Agents Propose, Humans Approve: Ledger's Kasper Luyckx on Custody After Coldcard

Agents Propose, Humans Approve: Ledger's Kasper Luyckx on Custody After Coldcard

How the Coldcard hack, AI-powered attackers and a shift to payments and tokenized securities are reshaping digital-asset custody, and why the future of holding value is hybrid. Digital assets promise direct ownership. That promise becomes fragile when the technology protecting the keys contains a flaw—or when an AI agent acts faster than a human can supervise it. In this episode of Bitcoin, Fiat & Rock ’n’ Roll, Stefan Grasmann speaks with Kasper Luyckx, Head EMEA and Financial Institutions at Ledger, about the changing economics of digital asset custody. Luyckx previously worked on blockchain initiatives at UBS and led wallet and staking infrastructure at regulated custodian Crypto Finance. Luyckx explains software and hardware wallets, self-custody and regulated custody, and the governance required when institutions safeguard client assets. He also puts multi-signature, MPC and hardware security modules into context. A recent Coldcard vulnerability illustrates why offline storage cannot be treated as automatically secure. According to Luyckx, predictable seed generation reduced the randomness protecting certain wallets. If open-source code, audits and AI-assisted reviews can miss a critical weakness, what should “secure enough” mean? Ledger’s answer includes continuous testing by its internal security lab, the Donjon, and a growing use of AI in penetration testing and code review. Yet AI cuts both ways. It lowers the cost of discovering vulnerabilities for defenders and attackers, potentially creating a less secure transition period before defensive capabilities catch up. Banks increasingly want one custody layer for crypto assets, stablecoin payments and tokenized securities. That requires greater throughput, privacy, richer asset data and governance suited to complex instruments. Finally, Luyckx introduces Ledger’s approach to AI agents: let agents prepare transactions, but keep keys and final authority outside their reach. Human approval, hardware-backed identity and policy-based controls could provide the deterministic layer that probabilistic systems lack. The likely future is a hybrid custody model built around purpose, value and risk. [Guest:] Kasper Luyckx, Head of EMEA, Ledger, on LinkedIn](https://www.linkedin.com/in/kasperluyckx/) [https://www.linkedin.com/in/kasperluyckx/]) Ledger [ledger.com] Ledger 2026 AI Security Roadmap / Agent Stack [ledger.com/blog-2026-ai-security-roadmap] 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] 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! Buy Bitcoin on Relai, directly or as a savings plan: click here * With the referral code "ROCK" you can reduce the transaction fees by 0.1% and support Bitcoin, Fiat & Rock'n'Roll at the same time. All links marked with "*" are affiliate links. If you use these links to buy the recommended products, we receive a small share of the revenue at no extra cost to you. On the contrary, the affiliate links often come with discounts, so you can even save money (e.g. when buying Bitcoin via Relai). We would be grateful if you used these links to support us. Thank you!

How Agentic AI Will Reshape Payments: An Introduction

IMF's Sonja Davidovic explains agentic AI, the architecture behind agentic payments and the opportunities and challenges ahead. Artificial intelligence has long supported payment decisions. Agentic AI goes further: it can interpret a user’s objective, decide what action to take and initiate a payment under delegated authority. That shift from “click to pay” to “decide and pay” could fundamentally change who, or what, participates in the financial system. In the first episode of a new BFRR series on agentic payments, hosts Jonas Gross and Michael Blaschke welcome back Sonja Davidovic of the International Monetary Fund. Drawing on the IMF note “How Agentic AI Will Reshape Payments,” co-authored with Hervé Tourpe, they separate credible potential from hype. Davidovic explains the core tension at the heart of the concept. AI systems reason probabilistically and adapt to new information. Payment infrastructures require clear authorization, auditability, legal finality and deterministic outcomes. A three-layer model offers a way to reconcile both worlds. Agents interpret intent and orchestrate actions in the first layer; mandates, budgets and authentication rules govern authorization in the second; established payment rails provide final settlement in the third. The discussion moves from architecture to practical applications. E-commerce may be the most immediate use case, covering product selection, payment and returns. Agents could also identify anomalies and trigger compliance procedures, while treasury and liquidity management may benefit from autonomous allocation across fragmented markets. The potential comes with difficult questions. How can an agent be prevented from exceeding its mandate? Who is liable when it makes the wrong decision? How can institutions contain cyber risk, protect personal data and explain opaque machine reasoning? What happens when thousands of agents react to the same market signal at once? The episode also examines whether credit cards, stablecoins, tokenized deposits or CBDCs are best suited to machine-initiated transactions. The answer may depend on the use case. Adoption, Davidovic argues, will ultimately be determined by authorization, accountability, governance and trust. Sonja Davidovic LinkedIn [https://www.linkedin.com/in/sonjadavidovic/] Paper: How Agentic AI Will Reshape Payments [https://www.imf.org/-/media/files/publications/imf-notes/2026/english/insea2026004.pdf] Previous BFRR Episode with Sonja Davidovic [https://www.bfrr.de/sonja-davidovic-vom-internationalen-waehrungsfonds-zu-cbdc-anonymitaet-und-blockchain/] 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] 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!

OpenUSD, Swift Ledger, Agorá: Who Wins Settlement? | Monthly Briefing

The stablecoin infrastructure wars officially begin. July 2026 offered further evidence that blockchain-based finance is moving beyond experimentation. Stablecoins are entering banking relationships, tokenized deposits are gaining transaction volume, and established market infrastructures are preparing for production. In this monthly briefing episode of Bitcoin, Fiat & Rock ’n’ Roll, Michael Blaschke and Manuel Klein are joined by Nadine Wilke, Co-Founder and Chief Growth Officer at Particula, to examine the month’s most consequential developments in institutional DLT. The discussion begins with a subdued crypto market. Bitcoin remained within a narrow trading range, while Ethereum faced greater volatility amid restructuring at the Ethereum Foundation. Strategy’s latest Bitcoin sale also challenged one of the market’s most persistent narratives: that the company would never sell its holdings. Attention then turns to stablecoins. The launch of OpenUSD introduces an issuer-agnostic model backed by a consortium of more than 140 companies. Circle, meanwhile, is pursuing two routes into mainstream finance: deeper integration with banks through Standard Chartered and greater independence through its US national trust bank approval. UBS, Visa, Ramp and Merge illustrate how stablecoins are gradually becoming infrastructure for corporate treasury, cross-border settlement and business payments. Tokenized deposits are developing along several competing paths. JPMorgan’s Kinexys has added five Asia-Pacific currencies and reports billions of dollars in daily transaction volume. Swift plans to position its new ledger above bank-issued deposit tokens, while Project Agorá brings commercial and central banks together for cross-border settlement. The US-based Carrington network is developing another shared model for community banks. Capital-market infrastructure is progressing as well. DTCC has completed a major tokenization exercise ahead of a planned production launch, while Clearstream has issued DLT-native commercial paper that was subsequently mobilized as Eurosystem collateral. The episode also examines the digital euro, the stalled US CLARITY Act, Robinhood’s tokenized stock offering, Morgan Stanley’s entry into crypto spot trading and the changing design of China’s e-CNY. Together, these developments reveal an industry replacing broad promises with regulated access, interoperable infrastructure and production-grade financial services. Bitcoin, Fiat & Rock’n’Roll Website [https://www.bfrr.de/] Bitcoin, Fiat & Rock’n’Roll Telegram Channel [https://t.me/+jA3nMkERPtc5YjQ0] Knowledge Bite Michael: How Agentic AI Will Reshape Payments [https://www.imf.org/-/media/files/publications/imf-notes/2026/english/insea2026004.pdf] Knowledge Bite Manuel: The Shift in China's CBDC (Digital Yuan) Policy and Key Implications [https://www.jri.co.jp/en/MediaLibrary/file/english/periodical/jrirj/2026/13/katsurada.pdf] Knowledge Bite Manuel: China’s Central Bank Digital Currency 2.0 and the Future of Digital Finance [https://www.cigionline.org/static/documents/Paper_No_hY016rp.358_He.pdf] Knowledge Bite Nadine: Tokenization's $140 Trillion Problem [https://research.tacoalition.org/tokenizations-140-trillion-problem/] Knowledge Bite Nadine: Who is actually buying RWAs? [https://x.com/ArrakisFinance/status/2080324870450425964?s=48] 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] 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!

Europe’s Neutral Layer Goes Live: RL1’s Inaugural Week with SWIAT CTO Ivica Aračić

The go-live moment: can competitors actually organize around shared neutral infrastructure? In this episode of Bitcoin, Fiat & Rock’n’Roll, co-host Michael Blaschke and guest host Stefan speak with Ivica Aracic, CTO at SWIAT, about Regulated Layer One, or RL1: a market-neutral, Ethereum-based network designed for Europe’s regulated financial sector. RL1 enters a market that has spent years testing digital bonds, repo transactions and digital money, yet still lacks a common platform on which these instruments can interact at scale. Aračić explains why public permissionless networks remain difficult for major regulated institutions to depend on, while private and corporate chains can restrict openness and neutrality. RL1 seeks a middle ground: a thin permissioning layer, identifiable responsibilities and institutional controls, combined with an open platform on which regulated participants can build their own assets and services. The discussion examines RL1’s cooperative governance, SWIAT’s role as a replaceable technical operator, and the separation between the platform and the services built above it. It also confronts the central challenge: persuading major institutions to join a shared utility when many have strong incentives to protect their own systems. The guests place RL1 within the Eurosystem’s Pontes and Appia initiatives. Pontes could connect market DLTs with central bank money in TARGET Services, while Appia is developing a longer-term blueprint. Aračić distinguishes confirmed work from ambition: Pontes integration belongs at the service layer, and any future role for RL1 in hosting tokenised wholesale central bank money remains a proposition rather than an ECB commitment. Can RL1 become the “crystallization point” where tokenised securities, commercial bank money, stablecoins and wholesale central bank money meet? Or will network effects accrue to corporate chains and international rivals such as Canton? This episode offers a candid assessment of one of Europe’s most consequential digital-finance experiments. Ivica Aračić at LinkedIn [https://www.linkedin.com/in/ivicaa/] Ivica Aračić’s Newsletter [https://www.linkedin.com/newsletters/7160391757283684352/] Regulated Layer One Website [https://www.rl1.network/] ASAP: A Conceptual Model for Digital Asset Platforms [https://www.imf.org/en/publications/wp/issues/2024/02/02/asap-a-conceptual-model-for-digital-asset-platforms-544387] SWIAT Research [https://www.swiat.io/solutions/research/] Previous BFRR Episode with Ivica Aračić on “Architecting DLT Financial Infrastructures” [https://open.spotify.com/episode/0M7lFnBRJJ9HQYyyQgfmvO] 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] 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!

From MiCA to GENIUS: Joey Garcia on the Global Stablecoin Race & Bitcoin Banking

Xapo Bank's Joey Garcia on Libra's legacy, OpenUSD and the global race to regulate stablecoins What does effective regulation look like when technology evolves faster than the institutions governing it? In this episode of Bitcoin, Fiat & Rock’n’Roll, Jonas Gross and guest host Jonathan Knoll speak with Joey Garcia, Executive Director and Chief Strategy, Policy and Regulatory Affairs Officer at Xapo Bank. A pioneer in digital asset regulation, Garcia has helped shape Gibraltar’s blockchain framework, represented Xapo in the Libra/Diem Association and advised the United Nations on global blockchain and cryptocurrency standards. Garcia traces his journey back to 2014, when discussing Bitcoin with regulators could attract police officers rather than policy experts. His central argument remains highly relevant: the technology itself should not be the primary regulatory target. Policymakers should instead establish secure rules for the access points through which consumers and institutions interact with it. The conversation revisits Libra and the regulatory backlash triggered by its proposed synthetic currency and Facebook-led governance structure. Garcia argues that the project did not fail because of its technology or ambition. Its concentration of power and perceived challenge to monetary sovereignty created a political obstacle it could not overcome. Yet Libra accelerated regulatory initiatives that continue to shape today’s market. Open USD now revives parts of the consortium model under very different conditions. More than 140 participating companies could distribute the stablecoin through existing customer networks, while sharing reserve income rather than leaving it solely with the issuer. Garcia examines the strength of this incentive structure alongside possible tensions with the GENIUS Act and the CLARITY Act. The episode also explores Xapo Bank’s distinctive position between banking and crypto. Customers can transfer USDC or USDT into a US-dollar bank account, earn interest on their deposits and receive that interest in Bitcoin—an architecture designed to combine regulated banking safeguards with crypto-native functionality. Finally, Garcia compares the innovation-oriented US approach with more restrictive frameworks in the EU and UK, discusses the unresolved treatment of DeFi under MiCA and explains why self-custodial wallets must remain connected to the regulated financial system. Joey Garcia LinkedIn [https://www.linkedin.com/in/joeygarcia/] Xapo Bank Website [https://www.xapobank.com/en] Previous BFRR Episode with Christian Catalini [https://bfrr.info/from-libra-to-agi-christian-catalini-on-the-future-of-money/] 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] 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!