Building the Bridge Between Enterprise and Ethereum | Wesley Crook - FP Block

Good. All right. How's everyone doing? Well, I'm going to be uh the afternoon MC. My name is Adam Mosny.

So, if you have questions, come and grab me. Going to keep the trains running on time. So, please welcome to the stage Wesley Crook, CEO of FP Block, who'll be talking about building the bridge between enterprise and Ethereum. Welcome, Wesley. Thank you.

Uh, appreciate everybody here. Uh, you know, great venue, great event. There's a lot going on. I think a lot of people are seeing it nowadays. Uh, a lot of of the enterprise is coming in.

A lot of the money is coming in from Wall Street. This is something we've been doing for over 12 years is building enterprisegrade systems. So, we have a lot of experience building these systems for folks. And we're seeing this merger between the enterprise and the web 3 world. And there's a lot of opportunity for, you know, a lot of people to make a lot of uh interesting plays with their technology.

So today we're going to talk about how we're going to bridge or how we see bridging the enterprise into the Ethereum ecosystem. For about the last decade, we've always been asking the wrong question. It's not should we build in a public or private blockchain. It is really like asking the question, do you build on the internet or the internet? It's really a decision to maintain um why the companies need to be doing this and how are they going to put their systems in place.

You know, the enterprise can't rely on a shared infrastructure. No CFO is going to sign off on variable cost gas fees. We need predictable cost management, predictable risk management, things of that nature. In the Ethereum world, in the web 3 world, you know, we're dealing with govern, you know, governance splits, protocol exploits, internal reliance, and you know, compliance is impossible, you know. So, with the um Fortune 500s, you know, today, we've been doing it for quite a while in the in the cloud world.

We work we run our critical workloads on public cloud without dedicated with we we we run our workloads on dedicated uh instances and VPCs. We can do the same thing in the blockchain world to make that work. A lot of these folks are building their own private chains and that isolation kills them. you're spending a lot of money building a chain hooking up to a database and you're it's very expensive and you're getting nothing for the value of the of of the system. You know, you need to get to the liquidity of the web 3 world.

If you look at what's going on today in the Ethereum financial ecosystems, we have stable coin that's a $225 billion market growing at 76%. We have a $5 billion uh RWA space that's expected to go to $16 trillion in the next five years. And then we have the enterprises coming in like Black Rockck, like JP Morgan and others building their systems onto the Ethereum rails. The regulatory environment has cleared up. So they do now have the ability as an or as organizations to build clearly set their standards and what they need to do to drive uh the adoption from the enterprise space.

The pattern that's emerging is sovereign infrastructure connecting to Ethereum. That's the answer. If you look at what's going on with the enterprises, they are not deploying to inter to the Ethereum, but they are building sovereign infrastructures that they can fully control, but then they will connect to Ethereum for liquidity. So, if you really look at it, they want to get to that $99 a billion of DeFi uh liquidity, the stable coins, you know, get on institutional rails that are under sovereignty, that are under regulatory compliance and um uh regulation for control for risk management. Um that's where the value gets unlocked is bringing that together.

A lot of people talk about, oh well, bridging is where the exports happen. That is true. if you build poor code, if you don't have a a testing protocol in place to support, but if you build smart contracts with um with good process and protocols and and governance, you you lose that risk. There's always a risk, but proper engineering will give you that ability to avoid the exploits. Proof points, we are building software like this all day long.

We've been building it for 12 years. Currently we have a project called Matt Gold that we've been doing tokenized ingground uh tokenization of inground gold. Um we're dealing with geological verification compliance issues regulatory issues uh between the uh the the general public and the miners. Um that sovereign infrastructure is controlled off in a in their environment but we've bridged over to Ethereum for the liquidity and the tokenization of the gold assets. We've also done it for another customer, six sigma.

It's a regulated sportsbook uh and predictions application that we are running in the marketplace. Same type of thing, fully regulatory um compliant predictions market. So they have come to the US, they have licensed in the US and they're doing a sports book and predictive markets in the US space. And even though it's it's the same thing, consumer scale uh throughput and institutional grade compliance, they're able to do this and tap into the various ecosystems, Ethereum to grab that liquidity that's out there. So what this means for Ethereum in our opinion, it's the next trillion dollars via bridge.

That's where the money is going to flow in is through the bridges. you know everything on the enterprise that connects to sovereign infrastru infrastructure to brings Ethereum more assets flow through the network more liquidity settling in the stable coins more institutional capital will flow and more real world value anchors the Ethereum rails so it becomes a everending uh story to you know for the Ethereum ecosystem to continue to grow into the tradefi and the financial systems that we're accustomed to in the web two We built a framework called come because we have seen over and over and over again the issues that blockchains bring to the sovereign systems. So what it does is it gives sovereign chains the ability to bridge into these ecosystems uh in a secure connective way. This has been proved points nat gold, six sigma, lvana per several other platforms that we've built on this. It really drives an idea of the application is the chain and with the application being the chain then you can control your gas fees, you can control your congestion, your connectivities and things of that nature.

So we are very happy to um work with our customers in figuring out how we bring enterprisegrade software into the organiz into uh this web 3 world and we're seeing a lot of success. I think we're seeing it here at uh East Denver. I think we're seeing it in a lot of different places with the types of people that are coming here, trade five companies, uh banks, financial institutions. you're seeing it because they see the value of what Ethereum brings to the market and want to be able to tie into that and and hook up to that uh for their ability to uh you know drive the markets. The bridge is open.

You know, Ethereum is one of the most powerful ecosystems out there. We know that it's going on. We are in a transition period, you know, in the in our industry. I think everybody sees it, everybody knows it. this uh web 3 world is in a a paradigm shift.

We're bringing real world enterprise web 3 world together. So we're seeing that merger happen. You know the and the the companies and the indust and individuals in this world will need to get to these rails. I think in the next few years you will see that Ethereum rails, swift a you'll have choices on how to move your money. Um, you know, if I was Visa and Mastercard, I'd be a little bit worried because I can use a uh stable coin to move that money through the system.

Ethereum, it could be those rails. So, there's a lot of positive things out there bringing enterprise into the Ethereum market. And, you know, with the builders and the ecosystems that see this, they will untap the value. And there's a lot of value to be untapped. You know, we're talking trillion dollar markets here.

You know, so for folks like us that are builders, we're engineering firms. We're helping companies identify that traditional enterprise companies do not understand how web 3 works and that's been part of the problem of adoption as we all talk about the security the compliance the regulatory environments those are all clearing up those are all changing we're building the right tools for this um you know so over the next you know 3 to 5 years we're going to see the web 3 world and the traditional world kind of become one we'll have one set of standards one set of infrastructures you know there might be two or three different infrastructures, but there'll be less than we have today. You know, we'll have stable coins. You'll see banks issuing their own stable coins, countries issuing their own stable coins. Um, you know, don't want to get back into the meme game that we have going on today, but you know, stable coins are going to be a part of our currency for the world going forward.

So, having infrastructure like Ethereum that can bridge in tightly with a sovereign infrastructure of a corporation is very, very important. So with that um you know we we'll conclude today give you a few minutes back to the schedule to give everybody on time and I'll be in the back if you want to have any conversations around this. Thank you. Select