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Understanding the digital asset market: blockchain, cryptocurrency, and today’s institutional landscape

PKF O’Connor Davies hosted a webinar with featured speakers. The program covered a plethora of timely topics within the digital asset market space. The webinar reviews the market place, the various digital asset instruments, and how one can get exposure, among others.

Speakers:

PKF O’Connor Davies

  • Marc Rinaldi, CPA, Partner-in-Charge, Financial Services
  • Kevin Keane Jr., CPA, Senior Manager, Financial Services

Digital Asset Research

  • Doug Schwenk, Chairman

Alpha Sigma Capital

  • Enzo Villani, Founder, CEO & CIO

Archax

  • Graham Rodford, CEO & Co-Founder

The following is the complete agenda:

Introduction (2:30)

Current market structure (6:40)

  • Digital Asset Primer
  • What is a digital asset?
  • Public vs. private blockchain
  • Fungible vs non-fungible tokens (NFT’s)
  • Blockchains vs. Tokens
  • Layer 1 vs layer 2
  • Proof-of-stake vs Proof-of-work
  • Universe of Institutional Interest
  • How can I get exposure to this asset class?
  • Spot exchanges, derivatives, OTC, ETPs, private placements
  • Market Structure basics
  • Liquidity, circulating supply

Available investment vehicles (48:34)

  • Private Placement market:
  • Trusts
  • ETPs:
  • Current marketplace of ETPs, including exchange-traded funds (ETFs)
  • Internationally
  • Canada
  • United States
  • Venture Capital
  • Futures, options, swaps:
  • Traded on CME, ICE, and some crypto exchanges
  • Over-the-counter (OTC) options
  • Future instruments

Institutional infrastructure (1:07:34)

  • Define prime brokerage in the digital asset and cryptocurrency industry
  • Pricing and valuation
  • How to determine value?
  • “Clean pricing”
  • Valuation on products that are not heavily traded
  • Importance of valuation
  • Lending and borrowing and the related collateral

Major trends (1:14:52)

  • Decentralized finance defi
  • Centralized vs. decentralized
  • Future of DeFi
  • Potential ramifications on industries due to Defi
  • Progression of digital asset exchanges
  • Tokenized assets
  • NFTs

Changing state of reputational and regulatory risks (1:23:26)

  • United States
  • Current regulatory status
  • Special purpose broker dealers: Background & Potential changes to the market landscape
  • On the horizon

Quotes from Enzo Villani:

  • “I would be careful of decentralized exchanges… If you want to be in the altcoin market, I would say you should go through a sophisticated fund or you want to do it on exchanges that you trust or are in your jurisdiction.”
  • “The great thing about this market is that it is changing the way exchanges actually compete.”
  • [Alpha Sigma Capital] spends a lot of time doing research… we produce our research now because there was no fundamental research approach to these companies [and] we found some real hidden gems… Great exciting firms and some really exciting things.”
  • “Our research index is up 434% this quarter.”
  • “We are all in this for the long term. We all want to see this blockchain economy grow and be utilized.”
  • “What I see is this… The digital asset technology is going to be applied to every single asset class because it’s going to be an easier transaction.”

To watch the full webinar please click on the link below:

https://www.pkfod.com/wp-content/uploads/2021/04/Understanding-the-Digital-Assets-Market-The-Current-Institutional-Landscape_4.6.2021.pdf

Jordana Cohen,

Associate

Alpha Sigma Capital

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Alpha Sigma Capital
Daniel Siciliano

F. Daniel Siciliano is an Independent Director of the Federal Home Loan Bank of San Francisco and Chair of the American Immigration Council. He is the former faculty director of the Rock Center for Corporate Governance at Stanford University and former Professor of the Practice and Associate Dean at Stanford Law School. His work has included expert testimony in front of both the U.S. Senate and the House of Representatives and for 2009, 2010, and 2011, alongside leading academics and business leaders such as Ben Bernanke, Paul Krugman, and Carl Icahn, Professor Siciliano was named to the “Directorship 100” – a list of the most influential people in corporate governance.

Siciliano was also co-founder, CEO and ultimately Executive Chairman of LawLogix Group, Inc. – a global software technology company named 9 consecutive times to the Inc. 500/5000, several times ranked as one of the Top 100 fastest-growing private software companies in the US and named to the US Hispanic Business 500 (largest) and Hispanic Business 100 (fastest growing) lists for 2010 and 2011. In 2012 he sold a majority stake of the company to PNC Riverarch Capital, continued as Executive Chairman, and led the sale of the company to Hyland Software/Thoma Bravo in 2015.

Siciliano is a co-founder and board member of the Silicon Valley Directors’ Exchange (SVDX), Chairman of the national non-partisan American Immigration Council, past-President of the League of United Latin American Citizens (LULAC) Council #1057, and an active member of the Latino Corporate Directors’ Association.


Siciliano’s related areas of expertise include executive compensation, corporate compliance, the legal and social impact of autonomous (AI/robotic) systems, and corporate technology strategy and security. He has served as a governance consultant and trainer to the Board of Directors of dozens of Fortune 1000 companies (including Google, Microsoft, Fedex, Disney, Entergy and Applied Materials), is an angel investor and consultant to several firms and companies in Silicon Valley, Hong Kong, India, and Latin America, and currently serves as an independent director on the board of the Federal Home Loan Bank of San Francisco. He lives in Los Altos, California.