Transcript
A (0:02)
Bloomberg Audio Studios Podcasts Radio news. Last year, Atlas Virgin Capital sponsored an $888 billion, I should say million dollar merger involving Sonnet Therapeutics to create Hyper Liquid Strategies, a digital asset treasury company centered on the Hype Token. For more on this we're joined by Bob Diamond. Bob is the current CEO of Atlas Merchant Capital. He is the former CEO of Barclays. Bob, thanks so much for coming in on our one hour launch of Bloomberg Crypto. I want to start big P before we get into Hyper Liquid. How would you characterize the current environment for risk given how much sentiment and momentum on crypto has really shifted since last October?
B (0:42)
Well, I think over the last week or two we've, we've certainly seen deleveraging and probably a little bit of a risk off trade. You know, I think it's one of the reasons why we're so excited about Hyper Liquid which I always try and simplify things a little bit. Scarlett. But if you think about bitcoin and the volatility of bitcoin, mm, it's really a store of value and the price is really much more about supply and demand. It can be quite, quite volatile where Hyper Liquid is a layer one blockchain. It's a blockchain that was built for exchanges to be on top of it and execute on top of it. And I think of Hype, the native token as, as more similar to equity in a company. So it's much more valued based on the price earnings based on the volumes as we see hype be traded on on Hyper Liquid. But now Trade XYZ, which is a platform, a part of Unit through HIP3 they're able to go in on Hyper Liquid and build an exchange. And they're trading the nasdaq, they're trading Space X, they're trading Tesla and just recently they've been trading silver and gold metals. So we're seeing for the first time real application, real world assets coming on to an exchange. And I think this is, this is a sea change. But the volatility we've seen in things that are supply and demand driven stores of value is very, very different than Hyper Liquid which is really a business.
C (2:22)
We've, we've heard a lot in recent years about the idea of real world, real world assets being tokenized and trading. But I think there are still a lot of people out there who are unconvinced that this is a problem that, that needs solving.
B (2:33)
Convince them right now what silver is been trading on Hyper Liquid for about two or three weeks. Last Friday was The single largest day for volume of silver trading. I think as far back as you can go in history and trade XYZ on hyper liquid was 2% of the volume. I think if nothing can say we actually have real world assets on this exchange. Hyper liquid is doing it now over the last seven days. Days Bitcoin's down about 12%. Etherium is down about 20% and hype, the native token is up 40%. Think about those numbers. Down 12%. Down 20%, up 40%. It's because the volumes have been growing. Revenue has been growing. Last year revenue is just under $1 billion. There's 11 employees. This is a real business and for the first time we're seeing real world assets come on chain.