanges to be able to manage their portfolios to be able to see their balances to be able to create algos for trading and in the future we plan on possibly getting into the brokerage services by applying for licenses in the us and possibly other jurisdictions but for now we are a pure software market ok speaking of trading activity you were just fueling some of our questions on that bitcoin etf news from fidelity the bloomberg team was noting that the cryptocurrency is yet to surpass its recent june high even with this news out there what would you say whats been your observation of bitcoin trading of late i think a lot of the recent price action has to do with the general optimism that institutional players are finally now entering the space theyre looking at the recent turmoil in the markets as an opportunity to come in as established players and build these regulated environments for trading and i think were going to see that continue i also think theres a tremendous amount of optimism from other jurisdictions like hong kong singapore japan where theyre rolling out rules to make it easier and safer to be able to trade this asset class and i think over the long run we will see the price track is there any other overhang that youre watching to follow away brett i mean this bitcoin etf really highlights i think the institutional interest rate and that optimism as john pointed out you know em has been writing that its already kind of baked in there which is why the price is holding steady at thirty thousand is there anything else that the crypto community is looking for to get another leg up on the bitcoin price i think the community is looking to see volumes return especially in the us i mean gonna post the fcc crackdown for example their complaint against coinbase generally speaking the volumes have really dropped in the us a lot of large proprietary trading firms market makers have pulled out of the crypto markets and so with that depression of liquidity i think thats really holding back price i think these different new exchanges that are coming online for example edi ex is just one of them but for example cbo digital recently got margin approval for their futures exchange there are other exchanges that are trying to become regulated commodities spot commodities platforms for things like bitcoin and ether if those can really pick up and bring institutional liquidity back i think that will help a lot