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Insights into the research from a Pracademic that combines practical and academic work In this compelling episode of BFRR – Bitcoin, Fiat & Rock'n'Roll, we explore the evolving intersection of decentralized finance (DeFi), blockchain governance, and traditional financial systems. Our guest is Dan Liebau, founder of Lightbulb Capital and affiliate faculty member at Singapore Management University, who brings a rare combination of academic rigor and hands-on industry insight to the discussion. Dan shares his personal journey from early roles in fintech—before the term even existed—to founding a firm focused on blockchain innovation and becoming a respected voice in digital asset education. He offers a behind-the-scenes look at his transition from the trading floor to academia, and why he believes direct experimentation with new technologies is essential to meaningful research. The conversation covers several key themes: 🔹 Security Tokens vs. Utility Tokens: Dan breaks down one of his most cited papers, which offers a practical and regulatory framework for distinguishing between types of digital assets. We explore the evolution of security token offerings (STOs), their early struggles, and how they may be poised for a resurgence. 🔹 DeFi Literacy and Institutional Relevance: Referencing his 2023 paper on DeFi literacy, Dan outlines why understanding blockchain mechanics is only one part of the equation. Strategic thinking, regulatory insight, cybersecurity awareness, and ethical considerations are just as critical for institutions looking to engage with DeFi in the next decade. 🔹 The Mechanics and Challenges of DAOs: Drawing from his recent book co-authored with Sandeep Oh, Dan dives into the world of Decentralized Autonomous Organizations. We examine their philosophical foundations, real-world complications, and the nuances of DAO governance—including voting dynamics, token delegation, and centralization risks. 🔹 Bridging Traditional Finance and DAOs: Can banks work with DAOs? Can DAOs become clients of financial institutions? Dan offers a grounded perspective on how hybrid models might emerge, how DAO structures could evolve, and what it will take for blockchain-native entities to engage meaningfully with regulators and established players. 🔹 The Human Side of Decentralization: We discuss what motivates people to form or join DAOs, how communities organize and stay engaged, and whether token-driven models of work and collaboration can truly replace or enhance traditional corporate frameworks. With co-hosts Manuel and Stefan steering the conversation, this episode offers a rare blend of thought leadership, research-driven insight, and candid commentary. Whether you're a seasoned finance professional, a crypto enthusiast, or a curious observer of the digital economy, this episode provides both depth and clarity on one of the most dynamic frontiers in finance. 📩 Connect with Dan Liebau via LinkedIn or at danielliebau.org. 📢 If you enjoyed this episode, please subscribe, rate, and share it with colleagues and friends. Your support helps us bring more expert voices to the forefront of financial innovation. Lambert, T., Liebau, D. & Roosenboom, P. Security token offerings. Small Bus Econ 59, 299–325 (2022) [https://doi.org/10.1007/s11187-021-00539-9] Liebau, Daniel and Liebau, Daniel, Decentralized Finance: Impact on Financial Services and required DeFi Literacy in 2034 (October 14, 2024) [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4987462] Decentralized Autonomous Organizations: Daniel Liebau (Singapore Management University, Singapore) and Sandy Oh (Singapore Management University, Singapore) Singapore University of Social Sciences - World Scientific Future Economy Series. January 2025 [https://www.worldscientific.com/worldscibooks/10.1142/13918] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce tSransaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Digital Euro Conference Partnership: BFRR partners with the Digital Euro Conference 2025 taking place on March 27 in Frankfurt. DEC25 brings together leading voices shaping the financial landscape, covering topics around retail and wholesale CBDCs, stablecoins, and tokenized money in general. As an official event partner, BFRR gives away one free ticket for physical participation in Frankfurt. If you are interested, please write us an email to info@bfrr.de [info@bfrr.de] by January 31st. If you are not the “lucky winner”, you get 20% off the ticket prices with the code “BFRR20”. To buy your ticket go to the official website Click here [http://digital-euro-conference.de] and insert the code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

BX Digital receives FINMA license In this episode of the Bitcoin, Fiat, and Rock'n'Roll podcast, host Michael Blaschke speaks with Lidia Kurt, CEO of BX Digital, a groundbreaking company in Switzerland that has recently received FINMA approval for a DLT trading facility. The episode explores BX Digital’s mission to revolutionize the trading and settlement of tokenized securities, utilizing blockchain technology in the regulated Swiss financial market. Lidia shares her background in finance and blockchain, highlighting her journey from consulting in the digital asset space to leading BX Digital’s efforts in blockchain adoption. She explains how Distributed Ledger Technology (DLT) can disrupt financial markets by changing how assets are exchanged, making the entire infrastructure more efficient and cost-effective. BX Digital’s core innovation lies in the settlement process. Lidia emphasizes how the use of blockchain can significantly reduce settlement times and costs. The platform’s hybrid approach allows for digital asset settlements with traditional fiat currencies, ensuring speed and reducing the complexity of cross-border transactions. The company offers tokenized securities such as equities, bonds, and funds, focusing on efficiency and security for banks and financial institutions. In the conversation, they also discuss the regulatory landscape in Switzerland, where BX Digital benefits from a favorable DLT law, positioning it at the forefront of financial market infrastructure innovation. Lydia talks about the company's ambition to lead a shift in financial market systems, offering a blueprint for other markets globally to follow. The episode concludes with Lydia highlighting BX Digital's vision of a future where digital assets become a core part of the financial system, paving the way for faster, cheaper, and more secure transactions. BX Digital press release on the granting of the licence by FINMA [https://bxdigital.ch/en/first-regulated-financial-market-infrastructure-for-trading-and-settlement-of-digital-assets-in-switzerland/] Blockstories-Interview with Lidia Kurt [https://blockstories.beehiiv.com/p/bx-digital-erhaelt-finma-lizenz-interview] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Digital Euro Conference Partnership: BFRR partners with the Digital Euro Conference 2025 taking place on March 27 in Frankfurt. DEC25 brings together leading voices shaping the financial landscape, covering topics around retail and wholesale CBDCs, stablecoins, and tokenized money in general. As an official event partner, BFRR gives away one free ticket for physical participation in Frankfurt. If you are interested, please write us an email to info@bfrr.de [info@bfrr.de] by January 31st. If you are not the “lucky winner”, you get 20% off the ticket prices with the code “BFRR20”. To buy your ticket go to the official website Click here [http://digital-euro-conference.de] and insert the code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Let’s dive into the most important news in March Shownotes In this comprehensive March news episode of Bitcoin, Fiat & Rock’n’Roll, Manuel (dialing in from Singapore) and Alex (reporting from Frankfurt) unpack the month’s most important developments across crypto, DeFi, and traditional finance. The central theme? Infrastructure—and how the lines between legacy finance and blockchain-native innovation are rapidly blurring. The hosts kick off with a macro market update: Bitcoin’s volatile price swings, ETF outflows, and how macroeconomic pressures are keeping crypto prices in check despite strong fundamentals. From there, they explore two converging trends: TradFi institutions cautiously adopting blockchain infrastructure, and crypto-native platforms building permissioned systems to accommodate regulators and institutional investors. Key topics include Coinbase’s new “verified pools,” Kraken’s $1.5B acquisition of NinjaTrader, the closure of Ripple’s long-running SEC case, and the strategic moves by players like Goldman Sachs, Euroclear, and the Canton Network. Also in focus: the surge of stablecoin-related announcements—from Fidelity and OpenAI to Trump’s surprise USD1 token—and the shifting regulatory winds in both the U.S. and Europe. Plus, insights from Frankfurt’s Crypto Asset Conference and the Digital Euro Conference, the rise of public-permissioned blockchain models, and how regulation like MiCA and the Basel standards will shape what comes next. If you’re looking for a sharp, European take on how digital assets are evolving—and how institutions on both sides of the spectrum are adapting—this episode is a must-listen. Nuggets of the months of each co-host: • Manuel: Speech on the digital euro by Philip R. Lane, Member of the Executive Board of the ECB [https://www.ecb.europa.eu/press/key/date/2025/html/ecb.sp250320_1~41c9459722.en.html] • Alexander: Coinbase Ethereum Validator Performance Report [https://www.coinbase.com/en-de/blog/ethereum-validator-performance-report] FAZ article by Alex on the US Bitcoin reserve [https://alexanderbechtel.com/strategic-bitcoin-reserve-trump-makes-bitcoin-a-state-affair/] Podcast with Frank Schäffler on the Bitcoin reserve [https://bfrr.info/2025/02/09/why-the-fdp-demands-a-bitcoin-reserve-german/] Podcast with Jürgen Schaaf on the Bitcoin reserve [https://bfrr.info/2025/03/10/downsides-of-a-bitcoin-reserve-with-ecb-advisor-dr-juergen-schaaf/] Podcast with Peter Grosskopf on Unstoppable Finance [https://open.spotify.com/episode/3SBSpdhOOki1uJOPFtEkIw?si=460e4b00a9894a8b] Bitcoin, Fiat & Rock'n'Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Digital Euro Conference Partnership: BFRR partners with the Digital Euro Conference 2025 taking place on March 27 in Frankfurt. DEC25 brings together leading voices shaping the financial landscape, covering topics around retail and wholesale CBDCs, stablecoins, and tokenized money in general. As an official event partner, BFRR gives away one free ticket for physical participation in Frankfurt. If you are interested, please write us an email to info@bfrr.de [info@bfrr.de] by January 31st. If you are not the “lucky winner”, you get 20% off the ticket prices with the code “BFRR20”. To buy your ticket go to the official website Click here [http://digital-euro-conference.de] and insert the code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

How will Europe respond to America's new crypto-friendly policies? In this episode of Bitcoin, Fiat, Rock & Roll, we dive into the shifting global regulatory landscape for digital assets and stablecoins—focusing on the growing influence of the United States. Our guest, Hagen Weiß, a seasoned blockchain lawyer and former BaFin and Finance Ministry official, brings insider perspectives on how U.S. regulatory momentum—particularly around stablecoins—is reshaping the international playing field. We explore: 🇺🇸 The Genius Act and its potential to turn stablecoins into a geopolitical tool for U.S. dollar dominance 🇪🇺 How Europe is responding—with a focus on MiCA, CBDCs, and potential overregulation 📉 Why DeFi tokens are under pressure despite seemingly favorable U.S. leadership changes 💼 The future of yield-bearing stablecoins, tokenized money market funds, and institutional custody ⚖️ What regulators around the world can (and should) learn from each other Hagen also shares candid insights on the future of governance tokens, regulatory clarity, and how startups can survive—and thrive—under evolving crypto frameworks. 👉 Whether you're a legal pro, DeFi builder, policymaker, or crypto enthusiast, this episode is your essential briefing on the fast-evolving regulatory chessboard. 🎧 Tune in now and join the conversation. Bitcoin, Fiat & Rock'n'Roll Website [https://bfrr.info/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+EtgT5rIPbdYwYmJk] [LinkedIn Hagen Weiss (Dentons)]() [LinkedIn Stefan Grasmann (Zühlke)]() ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Digital Euro Conference Partnership: BFRR partners with the Digital Euro Conference 2025 taking place on March 27 in Frankfurt. DEC25 brings together leading voices shaping the financial landscape, covering topics around retail and wholesale CBDCs, stablecoins, and tokenized money in general. As an official event partner, BFRR gives away one free ticket for physical participation in Frankfurt. If you are interested, please write us an email to info@bfrr.de [info@bfrr.de] by January 31st. If you are not the “lucky winner”, you get 20% off the ticket prices with the code “BFRR20”. To buy your ticket go to the official website Click here [http://digital-euro-conference.de] and insert the code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

How SAP's Digital Currency Hub brings stablecoins into everyday enterprise software In this episode of Bitcoin, Fiat & Rock’n’Roll, we explore how SAP’s Digital Currency Hub (DCH) is bridging the gap between enterprise software and stablecoins. Michael Blaschke, Bernhard Schweizer (SAP), and Rebecca Carvatt (EY) explain how enterprises handle stablecoin payments without leaving their familiar ERP environment. We explore the technical architecture that allows for 24/7, instant, global payments at low fees, supporting major stablecoins like USDC and PYUSD across multiple blockchain networks. The conversation includes a detailed look at PayPal’s historic first business payment using PYUSD to pay EY in fall 2024, marking a significant milestone in enterprise stablecoin adoption. Our guests break down the practical aspects of implementation, from wallet management and currency conversion to compliance considerations and accounting standards. They share insights on why major corporations are embracing this technology now, particularly for cross-border payments and high-inflation corridors. The episode offers valuable guidance for corporate treasurers and finance leaders preparing for the future of payments, including specific action items for getting started with stablecoin payments in an enterprise context. The discussion concludes with a forward-looking perspective on the evolution of enterprise payments, including programmable finance, machine-to-machine transactions, and the growing ecosystem of companies adopting digital currency solutions for business payments. Listeners will come away with a clear understanding of how traditional finance is being transformed by the merger of enterprise software and digital currencies. Bitcoin, Fiat & Rock'n'Roll Website [https://bfrr.info/] Bitcoin, Fiat & Rock'n'Roll Telegram Channel [https://t.me/+EtgT5rIPbdYwYmJk] LinkedIn Bernhard Schweizer (SAP) [https://www.linkedin.com/in/bernhard-schweizer-ab26401b8/] LinkedIn Rebecca Carvatt (EY) [https://www.linkedin.com/in/rebeccacarvatt/] LinkedIn Michael Blaschke (BFRR) [https://www.linkedin.com/in/dr-michael-r-blaschke/] SAP: "Digital Currency Hub - Enterprise Payments Without Boundaries" [https://taulia.com/digital-currency-hub/] Bloomberg: "PayPal Completes Its First Business Transaction Using Stablecoin" [https://www.bloomberg.com/news/articles/2024-10-03/paypal-completes-its-first-business-transaction-using-stablecoin] CoinDesk: "Crypto Will See Revolution By Acceleration" [https://www.coindesk.com/opinion/2025/01/02/crypto-will-see-revolution-by-acceleration] Coinbase Blog: "PayPal, EY and Google Cloud Use Coinbase for B2B Payments" [https://www.coinbase.com/blog/paypal-ey-and-google-cloud-use-coinbase-for-b2b-payments] ---------------------------------------- Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here [https://relai.ch/rock/]. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll. Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here [https://fountain.fm/show/wNv0vSPWzu8Gh7bZTorB] Digital Euro Conference Partnership: BFRR partners with the Digital Euro Conference 2025 taking place on March 27 in Frankfurt. DEC25 brings together leading voices shaping the financial landscape, covering topics around retail and wholesale CBDCs, stablecoins, and tokenized money in general. As an official event partner, BFRR gives away one free ticket for physical participation in Frankfurt. If you are interested, please write us an email to info@bfrr.de [info@bfrr.de] by January 31st. If you are not the “lucky winner”, you get 20% off the ticket prices with the code “BFRR20”. To buy your ticket go to the official website Click here [http://digital-euro-conference.de] and insert the code “BFRR20”. Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here [https://www.bfrr.de/disclaimer/] ---------------------------------------- All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!