Interview with Gillian Lynch, Head of Ireland and Europe at Gemini | European Blockchain Convention

Transcript

Hi everyone. I'm Lanona Stein for CEO at Reblong VR agency. We're here at PBC 10. Meeting here today Jillian Lynch. And me. Uh CEO of the European branch of Gemini. Hi Jillian. How are you? I lovely to meet you. Pleasure to meet you in sunny Barcelona. Sunny Barcelona it's one of my favorite cities. Oh and very busy. Very busy. Did how do you enjoy the event so Brilliant. It's there's a great atmosphere here today actually. Uh a really good mix of companies B2B, B2C.

So yeah, really great really great atmosphere. Great. So let's talk a little bit about regulation what's happening in the sea right now. If we're looking at MiCA if we're looking at other topics we'd like to hear a team on things. So in Gemini from day one the founders Cameron and Tyler Winklevoss were convinced of two things. One that crypto had a part play in the financial ecosystem but equally important is um for it to have its true face it needed to be regulated. So we've been balancing regulation and innovation from day one. It's really in our DNA.

Um since the twins started the company we've always sought permission not forgiveness and worked with regulators um and I think we're really happy that the EU has really stepped up and it's really become a global leader when you look at uh regulation and we have MiCA to keep us busy for the next two years. Um what I think the hope is that other regions will follow suit. I think what we've seen in other regions like the states is that you have regulation by enforcement and someone said to me really recently it's like the analogy you're driving a car down the motorway you don't know the speed is but you're pulled over by the cops. Um but I think really having those guardrails is really important.

Uh, and it's something that we've always wanted for the industry. Um, and it's great to see that happening. And uh, from day one, it's been part of how we do business. So, balancing doing the right thing, investing in compliance, risk, um, operational resilience, all the core pieces of of your business, but then balancing that with the innovation of really smooth, clean customer experiences. So, achieving that balance has been something that the firms have instilled in everybody in the culture of the company for the last decade.

Right. So, putting aside for a second if we're talking about adoption as a whole, how do you compare what's happening in the US, uh, versus Europe? And where do you feel see things going? Interesting. When, uh, Gemini did a state of crypto report most 2 2 and 1/2 years ago. And when we did that, it was very clear that the pace of adoption was much greater in the states. And in Asia, but very much in the states, more so than it was in Europe. But we've just completed another one, and the pace of adoption has absolutely caught up in the EA.

Um, we're seeing we're seeing one in four or one in five people now owning crypto. Uh, and that's in the EU. I think the US has probably slipped a little bit. Uh, and I think that comes down to regulation, actually. Um, when you regulate by enforcement, it's very difficult for companies to offer um, their services and to invest in a country. And I think we've seen the US slip a little bit. And now, interestingly, we see a report that we've done also show that people get out of crypto, they're just holding. But you don't have a lot of new joiners. So, we've seen that happen in Europe, and I think there's some countries in Europe are outstripping. So, if you look at France, for example, one in four are now owning crypto. So, I think what you're

seeing is I think it's global, actually. So, you're looking at one in four, one in five people owning crypto. But, I've no doubt the states will catch up. I think what we're seeing in the states with crypto becoming an election issue, that's monumental. I what laws do the industry want is whoever gets it in or gets elected is pro-crypto. And I think with that in place, I think the states will will really catch up again.

And I think it's just power adoption further. Um so, we're almost a year into the Bitcoin ETF. The first spot we see this green light. Um what's your take on on where things are going? I think it was when we're talking about regulation and the states of the SEC it's been regulation by enforcement. And so, I think it was a huge move that some have the spot BTC ETF approved almost a year ago. And I think you saw the pent-up demand for the product with the huge inflows.

Um and I think like anything that even with traditional equities, you have inflows and outflows. So, we saw a period of outflows. But, I think in the last week you've seen those inflows really come strong again. Um and that's great to see. And even in the last week there's um the option ETF has been approved. So, I think what we're really seeing is that the regulator in the states is finally going, "Okay, there is a demand and we need to try and start meeting that demand." And then interesting, so in Europe we've had ETPs for far longer.

Um and the the take-up has been less than in the in the states. Um but, I think there's greater access to crypto products in Europe and Asia than there would have been in the states. So, I think what you're seeing in the states is an unleashing of a a pent-up demand. And I think what we're seeing in Europe is more the considered, but there's no reason why it wasn't sprung to the volumes that we would see in in the States. But, I think overall for the industry, you're now seeing it totally the pathway of traditional finance, really, and it's just making sure that traditional finance products now have the crypto element to it.

That's been extremely interesting speaking with you today. Thank you so much. Um anything you've seen on the floor here or, you know, walking around that caught your attention? Uh um For me, it's it's immediate when you come in, the vibrancy. Um and I think I was at conferences last year, and we were in the depths of a crypto winter last year, and you could feel it. Like, I'm in I'm in crypto three and a half years, and I could feel it last year, whereas this year, I don't think we're out of the crypto winter yet, and I think we're still in the even just economically globally, we're just in an uncertain time.

But, I feel a vibrancy here today. I know Barcelona brings that with it as well. It's a very vibrant city. But, the people in here, like, I see a passion. Um and like, there's it's and there's a great mix. There's a mix of B2B, B2C, um and I think also with blockchain conferences, there's always it's the little stages, the ones that are bringing you through to kind of new innovation. I think they they're fascinating to sit in. Thank you so much for your time. Thank you for your insight, ladies and gentlemen.