I've never been more bullish on crypto. At first glance, crypto still looks like a market defined by price action. Look a little deeper, though, and it's clear the real transformation is happening in the infrastructure being built for institutional adoption. Looking at what's happening inside GSR, it's hard not to conclude we've reached an inflection point: • Acquired a FINRA-registered broker-dealer • Acquired Autonomous & Architech to bring advisory, foundation services, and capital markets under one roof • Led an investment in Libeara, Standard Chartered Ventures' tokenization platform • Welcomed Standard Chartered Ventures as a strategic shareholder What we're building reflects where the industry is headed: away from speculation and toward the institutional infrastructure powering on-chain finance.(Frank Chaparro)