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Laurie : A number of apple carts have been upset recently . How has that impacted the nuts and bolts of institutional involvement ? Sabrina : When you look at digital assets and the way they trade , the market structure of exchanges and their positioning mean that for institutions it ' s very difficult for them to face counterparty credit risk with some of these jurisdictions . Also the markets are pre-funded , which means you lock collateral everywhere . The vision from our founder was always that we need to be collateral efficient , capital efficient , and hold institutional collateral preferably in one place . We entered this space of digital currencies with the goal of being a trusted party that can hold the collateral and offer capital efficiency and collateral management . Solutions such as our product [ ClearLoop ] allow clients to delegate their balances on exchanges without taking counterparty trading risk on the exchanges themselves : safekeeping and safeguarding the assets on their behalf . That playbook that I ' ve is incredibly common with infrastructure players on the traditional finance side so our business model is inspired by that . It is a replica of what ' s happening in traditional finance for very good reason : because this is a very well-trodden path .
Taylor : To note , we have not seen any withdrawal of interest from large real money asset managers or the slower moving methodical type clients that have been interested in this space for couple of years now . What we have seen a vast uptick in interest institutions that are valuing our pedigree . Crypto native firms actually in particular are very pleased with the variety of services that Cowen offers . So I think the answer here is to provide institutional grade coverage .
Laurie : Are we going to see the world of digital assets be absorbed into traditional market structure ,
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