Rebank: Fintech Analysis

Yoni Assia is the Co-Founder and CEO of eToro, which he started in 2007 with his older brother with the goal of opening global markets to everyone. Nearly twenty years on, eToro is the largest social investment network in the world, with 40 million registered users, 4 million funded brokerage accounts and around $20 billion in customer assets spanning equities from 25 markets, derivatives and more than 200 crypto assets.

Yoni has been early to nearly every shift in the space: eToro began trading Bitcoin at $5 in 2011, and in 2012 he wrote one of the first papers on tokenized assets, going on to fund the Colored Coins protocol alongside a young Vitalik Buterin. With the acquisition of non-custodial wallet Zengo and the launch of agent portfolios on the eToro platform, he is now building directly at the intersection of tokenized equities, DeFi markets and autonomous AI trading.

Tokenized equities trade 24/7 by default and move between venues in a way ordinary shares can't. Perps and prediction markets, born in DeFi, are pulling capital markets toward crypto market structure rather than the other way around.

AI agents, Yoni argues, gravitate to digital rather than traditional assets because of the open, programmatic nature of smart contracts and DeFi, effectively open APIs for finance. Crypto rails are the default for agentic finance, which is already here.

Prabhakar Reddy is the Founder and CEO of OpenFX, which he started in 2024 to rebuild the foreign exchange layer of cross-border payments. The company runs its own FX market-making desk underneath a single API for collecting, banking, converting and paying out money, and moves roughly $50 billion a year with about 100 people.

OpenFX is Prabhakar's fifth company in twenty years as a founder. Before OpenFX, he co-founded FalconX and spent a period investing at Accel.

Despite enthusiasm about stablecoin payments, the part of the stack that bypasses Swift, Prabhakar believes the costs actually sit one layer down. The FX market is opaque by design, with even the best fintech services built as wrappers around institutions whose revenue comes from holding deposits rather than moving them.

Please enjoy the following insights from Prabhakar Reddy of OpenFX.

Mike Belshe is the Co-Founder and CEO of BitGo, a digital asset infrastructure company serving institutions across custody, trading, staking, and stablecoin services. A veteran technologist whose early career included engineering roles at Netscape and Google, Mike has spent the last decade building the foundational infrastructure for crypto's institutional adoption. Founded in 2013, BitGo began as a secure wallet provider and has since evolved into a federally chartered digital asset trust company with global regulatory reach. Today, the firm operates across multiple jurisdictions, offering a full-stack platform that combines self-custody technology, regulated custody, and crypto-as-a-service infrastructure for banks, fintechs, and asset managers. As tokenization reshapes financial markets and stablecoins challenge traditional banking models, Mike is focused on advancing a more transparent, resilient, and globally accessible market structure: one that blends blockchain innovation with regulated financial services.

Mike Cagney is the Co-Founder of Figure and a long-time fintech entrepreneur focused on rebuilding financial infrastructure on blockchain rails. Under his leadership, Figure has evolved from a blockchain-native lending platform into a public company advancing tokenized credit, stablecoins, and now on-chain equities.

Founded in 2018, Figure was built on the conviction that blockchain could meaningfully reduce costs, improve liquidity, and unlock new forms of financing in traditional financial markets. The company has since brought billions of dollars of credit on-chain and is now pushing into tokenized public equities — including issuing a distinct blockchain-native version of its own stock designed to integrate directly with DeFi protocols.

Through Figure's alternative trading system and decentralized finance initiatives, Mike is advancing a vision in which equities, credit, and stablecoins converge into a more efficient, self-custodied, and globally accessible financial system.

Nathan McCauley is the Co-Founder and CEO of Anchorage Digital, a federally chartered digital asset bank and infrastructure platform serving institutions across custody, trading, staking and stablecoin issuance. Anchorage operates at the core of the institutional digital asset stack, combining crypto-native technology with federal regulatory oversight.

Nathan founded Anchorage in 2017 with the conviction that digital assets would ultimately be adopted by traditional financial institutions — but only if the underlying infrastructure met the highest standards for security, compliance, and usability. Under his leadership, Anchorage became the first federally chartered digital asset bank in the U.S., regulated by the Office of the Comptroller of the Currency (OCC).

In February 2026, Anchorage announced a $100 million strategic investment from Tether, a key partner and the sponsor of USAT, a regulated U.S. stablecoin, underscoring the firm's role as a foundational infrastructure partner in the evolving stablecoin ecosystem. This partnership strengthens Anchorage's position at the intersection of global distribution and institutional adoption.

Today, Anchorage supports a broad range of institutional clients, including banks, asset managers, fintechs, public companies, and stablecoin issuers. The platform enables institutions to interact with digital assets while meeting regulatory requirements and plays a central role in the growing adoption of stablecoins, tokenized assets, and on-chain financial infrastructure.

Please enjoy the following insights from Nathan McCauley of Anchorage Digital.

Adrian Cachinero Vasiljevic and Sébastien Derivaux are the co-founders of Steakhouse Financial, an internet-native asset manager focused on building non-custodial, on-chain investment products for stablecoins. Emerging from a deep DeFi-native background, Steakhouse operates at the intersection of decentralized finance, institutional asset management, and next-generation financial infrastructure.

Prior to starting Steakhouse, Adrian spent time at Goldman Sachs and Bain & Company, and Sébastien created the first decentralized Core Unit at MakerDAO, focused on Real-World Asset and financial reporting. Their combined experience has helped shape some of DeFi's most influential projects, with a focus on transparency, risk management, and cryptographically enforced guarantees.

At Steakhouse, they focus on vault curation as a new primitive for asset management, designing products that offer institutional-grade risk management, liquidity, and non-custodial protections. Their work currently centers on asset management products and services for the stablecoin economy and showcases how vaults can scale as a credible alternative — and complement — to traditional investment structures like ETFs.

Please enjoy the following insights from Adrian Cachinero Vasiljevic and Sébastien Derivaux of Steakhouse Financial.

Andy Kangpan is a Partner at Metalayer, a crypto-native investment firm focused on backing companies building institutional-grade financial infrastructure on blockchain rails. Founded by former Two Sigma investors and operators, Metalayer plays at the intersection of venture capital, on-chain markets, and next-generation asset management.

Andy brings over a decade of experience in venture capital, with a background spanning early-stage technology investing and seven years at Two Sigma, where he led the firm's crypto venture efforts. During his tenure, he worked across private investments and liquid strategies, developing a deep understanding of how blockchain technology can be applied to reinvent core financial plumbing.

At Metalayer, Andy focuses on seed and early-stage investments in companies building for the institutional phase of crypto — particularly where on-chain infrastructure intersects with regulated financial services. His work emphasizes disciplined portfolio construction, long-term value creation, and expanding the venture playbook to include new, on-chain-native investment strategies.

Please enjoy the following insights from Andy Kangpan of Metalayer.

Steven Venino is a Partner at Strobe, an early-stage, crypto-native venture firm focused on backing founders building long-term, sustainable businesses on blockchain rails. Formerly BlockTower Venture Capital, Strobe was spun out by Steven and his partners in 2024, bringing with it the same fund, portfolio, and investor base — and a renewed focus on disciplined venture investing in digital assets.

Steven began his career in traditional finance, with experience across hedge funds and public markets, before moving into crypto during its early institutionalization. At BlockTower, he helped build and deploy a multi-year venture strategy spanning DeFi, real-world assets, consumer crypto, and on-chain financial infrastructure, with an emphasis on ownership, thoughtful token design, and long-term value creation.

At Strobe, Steven focuses on leading and co-leading seed investments in companies that often look more like Web2 startups on the surface, but use blockchain infrastructure to unlock new capabilities under the hood. His work centers on applying proven venture frameworks — from portfolio construction to founder support — to a market that has historically been driven by short time horizons and speculative incentives.

Operating at the intersection of traditional venture discipline and crypto-native innovation, Steven brings a pragmatic, long-term perspective on token design, capital formation, and what it will take for crypto businesses to mature beyond hype into enduring companies.

Please enjoy the following insights from Steven Venino of Strobe.

Nick Cherney is Head of Innovation at Janus Henderson Investors, a global asset manager overseeing more than $400 billion in assets. With over two decades of experience in ETFs and investment product development, Nick has been deeply involved in some of the most important structural shifts in modern asset management.

Nick began his career in the early days of ETFs at iShares, where he helped build the category inside what would later become BlackRock. He later founded VelocityShares in 2010, developing specialized exchange-traded products for institutional traders and hedge funds across volatility, commodities, and structured strategies.

Today at Janus Henderson, Nick focuses on how blockchain and tokenization intersect with traditional asset management. His work centers on practical adoption — identifying where on-chain infrastructure can deliver real, incremental value, both through tokenized funds serving DeFi-native demand and blockchain-based efficiencies embedded within traditional investment products.

Operating at the intersection of ETFs, institutional finance, and on-chain markets, Nick brings a pragmatic perspective on how tokenization can scale — and what it will take for on-chain finance to move beyond experimentation into meaningful adoption.

Please enjoy the following insights from Nick Cherney of Janus Henderson.

Niklas Kunkel is the Founder and CEO of Chronicle Labs, a leading oracle infrastructure provider securing both decentralized finance and the rapidly growing market for tokenized real-world assets. Formerly a core contributor at MakerDAO, Niklas helped architect the original DAI stablecoin system — designing the first generation of Ethereum oracles and building foundational infrastructure long before DeFi existed as an industry.

Today at Chronicle, Niklas focuses on the critical problem of connecting off-chain financial data to on-chain markets with the reliability, security, and transparency required by institutions. His team provides oracle infrastructure for tokenized money market funds, private credit, stablecoins, and next-generation financial products issued by firms like BlackRock, Apollo, Janus Henderson, and Superstate.

Operating at the intersection of blockchain, data security, and institutional asset management, Niklas brings a rare perspective across both crypto-native and traditional financial systems. His work is helping define how tokenized assets are priced, monitored, and integrated into automated on-chain markets — and why robust oracle infrastructure is becoming core to the future of tokenized finance.

Please enjoy the following insights from Niklas Kunkel of Chronicle Labs.