SUMMARY-BORIS BOHRER-BILOWITZKI INTRODUCTION
Here Comes a Short TL;DR
Actual summary follows shortly..
1. Introduction and Transition
- Lars Seier Christensen's introduction
- Announcement of Boris as new CEO
- Lars transitioning to chairman role
2. Boris's Background and Experience
- Education and early career
- Co-founding Copper
- Role as Chief Commercial Officer at Copper
- Experience with institutional custody and infrastructure
3. Boris's Interest in Concordium
- Concordium's unique selling points (USPs)
- Identity and regulatory compliance features
- Potential applications in various industries
4. Short-term Plans for Concordium
- Focus on cleaning exercise for the rest of 2024
- Formulating strategy with new leadership team
- Balancing internal alignment with community transparency
5. Communication Strategy
- Plans for engaging with the community
- Potential for focused AMAs on specific topics
- Boris's commitment to transparency
6. Industry Outlook & Concordium's Position
- Comparison to early internet adoption
- Blockchain's potential impact across sectors
- Challenges from established players and regulators
- Focus on identity and compliance solutions
- Balancing crypto-native and enterprise applications
- Potential role in AI and quantum computing integration
7. New London Office
- Announcement of office opening
- Benefits of London presence (talent pool, investors, infrastructure)
- Plans for growth and networking
8. Enterprise Adoption Strategy
- Identifying specific use cases for large enterprises
- Focusing on identity and compliance-related problems
- Proactive approach to solving industry issues
9. Wrap-up
- Boris's plans for further communication
- Lars's transition to chairman role
- Call for community engagement and support
1.INTRODUCTION & TRANSITION
- Lars Seier Christensen opens the session, announcing it's his last regular AMA
- Introduction of Boris Bohrer-Bilowitzki (BBB) as the new CEO
- Lars expresses satisfaction with Boris's appointment after a lengthy search
- Lars will be stepping back into a Chairman role
- Explanation of the session's format: focus on introducing Boris and discussing strategy
- Setting expectations for the discussion.
COMMENTS:
2.Boris's Background and Experience
1. Educational Background and Early Career
• Studied economics in Vienna
• Participated in a brokerage excursion
• Moved to Zurich for entrepreneurial ventures
- Experienced both failures and successes
2. Transition to London and Founding of Copper
• Met future business partner in London
• Co-founded Copper, a crypto infrastructure company
• Copper's focus: custody and prime brokerage services
• Company grew successfully over 6.5 years
3. Copper's Growth and Innovations
• Became one of the largest custodians and prime service providers globally
• Identified need for institutional custody in late 2017/early 2018
• Developed services for institutional clients, particularly for fundraising
• Created risk-mitigating infrastructural solutions
4. ClearLoop: Copper's Flagship Product
• Allows holding assets off-exchange
• Exchanges hold collateral at third-party custody
• Transactions and PNL settle through this system
• Led to strong relationships with major industry players
5. Boris's Role and Achievements at Copper
• Served as Chief Commercial Officer
• Responsible for client-facing operations and strategy
• By July, Copper processed $130-140 billion in monthly transaction volume
6. Transition from Copper to Concordium
• Felt entrepreneurial spirit less needed as Copper became established
• Handed over responsibilities to experienced professionals
• Timing felt right for a new challenge
• Began discussions with Concordium
• Expresses excitement about taking over as CEO of Concordium
COMMENTS
3. Boris's Interest in Concordium
1. Entrepreneurial Spirit and Business Growth
• Lars relates to Boris's experience, comparing it to his time at Saxo Bank
• Entrepreneurial businesses change as they grow larger
• Established businesses can become less nimble and less focused on new ventures
• Lars values Boris's entrepreneurial spirit for Concordium's success
2. State of the Blockchain Industry
• Blockchain and crypto are widely known terms, but few understand their potential
• The industry has potential for profit generation and infrastructure development
• Boris is proud of the infrastructure Copper has built
• The industry has experienced rises and falls, often due to repeated mistakes
3. Boris's Vision for Concordium
• Emphasizes the need for laser-sharp focus
• Believes Concordium needs this focus at its current stage
• Stresses the importance of measurable results and small wins
• Aims to make both the community and internal stakeholders happy
• Acknowledges that there will be challenges and less good times
4. Network and Infrastructure
• Lars acknowledges Boris's strong industry network
• Concordium lacks desired level of exchange partnerships
• Boris believes his experience could help expand Concordium's infrastructure
5. Boris's Approach to Expanding Concordium's Reach
• Has a extensive network ("Rolodex") from years in the industry
• Crypto industry years equate to decades in traditional finance due to its nascent nature
• Industry is open to new ideas, but they must be translated into usable solutions
• Recognizes community dissatisfaction with liquidity and price action
• Has a strategy for broadening infrastructure and accessibility
• Plans to leverage relationships, including with Copper, to overcome barriers to entry
• Understands the complexities of integration with exchanges
• Believes in finding cost-effective solutions for faster implementation
6. Boris's Interest in Concordium
• Analyzes performance of existing layer-one blockchains and their catalysts
• Reflects on past industry expectations vs. reality (e.g., institutional adoption)
• Sees identity as a crucial factor in the current tech landscape
• Values Concordium's regulatory compliance features
• Impressed by Concordium's technological capabilities and solid codebase
• Enjoys the challenge of positioning Concordium correctly in the market
• Recognizes the need to focus on specific use cases, similar to Copper's approach
• Believes Concordium is at a critical point, ready for focused development and growth.
COMMENTS
4. Short-term Plans for Concordium
1. Initial Days and Planning
• Boris started on September 1st, three days before the interview
• He's in the process of learning more details about Concordium
2. Management Restructuring
• Plans for a fresh start, beginning with management changes
• Reshuffling of the C-suite and leadership team
• Expects new faces in the organization over the coming months
3. Short-Term Strategy
• Focus on a "cleaning exercise" for the rest of the year
• Parallel development of a new strategy
• Emphasis on aligning internal stakeholders
• Aim to start execution from January 1st
4. Internal Alignment and Focus
• Stresses the importance of engaging internal team members
• Plans to clarify objectives and priorities across departments
• Wants input from the reshuffled leadership team
• Recognizes the challenge of being "too early" in the market
5. Balancing Short-Term and Long-Term Goals
• Aims to identify existing assets that can be nurtured for growth
• Acknowledges the overwhelming amount of internal information and ideas
• Plans to focus on things that will have a short-term impact
• Recognizes Web2 aspects as a long-term foundation
6. Crypto-Native Applications
• Plans a 9-12 month strategy focusing on crypto-native applications
• Not necessarily limited to DEXs, but leveraging Concordium's core USPs
• Emphasis on identity and regulatory compliance solutions
• Recognizes numerous problems to solve in these areas
7. Market Analysis and Strategy
• Believes crypto-native industry is still driving most price action, even post-ETF approval
• Notes that institutional adoption is still in its early stages
• Recognizes the success of BlackRock's ETF, but points out it hasn't led to widespread Web3 adoption by Fortune 100 companies
• Identifies that new, crypto-native businesses face problems that Concordium can help solve
8. Approach to Problem-Solving
• Proposes focusing on quick onboarding solutions for various venues
• Contrasts this with traditional banking innovation labs, which have low success rates and long cycles
• Sees more immediate potential in addressing crypto-native industry problems
• Plans to focus on solving liquidity issues and other community concerns in the short term
9. Vision for Success
• Believes in running multiple streams of development in parallel
• Emphasizes the importance of both internal and external buy-in
• Confident in success due to Concordium's core USPs (Unique Selling Points)
COMMENTS-1
COMMENTS -2
5. Communication Strategy
1. Timeline and Strategic Planning
• Strategic plan development expected by the end of the year
• Reshuffling of C-suite personnel in progress
• Acknowledgment of the community's impatience for news and updates
2. Importance of Transparency
• Emphasis on transparency as a core value
• Recognition of the foundation's responsibility to the community
• Commitment to clear communication of the strategic plan to all stakeholders
3. Community Engagement
• Boris actively participates in community channels (e.g., Telegram)
• Reads and values both positive and negative feedback
• Believes in the importance of honest feedback for improvement
4. Communication Approach
• Plans for diverse, focused AMA sessions on specific topics (tech stack, marketing, commercial aspects)
• Preference for depth in specific areas rather than broad, superficial updates
• Commitment to being available for communication as needed
5. Focus and Efficiency
• Emphasis on doing a few things well rather than many things poorly
• Aligns communication strategy with overall focus on efficiency and effectiveness
COMMENTS:
6. Industry Outlook & Concordium's Position
1. Blockchain's Potential and Current State
• Comparison to early internet days: slow start but world-changing potential
• Blockchain has passed the point of debating its eventual (mainstream) adoption
• Decentralized ledger technology is seen as inevitable
• Current confusion between 'blockchain' technology and 'crypto' applications
2. Challenges to Adoption
• Resistance from old paradigms and established systems
• Parallels drawn to early internet skepticism (e.g., why weather websites when newspapers have weather forecasts)
• Recognition that blockchain alone may take longer to fully realize its potential
3. Convergence with Other Technologies
• Importance of AI and quantum computing in accelerating blockchain adoption
• Reference to Charles Hoskinson's "holy trinity" of AI, blockchain, and quantum computing
• Blockchain seen as part of a larger technological revolution
4. Concordium's Role and Potential
• Emphasis on Concordium's potential in identity verification
• Importance of decentralized identity in an AI-driven world
• Concordium positioned as core infrastructure for future applications
5. Current Stage of Blockchain Adoption
• Industry still considered early, but more advanced than in previous years
• Need for market to figure out implementation strategies
• Recognition of existing progress and catalysts for adoption
6. Resistance from Centralized Structures
• Acknowledgment of conspiracy theories about intentional blocking of blockchain (as alluded to by Lars Seier)
• Discussion of pushback from those benefiting from centralized systems
• Focus on financial services as an example of a guarded, elite sector
7. Gradual Adoption in Traditional Sectors
• Examples of major financial institutions (State Street, JPMorgan, Goldman Sachs) engaging with blockchain
• Recognition that change is gradual and old systems won't be replaced overnight
• Emphasis on new industries as faster adopters of blockchain technology
8. Economic Drivers of Adoption
• Cost-cutting potential as a key driver for blockchain adoption
• Comparison to the transition from pit trading to electronic trading
• Recognition that financial motivations often drive technological adoption
9. Broader Applications Beyond Finance
• Mention of AI, ESG, and carbon credits as areas for blockchain application
• Emphasis on the need for specific, targeted solutions in various industries.
COMMENTS:
7. New London Office
1. Announcement of the New Office
• Concordium has opened a new office in London
2. Reasons for Choosing London
• Boris is based in London
• Recognition of strong blockchain and crypto talent in Britain
• Plans to grow the London team in line with company success
3. Invitation to the Community
• Open invitation for people to visit the new office
• Mention of good bars in the area, suggesting a casual, approachable atmosphere
4. London's Strategic Importance
• Acknowledgment of London as a de facto center of the financial world
• Resilience of London's financial sector post-Brexit
• London's role as a bridge between Eastern markets and America
• Language advantage for international business
5. Benefits of London Presence
• Access to infrastructure and investors
• Proximity to potential corporate targets for Concordium
• Strong existing network in the city
6. Balance with Existing Locations
• Commitment to maintaining presence in Denmark and Switzerland
• London office seen as an operational hub
7. Decision-Making Process
• Boris convinced the leadership quickly about the benefits of a London office
COMMENTS
8. Enterprise Adoption Strategy
1. Context of Enterprise Blockchain Adoption
• Transition from discussing crypto-native cases to enterprise adoption
2. Current State of Enterprise Blockchain Adoption
• Acknowledgment that many large corporations are exploring blockchain
• Common use case: internal repositories for improved data tracking
3. Concordium's Unique Selling Proposition (USP) for Enterprises
• Focus on identity and compliance as key differentiators
• Potential for structured use cases around Concordium's core strengths
4. Strategic Approach to Enterprise Adoption
• Plan to proactively identify specific use cases
• Focus on bringing solutions to clients rather than waiting for them to approach Concordium
• Emphasis on identity and compliance-focused solutions
5. Timeline for Strategy Development
• Commitment to having concrete use cases identified by the end of the year
6. Targeted Growth Strategy
• Contrast with Ethereum's broad, less controlled ecosystem
• Emphasis on targeted and focused approach in the early stages
• Goal to cover specific use cases that Concordium brings to clients
COMMENTS
9. Wrap-Up
1. Boris's Final Thoughts
• Acknowledges that he has more to share but prefers to wait for more substantial content
• Plans to provide more detailed information in the coming weeks and months
• Emphasizes the importance of community feedback at this early stage
2. Lars's Closing Remarks
• Expresses enthusiasm about Boris joining as CEO
• Describes this as the completion of a long process
• Confirms his transition to a more withdrawn Chairman role
• Reassures he will still be available to help with governance
COMMENTS
END SUMMARY AND COMMENTS INTRODUCTION BBB
