What's Next on the Horizon for Centralized Crypto Exchanges?

Transcript

the panel will be moderated by our wonderful Emy luring who is the president of the CVA board and I'll let her introduce the other panelists Emmy the floor is yours so much hi everyone this is the last panel of the event how are you feeling everyone is still having some room for paying attention um yeah okay that's great so then please join us uh dear panelists I think we want to sit as uh the banner so yonas denit swetlana Monte crypto exchanges excellent a lot is happening with exchanges and uh we have

a tradition of always having this panel every year funny enough um two years ago two years ago we had this panel and you were the only one Dana who was here I'm the only one left yeah you were the only one left because there are two exchanges which which are not around anymore so uh well I hope that next year all of you will be here and the year after and going forward so why don't we start with H with a quick introduction um you as a person please yonas and who we are representing here yeah hi my name is yonas I'm from bance as you can see I look after in Europe I I'm part of the

European leadership team I look after the D region and I look at our Fiat business across EU so if you have any trouble getting Fiat money in or out of binance come and talk to me you can't complain to me oh that's great thank you Den yeah I'm um part of the uh business development team at bullish in Europe I cover Continental Europe I have a colleague um also doing that in London so I joined uh nearly three years ago it was a a very different exchange back then we joke with our with my colleague saying that it was like being a real estate agent selling this project that's going to be incredible and it's going to have all these features so it's really cool to see that it finally came to

frion my background is a traditional Finance on the equity side in Asia so crypto versus Chinese and Indian equities is not very different very volatile very crazy so it was a smooth transition let's say super thank you very much swetlana so hi I'm satana sailor and I'm the senior institutional uh relationship solution manager for at Kraken and Kraken is one of the largest most trusted crypto exchanges globally so we are 2 and a half thousand people spread across 60 countries and we were the first who um introduced Fiat rails in British pounds and Euro so my

background is also traditional Finance on institutional uh institutional side I spent over 10 years in large financial institutions across Europe and joined kraken two years ago but my personal crypto Journey started in 2015 so I belong to early adopters of the space um yeah thank you thank you I always wanted to ask you you you have any um relation to Michael sailor I think you same last name well not uh really just apart from the name okay super yeah I thought I thought that's the answer I thought it's

a good chance to ask Monty last but not least lcx yes so my name is Monty Meer I'm founder and CEO at lcx lcx stands for the lonstein crypto assets exchange I would say in this panel we are the hidden Champion we're the new uh leader in Europe and we are ready for what comes for the next couple of years um LTX has crypto Integrity built inside we regulate it now since January 2020 holding eight tvtg blockchain law uh licenses or registrations as they call it in lonstein and we are now decided to double down in Europe um instead of GL going into Asian markets or us really

doubl down on the regulatory environment uh for our users this means means that the funds are fully segregated we have uh regular audits by Grand thoron uh and uh yeah provide a secure and trusted environment for trading we hope to grow and um list a lot of exciting new assets super thanks so much let's talk about the current market a bit uh the first uh two quarters of the year have been really exciting when it comes to volumes and um also sentiment of the market just really curious how you see Denon if you want to chime in or add to this yeah I feel like I forgot to introduce the exchange sorry about that

so um maybe that's a a good time to do it so bullish is an in a regulated institutional crypto exchange um we're an interesting one because we are hybrid between a centralized and a decentralized exchange I mean everything happens off chain but on top of a centralized order book we have automated market makers so I think we're one of a kind in the space um um we like to think of ourselves as the adult in the room among the you know crypto crypto players um regulation was a starting point for us we've always seen it as as a requirement not a feature so for us the this year has been really incredible because um our strength I would say is about Bitcoin and eth we're rank

consistently top three to five globally for for Bitcoin and E spot so the approval of these ETFs has been inas incredible I'd say that was probably the theme for us this year um we had a$7 billion advv day our ADV is now consistently two billion um we uh surpassed 500 billion since launch on track to surpass a trillion by November so this whole ETF situation has been incredible for us um and on top of that um in I believe it was in February we listed the coin Des 20 perpetuals offering index offering um and that was extremely well received as well we um we believe that as someone mentioned earlier on another panel indexes just

provide this standardization that crypto really needs um so you can think of it as the Dow Jones of crypto essentially it's like the top 20 most liquid and bigger biggest market cap answer um assets packed in an index so that took off tremendously so I think he traded five billion since so for us I'd say the theme has been Bitcoin spot and E spot and the coin Des 20 which was very well received by this product is available where so for for users yeah it's listed the perpetuals is listed on on our exchange so you can you can buy there's uh and then there's been various funds created on the back of it 3 IQ announced something there was a Hong Kong fund that announced something so that's been I mean that's also I think an example of

how we can continue to innovating space and just continue to tap into new markets super thank you very much you ask how you see the first uh two quarters yeah for for us in binance the first two quarters of this year were the the first quarters after the US agreements uh we made the US agreements November last year uh enabled us to turn the page make a new chapter make a new story into binance um and look you know it's the first two quarters of our new CEO Richard um he's he's making a tremendous impact across the whole organization he he joined binance before but he's now the CEO since since November um and and product wise we've

launched all a lot of new products um in the web 3 space for example the web 3 wallet where users like can self- custody their own funds as part of the as part of the binance app but it's your web 3 wallet and then something that we're very proud of very recently um a payment Channel came back so you all um expect to be able to buy crypto with your master card but since November last year you weren't able to do that on binance um and this year uh this week actually we just uh we just announced it uh and we just put it live again so MasterCard has enabled us again which is a great great show of

um a change of of of wind and a change of Direction um if somebody like MasterCards enable you you you have to you can imagine that there's quite a lot of checks behind that quite a lot of due diligence that's right but then also they have quite some gains like the Hefty fees when you buy crypto with with a card it's uh so there is a lot of incentive for them for or in working with someone like binance who has still a lot of users yeah of course of course of course and and look you know at the end of the day we want to enable our community to access crypto as easy as Sumer possible that could be with your Visa card it could be with your master card now again yay and uh also of course VI a bank transfer or P2P if if if you

prefer that so for us it's about offering the choice and we're very happy that we are allowed to offer the choice again yeah thank you very much swetlana um my next question goes to you so Kraken is the oldest exchange here on the panel and I'm curious to learn that uh that what what trends have you been seeing as well as um what sets you apart yeah what is basically the value proposition of Kraken what sets you apart from the others yeah good question um well indeed Kraken has been around for 12 years not just uh maybe here the oldest exchange crypto exchange but uh in the world and uh the backbone or the fundament behind um kraken's idea is to

be the entry point for crypto for all kind of clients all over the world and with this Kraken launched its uh Euro rail Fiat rail in 2014 and that is the year where Bitcoin closed the year at $320 us so um quite while ago it followed by Swiss frank in 2019 and Now kraken is the market leader in Europe in terms of um Fiat uh Swiss frank and Euro on rump so it's the primary venue for these

cry for these Fiat currencies um well this refers to liquidity and volume both and just to give you an example the market share of Kraken in euro is 40% uh euron nominated uh pairs 40% um coinbase had has uh 10% oh W and that is that has been maintained since beginning of 2023 beginning of last year and um for the same period the comparison with coin Bas um with um in terms of Swiss frank uh we are one of the few exchanges

offering this Fiat rail in general so um yeah that is probably one of our main propositions what we offer to our European clients super thanks so much one the only lonstein based exchange here in the panel tell us about The Sweet Spot off of uh lcx and uh I remember you mentioned when we spoke that you work very um in a in a unique way with your Traders if you would like to allude to that as well yeah absolutely I mean for us the year started with a big inflow of new of a new larger Community people are seeking a trusted trading when you I think um there there some other players in the on

our panel also who are like going in a similar Direction like us um and some others struggle yeah so there had been a lot of crypto Crackdown happening which thrived a lot of inflow on our platform including bitrex closure in lonstein bitrex global uh where we increased also our market share and now we are the leader in lonstein with these eight registrations um while like Lenin is a very small market right 388,000 population um but it's a perfect Hub it's a financial Hub in Europe with a highly credible regulatory framework um also very open for conversations so we

basically have like a close relationship through the to the regulator um they give us guidance and we improve on a day-to-day basis uh and get ready for what's coming uh next couple of years uh here in Europe and then of course besides this inflow we also prepared for the next level of lcx exchange so which which means a lot of the market makers we had on this panel before had been now onboarded um we've seen a lot of new uh listings coming up and new projects attracting us or uh approaching us but we have to be very selective and kind of cherry-pick the best projects to present to our platform um and yeah trying to become a Force here in

Europe yeah I mean you're the only one here on the panel who is um headquartered in Europe um I'm curious if there is a question from the audience is there someone who yeah you have binance crack and bullish scx come on guys last last panel please take it away question goes to everyone of of you how much does give you or how many questions does answer and how many new questions does it open up yeah that is such a tricky question because I think I don't think that as an industry you have an answer right it

provides a clear regulatory fra framework but let's see what happens at the end of the year when it actually comes into Force I think it does clarify one thing though is that regulation is fundamental so it's no longer just an option and a nice to have it's a must have um then where everyone decides to get regulated depends on their business strategy we for example chose to apply for a license in Germany um someone mentioned on a previous standard on a previous panel that is the gold standard we're like okay if we get it at with the toughest regulator that means that probably when um it needs to be translated into National Law there will be less friction that was one of our considerations it's it's it's the I think they have the shortest translation

period of everyone else I think it's them in Finland if I'm not mistaken so you know all you can do is just try to reduce your risks but the risk is still there so what what does Mika ultimately provide you know as an as an entrepreneur and what we've seen here over crypto valy conference it's a balance between Innovation and Regulation and in a lot of cases when we talk about Defi and protocol level we want less regulation actually but what maika provides is this bridge to bring the crypto Market is as it is from a niche to a mass Market with access to full banking probably transferring the monetary system as we know it with Central Bank digital currencies or kind of regulated stable coins as it is with

MAA with the e-money framework and it provides Clarity and but that Clarity in terms of rules it comes also a lot of questions and uncertainty for all the players what will happen we now read um usdt tether might not be regulated will be delisted at at your place right um and then there are other players coming in with new stable coins exchanges might need to block all European countries 30 countries 450 million users are here and that's where we position ourselves to be ma ready and to conquer conquer this Market but it will be a total shakeup of the industry which is um like more loc

turning the the industry into more localized markets and what's nice to see with MAA with the markets and crypto assets regulation is really that we get a unified European market a single Market which I think Europe always dreamed of and never had and now we could turn crypto Valley into a whole crypto Europe U platform and then comparing these like different strong markets us Asia and then really turning Europe in a good spot which means for all the crypto projects out there there are players where you can like attract the community in the African or South American American markets as well as

Asian markets and there will be new players emerging here in Europe thank you I think you summarized it really well um y I see you want to add yeah I think from from my perspective from what I see also within binance I don't see everything but from what I see is Mika is is a great new picture end goal like when it will be there everything will be beautiful but it's kind of a pain to get there because I mean Monty you've said it quite well you know it's going to be unified framework work it's going to be across the whole of you fantastic but the next two years are going to be a painful journey of different patchworks of transition

periods and different jurisdictions applying different rules at different times and for us that's really really tough I mean we we run an exchange with 200 million users 247 365 days a week and and we got to continue running this for our users right that's what they expect they want to be able to trade on the 1 of January next year when mka comes in and we we sort of have to navigate the waters and and be quite agile because we you you mentioned the stable coins we don't quite know yet how it's going to happen on the 1 of July so we got to prepare for all eventualities I think I think what's really cool about this whole stable coin story and by the way it's really surprising how relaxed

everyone's about it because it's in the deadline hits in 20 days you talk Circle you talk to circle like oh we're going to get it it's in 20 days okay I hope they do but what I think is really cool about this whole stable coin story is that all of a sudden we have a use case for the Euro because what are a lot of these exchanges going to do since I don't know who the winners are because you know you have so genen that is regulated and has um so genen behind as a bank but all of a sudden bit stamp where the stable coin is listed got acquired by Robin Hood so they don't have an exchange right so people are just going to take the view that they need to list their assets against the Euro which I think is what kraken's been

leading the pack on and the ECB is going to be very happy because finally this project and this experiment um and its currency is going to find its use case and I and I think the other really cool thing about MAA is that it all of a sudden gives you Europe a head start towards the US like they are still trying to figure out who's going to regulate their crypto industry whereas here we have a framework yes he might take two years and being at Europe it's probably going to be even longer but at least we kicked off the process and they're feeling the heat from from us which is quite a rare thing yeah it definitely puts a hassy pressure on not only the us but primarily the US I agree um yeah any

other question uh hi Chris please cryp reverse I think it has to change I think it's about like building markets right and what's the like Beauty about um The Exchange Market and that's why we all in the business it's a highly profitable business model um the fees are pretty high at the moment this might change as the market matures of course more competition than we might fight against

uh the users with like different different things we sometimes offer zero trading for a couple of days or campaigns like that and then obviously how you integrate bigger Partners they certain fee levels um I've currently not seen that it's changing this this model it's kind of a I think most of the exchanges have like a similar model the more volumes you have the lower the fees get and then there are like special um rules or something implemented but overall it's it's a highly profitable um industry and still like fees compared to the the normal banking Financial Services is quite high and that's why it's so attractive um nevertheless I I do feel

that uh with the consolidation which is happening now uh there will be like new new players emerging and uh obviously then if a monopoly is there let's see what happens again with the with the fees right I think this fee situation is also very interesting because I think you guys are changing your fee structure in July with Prim Brokers and the tiers right so that's going to be normalizing the the market a little bit I think you're seeing less exchanges coming out with crazy rebates as well I think this whole concept after FTX that free money doesn't exist and that there needs to be a dollar for dollar is finally sinking in to our industry as well um it's impressive how you have exchanges for

example like ours where we charge zero maker and only one bip Taker and there's no spreads for either Bitcoin and E and then you speak to some of these retail Brokers that still charge their clients two to 3% and that's completely fine so I think we're just going to see more normalization towards the middle but yeah crypto is an industry like no other so who knows how long it's going to take thank you for the question Chris so um it was recently in the news s Lana that uh you're working closer together with DLT uh Finance in Germany is there something that you can add to this or um well um yeah Kraken expands uh in terms of Regulation and um we were uh regulated

recently uh in irand in Netherlands and DT is the latest development so um closing the markets coming closer to European clients to maintain our number one position I think it's a huge step it's a great step towards another regulation in Europe uh till MAA is still ongoing so we attempt to be as much regulated as possible that's the um idea behind yeah I I I'm really impressed by this 40% um Dao what you shared earlier um that's really cool so I think Monty um you um have a really

unique position here because lonstein based exchange there are some um challenges but also positives being regulated in lonstein do you want to talk about both the challenges as well as uh so so you know we at the crypto Valley Conference and it's not crypto City but crypto Valley which means that it goes along and we feel to be part of the crypto Valley while being a separate country over there and I can invite everybody to explore the regulatory framework over there it's great for token issuance for example um but also for tokenization and I can tell you why so first um token issuance if you are looking to raise funds and issue a token there's a role called a token issuer uh

you can either apply yourself uh to do that and then register your your token sale at the regulator to have like a register token offering or you can come to us and we place it for you so we become kind of a placement agent and issue the token under the lonstein legal framework this has two benefits first of all you get a registration can always say like we registered the token sale second is you get a classification of the token meaning is it really a utility token you can even get like a ruling on it like a no action letter kind of uh structure from the regulator saying this is really we be we think uh the same it's a utility token so this very unique and then the second thing is about

tokenization kind of a a future opportunity out there where we could tokenize financial instruments but also like real world assets physical assets you can you can touch um and I think in the industry or news sometimes real world assets mixed up with financial Industries uh Financial uh instruments we separate that clearly uh but it's both tokenization of um uh yeah of a vehicle so we've done four tokenized bonds for example where we um give 7% interest rate fixed for Euro ethereum Bitcoin and lcx token and that's done with a tokenized bond so we filed for perspectus uh got that approved uh

endorsed by the uh Financial Market Authority in Lenin and passported across 30 countries in Europe this way we can um Market it across um like European Union as well as selling this as a security token on our platform uh the second project we've done is tokenization of a real thing and we thought what would be easy valuable to store as a interesting um market and that's diamonds so we started with the tokenization of diamonds of on a separate platform called tims.com where we take a a single Diamond uh with the G numers and we put that into a token and what's unique about lonstein again is

this physical validator role it's a part of the blockchain law and the physical validator acts like a notary liable um and in this case it's LTX um we got this role and we have to be making sure that the diamond is real that it's exactly that with the G number that the um bridge between physical and digital is um embedded and guaranteed so that the token really helps the ownership rights if you trade it and uh last but not least like we have to do due diligence stuff so making sure that it's not stolen that it's not uh just rented or borrowed for somebody uh and that it's insured and uh really kept in

a good world and so uh these are kind of our tokenization projects and token sale initiatives super thanks so much um here on the on the panel Kraken for instance was never hagged uh binance uh like bullish was never hagged right yeah IX I'm not aware either and uh I really thought when when a few years ago you had an incident it was a very nice uh how you guys resolved that how how is binance making sure that it's safe and secure um the yeah I I think the incident was actually it was it was quite cool to see be I wasn't at binance at the time so I only saw it external

but um I you saw that binance was quite transparent and open to users they uh reported it very very quickly shared it openly and we do that still today so um if there are any issues we we communicate them openly thankfully it doesn't happen too often but of course sometimes it does happen when you run such a large Marketplace 247 um we've established a safu fund afterwards the insurance uh the insurance policy and um that that adds a lot of safety because it um transparently shows how much insurance money there is it's over a billion now so um quite quite a bit of quite a bit

of money um and having that transparent and open is uh very beneficial for our users and then we think um it's it's a good way to show the transparency of the blockchain super I want to ask all of you is there some question what you want to ask the fellow panelist just like an ad hoc idea yeah I was um I thought this thing you guys doing with signam and uh flow bank for the tri priy custody is a really cool initiative how is that going is that there like a large take up for clients for tri party custody yeah so as a bit of context it's um it's a institutional uh solution that we have with a bank

like Signum um us as exchange and then uh the customer and basically the the customer the client can deposit the Fiat money at that bank and still use that money to trade on our exchange the the the operationalization is not so easy so it's uh you know to do the onboarding and it's it's uh quite a process it's quite work intense but yeah we see we see a lot of interest on the institutional side of course the the additional protection or the the additional setup that you have comes at a cost so it does cost something um some people don't want to spend that money some people think it's it's okay so um

depends on the cost Consciousness but overall very very interesting product and just gives um new players who are who who want their funds in a separated storage um an option to use us or to use the liquidity on on the exchange super we um talked a bit about Defi and I'm curious like Kraken how is enabling uh its users to to to um take part in Defi and and what is there some Innovation there what you guys are working on would be super interesting to to learn just out of curiosity who here in the audience is is an active defi user oh yeah wow quite a bit more than

half of the people put their hands up swl yeah good question um well one might think that centralized exchanges compete with defi but we we see it differently um I think Kraken uh complement uh quite a lot and support the development of defi ecosystem first it's a venue which uh provide for Fiat on ramps that is essential also for defi ecosystem and um just to give you an example um early this year Kraken launched its uh wallet own wallet self custodian which provides for um

multi-chain uh interface and gives access to users not just Kraken users but everyone using this wallet to defa ecosystem and allow us to explore this field so in to sum up um we complement and accelerate the adoption of uh defi um and these are two fields which interact with with each other and we see just the potential in that super you you launched a self custodial wallet and you guys as well the web three so yeah but I wanted to ask actually bullish I'm not what do you guys do on the def5 space yes so we um have so we're combining a

central limit order book with automated market makers if you were on the market maker panel um before you you probably heard that the that a lot of debate is around providing liquidity and how do we provide that constant liquidity well the automated market makers solve for that um because the they provide constant pricing the liquidity is very deterministic and I feel like it's a good um example of how CI and defi can complement each other to deliver a better a better product to the to the customer the result is that you have that when things get really volatile and pricing and you know everyone crowds around the same price range on the same exchange these automated market makers remain very stable and they keep on

posting bids and offers and that's something that's been very well received by by our clients because I mean a lot of them can't on board on defi exchanges because you know the lack of kyc there's a lot of Acts whereas with us they go it's like a these like permissioned pools that still give you access to the incredible technology that comes out of space and I think we're going to see more and more of these um I think in the last two years everyone was just very focused on Surviving to be honest after FDX so I think now that we had this nice Bull Run and everyone took a breathing I think we're going to start to see more of that coming up yeah I wanted to say say that they are staying away from defi because they're lawyers uh said so but um yeah that's right actually with with

defi I had the saying before it's about the balance between Innovation and Regulation and defi is the space where we need actually less regulation but what we noticed is we we did some defi development and we spoke with with Regulators for them it's complex to track it's also not really covered in in MAA and everything so we decided to uh double down on the regulatory side with LTX and take the defi projects apart from it so that's why we have a multi-brand strategy with Tims now being the largest tokenized diamond Marketplace and it's kind of an openc platform completely defi um completely decentralized and then uh on the other hand we created some defi wallets and this we took out and developed now over

two years and we just launched yesterday in a public me masterex doxyz and at masterex is a unique combination of three things basically it's web 3 um taking the whole defi space uh or covering it then AI so we incre included some Discovery mechanisms um kind of a page rank um for web 3 and the third element is the crypto Community where you can um discover and see with smart algorithms what other are trading and with that we now took that apart to uh actually make it more self-efficient in terms of not being

regulated in that space purely protocol uh level and on the other hand having a regulated entity um with LTX okay super I think it's a it's just a a feeling I have that it it makes a lot of sense to um segregate this um so we want to be on time the last question is that what is really next for centralized exchanges we talk about regulation which we know okay that that is of course next but apart from that if if from left to right each of you can say maybe two aspects so basically we have to answer the title of this uh I I wanted to say three things

about the future number one the future is decentralized uh we we really believe it uh there are some aspects of this centralized function which are probably going to remain centralized like Fiat bridge that sort of thing but but apart from that future is decentralized uh number two it's not us who decides it's our community it's the users that decide and our job is to stay agile stay on top um on both fronts both on the centralized and on the decentralized binance smart chain web 3 wallet whatever have you so stay agile and yeah last but not least the community is the one that decides yeah um that's that's going to be that's going to be the deciding factor of what

the future is all of us yeah thank you then it's um so yeah I'm pretty excited about the future I actually think that we're going to see further collaboration between trfy and and crypto I don't think that crypto is going to replace any assets it would just be an additional asset so you're going to see more of these mixed platforms you saw the announcement that bit panda is now going to be banked by Deutsche Bank for their users I think that's massive um there was also uh last week at consensus the New York Stock Exchange announced that they're going to be using the coindesk Bitcoin um pricing index for their cash settled um index options that's massive so I think you know maybe in terms of being enemies we're going to

find better and more ways to work together and that's something that I'm excited about super thank you swana yeah if I would boil down um the future to just a few aspects uh in crypto space I would say first it's um Institute instit once again intialization okay uh more institutional coming into crypto space and um this trend um has been already last year so 39% uh of institutions were involved into crypto space in 2023 and this is going to rise um

actually this has this um Rise Of All Ships effect where um this participation contributes to more stability more volume and liquidity less volatility so actually positive effect and um the second one I would say that more and more activi is going on chain so more decentralization more collaboration and um I see the future is bright in this space yeah oh nice we are all agree I think Monty you will add to this yeah I want to answer directly on the question what's next on the horizon for centralized crypto exchanges and I had been talking about this like shap up of

the industry in Europe coming with the new regulatory setup and it's also about I think two key elements it's about crypto Integrity uh which we think is a lot about the standards we implement the regulatory balance U between Innovation regulation but also um kind of a a wash out of players who should not be in the industry who are fooling um users or who are not playing as a as a normal like uh traditional businessman so we've seen with a lot of the scandals the industry had been shaking up was not mainly because of some technical issues but

rather fraud activity from individ people right and so as the market matures this will be uh washed away and I do look forward to this to this uh new crypto integrity and probably last one story I just wanted um to take away here for or give to the audience is um I'm excited to have this panel here with lcx binance Ken bullish I think it's amazing and I wish to um or like look forward to the next couple of years how it will be evolved evolving um because I in one day had been standing with CZ on the top of a lonstein mountain this was 2018 and we said let's do a Fiat on an OP ramp in

lonstein together fully regulated we can set up all the regulatory basis and we tried and but we miserably we failed with that so we had to go back um start from scratch and start lcx as it is now um but we kind of seeing how complicated it is for players who had a backlog of uh lack of kyc or no kyc at the beginning how to turn that into a regulated company and I think maybe it's impossible or very hard I do see you all trying a very good um way of doing that but it will be interesting to see and from our perspective we did that right from day one now with lcx um very strict

and we lost a lot of market share at the beginning but now we do see it's changing people coming to us and I do see a big grow so that's why I'm super excited for the next panel at the crypto Valley um conference where we see how everybody's evolving and I think everybody is doing their best to tackle that challenges which we are facing ahead super thank you so much for answering all the questions and uh are you ready for the boat party let's go okay super please put your hands together woohoo let's give it up for our panel thank you so much