{"id":"wYlGgltDOwM","title":"Canton Buildcast with Hydra X","description":"Hydra X’s Custody and Tokenization Services for Canton Network | Canton Buildcast Ep.6\n\nJoin us and Hydra X’s Mark Tang as he shares how Hydra X is bringing its end-to-end market infrastructure for both digital and traditional financial markets to the Canton Network. It offers a fully compliant digital asset ecosystem, designed to ensure seamless integration with traditional financial systems. With a strong focus on the tokenization of real-world assets, Hydra X enables institutions to unlock liquidity and efficiency in capital markets through secure, scalable, and interoperable infrastructure.\n\nRegulated by the Monetary Authority of Singapore (MAS) and other jurisdictions, the Hydra X group operates as a licensed broker for the distribution of securities, an exchange for secondary trading, and a custodian for secure safekeeping and settlement.\n\nThe Canton Buildcast shows you the connections being made on the only public blockchain network with privacy, where TradFi and crypto-capital markets converge. Every two weeks we explore the applications, institutional-grade digital assets and connected use cases from those shaping the future of onchain finance.\n\nLinks:\nVisit Hydra X’s website: https://www.hydrax.io/ \nConnect with Mark on LinkedIn:   / mark-tang89   \nLearn more about the Sigma Value Token: https://www.hydrax.io/blog/hydra-x-partners-with-canton-network-to-launch-the-first-structured-product-on-the-network-the-sigma-value-token/ \nConnect to Canton: https://www.canton.network/connect \nCanton Governance: https://sync.global/ \nSubscribe for new episodes every two weeks as we explore how institutions and innovators are building the future of finance on Canton.","channel_name":"Canton Network","published_at":"2025-05-01T00:00:00.000Z","thumbnail_url":"https://i.ytimg.com/vi/wYlGgltDOwM/hqdefault.jpg","transcript_text":"As markets move onchain, trady and crypto markets converging on canon, the world's biggest institutions, highest quality assets, and onchain innovators already here, the first public blockchain network with privacy. Every 2 weeks, we'll showcase the applications and use cases shaping the future of finance. The ecosystem is growing, new markets are forming, and this is just the beginning. Welcome to the Canton Buildcast, where new connections create new possibilities. This week, meet Hydra X, the first licensed custodian of Canoncoin in APAC and a firm really pioneering the full gamut of tokenization and asset services across the ecosystem. It's being built now and connections are being made. So, come and find your place on Canton. Let's go. Hi, I'm Ben Singerald. Thank you for tuning in to another Canton Buildcast. Today we're heading over to Singapore where we've locked in Mark Tang, VP of client solutions at Hydrax, a regulated digital asset custodian and prime broker which is bringing its compliance and capital markets expertise to the council network. They're bringing custody and tokenization services and even its own structured products recently just announced to the network. So Mark, thank you so much for joining us today. Thank you for having me, Ben. So Mark, you guys have been working with the buy side, exchanges, digital asset issuers really for a long time now. For those of you that don't know Hydrax, tell us a bit about your core business and and how you're helping institutions access and unlock the value of digital assets. Yeah, thank you. Um, so we have been around since 2018. So I guess in the world of web 3, there has been uh a pretty long time. uh and our thesis um as a fintech is really to build capital markets infrastructure that is ready for digital assets. I mean we firmly believe that tokenization and having assets on the blockchain will be the future of financial markets. However, regulated institutions today face plenty of pain points to get there. And so we set out to build the entire infrastructure and our focus really is on being regulatory compliant. So we built end to end infrastructure. So that includes a tokenization engine, white label exchanges as well as custody technology. So that's one part of our business at Hydrax. The other part uh is that of licensed services. So over the past few years we thought that in order to push push and support this vision in the financial markets that we ourselves too should also be regulated. So we have a full suite of licenses in Singapore and in the region across both securities and digital assets and that allows us to provide license services such as custody. So you were really fast out of the gates providing regulated custodial services for Canoncoin in in Apac um supporting validators like SPI and others uh app providers who are earning canon coin rewards now as well. Tell us a bit about that offering um how you've seen demand evolve over the last 6 months as well since the the the launch of mainet. Yes sure so we put it simply we hold these canton coins on behalf of our customers. We are an exempt custodian, a crypto custodian in Singapore and so this allows us to uh perform these task uh for our customers. However, as a licensed provider, we do more than just hold them on behalf of our customers. We we do two things. One, we need to adhere to the regulatory requirements including our customers own reporting and audit requirements. Secondly, our technology and processes need to be vetted and they need to be robust. Can you show us any examples of of how this looks in in reality? How does this translate into real life for your customers now looking to invest in in things that you're bringing to the network? Yes. Uh certainly. So what you see on the screen here is basically our customer portal for customers who are holding Cantoncoin with us. So it is really quite um straightforward as a dashboard. So there are a few things you can do here. One is you can see your balances at all time. Uh we would adjust this for rewards uh as you know as it comes in. Um there are two things you can deposit and you can withdraw but today um that function uh we we would control that for you uh through the caner network user interface separately. Um, you will also be able to in the future view all the transactions uh of your Kentton coin whether it's receiving rewards or outbound out or outbound transfers and you will also be able to wireless wallets if you wish to withdraw. So you use digital assets tokenization utility to to give you the building blocks and the token standards really out of the box. How does this help you to quickly deliver the the different capabilities needed for your clients to both onboard and invest in your products as well as starting to bring their own assets to to Canton? Uh yes, definitely. So the tokenization utility has been uh a great help and a great tool for anyone who wishes to utilize the network very quickly. um being able to test out any use cases and really showcase to stakeholders that this is the right path forward. So we have utilized uh this utility to tokenize our first ever product uh which I can talk in more detail uh later. Uh but this really allows us to be able to do that very quickly especially within this period and and be able to earn uh the the app rewards but not just for us. I think you know I I was you was speaking to uh uh our partners over at digital asset that I've become a bit of a salesperson for Canon network. Obviously as an ecosystem builder anyone who who ask us hey you know which which blockchain are you working with now Kent network would be the first uh name that I I that I mentioned and to bring in an external partner onto the network without asking them to build uh you know put in tech resources establish a validation node um and allowing them to say hey just work with Hydrax and we can get you on the network I think that has been a great help um and a very and it lowers the obstacle for any partners to to want to uh join uh the net. Can you can you show us any examples of of how you're helping customers um through some of this new software for the for the network? Yes, I would love to show that. Um Hydrax is pretty familiar with how uh Canton has set up his tokenization UI and there are two main reasons to it. So first of all when the tokens are issued they sit in the issuers wallet and this is very much very similar to how the traditional markets function. Um and secondly when I initiate a transfer that there's a transfer request and for the recipient to receive it they also need to approve which again is very very similar to what a traditional market settlement would require. um so that you know on the network you you don't receive anything that you were not supposed to receive. So from the perspective of a licensed and regulated entity these checks and balances and these processes are very much in line with what we need to do. What we've seen over the last 6 months uh since Mania has gone live is that you know as with the rewards um that's pushing a lot of tokenization activity onto the network and we have seen more interest in not just our ability to um hold Canoncoin for these ecosystem partners but also act as regulated custodian. Um, so that's uh pretty interesting and I think that push really came out of the recent pilot that Canon network did with the 45 institutions globally uh and being able to push through a lot of use cases that we at Hydrates are really excited about and I think one of them is really to have DBP onchain um how can for example a tokenized bond uh be settled against whether it's tokenized deposit or central bank digital currencies You know, one of the things we're seeing obviously with the proliferation of different chains, different assets, different services across the crypto ecosystem is that know there is real fragmentation um especially around things like OTC trading, the payments, the risk processes involved. It actually ironically becomes quite a lot of manual processes that people have to organize and obviously you're bringing a lot of these activities under one roof for clients and and helping people to access really that end to-end service on on Canton as well. Is this an area that you really help with? You know, bringing that kind of structuring and settlement and post trade together under one service offering. Am I right in saying that's that's kind of how you're how you're positioning? Uh, and if so, how does that kind of play out with some of the use cases as you referenced on on Canton and some of the new projects that happening especially in the region? Uh, yes. Um, I I think I think you're right. Um, it is pretty fragmented. So, maybe let me just go through um the entire life cycle one by one. I think when we speak to a lot of people about tokenization today um they always question whether we are reinventing the wheel right are we are we creating a token representation of something that's already you know pretty well established in the capital markets um what they failed to see is what potential tokenization can bring and unfortunately I think today a lot of implementations of of tokenized assets really stop just at that however what Pent network can bring is solve a lot of this fragmentation because of how the token can be used. Right? We talk about collateral mobility. If a money market fund is tokenized on the caner network, this can be used as eligible collateral across other exchanges or other venues that are already synchronized to the Caner network. So I think that's a a very big piece and for us as a regulated custodian just looking at the other end of the the life cycle holding Canton coin or holding assets that are tokenized on the canton network is the first step. I think what we want to become or hopefully to build on Kenton network is a settlement layer where you are able to look to a regulated party as a trusted settlement agent uh for you to settle trades and hopefully um when more and more institutions are onboarded onto the network and tokenized deposit CBDCs are made available that Hydraax can be this conduit uh through which all these assets can be settled uh you know via DVP process. Yeah. Uh, absolutely. And I think it really does lower that barrier to entry as you say um both both to joining the network but also then to to doing interesting things. And obviously you guys have been doing some very interesting things. Um we had the announcement of the Sigma value token a couple of weeks ago. Can you tell us a bit about what what that is and how that's bringing some of the innovation we maybe expect more in uh you know crypto derivatives markets those kinds of those kinds of players into into the can network and how that can how that can bring utility to people in the network as well. Yes. So the sigma value token is um our version of a structured product uh that we at hydraics uh have worked with a partner to issue and this is basically a basis trade uh wrapped up in a structured product and then we tokenize it on the caner network and it's very much I think for the uh you know viewers who are not familiar with the derivative um is that we buy a spot uh ethereum and then we sell Ethereum premium futures. Uh typically the futures trade at the premium to the spot price and therefore by holding these two legs of the trade to maturity we capture the spread that's in between. And so when we package this together into a structured product it becomes a debt security. Uh and this ties in ducts very well with uh the uh you know our license uh the our ability to be able to issue structured products and furthermore u to also bolster our own uh capability as a as a as a caner network um ecosystem partner uh to be able to put that on demand. So why are we putting this on the caner network? So I my own background is in derivative structuring and while this token might not become eligible collateral right uh in the future however the components of such a product uh can become so if we were to wrap Ethereum for example on the canton network that will become eligible um spot collateral health under this product and so you get more and more of these wrapped assets uh on the network that will also benefit uh from the you know the privacy and the and the permission uh features of the Caner network. Uh and it is our hope that more more and more of these assets uh are able to that sorry that we can bring more and more of these assets onto the can. Yeah and you touched on the privacy features there. I think this is you know critical and something we're really seeing from a collateral perspective at the moment. you know, people, you know, may be very used to using uh Bitcoin, ETH, stables for margin, um for, you know, initial margin, variation margin through the day, um in in crypto markets, but now really looking, you know, as there's looking for greater confidence, looking to scale up, looking to do, you know, uh more interesting uh things with other assets, looking for that privacy capability around some of those um collateral postings so that you really, you know, can start to um protect what you're doing from the from the the eyes of onlookers. So, is that something you're seeing demand for as well in region? I there are, you know, market makers in the region that are on Canton today. Um, you know, people you're talking to as well. Is that a real driver, would you say, for for some of the services you're offering to? It is. I I think one of the big draw and use cases of the Caner network is collateral mobility. And I think having been from a trading background that you know with all the benefits of blockchain being fast transparent uh that transparency comes comes at a cost because it reveals my position. So if for example if the the BTC um price has a huge fall um you know the the counterparties they are moving collateral into an exchange value uh will be identified at the one as the ones who are on the wrong side of the trade and that becomes very very dangerous when you're talking about financial markets at an institutional or at a global level. So I think that's very very clear to whether it be the OTC partners that we speak to or the institutional global partners that we speak to. This privacy uh uh feature is absolutely very very important. However, I think we must be very clear to differentiate the privacy on Canon network versus you know obscuring um ownership right. I think Canon level does this um very elegantly. uh that we will be able to fulfill all our regulatory requirements in terms of KYC AML while retaining uh privacy uh you know to the public. So Sigma Valley token is is now live and uh you're you're credentiing customers and on boarding customers to use that already. How does that work with the utilities um from digital asset you know to help you to on board customers? cuz you mentioned KYC and stuff earlier and how does that then play into the dashboard we saw earlier as well? Sure. So um two parts. So one is onboarding. So um some of the investors that we have for Sigma value token uh have already been onboarded. they are our customers but what we really wanted to do is to create a credential for each of them uh on the network so that onchain uh they do have an identity and then we are able to transfer a signal value token to their credentials um so I think the utility has been um extremely helpful for us to send it out very very quickly um from issuance of the underlying structure note to tokenizing it we took uh no more than a few days uh to get everything set up In terms of custody, um each of our investors will also view not just their canton coin on the platform uh in the portal but also their holdings uh Sigma value token. And we hope to be able in the next month or two uh add even more asset classes or structured notes or products that our investors will be able to invest and hopefully we will see the portfolio screen uh growing longer. That'll be great to see. I mean you're really building a full suite of capabilities around the network and using a lot of the latest tooling and and showing really the way um that people can access um the underlying value of the network. So it's really really great. Now what is the sweet spot for this convergence of um the privacy properties of Canton and then the composability of the assets and and applications you're seeing a potential for across the network. You know what what do you think customers can expect next? What should people be talking to you about as a as a regulated custodian as a prime broker? you know, there's other collateral settlement assets you've referenced before, repo, other things like that. How should people be thinking about how to engage with you guys next to to get some of the value out of this technology? So I think the the best way to start is if you're watching this and you are looking to tokenize an asset uh we would love to talk to you because if that asset can become eligible collateral right or it can be used in a repo transaction to unlock liquidity I think that's something that is the next step for us to deepen this relationship with caner network. I think for um example I think in the region we have been working together um to try and help um institutions tokenize the borrowers and I think you know well recognized issuer names investment grade credit will be great examples of tokenized assets that can become eligible collateral on the network. I think that opens up a huge variety of use cases and ecosystems part ecosystem partners that we can bring on. Uh and I think that would really you know be a huge step towards us also achieving what we set out to do. Really important question is how should people get in touch with you Mark because we want people to find you really easily and start having the conversations. What's the best way to get in touch? Yeah the best way to get in touch um you can find us on LinkedIn. you will be able to access our website through LinkedIn as well and there will be a contact form uh that you can fill in your details and you reach one of us and we will you know respond to you very quickly and happy to jump on a call uh to go in deeper to what we can help you with. Fantastic. Thanks so much for taking some time uh with us Mark today. I think really just the green shoots of some really exciting work going on on Canson and you're really leading the way and showing people how to to take advantage of all the tooling and and some of the the new onramps into the network. So congratulations. Looking forward to seeing what's coming next and uh we'll we'll talk to you again. No doubt. Thank you, Ben. Uh this has been a pleasure. Thank you. That's a wrap for this episode of the Canton Build Coast. Want to dive deeper? Check out the links below to learn more. Connect to apt or bring your assets and use cases to Canton. And don't forget to hit subscribe to stay on top of the latest apps and opportunities shaping institutional grade onchain finance. Bye for now.","transcript_synced_at":"2026-10-26T03:55:53.622Z","segments":[{"start_seconds":1,"text":"As markets move onchain, trady and crypto markets converging on canon, the world's biggest institutions, highest quality assets, and onchain innovators","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1s"},{"start_seconds":10,"text":"already here, the first public blockchain network with privacy. Every 2 weeks, we'll showcase the applications and use cases shaping the future of","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=10s"},{"start_seconds":18,"text":"finance. The ecosystem is growing, new markets are forming, and this is just the beginning. Welcome to the Canton","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=18s"},{"start_seconds":25,"text":"Buildcast, where new connections create new possibilities.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=25s"},{"start_seconds":29,"text":"This week, meet Hydra X, the first licensed custodian of Canoncoin in APAC and a firm really pioneering the full gamut of tokenization and asset services","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=29s"},{"start_seconds":38,"text":"across the ecosystem. It's being built now and connections are being made. So, come and find your place on Canton.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=38s"},{"start_seconds":45,"text":"Let's go. Hi, I'm Ben Singerald. Thank you for tuning in to another Canton Buildcast. Today we're heading over to Singapore where we've locked in Mark","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=45s"},{"start_seconds":53,"text":"Tang, VP of client solutions at Hydrax, a regulated digital asset custodian and prime broker which is bringing its compliance and capital markets expertise","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=53s"},{"start_seconds":61,"text":"to the council network. They're bringing custody and tokenization services and even its own structured products recently just","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=61s"},{"start_seconds":69,"text":"announced to the network. So Mark, thank you so much for joining us today. Thank you for having me, Ben. So Mark, you guys have been working with the buy","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=69s"},{"start_seconds":76,"text":"side, exchanges, digital asset issuers really for a long time now. For those of you that don't know Hydrax, tell us a bit about your core business and and how","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=76s"},{"start_seconds":84,"text":"you're helping institutions access and unlock the value of digital assets.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=84s"},{"start_seconds":89,"text":"Yeah, thank you. Um, so we have been around since 2018. So I guess in the world of web 3, there has been uh a","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=89s"},{"start_seconds":98,"text":"pretty long time. uh and our thesis um as a fintech is really to build capital markets infrastructure that is","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=98s"},{"start_seconds":106,"text":"ready for digital assets. I mean we firmly believe that tokenization and having assets on the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=106s"},{"start_seconds":114,"text":"blockchain will be the future of financial markets. However, regulated institutions today face plenty of pain","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=114s"},{"start_seconds":121,"text":"points to get there. And so we set out to build the entire infrastructure and our focus really is on being regulatory","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=121s"},{"start_seconds":128,"text":"compliant. So we built end to end infrastructure. So that includes a tokenization engine, white label exchanges as well as custody technology.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=128s"},{"start_seconds":139,"text":"So that's one part of our business at Hydrax. The other part uh is that of licensed services. So over the past few years we thought that in order to push","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=139s"},{"start_seconds":148,"text":"push and support this vision in the financial markets that we ourselves too should also be regulated. So we have a","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=148s"},{"start_seconds":156,"text":"full suite of licenses in Singapore and in the region across both securities and digital assets and that allows us to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=156s"},{"start_seconds":164,"text":"provide license services such as custody.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=164s"},{"start_seconds":168,"text":"So you were really fast out of the gates providing regulated custodial services for Canoncoin in in Apac um supporting","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=168s"},{"start_seconds":174,"text":"validators like SPI and others uh app providers who are earning canon coin rewards now as well. Tell us a bit about that offering um how you've seen demand","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=174s"},{"start_seconds":183,"text":"evolve over the last 6 months as well since the the the launch of mainet.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=183s"},{"start_seconds":188,"text":"Yes sure so we put it simply we hold these canton coins on behalf of our","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=188s"},{"start_seconds":194,"text":"customers. We are an exempt custodian, a crypto custodian in Singapore and so","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=194s"},{"start_seconds":201,"text":"this allows us to uh perform these task uh for our customers. However, as a licensed provider, we do more than just","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=201s"},{"start_seconds":209,"text":"hold them on behalf of our customers. We we do two things. One, we need to adhere to the regulatory requirements including","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=209s"},{"start_seconds":217,"text":"our customers own reporting and audit requirements. Secondly, our technology and processes need to be vetted and they","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=217s"},{"start_seconds":224,"text":"need to be robust. Can you show us any examples of of how this looks in in reality? How does this translate into","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=224s"},{"start_seconds":232,"text":"real life for your customers now looking to invest in in things that you're bringing to the network? Yes. Uh certainly. So what you see on the screen","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=232s"},{"start_seconds":240,"text":"here is basically our customer portal for customers who are holding Cantoncoin with us. So it is really quite um","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=240s"},{"start_seconds":250,"text":"straightforward as a dashboard. So there are a few things you can do here. One is you can see your balances at all time.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=250s"},{"start_seconds":257,"text":"Uh we would adjust this for rewards uh as you know as it comes in. Um there are two things you can deposit and you can","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=257s"},{"start_seconds":266,"text":"withdraw but today um that function uh we we would control that for you uh through the caner network user interface","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=266s"},{"start_seconds":274,"text":"separately. Um, you will also be able to in the future view all the transactions uh of your Kentton coin whether it's","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=274s"},{"start_seconds":282,"text":"receiving rewards or outbound out or outbound transfers and you will also be able to wireless wallets if you wish to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=282s"},{"start_seconds":290,"text":"withdraw. So you use digital assets tokenization utility to to give you the building blocks and the token standards really out of the box. How does this","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=290s"},{"start_seconds":298,"text":"help you to quickly deliver the the different capabilities needed for your clients to both onboard and invest in your products as well as starting to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=298s"},{"start_seconds":305,"text":"bring their own assets to to Canton? Uh yes, definitely. So the tokenization utility has been uh a great help and a","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=305s"},{"start_seconds":313,"text":"great tool for anyone who wishes to utilize the network very quickly. um being able to test out any use cases and","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=313s"},{"start_seconds":322,"text":"really showcase to stakeholders that this is the right path forward. So we have utilized uh this utility to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=322s"},{"start_seconds":331,"text":"tokenize our first ever product uh which I can talk in more detail uh later. Uh but this really allows","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=331s"},{"start_seconds":339,"text":"us to be able to do that very quickly especially within this period and and be able to earn uh the the app","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=339s"},{"start_seconds":347,"text":"rewards but not just for us. I think you know I I was you was speaking to uh uh our partners over at digital asset that","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=347s"},{"start_seconds":355,"text":"I've become a bit of a salesperson for Canon network. Obviously as an ecosystem builder anyone who who ask us hey you know which which blockchain are you","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=355s"},{"start_seconds":363,"text":"working with now Kent network would be the first uh name that I I that I mentioned and to bring in an external","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=363s"},{"start_seconds":371,"text":"partner onto the network without asking them to build uh you know put in tech resources establish a validation node um","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=371s"},{"start_seconds":380,"text":"and allowing them to say hey just work with Hydrax and we can get you on the network I think that has been a great","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=380s"},{"start_seconds":387,"text":"help um and a very and it lowers the obstacle for any partners to to want to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=387s"},{"start_seconds":394,"text":"uh join uh the net. Can you can you show us any examples of of how you're helping customers um through some of this new software for the for the network?","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=394s"},{"start_seconds":405,"text":"Yes, I would love to show that. Um Hydrax is pretty familiar with how uh","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=405s"},{"start_seconds":412,"text":"Canton has set up his tokenization UI and there are two main reasons to it. So first of all when the tokens are issued","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=412s"},{"start_seconds":419,"text":"they sit in the issuers wallet and this is very much very similar to how the traditional markets function. Um and","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=419s"},{"start_seconds":426,"text":"secondly when I initiate a transfer that there's a transfer request","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=426s"},{"start_seconds":433,"text":"and for the recipient to receive it they also need to approve which again is very very similar to what a traditional","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=433s"},{"start_seconds":441,"text":"market settlement would require. um so that you know on the network you you don't receive anything that you were not","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=441s"},{"start_seconds":448,"text":"supposed to receive. So from the perspective of a licensed and regulated entity these checks and balances and","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=448s"},{"start_seconds":455,"text":"these processes are very much in line with what we need to do. What we've seen over the last 6 months uh since Mania","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=455s"},{"start_seconds":464,"text":"has gone live is that you know as with the rewards um that's pushing a lot of tokenization activity onto the network","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=464s"},{"start_seconds":472,"text":"and we have seen more interest in not just our ability to um hold Canoncoin","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=472s"},{"start_seconds":480,"text":"for these ecosystem partners but also act as regulated custodian. Um, so that's uh pretty interesting and I think","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=480s"},{"start_seconds":487,"text":"that push really came out of the recent pilot that Canon network did with the 45 institutions globally uh and being able","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=487s"},{"start_seconds":495,"text":"to push through a lot of use cases that we at Hydrates are really excited about and I think one of them is really to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=495s"},{"start_seconds":502,"text":"have DBP onchain um how can for example a tokenized bond uh be settled against whether it's","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=502s"},{"start_seconds":510,"text":"tokenized deposit or central bank digital currencies You know, one of the things we're seeing obviously with the proliferation of different chains, different assets,","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=510s"},{"start_seconds":518,"text":"different services across the crypto ecosystem is that know there is real fragmentation um especially around things like OTC trading, the payments,","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=518s"},{"start_seconds":527,"text":"the risk processes involved. It actually ironically becomes quite a lot of manual processes that people have to organize and obviously you're bringing a lot of these activities under one roof for","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=527s"},{"start_seconds":535,"text":"clients and and helping people to access really that end to-end service on on Canton as well. Is this an area that you really help with? You know, bringing that kind of structuring and settlement","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=535s"},{"start_seconds":544,"text":"and post trade together under one service offering. Am I right in saying that's that's kind of how you're how you're positioning? Uh, and if so, how does that kind of play out with some of","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=544s"},{"start_seconds":553,"text":"the use cases as you referenced on on Canton and some of the new projects that happening especially in the region? Uh, yes. Um, I I think I think you're right.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=553s"},{"start_seconds":561,"text":"Um, it is pretty fragmented. So, maybe let me just go through um the entire life cycle one by one. I think when we","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=561s"},{"start_seconds":569,"text":"speak to a lot of people about tokenization today um they always question whether we are reinventing the wheel right are we are","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=569s"},{"start_seconds":578,"text":"we creating a token representation of something that's already you know pretty well established in the capital markets um what they failed to see is what","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=578s"},{"start_seconds":587,"text":"potential tokenization can bring and unfortunately I think today a lot of implementations of of tokenized assets","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=587s"},{"start_seconds":596,"text":"really stop just at that however what Pent network can bring is solve a lot of this fragmentation because of how the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=596s"},{"start_seconds":604,"text":"token can be used. Right? We talk about collateral mobility. If a money market fund is tokenized on the caner network,","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=604s"},{"start_seconds":611,"text":"this can be used as eligible collateral across other exchanges or other venues that are already synchronized to the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=611s"},{"start_seconds":618,"text":"Caner network. So I think that's a a very big piece and for us as a regulated custodian just looking at the other end","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=618s"},{"start_seconds":626,"text":"of the the life cycle holding Canton coin or holding assets that are tokenized on the canton network is the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=626s"},{"start_seconds":634,"text":"first step. I think what we want to become or hopefully to build on Kenton network is a settlement layer where you","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=634s"},{"start_seconds":641,"text":"are able to look to a regulated party as a trusted settlement agent uh for you to settle trades and hopefully um when more","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=641s"},{"start_seconds":650,"text":"and more institutions are onboarded onto the network and tokenized deposit CBDCs are made available that Hydraax can be","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=650s"},{"start_seconds":657,"text":"this conduit uh through which all these assets can be settled uh you know via DVP process.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=657s"},{"start_seconds":665,"text":"Yeah. Uh, absolutely. And I think it really does lower that barrier to entry as you say um both both to joining the network but also then to to doing interesting things. And obviously you","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=665s"},{"start_seconds":673,"text":"guys have been doing some very interesting things. Um we had the announcement of the Sigma value token a couple of weeks ago. Can you tell us a bit about what what that is and how","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=673s"},{"start_seconds":681,"text":"that's bringing some of the innovation we maybe expect more in uh you know crypto derivatives markets those kinds of those kinds of players into into the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=681s"},{"start_seconds":689,"text":"can network and how that can how that can bring utility to people in the network as well. Yes. So the sigma value","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=689s"},{"start_seconds":696,"text":"token is um our version of a structured product uh that we at hydraics uh have","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=696s"},{"start_seconds":703,"text":"worked with a partner to issue and this is basically a basis trade uh wrapped up in a structured product and then we","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=703s"},{"start_seconds":711,"text":"tokenize it on the caner network and it's very much I think for the uh you know viewers who are not familiar with","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=711s"},{"start_seconds":718,"text":"the derivative um is that we buy a spot uh ethereum and then we sell Ethereum premium futures. Uh typically the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=718s"},{"start_seconds":727,"text":"futures trade at the premium to the spot price and therefore by holding these two legs of the trade to maturity we capture","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=727s"},{"start_seconds":735,"text":"the spread that's in between. And so when we package this together into a structured product it becomes a debt","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=735s"},{"start_seconds":742,"text":"security. Uh and this ties in ducts very well with uh the uh you know our license uh the our ability to be able to issue","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=742s"},{"start_seconds":752,"text":"structured products and furthermore u to also bolster our own uh capability as a as a as a caner network um ecosystem","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=752s"},{"start_seconds":760,"text":"partner uh to be able to put that on demand. So why are we putting this on the caner network? So I my own","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=760s"},{"start_seconds":768,"text":"background is in derivative structuring and while this token might not become","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=768s"},{"start_seconds":775,"text":"eligible collateral right uh in the future however the components of such a product uh can","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=775s"},{"start_seconds":784,"text":"become so if we were to wrap Ethereum for example on the canton network that will become eligible um spot collateral","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=784s"},{"start_seconds":793,"text":"health under this product and so you get more and more of these wrapped assets uh on the network that will also benefit uh from","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=793s"},{"start_seconds":802,"text":"the you know the privacy and the and the permission uh features of the Caner network. Uh and it is our hope that more","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=802s"},{"start_seconds":809,"text":"more and more of these assets uh are able to that sorry that we can bring more and more of these assets onto the","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=809s"},{"start_seconds":817,"text":"can. Yeah and you touched on the privacy features there. I think this is you know critical and something we're really seeing from a collateral perspective at the moment. you know, people, you know,","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=817s"},{"start_seconds":825,"text":"may be very used to using uh Bitcoin, ETH, stables for margin, um for, you know, initial margin, variation margin","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=825s"},{"start_seconds":833,"text":"through the day, um in in crypto markets, but now really looking, you know, as there's looking for greater confidence, looking to scale up, looking","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=833s"},{"start_seconds":840,"text":"to do, you know, uh more interesting uh things with other assets, looking for that privacy capability around some of those um collateral postings so that you","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=840s"},{"start_seconds":849,"text":"really, you know, can start to um protect what you're doing from the from the the eyes of onlookers. So, is that something you're seeing demand for as","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=849s"},{"start_seconds":857,"text":"well in region? I there are, you know, market makers in the region that are on Canton today. Um, you know, people you're talking to as well. Is that a real driver, would you say, for for some","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=857s"},{"start_seconds":866,"text":"of the services you're offering to? It is. I I think one of the big draw and use cases of the Caner network is collateral mobility. And I think having","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=866s"},{"start_seconds":875,"text":"been from a trading background that you know with all the benefits of blockchain being fast transparent uh that","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=875s"},{"start_seconds":882,"text":"transparency comes comes at a cost because it reveals my position. So if for example if the the BTC um price has","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=882s"},{"start_seconds":890,"text":"a huge fall um you know the the counterparties they are moving collateral into an exchange value uh","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=890s"},{"start_seconds":898,"text":"will be identified at the one as the ones who are on the wrong side of the trade and that becomes very very dangerous when you're talking about","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=898s"},{"start_seconds":905,"text":"financial markets at an institutional or at a global level. So I think that's very very clear to whether it be the OTC","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=905s"},{"start_seconds":914,"text":"partners that we speak to or the institutional global partners that we speak to. This privacy","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=914s"},{"start_seconds":921,"text":"uh uh feature is absolutely very very important. However, I think we must be very clear to differentiate the privacy","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=921s"},{"start_seconds":930,"text":"on Canon network versus you know obscuring um ownership right. I think Canon level does this um very elegantly.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=930s"},{"start_seconds":940,"text":"uh that we will be able to fulfill all our regulatory requirements in terms of","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=940s"},{"start_seconds":945,"text":"KYC AML while retaining uh privacy uh you know to the public. So Sigma Valley","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=945s"},{"start_seconds":954,"text":"token is is now live and uh you're you're credentiing customers and on boarding customers to use that already.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=954s"},{"start_seconds":959,"text":"How does that work with the utilities um from digital asset you know to help you to on board customers? cuz you mentioned KYC and stuff earlier and how does that","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=959s"},{"start_seconds":966,"text":"then play into the dashboard we saw earlier as well? Sure. So um two parts.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=966s"},{"start_seconds":972,"text":"So one is onboarding. So um some of the investors that we have for Sigma value token uh have already been onboarded.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=972s"},{"start_seconds":979,"text":"they are our customers but what we really wanted to do is to create a credential for each of them uh on the network so that onchain uh they do have","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=979s"},{"start_seconds":988,"text":"an identity and then we are able to transfer a signal value token to their credentials um so I think the utility","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=988s"},{"start_seconds":996,"text":"has been um extremely helpful for us to send it out very very quickly um from issuance of the underlying structure","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=996s"},{"start_seconds":1003,"text":"note to tokenizing it we took uh no more than a few days uh to get everything set up In terms of custody, um each of our","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1003s"},{"start_seconds":1012,"text":"investors will also view not just their canton coin on the platform uh in the portal but also their holdings uh Sigma","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1012s"},{"start_seconds":1022,"text":"value token. And we hope to be able in the next month or two uh add even more asset classes or structured notes or","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1022s"},{"start_seconds":1030,"text":"products that our investors will be able to invest and hopefully we will see the portfolio screen uh growing longer.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1030s"},{"start_seconds":1037,"text":"That'll be great to see. I mean you're really building a full suite of capabilities around the network and using a lot of the latest tooling and and showing really the way um that","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1037s"},{"start_seconds":1045,"text":"people can access um the underlying value of the network. So it's really really great. Now what is the sweet spot for this convergence of um the privacy","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1045s"},{"start_seconds":1053,"text":"properties of Canton and then the composability of the assets and and applications you're seeing a potential for across the network. You know what what do you think customers can expect","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1053s"},{"start_seconds":1062,"text":"next? What should people be talking to you about as a as a regulated custodian as a prime broker? you know, there's other collateral settlement assets","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1062s"},{"start_seconds":1070,"text":"you've referenced before, repo, other things like that. How should people be thinking about how to engage with you guys next to to get some of the value","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1070s"},{"start_seconds":1078,"text":"out of this technology? So I think the the best way to start is if you're watching this and you are looking to tokenize an asset uh we would love to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1078s"},{"start_seconds":1087,"text":"talk to you because if that asset can become eligible collateral right or it can be used in a repo transaction to","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1087s"},{"start_seconds":1095,"text":"unlock liquidity I think that's something that is the next step for us to deepen this relationship with caner network. I think for um example I think","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1095s"},{"start_seconds":1105,"text":"in the region we have been working together um to try and help um institutions tokenize the borrowers","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1105s"},{"start_seconds":1114,"text":"and I think you know well recognized issuer names investment grade credit","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1114s"},{"start_seconds":1122,"text":"will be great examples of tokenized assets that can become eligible collateral on the network. I think that","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1122s"},{"start_seconds":1130,"text":"opens up a huge variety of use cases and ecosystems part ecosystem partners that we can","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1130s"},{"start_seconds":1138,"text":"bring on. Uh and I think that would really you know be a huge step towards us also achieving what we set out to do.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1138s"},{"start_seconds":1147,"text":"Really important question is how should people get in touch with you Mark because we want people to find you really easily and start having the conversations. What's the best way to get in touch? Yeah the best way to get in touch um you can find us on LinkedIn.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1147s"},{"start_seconds":1158,"text":"you will be able to access our website through LinkedIn as well and there will be a contact form uh that you can fill in your details and you reach one of us","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1158s"},{"start_seconds":1166,"text":"and we will you know respond to you very quickly and happy to jump on a call uh to go in deeper to what we can help you with. Fantastic. Thanks so much for taking some time uh with us Mark today.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1166s"},{"start_seconds":1175,"text":"I think really just the green shoots of some really exciting work going on on Canson and you're really leading the way and showing people how to to take","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1175s"},{"start_seconds":1183,"text":"advantage of all the tooling and and some of the the new onramps into the network. So congratulations. Looking forward to seeing what's coming next and","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1183s"},{"start_seconds":1190,"text":"uh we'll we'll talk to you again. No doubt. Thank you, Ben. Uh this has been a pleasure. Thank you.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1190s"},{"start_seconds":1197,"text":"That's a wrap for this episode of the Canton Build Coast. Want to dive deeper? Check out the links below to learn more.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1197s"},{"start_seconds":1202,"text":"Connect to apt or bring your assets and use cases to Canton. And don't forget to hit subscribe to stay on top of the latest apps and opportunities shaping","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1202s"},{"start_seconds":1209,"text":"institutional grade onchain finance. Bye for now.","url":"https://www.youtube.com/watch?v=wYlGgltDOwM&t=1209s"}],"youtube_url":"https://youtube.com/watch?v=wYlGgltDOwM","url":"https://ccpedia.xyz/videos/wYlGgltDOwM"}