The L1 Redefining Stablecoins & PayFi

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Validator 85223

— 6 min read

Summary of Key Insights from the Brave New Coin Podcast with Concordium CEO Boris Bohrer-Bilowitzki

Watch the full episode on YouTube

In this wide-ranging Brave New Coin podcast episode, Boris Bohrer-Bilowitzki—CEO of Concordium—shares his journey from hedge funds to blockchain and explains why Web3 needs a reset. From identity and regulation to programmable money and protocol-level tokens (PLTs), Boris lays out a bold vision for real-world blockchain adoption.

This summary distills the most important insights and takeaways from the conversation—ideal for revisiting or sharing.

Table of Contents (Jump to Sections)

Q1 Can you briefly share your personal and professional background leading up to becoming CEO at Concordium?

Finance Background:

  • Extensive experience in finance, specifically hedge funds and asset management.

Transition to FinTech:

  • Initially moved to London intending to open a restaurant, but that plan didn’t materialize.
  • Met Dimitri, a future business partner, and co-founded Copper in early 2018.

Building Copper:

  • Copper became one of the world’s leading custodians and prime service providers for institutions in crypto.
  • Grew significantly into a multi-billion-dollar business catering exclusively to institutional clients.

Leaving Copper and Joining Concordium:

  • Felt it was time to hand over Copper to the next leadership team during its growth phase.
  • Left Copper around mid-2023.
  • Concordium had been a client of Copper; Boris was already familiar and fascinated with the project.

Why Concordium:

  • Developed a friendship with Concordium’s founder, Lars Christensen (co-founder and former 20-year CEO of Saxo Bank).
  • Particularly intrigued by Concordium’s unique identity layer.
  • Expressed disappointment with the overall direction and development of the crypto/Web3 space over recent years.
  • Saw Concordium as uniquely positioned to address these issues, though initially ahead of its time.

New Direction and Strategy at Concordium:

  • Joined Concordium and introduced a new management team at the beginning of 2024.
  • Implemented a fresh strategy and focus, already showing promising results.

Comments:

Visit: https://t.me/c/1659427635/28420

Q2 Why are you disillusioned with Web3, and what's holding it back?

Web3’s Original Purpose:

  • Inspired by Satoshi’s white paper—global digital money transfer.
  • Boris revisits it regularly; believes the space lost that focus.

Shift to Hype Cycles:

  • ICO boom prioritized fundraising.
  • DeFi, NFTs (e.g., punks, apes) brought innovation, but also distraction.
  • Space never fully moved beyond speculation.

Missing Infrastructure:

  • No built-in identity layer.
  • In real-world finance, identity is essential—you can’t just open a bank account anonymously.

Regulatory Reality:

  • Crypto ethos resists regulation, but that’s unsustainable.
  • Security, compliance, and user protections are necessary for adoption.

Unfulfilled Promises:

  • Cross-border payments still slow, expensive, and filled with intermediaries.
  • Blockchain hasn’t yet delivered on making them seamless.

The Way Forward:

  • Privacy-preserving identity is the key.
  • Only path to real, scalable financial interaction in Web3.

Comments:

Visit: https://t.me/c/1659427635/28421

Q3 What's the difference between privacy and anonymity in blockchain, and how should it be approached?

Privacy ≠ Anonymity:

  • Key distinction: privacy can be regulated; anonymity can’t.
  • Pure privacy chains don’t fit global legal frameworks.

Concordium’s Approach:

  • Built-in identity layer aligns with regulation.
  • Concordium is the only one doing it “properly.”

Innovation Reframed:

  • True innovation isn’t creating problems to solve later.
  • It’s applying existing tech to real-world issues.

Path to Adoption:

- Adoption comes from solving real, existing problems.

- Concordium is uniquely positioned for this next phase.

Comments:

Visit: https://t.me/c/1659427635/28422

Q4 Can you walk us through Concordium's identity layer - how it works, the tech behind it, and real-world use cases?

How the Identity Layer Works:

  • Identity not stored on chain—no passport scans floating on blockchain.
  • When setting up a wallet, user completes KYC via third-party ID providers (like in traditional onboarding).
  • Result: an identity object linked to the wallet (e.g. name, DOB, etc.—but not the document itself).
  • Enables privacy-preserving compliance using zero-knowledge proofs (ZKPs).

Role of Zero-Knowledge Proofs:

  • Sensitive data never revealed (e.g., passport number, address).
  • ZKP confirms user meets criteria (e.g., geographic location, age, accreditation) without exposing the data.
  • Enables wallet-to-wallet compliance checks—e.g. for geofencing or securities eligibility.

Use Case: Tokenized Money Market Funds

  • These are securities under U.S. law.
  • Legal access requires location-based restrictions (e.g., only U.S. investors).
  • Concordium enables ZKP-based geofencing—ensures eligibility without revealing personal data.

Use Case: Stablecoins in Emerging Markets

  • Example: Non-yield-bearing stablecoins (e.g. USDT, USDC) used in South America for daily purchases.
  • Today’s stablecoins mostly used for trading or DeFi—not real payments.
  • With Concordium: identity and programmable money enable true consumer use (e.g., Amazon, Deliveroo).
  • This bridges gap between stablecoins and real-world services.

Bigger Picture:

  • Identity layer + ZKPs unlocks real-world utility and regulatory compliance.
  • Concordium focuses on solving existing problems, not creating new ones.
  • Core mission ties back to Satoshi’s original vision: programmable, borderless money with trust and privacy.

Comments:

Visit: https://t.me/c/1659427635/28423

Q5 Who can issue stablecoins using Concordium's tech stack, and why is this important?

Types of Issuers:

- Institutions (e.g., financial firms like World Liberty Financial).

- Organizations (e.g., e-commerce, payment platforms like PayPal).

Geopolitical Angle:

- Stablecoins tied to USD could help counter de-dollarization.

- USD remains the global reserve currency—keeping it central is strategic.

Open Issuance Model:

- Anyone with a valid use case can issue a tokens on Concordium.

- From crypto punk tokens to “usable smart money”—flexibility is key.

Core Message:

- Payments drive the economy—stablecoins are a natural evolution.

- Concordium enables compliant, customizable issuance for all actors.

Comments:

Visit: https://t.me/c/1659427635/28424

Q6 What's the difference with Concordium's approach to smart contracts and programmable money, and how does it address risks?

Smart Contracts = Risky Custodians:

- Today, smart contracts often act as custodians—a major risk.

- Boris calls them “dumb banks”—they shouldn’t hold value.

- Their role should be limited to enforcing conditions, not storing assets.

Security Risks in the Current Model:

- Complex ecosystems (e.g. Ethereum, Tron) = high attack surface.

- Most high-profile hacks target smart contracts, not base-layer blockchains.

Concordium’s Alternative – Protocol-Level Tokens (PLTs):

- PLTs are issued directly on Layer 1, alongside CCD.

- Avoids smart contract complexity and minimizes custodial risk.

- Creates native stablecoins with built-in compliance features.

Benefits of PLTs:

- Safer architecture—fewer exploits than contract-based tokens.

- Enables programmable money at the base layer.

- Examples: geofencing, age verification, source of funds.

- Ideal for sectors like gaming, gambling, social media, etc.

- Preserves user privacy without relying on unregulated privacy coins.

Big Picture:

- Concordium simplifies back to blockchain’s core promise: trust, safety, utility.

- Larger chains may struggle to adapt due to legacy complexity.

Comments:
Visit: https://t.me/c/1659427635/28425

Q7 What are the long-term implications of Protocol-Level Tokens (PLTs) for finance and efficiency?

New Interaction Model:

- PLTs change how we interact with money.

- Q3/Q4 roadmap includes smart locks and multi-locks to expand control.

Example: Trade Finance

- Natural resource deals (e.g., crude oil) = multi-trillion-dollar market.

- Traditional model: funds locked in smart contracts → vulnerable to hacks.

- Concordium model: PLTs sit at base layer, can’t be moved or hacked.

- Smart contract connects to GPS oracle → releases funds every 100m of cargo movement.

Efficiency Gains:

- Funds flow only between defined parties.

- Eliminates need for internal finance functions to manage schedules.

- Suppliers can be paid instantly upon delivery milestones.

Programmable Use Cases:

- E-commerce example: delay payment until delivery (e.g., Amazon order).

- Idle funds could earn yield until service is fulfilled.

Conclusion:

- PLTs enable safer, programmable, real-world finance.

- “Opportunities are endless.”

Comments:
Visit: https://t.me/c/1659427635/28426

Q8 Where can people learn more about Concordium and get involved?

Where to Go:

- Main site: concordium.com — full overview of the protocol and roadmap.

Socials:

- X (Twitter): @ConcordiumNet

- LinkedIn and other standard channels.

What’s There:

- Active updates, product info, roadmap details.

- Clear explanation of Concordium’s mission and technology.

Extra Note (from host):

- Concordium is rooted in Latin—symbolizing harmony, unity, and trust.

Comments:

Visit: https://t.me/c/1659427635/28427

Q9 Let's wrap up with a rapid-fire round - crypto hot takes from Boris.

Bitcoin Maximalist or Multi-Chain?

- Middle, leaning Bitcoin maximalist.

- Thinks most existing chains won’t survive 5–10 years.

- Future winners may not even be known yet.

Strongest Crypto Opinion:

- “Smart contracts are dumb banks.”

10-Year Outlook for Blockchain:

- Blockchain will finally be used in everyday life.

- Key area: payments—from coffee to complex financial transactions.

- Concordium aims to lead in this space.

Example of the Future Already Here:

- Stablecoins used for daily payments in parts of the world.

- Value is based on social agreement—just like shells or rocks once were.

- “Blockchain is here to be used, not understood.”

Favorite Sci-Fi Film or Show:

- Terminator (with a nod to The Matrix).

- Finds it both compelling and a bit frightening in light of current tech trends.

Comments:
Visit: https://t.me/c/1659427635/28429

Q10 Final shoutout - how can people follow Concordium and get involved?

Core Mission:

- Concordium is focused on programmable money and stablecoins issued at protocol level.

- Goal: eliminate smart contracts as custodial tools—build safer, compliant infrastructure.

Expect major announcements in the coming weeks.

Final Note:

- “Smart contracts are dumb banks? Step away!

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