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The Bigger Pie Mastermind

Why join a mastermind?

You can apply here.

  • You will come across ideas and solutions that you would not have found by yourself
  • You will be able to learn from others skills and experiences and expand your own knowledge
  • You will be much more committed to your goals as you openly share them with your peers
  • You will have a small network of people who are always willing to help you
  • Through daily interaction, your overall attitude can be influenced in a positive way
  • Unique opportunity to form deeper connections with a peer network of change-makers to learn and grow together. 
  • Share ideas, business contacts and more
  • Guidance, structure, and accountability to accelerate your success – challenging each other to reach the highest levels of success
  • Celebrate your successes and understand your failures – and always encourage you to get back up again
  • Cheaper than 1:1 Coaching 
  • Exclusive access to a peer network of change-makers to learn and grow together. 
  • Guidance, structure, and accountability to accelerate your success.

What’s included in The Bigger Pie Mastermind

  • Group Mastermind calls every 2 weeks 
    • 10 people max
    • 1.5 hours each to fit into your business schedule
    • We keep the calls regular to keep the momentum
    • As required we aim to bring experts in specific areas into the calls to advise
  • Accountability buddy pairings to help accelerate your success.
  • Personalised recommendations and advice based on your needs.
  • Personalised introductions to people in our network that will be able to help you.
  • Spotlight feature – promotion of you or your business to our network.
  • VIP access
    • First to hear about any of The Bigger Pie opportunities e.g. speaker/panel opportunities
    • Access to resources, videos and articles tailored to the Mastermind
  • Private chat channel for Mastermind participants.
  • Support to map out your own personal ambitions and group personalised feedback on how to accelerate your success. 
  • Have a hot seat to trouble shoot particular challenge
  • Allow adhoc hot seats throughout, not just at the Mastermind meetings
  • Spotlight 2 places per mastermind meeting
  • Deeper/more/structured engagement
  • Safe space
  • Peer Guidance

Our Approach: The perfect blend of expert tailored advice, a supportive network and a playbook to guide you to success. Benefit from: 

  • Regular interactive check-in workshops
  • Implementation support with practical tips and guidance to get tangible results
  • Online shared space to interact between sessions
  • A sense of community, a safe space to share and the unique support of a like minded peer network
  • A unique opportunity to refine your personal and business narratives to drive your future success
  • Personalised coaching on your unique situation.
  • All sign a pledge and code of conduct to adhere to
  • Chatham House Rules
  • Actions and follow ons with recording and transcription
  • Led by Bridget Greenwood

When

Starting Nov 30th 11am GMT. This Mastermind will run for 180 Days.

Making it work

Are you the right fit? We want to make sure you are committed, will put the work in, will share similar challenges to other participants to be able to get the best value from the group for you and for the Mastermind members. Please apply to join the Mastermind here, we will be limiting seats to 10 members.

Apply now for just £249 per month for 6 months

OR

Pay upfront and save £94, total £1,400

 

 

 

Panacea Adviser Blockchain Masterclasses: A Summary

Panacea Adviser ran a series of masterclasses to provide clarity on the complex world of cryptocurrency.

The issues:
In June 2021, the FCA extended the temporary registrations regime for existing crypto asset businesses from 9 July 2021 to 31 March 2022.

Additionally, a recent Opinium poll showed that more than 90% of UK independent financial advisers would never recommend cryptocurrencies or meme stocks to their clients.

The Solution:
– understand more about cryptocurrency
– competently answer questions raised by clients
– decide whether to embrace it as another asset class for your advised clients

Bridget Greenwood from The Bigger Pie facilitated the sessions and was joined by several experts in the field to educate further on their specialist topics.

Below is a summary of all 5 sessions with some keys takeaways along with a link to their recordings for you to catch up on.

1. Cryptocurrency and Blockchain 101

We heard from founder of Crypto Canal Eléonore Blanc as she delved deep and shares her knowledge of cryptocurrency and blockchain.

Eléonore Blanc founded CryptoCanal in 2019 to offer education, marketing and business development services.

She’s worked with industry leaders such as BTC.com, Luno, OKEx, Bitcoin.com, Cyber Capital, Satoshi’s Angels and HubSecurity. She teaches a monthly Crypto 101 event and offers an in-depth class for more advanced cryptocurrency investors.

In this masterclasses she answered these commonly asked questions and topics:

  • What is crypto currency?
  • Crypto 101 – the basics
  • Dispelling myths from criminal concerns to environmental factors
  • What the future looks – is it an unstoppable monetary revolution?
  • A “cryptocurrency wallet workshop” to make the presentation tangible

Here are 5 key takeaway topics that were covered:

  1. What is Fiat money? – Fiat is the traditional monetary system that is backed by authority like the government. Cryptocurrency offers an alternative to the traditional system where it separates itself from such authorities.
  2. What are the blockchain fundamentals? – Blockchain is a public network where anyone can participate in and own, sell, exchange, mine cryptocurrencies. There is no middleman, bank or company. It is permissionless, decentralised, immutable and transparent that make it appealing to people looking for an alternative to the Fiat system.
  3. How to store your crypto – Hot wallet VS Cold wallet that can only be accessed with something called ‘Private Keys.’
  4. How does a blockchain work? – Blockchain uses several consensus algorithms where Eléonore covers 2. Proof of Work and Proof of Stake.
  5. Dispelling myth and what the future looks like? – As a new industry, there are many myths. Hackers can take all your cryptocurrencies? They are for criminals? They are bad for the environment? Investing is basically gambling. The list goes on.

As more people come into the blockchain scene, it is important that they know how the technology works and are educated to avoid being tricked by the many “supposed” resources out there. It is a new yet exciting industry, and we hope people are equipped with the knowledge for their own personal and professional development.

Catch up on the recording here.

2. Dispelling the myths of crypto investments

This sessions speaker was mentor and investor Veronica Mihai where she covered black market myths, what are the compelling arguments ‘for’ and ‘against’ cryptocurrency and why clients are attracted to crypto over traditional investments.

Veronica Mihai is a mentor for individuals interested in starting/growing their career in blockchain, crypto and fintech. As a public speaker she supports the narrative for BTC adoption and financial services decentralisation and inclusion.

She is an angel investor in tech and blockchain start-ups, former hedge fund co-founder and enterprise grade cryptocurrency mining farm entrepreneur.

Here are the key takeaways that were covered:

Veronica going into details about Bitcoin; why someone would choose to hold Bitcoin, what risks people are hedging against and the potentials for that and how Bitcoin can be used. She then explains the difference between crypto currency and crypto assets; including an overview of the journey of Bitcoin and how it started off as a crypto currency and is now seen as both a currency and an asset. She also points why big companies are expanding into the blockchain space – due to its potential of value.

Veronica then covered some applications of cryptocurrency and explained the common technical definitions and their purpose, these included; ledgers, distributed network, nodes, blockchain exchanges. She then summed up with the regulations surrounding blockchain and how compliance is an important aspect particularly with the FCA.

Catch up on the recording here.

3. Crypto Assets and tax implications – how to talk to your clients about Crypto

In this session we were lucky to have had 2 speakers.

Louise Lane FCA CTA – Senior Tax Manager at Wright Vigar Chartered Accountants. She is an experienced cryptotax advisor with almost 3 years’ experience advising clients in this area.

 

Dan Howitt – Co-Founder and CEO of Recap (https://recap.io/) – a privacy focused Crypto Software to Calculate your tax position, Connect your accounts and Track your portfolio.

 

These were the highlights of this webinar:

  • Tax implications of activities in cryptoassets for UK Individuals (ie investing, trading, staking, mining, employment income, lending rewards and airdrops)
  • Which taxes apply?
  • What is a taxable event?
  • How to calculate the CGT?
  • How Recap can help your clients (and their accountant) calculate their tax position
  • Succession planning with cryptoassets
  • How to have a meaningful discussion with clients on crypto

Here are the key takeaways that were covered:

Louise explained how cryptoassets are taxed for UK Individuals; including an overview of the complex ‘share matching’ rules applied for capital gains tax disposals. Dan Howitt demonstrated how Recap can help your clients (and their accountant) calculate their tax position, track their portfolio for strategic financial planning purposes and estimate the tax on contemplated transactions. Louise then gave a brief insight into succession planning considerations regarding cryptoassets, before summing up with her experiences advising crypto clients.

Catch up on the recording here.

4. CBDCs and Britcoin – what does a digital central bank currency mean for us?

In this session we were joined by CBDC expert Jannah Patchay.

Jannah is the founder of Markets Evolution, a consultancy specialising financial market simulation and helping financial institutions and fintechs to define, develop and execute their commercial strategies to highly regulated environments. She is a leader in CBDCs, central bank digital currencies.

Here are the key takeaways that were covered:

Jannah explains what CBDCs are, what their benefits are and what does adoption of CBDC mean for a country, its economy, financial institutions, businesses and citizens.

She also compares them to the traditional fiat currency system and explains the difference between the two. In addition, she explains how stable coins differ from Bitcoin and how CBDCs again differ from those two.

Jannah then looks at the different design considerations that give rise to different CBDC features and discusses some of the CBDC projects in flight around the world. She explores the privacy considerations as privacy is a huge area of concern around CBDCs.

Catch up on the recording here.

We also have a dedicated blog post that goes into more details of this session with Jannah here.

5. DeFi for institutional investors – what the future looks like

In the final masterclass, we hear from Dr Amber Ghaddar.

Amber is one of the founders of AllianceBlock, the blockchain startup building a framework for the world’s first globally compliant capital market by bridging centralised finance and decentralised finance.

Amber started her career in Global Investment Research at Goldman Sachs London, and moved from there to the cross asset solution team at JP Morgan, where she built the JP Morgan UK multi asset franchise.

Here are the key takeaways that were covered:

Amber explained what DeFi (Decentralised Finance) is and how you can access it. She explained how you can invest in it along with the challenges, risks and opportunities DeFi faces.

She gave an overview of the type of DeFi products people might come across that might be good for advisors to be aware of and also the due diligence that are done for protocols the risk to look out for. analysed the challenges and risks along with the opportunities DeFi face.

Amber then shares her personal insight on the future of DeFi and how AllianceBlock is helping to shape the future.

Catch up on the recording here.

We also have a dedicated blog post that goes into more details of this session with Amber here.

Decentralised finance – what the future looks like

What is the scope for DeFi in 2021?

In Panacea Advisor’s last in a series of cryptocurrency masterclasses, “Decentralised finance – what the future looks like”, we looked at decentralised finance and what this whole area looks like for institutions and touching on high net worth clients.

We had guest speaker Dr Amber Ghaddar.

Amber is one of the founders of AllianceBlock, the blockchain startup building a framework for the world’s first globally compliant capital market by bridging centralised finance and decentralised finance.

Amber started her career in Global Investment Research at Goldman Sachs London, and moved from there to the cross asset solution team at JP Morgan, where she built the JP Morgan UK multi asset franchise.

Later she spearheaded the microsystems training strategies team at JP Morgan London.

What is DeFi, and how can people access it?

DeFi is an umbrella term that is used to describe various financial products that are built on blockchain technology.

The most famous one that’s a poster child of DeFi is Bitcoin. We’ve seen quite a big drive from institutional investors into Bitcoin this year and there’s been many reasons some people tell you why Bitcoin is a very interesting alternative asset class that adds diversification within a portfolio.

That Bitcoin is a non normally distributed asset with a very high positive kurtosis, meaning that the probability of extreme move on the upside or on the downside is much higher than let’s say the equity market.

Some people will tell you it’s because of liquidity, that finally there’s enough depth for institutions to come in.

Regulations VS Infrastructure

But the truth is Bitcoin became an alternative asset class and we’ve seen a lot of institutions coming into Bitcoin because of two reasons. One is regulations, and the second one is infrastructure.

In terms of infrastructure we’ve had leaps forward in the past two years and a half now; in terms of custody, and in terms of operational processes.

Today we have an infrastructure that smells, that tastes and that looks the same as you have in traditional finance. In terms of custody, today you can invest in Bitcoin by taking custody yourself, i.e. by opening an account at a custodian, companies like Fidelity or Copper and then having to set up the system within your infrastructure. Or you can invest in Bitcoin without having to take custody through funds and derivatives.

We see that most of the investment that is made at the private wealth level, and in the family office level is through derivatives, rather than through spots, and this is mainly for, let’s say momentum based strategies and short term strategies, where you’re just investing in the derivative entering and exiting positions on short term, medium term basis.

Bitcoin is digital gold?

Then you also have those that have Bitcoin in their portfolio under a label of digital gold and for those usually they would invest in Bitcoin and spot Bitcoin by taking custody themselves. Within DeFi, as I said Bitcoin is the poster child. But then in the past two years we’ve seen a plethora of new products coming onto the market, and these products are foremost derived from what we have in traditional finance. Products that are based on lending and borrowing, products that are based on insurance, products that are based on exchanges. But we have also seen the development of products that didn’t exist before.

Becoming a market maker

One of the most famous one is liquidity pools within decentralised exchanges.

Just to give you a little bit of background on what a decentralised exchange is. It’s matching book orders, you have buys, you have sells and you match them to find the price.

What you have in decentralised exchanges is the opportunity to say, I am holding assets or I’m holding tokens of whatever protocol, and I’m really not doing anything with them. I’m going to provide liquidity and providing liquidity entitles me to put these tokens, these assets into what we call a liquidity pool, and, in some way, I become a market maker.

In this liquidity pool you would have a lot of players, each putting their assets in there, and then you will have what we call an automatic market maker that will decide on what the price is. Of course this automatic market maker has Oracle’s in place, and is able to match or look at the various prices across the other various exchanges to determine what the correct price is.

Now the beauty of this is that you’re rewarded a fee.

It depends on the exchanges, but roughly 30 basis points every time there’s a trade that is done. Imagine that there’s five people in the pool, you have 1/5 of the pool so you will take 1/5 of 30 basis points at each when each trade occurs. This has allowed the boom of decentralised finance protocol because suddenly you did not need an exchange to be able to list your coins and you did not need all that you have in the background in terms of operation, in terms of legal, in terms of regulation to be able to create a to create a new product.

Tokens = Securities

In the end, there is one thing that regulators are absolutely correct in is that a lot of these tokens are initially securities. Most of these tokens are issued as a way to raise funds to the future protocol. The protocol doesn’t exist, you issue tokens and you raise the funds to be able to build this protocol.

What we have seen in the field is that people now, instead of doing what we call “initial exchange offering” IEO instead of ICO because if you do an IEO and you’re in the US you really fall under the SEC rules and you are a security. What people now do is they create initial fundraise from crypto VCs, from a crypto high net worth individuals in what they they call seed rounds at private sales, which allow them to develop a minimum viable product, an MVP.

Once this minimum viable product is on the market, they go and ask some legal opinions on which country they’re based that say, “oh you know what, the token that I’m issuing is a utility token” and that allows them to go onto a decentralised exchange and publicly issue their tokens.

Becoming a central bank

One of the interesting things that I find in there is that each protocol becomes its own central bank. You can imagine that each protocol is a country and the riskier the country is, normally the higher the credit spread on this country is.

When you’re a very young protocol, you will need to pay people to basically buy your coins and put them in this liquidity pool. How do you pay them? By offering them a yield.

Let’s say I’m a new protocol, and I want to build a lending and borrowing protocol. I issue my coins and then I open a liquidity pool on a decentralised exchange. Because I’m very new, what I would say is I am very high risk. Because I’m very high risk, I’m going to pay you 50% per annum for you to buy my tokens, put them in the liquidity pool and provide liquidity. If you want to compare it to what we have in credit market, it is not very contrarian to what we have in credit market. It’s a very emerging country risk.

In emerging countries you have risk.

You have political risk, you have economical risk you have tonnes of risk in there but you never get a 50% spread.  In the end it offers you very high return products with, I would say also high risk. This is why it is interesting to have a small allocation to these type of products.

How can you invest in DeFi?

How can you invest in these products because everything that I described now sits in the decentralised space.

If you’re a crypto investor, it’s very easy for you to do that. You just go and try to find the pools that are the highest yielding pool, then you do some due diligence to understand if it’s a real pool or it’s a fake pool and if there’s a real product behind it and if there is not a real product behind it. Then you go and you invest. On some of the pools that I invested, we were making 300% per annum.

What is the risk?

The risk is that what if the protocol would fail?

The second risk is what we call impermanent loss and impermanent loss is a very idiosyncratic feature of liquidity pools. What it says is, when you enter into liquidity pool, you need to put in a pair. Imagine you have USD EUR, you need to put USD and EUR in the pool, you cannot put just one leg.

What does that mean?

It means that if you have one asset in the pair that is much more volatile than the other asset, you will end up with more of the “more’ volatile assets and less of the “less” volatile assets. Let’s say you have a BTC so Bitcoin and let’s take my coin AllianceBlock coin. You have a Bitcoin/AllianceBlock pool, you put in Bitcoin and you put in Alliance Block. Let’s say Alliance Block rallies 50%.

What happened? The pool will need to rebalance because technically the amount that you have put in is equivalent in dollars term. Well, usually the pool thinks in ETH term, but let’s simplify things in dollar terms. Let’s say you only put $10,000, you put $5,000 equivalent of Alliance Block at $5,000 equivalent of Bitcoin. Alliance block rallies 50% what would happen? Suddenly you have, $12,500, but this amount needs to be rebalanced.

Now imagine in a very volatile market which is the case of most of these protocols, you will suffer from what is called impermanent loss.

This impermanent loss is a type of market of your assets within the pool. One way to bypass that for protocols for young protocols is to offer very high yields in order to cover you in case markets become very volatile. I would say it is quite beneficiary. Let’s say you have pools that are yielding 200% 300% per annum, even if you lose 100% you’re still making more than 100% per annum and doubling the amount that you initially put in.

How can you access this if you are an institutional investor?

Rules and regulations

First issue is compliance and regulations of course.

You don’t know who are the people that are in this pool. From a KYC AML perspective, it is very hard to justify an investment there because you’re putting your money in a black hole. You don’t know if there’s terrorism money, you don’t know if there’s money laundering money that is in this pool.

One of the solutions that we are working on at AllianceBlock is what we call a “trustless KYC AML” that will KYC AML everyone in the pool and people that don’t want to be KYC AML, then they don’t need to be in in this pool. You can already imagine that the fact that you have put in a KYC AML system would already bring the yields down because you have less risk. But it will still be very sustainable yields compared to what we have in markets today. I’m still happy to make 50% per annum in a KYC AML greenlit pools. As I said first is the compliance and regulations point of view, i.e. you need to KYC AML everyone within the pool, that is doable.

How do you access this?

Do you really need to go on an exchange and take custody and have a wallet and buy this product on the left and this product on the right? As you can already see it’s quite complicated.

What you have is opportunities to have these products wrapped into certificates. Instead of doing all of the work yourself in terms of choosing the protocol. All you do is have a sort of actively managed certificate, and you will have a list of these protocols, and you can pick and choose what are the protocols that you want to invest in. Our view is that there’s a huge opportunity in USD stable coin pools. I mean what are fed rates now, 5 basis points? What are deposit rates now, 60 basis points per annum in USD?

Imagine that I am giving you a USD product that is paying you more than a high yield bond, much more than junk bond. Junk bonds are, I would say around 500 basis points spread. That’s like 5% and I’m giving you a product that is paying you between 12% and 16%. That is regulatory compliant. All you need to do is buy this certificate, and then allocate. This is where we see the real opportunity. Not on the more I would say exotic product, at the 200% 300% level, but more on these USD stable coin products that are paying you much more than junk bonds without the risk.

I mean there’s always risk and the risks are a little bit different but compared to the risk that you have in junk bonds. I would say the reward that you get is very enticing.

What happens in terms of due diligence that’s done for the protocols and what are the risks that you need to be looking out for?

If you go through the certificate route, you still have a security risk.

Remember all of these protocols are open source and one of the issues that I’ve noticed in the field is that a lot of people are very quick to go to market. Which in a way is good because it is an open source product and it is supposed to be improved continuously. But what happens is there is no real failsafe in these protocols and you see a lot of these protocols getting hacked. In my opinion, too much for me sometimes to be comfortable.

This is why it is important to in a way to wait until the protocol matures enough because everyone tries to attack. If you’re a hacker, you’re going to try to find whatever opening there is and if there is an opening, you’re going to attack. The good thing about hacking is that, once it’s hacked once it’s not going to get hacked twice because the community is going to come and strengthen the system. But it is a real risk.

Cyber security is a real risk.

A way to hedge this risk is to have what we call insurance on these protocols. Of course, it’s going to decrease the yield, but it still remains a high yield compared to what you have in traditional markets. That is to be honest the real risk. Of course there’s the regulation compliance risk, especially in terms of AML, KYC AML. But as I said, this is something that also can be solved by creating pools that are KYC AML compliance, and where all the participating actors have been checked the previous way.

What sort of products might they be coming across that it would be good for the advisor to be aware?

Right now, even JP Morgan is not offering Bitcoin, per say i.e. taking custody of Bitcoin. As I said, from an operational perspective and an infrastructure perspective it requires you to onboard a new custodian, a digital custodian, there there’s a lot of work in the background.

What JP Morgan and other banks are doing is giving access through funds.

You have the GBTC form, that’s the grayscale fund. You have a few funds and few in Europe Exchange Traded products that gives you access indirectly without you having to take custody to Bitcoins. I would say, some banks are already offering derivatives. There are two derivative markets. You have the CME derivatives, trading futures on the CME and the CME has its own rules and sometimes you will see that the CME derivative varies from the decentralised finance derivatives in terms of pricing and you always have arbitrage opportunity there. Most of the derivative markets, most of the future markets sits on exchanges such as STX and Binance and some others.

These I would say are a little bit more maybe uncomfortable to access because you still need to have wallets. You don’t want to leave all of your funds sitting on the exchange because the insurance process that you have there is not as stringent as in regulated markets. Usually most people, or most asset managers, most private wealth managers would invest in CME futures.

If I’m correct, Goldman has opened a crypto trading desk and I am sure that they are offering futures like one delta one certificates on BTC. That’s very simple. With Goldman is like long the futures and just selling you wrapping it into a certificate and you can offer this to your clients with no issues.

But one point to highlight correctly, I think in the UK you really need to be a sophisticated client to access these products. I believe the FCA came in and said, no derivatives and no ETPs and no ETNs and the rest for for retail customers. But again, I would say the less complicated and the cleanest way is to access funds that already hold Bitcoins.

What I would ask the people on the call is to be careful in what is this fund investing in. Is the fund holding Bitcoin? Do they have custody of Bitcoin? Or are they invested in futures?

If they are invested in futures, are they invested in CME futures, or are they invested in non CME futures? Keeping in mind that you do have a big risk on the non CME futures in terms of operation because you never know when these exchanges are going to be shut off. You heard what happened to Binance recently. There’s some operational risks that they need to consider when they’re invested in funds, investing in futures that are not CME futures.

The future of DeFi

The revolution we’re going through in the investment space is very similar to what we’ve seen, I would say maybe 10 years 5,6 7 years ago in retail banking.

When we started having FinTech coming and disrupt retail banking, creating new payment system, creating even digital banks, and this has forced incumbents players to actually start modernising their infrastructure as well.

I remember when I came to England, which was 10 years ago. I’m a customer of Barclays, I didn’t really have a really good Barclays app. My Barclays app could do nothing at all. And now today because Barclays has been buying the technology of fintechs, developing fintechs in house, they have an app that is, I would say quite valid and quite good. I’m not promoting Barclays by the way. I mean quite good when you compare it to Revolut. This has pushed banks to disrupt themselves, because we know big incumbents, making IT changes in bank is never the priority, the priority is making money. Being front office and making money through clients or through  investments.

Now what DeFi is doing in my view is similar to what fintechs have done to retail bank and DeFi is going to do it to the investment banks and the asset management space. I would say, because it’s an industry that is in its infancy. There is a lot of trial and error going on. I think it’s healthy. Things are still are still evolving. But I do think in the future and we’re already seeing it in banks like  every bank has a blockchain team. Every bank.

Actually a lot of banks are working on improving their infrastructure and making their infrastructure much more flexible and adaptable and less costly. What people don’t realise is that infrastructure in investment bank is, I mean the legacy systems that you have in there are oh my god disgusting.

I was at a bank that has bought a lot of banks. You end up with legacy systems sitting one on top of the other. If you’re a developer, it’s just gross. But the issue is banks have never put in money in IT. They’ve never felt the need to put money into IT. But now when they see these asset managers coming out, very flexible asset managers and very achieved asset managers. For them, they need to start thinking and start investing in their own infrastructure. And a good example is the ETF revolution in some way. Beta funds, everyone talked about active management and suddenly we have exchange traded funds that just track the S&P, and suddenly, all of the banks have a suite of products that track, Smart beta or whatever it is.

You can see that the banks are getting there. If the banks are getting there, it means things are changing and things will keep moving forward. I would say that right now, you will see banks adopting some parts of DeFi and DeFi adopting some parts of what we have in traditional finance. And I would hope that I would say in 20 years time, even less I would say 15 years time, we would move away from the intermediation framework that we have in investment because not just blockchain, but AI as well.

How AllianceBlock is helping to shape the future

We are building a bridge between decentralised finance and traditional finance and we offer various product for asset managers, private wealth managers, family offices that give them access to decentralise finance. Similar to what I was talking about, a product that are wrapped in certificate, yield products that are wrapped in certificates and very systematic strategies as well in the crypto space.

Here is the full recording: https://www.brighttalk.com/webcast/8117/495360?utm_campaign=viewing-history&utm_source=brighttalk-portal&utm_medium=web

 

CBDCs and Britcoin – what does a digital central bank currency mean for us?

We’ve all heard the hype about ‘Britcoin’, but what is CBDC really all about?

Are governments seriously considering introducing their own cryptocurrencies? (spoiler alert – No). In this session, we’ll take a look at central bank digital currencies – what are they, what are their benefits, and what does adoption of a CBDC mean for a country, its economy, financial institutions, businesses and citizens?

We’ll look at how different design considerations give rise to different CBDC features, and also discuss some of the CBDC projects in flight around the world.

What does digital central bank currency mean for us?

With us today we have expert Jannah Patchay.

Jannah is the founder of Markets Evolution, a consultancy specialising financial market simulation and helping financial institutions and fintechs to define, develop and execute their commercial strategies to highly regulated environments.

She is a leader in CBDCs, central bank digital currencies.

CBDC, what is a central bank digital coin?

Central bank digital currencies sometimes mean slightly different things to different people.

Fundamentally, the easiest way to tell you what a central bank digital currency is to explain what it’s not.

Central bank digital currency is as the name implies, a digital native form of central bank issued, otherwise known as fiat, currency.

And people often ask “well what do you mean by digital native?” because if we look at the money we use today when it’s not cash and increasingly it’s not cash these days, we’re transferring money to each other’s accounts through our online banking and we’re paying by card.

At the end of the day, there’s no expectation that wheelbarrows full of cash are going to be exchanged between financial institutions any longer. Arguably we already have digital forms of money.

Fiat VS Central Bank Digital Currency

What’s the difference between that and a central bank digital currency?

The digital money that we have today, if we look at commercial bank money, the money that we typically transact with digitally. These evolved over decades, verging on centuries and the systems that they’ve evolved on are based on some underlying assumptions.

One of which is that there are actually wheelbarrows full of money being exchanged at the end of the day.

And because this design has happened organically, these forms of digital money have evolved organically over the years. They also face the same constraints as money did decades ago when wheelbarrows of cash had to be exchanged in order to settle between banks. For example, when we look at a lot of the constraints on legacy payments infrastructure, things like multi day settlement. If you transferred money from your bank account to someone else’s, it would take three days to reach there and it wasn’t just floating in the ether for three days.

Those latencies existed in systems because of the expectation of physical settlement in the first instance. With the advent of faster payments, payment systems have been upgraded to deal with more instantaneous settlement. But to a large extent there are a number of inbuilt inefficiencies, based on historical and outdated assumptions that are built into the money that we have now.

Central Bank digital currency is a digital native form of money. It’s what would happen if we set up the user requirements for money today. We design the solution to address those using the technology that we have today.

What is the type of money, central bank issued money that we could design if we didn’t have the technology constraints of the past hanging over us?

What sort of changes can CBDCs do over the money that we currently have?

When I talk about the benefits of CBDC, it’s important to distinguish between two types of use cases: wholesale and retail.

Those reflect the payments infrastructure that we have today. We have wholesale use cases which are financial institutions that need to settle between each other, either for delivery versus payment. That settlement of securities transactions or payments versus payments which is settlement of transactions or payments between each other.

And then there’s the retail side, which is everything else so business to business, consumer to consumer, transactions between businesses and consumers, payments to HMRC from your business or from yourself. Anything else is in the retail bucket.

Wholesale VS Retail

On the wholesale side, there are some very clear benefits to introducing CBDC. There’s a potential for more efficient cross border payments for example. If you think about the inefficiencies in the payment system of one jurisdiction and then extrapolate that to making cross border payments and going through two sets of inefficient infrastructure plus all the requirements for intermediaries and things like that correspondent banking. Many stablecoin issuers have already started using stablecoins as a means to make payments faster. CBDCs take that to the next logical step.

For CBDCs to power the evolution of digital asset markets and by digital assets I don’t just mean cryptocurrencies I mean security tokens, any type of digital native assets that can be itself settled instantaneously but need something for payments leg. CBDC can fill that gap.

On the retail side, there are huge benefits to designing the type of money that’s actually fit for the needs of society with the economy today. There’s the potential for having greater financial inclusion which is often cited for so many kinds of mobile native or digital native apps and solutions can be designed around the transmission of money using CBDC.

As we’ve seen in many developing countries it’s those digital native solutions that have often enabled much greater inclusivity.

There’s also potential to change the way that we transact with each other and with governments. For governments it can be an important mechanism for policy delivery. There’s also the ability to support innovation in payments.

We might want to use payments in different ways, we’re increasingly seeing the rise of embedded payments and transactions and CBDCs allow for more frictionless payments to be made in those frontier technology type solutions and apps using central bank issued digital currency instead of for example privately issued stablecoins.

How do stablecoins differ from Bitcoin, and how CBDCs again differ from those two?

There’s a spectrum of digital money and cryptocurrencies would like to be on that spectrum but at the moment, most of them aren’t there. They’re on a separate spectrum.

If for example you have cryptocurrencies like Bitcoin that were truly used as a means of payments then perhaps they could sit on the digital currency spectrum. But at the moment, I think generally they fall into something else because their typical uses right now are not really as a means of payment.

Cryptocurrencies tend to be, and this is more of a tend to be rather than an always the case, tied to a blockchain and instrumental to the functioning and operation of  that blockchain. They’re native to certain blockchains and the idea is that they should be usable as a means of payment, but due to the volatility or the issues around tax which I think you have covered in various sessions, they aren’t often used for that intended purpose. They’re typically more of a store of value at the moment and that could change in future and there will be a lot of benefits if it did.

Moving on to the spectrum and rich forms of where fiat money sit. Stablecoins are at one end, and it’s a public private spectrum.

Stablecoins: Private VS Public

On the private end are private issues of stablecoins.  Stablecoins are tokens that are linked to the underlying currency, and examples will be tether, the USDC, the most famous of them all which is Facebook’s Diem, formerly known as Libra.

These stablecoins are in a way, already proving the use cases for CBDCs because their very existence, the fact that they’re being used as a means of payments and digital settlement proves the case that there is a need for digital native forms of money.

The problem with privately issued stablecoins is that they expose the user to counterparty risk. If Facebook, or the Diem association is issuing you with Diem coins, and you’re using those payments, and then for some reason the issuer goes down, it ceases operating, for example. What are you left with? Can you still do anything with those?

That’s the counterparty risk that you face being exposed to the issuer of a privately issued stablecoin. From a regulatory perspective, the potential for systemic importance of stablecoins is increasingly on regulators agenda. In the UK for example, the Treasury has recently concluded an open consultation on regulating stablecoins and crypto assets. It looks as though the UK, like many other jurisdictions is going to move towards implementing prudential regulations for issuers for stable coin. That will mean that for example, private issuers of stable coin will need to fully back them with the underlying currency and they will need to hold that in reserve accounts so that there’s some security there.

Moving along that spectrum, at the other end there are public forms of digital currency. That’s your central bank digital currencies.

Central bank digital currencies are issued by a central bank itself

Purists will say yes you still have counterparty risk there to the central bank and that’s true all the money you hold today anyway. Depending on which jurisdiction you’re in that degree of risk will be higher.

But in most G20 countries it’s pretty much zero risk effectively. By virtue of being issued by the central bank are a form of public money. They’re not commercial bank money. They’re not issued by private stablecoin issuers and therefore central banks can also use them as a means of affecting public monetary and public policy as well.

How do you build a CBDC? Does it have to be on a blockchain?

No is the short answer. You don’t have to build a blockchain.

There are some implementations at the moment. Some central banks are exploring options that are not built on blockchain, or on any form of DLT. And you don’t have to.

There are some potential technical benefits to doing so, there are also some benefits in terms of perception of public trust. It’s by no means a pre requisite that it’d be built on blockchain technology.

What are the sort of site design considerations that countries are looking at and what do you think people should be considering?

That’s a pretty huge question. From a design perspective, there are a few key decisions every jurisdiction has to go through when it’s assessing the type of CBDC that it would like to implement.

The first is, whether it’s going to be direct CBDC or an indirect model. In the direct model the central bank issues the CBDC and everyone who uses that CBDC basically accesses directly with the central bank. In effect, the central bank then has to operate a whole account infrastructure. Everyone has their holdings directly with the central bank itself on that infrastructure.

Now no one in the world is actually considering that model, which is interesting because typically when you mention CBDC to a member of the public or many economic correspondents for newspapers and other publications. The first thing they’ll tell you is about all the disadvantages of having a CBDC associated with everyone having to have accounts directly with a central bank.

Again, no one is actually exploring that model. Many of those arguments are moot.

The model that’s typically looked at or various variations on it is an indirect model whereby, much like in our current payments infrastructure today, you have a set of intermediaries who basically have accounts directly with the central bank, and they access the CBDC, and then they act as intermediaries of CBDC services to their customers who are the end users, businesses and consumers.

An example of an intermediary would be a bank or any other regulated financial institution like payment service provider, or e-money institution. They could all hold accounts directly with the central bank, they could all access CBDC and they could then provide CBDC accounts and services to their end users. And it’s variations on that that most jurisdictions are looking at at the moment.

Other design considerations, whether you’re going for an account based or token based model is quite important as well. These terms mean different things to different people. They’re not necessarily mutually exclusive either. With an account based model for example, movement of the CBDC are represented by debits and credits on ledger or accounts.

You’ve got to have an account in order to transact to the CBDC in the first instance. In a token based model on the other hand, the CBDC is issued in the form of tokens, and you could hold the token in an account and you could hold the token in a wallet on your device and there’s a potential for greater flexibility there.

But there’s also potential to combine those approaches as well.

To look at models in which smaller transactions could be transacted on more anonymous basis between individually held wallets and devices, and large transactions would need to go through accounts.

Privacy considerations

That leads us on to privacy considerations, because privacy is a huge area of concern around CBDC. Obviously from governments of all political stripes, there is a massive appeal in the idea of having full visibility over all of your citizens and businesses transactions and CBDC holdings, but from the individuals perspective that’s not always desirable.

Again, many privacy advocates make out though it’s one or the other. It’s either completely anonymous or completely visible with no privacy. That’s not necessarily the case.

Sweden and its Riksbank are exploring that model of smaller transactions being able to be conducted on an anonymous basis where as large transactions have to go through accounts and have the necessary reporting built in.

Invasion of Privacy?

Looking at what’s available from open banking – you’ve probably used open banking or given permission to apps to access information about your bank accounts by open banking. There’s a huge amount of detailed transactional data available there as well.

The key is really building in safeguards so that people can be assured that they have some control over their data and how their data is going to be used and where it’s going to be used.

One of the features of CBDC is the potential for having programmable money.

CBDC is not just money that can be used for payments, it’s money that can have functionality programmed into it. For example, it can have smart contracts governing its usage. Some of those smart contracts can be reporting to HMRC on transactions, some of them could be setting up automated payments or enabling helicopter money payments to be made by government that could even potentially evaporate if money isn’t used within a certain time period.

It could be used for lots of use cases but some people might think are fairly intrusive.

CBDCs for the people!

For example, benefits money could be ring fenced for certain usages, money that’s paid out for childcare to parents, or money that’s paid out for housing could be ring fenced for that usage and actually strictly controlled. Some might say, that’s a huge potential privacy impact and is incredibly invasive.

The flip side of that is actually at the moment, most governments have no idea really how ‘benefits money’ is being used. Childcare credits for example, are they actually always be used for child care, or is housing, always used specifically for housing? Is it in fact being used to subsidise something else.

If you know how the money is being spent, then you can also see where your policies are failing, where you need to actually be topping up a certain type of benefit or increasing it because people are meeting the shortfalls they experience, and the inadequacy of that benefit as it currently is, by using other benefits to top it up instead.

I think implementing these in making it appealing to users and encouraging take-up, it’s really important to build in sufficient privacy control so that people want to use it and feel safe using it. It can’t really get traction or adoption if people believe that they’re giving too much away and can stick with other forms of money instead.

What does the adoption of CBDC mean for a country?

Most citizens don’t really understand or care about money that they’re transferring between their bank account and someone else’s or using to make payments and CBDC should be seamless in that respect as well. It’s arguable that people should care more and they should know more as well but ultimately, it should be a pretty seamless experience for individuals.

For most businesses, the introduction of CBDC may be able to create more innovative business models so some of them may use CBDCs as fundamental to their business to their new business model.

Others may find that they can just offer slightly different services more easily using a CBDC than they can at the moment so anything that involves any innovation and payments. The ability to have internet of things type sensors around your house that detect something’s running low and automatically ordering it from Amazon, as an example.

Having payment made automatically through the device, actually, the device being programmed to know what its kind of tolerances are. Those are the innovations that businesses can do that are not directly related to CBDC but they’re enabled by CBDC.

There are probably millions of things that we can’t foresee at the moment.

For financial institutions, it enables them to take that next leap forward into the digital economy and digital financial markets and to really move away from the legacy constraints and infrastructure that they have now as well.

For a country. It gets a little bit more philosophical. I touched on the private money versus public money spectrum. And the niche filled by stable coin issuers at the moment,

People should care a lot more about what money they’re using when they’re accessing their bank accounts for making payments. I think everyone realises there’s been a major decline in the use of cash over the last 10 years. That decline has been accelerated by the rise of mobile devices, and the increasing use of mobile payments. The decreasing use of cash has been a trend for a couple of decades but it’s really gone down exponentially over the last decade.

Cash is public money. Cash is central bank issued money and it’s bearers instruments as well so you know you’ve exchanged that and the cash belongs to you because it’s sitting in your hand. The money that’s in your bank account on the other hand is not public money, it’s actually a form of private money itself. It’s commercial bank money, it’s created by commercial banks.

You’re entirely reliant on the commercial bank which holds it and the standing of that commercial bank in the long run when it comes to your deposits being safe. Not quite entirely so in the UK for example, we’ve got the Financial Services compensation scheme which basically underwrites banks and protects your deposits up to about £85k per accounts that you have.

But from a monetary policy perspective, if you’re a government and you’re seeing this rapid shift from public money to private money, then it could have repercussions for you in terms of your ability to control monetary policy. Especially if this is going to move to global issues of systemically important stable coins, whose activities you can’t always control.

You’re giving up a degree of monetary sovereignty, a control over what you can do with public money at your disposal and how you implement your monetary policy.

There’s those very important philosophical considerations there for some countries around the type of money that they want to have in circulation and the degree to which should be public versus private.

CBDC projects in place around the world

There’s a variety of CBDC projects that are in flight around the world and almost every major jurisdiction is doing something at the moment and many minor jurisdictions as well. There’s a variety of different projects on at the moment.

Bahamas went live with this Sand Dollar project which is the world’s press CBDC, and that was earlier this year.

Cambodia also went live with it’s Bakong project. Some would call it to CBDC, I would call it a to synthetic CBDC.

This is more of a design consideration, but if you’re implementing a CBDC there are different ways to do it completely digitally native, or you could basically build your own stable coin that represents underlying central bank money that tells existing central bank systems.

And that’s known as a synthetic CBDC that Cambodia’s implemented. Their aim with that was to promote financial inclusion and facilitate greater use of mobile devices for payments. To that extent it’s really effective, and it’s probably a good model for developing countries or for those who don’t necessarily want to be the initial leaders in the space, to get in on because it gives you the benefits, but in a way where you can still observe what the rest of the world is doing, and transition potentially to a digital native CBDC at some point in the future.

On the wholesale side, there’s quite a lot going on as well. There have been a number of cross border experiments between different central banks. So, project Jasper was Singapore, and Canada. I think project Uben as well which is Singapore, and some other Asian countries.

They’ve all been looking at the use of wholesale use cases and applications of CBDCs particularly affecting passport payments and settlements. Numerous countries have declared an interest and are starting to build out Proof of Concept.

Sweden‘s Riksbank has done quite a lot in this space, it’s also looking at how it can balance out privacy considerations.

China is a really  notable one. China has actually got its CBDC, well it’s digital currency electronic payment system in advanced pilots actually being used for payments but with some businesses at the moment. China also has, shall we say, an ability to coercively control the rollout of it and adoption of instant currency, which gives it an advantage in terms that it doesn’t need to wait for a popular buy in, it can push ahead.

Although I don’t think anyone is strongly against using it, given the potential benefits. But this also puts China in an interesting position when it comes to some of its global initiatives. If you look at its Belt and Road initiative for example, if China was to start asking for all payments to and from companies that are involved in that Belt and Road initiative to be made in its digital currency, then that could actually have the potential to challenge the reserve status of the US dollar. Now that’s again, quite speculative although it’s been put forward by many commentators.

In reality, it’s not clear that China would want its currency to become the world’s reserve currency. But it just gives you an example of the potential for impacting global geopolitics CBDC can have its, it’s not just about the country’s internal use, it’s also about how it expresses itself on the world stage as well.

Interoperability Challenges

Amongst all of this interoperability is a major challenge and if we don’t have some degree of interoperability between different CBDC systems then this seriously constrains the benefits that can be realised from CBDC when it comes to cross border payments. The BIS, Bank for International Settlements recently published a really interesting paper on interoperability, where they described different levels of interoperability.

At one level, you can have all CBDCs essentially having direct interoperability with each other. This would be quite challenging to implement because you’d have to get some kind of global consensus. Other levels of interoperability that they looked at or other solutions to the problem of interoperability included things like having consistent interfaces that each CBDC would implement or having an underlying payment rail that each CBDC could plug into that connected them all together, and all of those solutions have their own challenges as well.

Here is the recording:

 

ConsenSys Academy Blockchain Developer Program 2021 Cohort

Registration for this years ConsenSys Academy Blockchain Developer Program has kicked off .

With thanks to Genevieve Leveille, CEO Agriledger and advisor to The Bigger Pie, we will be able to offer scholarships places to the bootcamp.

ConsenSys’ flagship technical Blockchain Developer Online Bootcamp brings the best of the best together in an industry-standard, instructor-led, community-driven online certification program, getting you programming in Ethereum at a professional level in just 11 weeks.

Program information:

The program begins 1st September 2021 and is an 11-week course running until 3rd December. There will be an additional 3 week period after the completion of the course work to finish a final project. There will also be a graduation ceremony in December with the opportunity for students to present their final projects to peers and members of the ConsenSys community.

The course features multi-modal content (videos, interactive exercises, assignments, and hands on projects), mentors, community based peer support, and networking opportunities. It requires about 10-15 hours per week, and is administered in English.

There will be a number of scholarship places with ConsenSys Academy available and along with Genevieve Leveille, The Bigger Pie will be facilitating a number of people going through the programme.

By coming through the The Bigger Pie, you will have access to mentorship and community support in order to successfully complete the programme.

Key information:

  • There will be 2 AMA sessions where there will an opportunity to ask any questions that you may have about the program and course details. The first session will be held on the 4th August 2021 at 10am – 11am BST and the second session at 6pm – 7pm BST. You can choose which session to attend that suits you best.
  • In order to receive the scholarship,  you will need to register your interest and also complete mandatory Basic Training. This is a pre-course to help better prepare you with the knowledge you need to be successful on day 1 of this course. If unable to complete in time for the 2021 cohort, you will be eligible for the 2022 Cohort!
  • You will also need to submit an application form through the Google Form provided and answer all application questions.
  • Access to the course material is from one year from the start of the course (31st August 2022)
  • Those who successfully complete the course receive a certificate and become a part of the alumni community!

Important Links:

AMA Recordings

1st AMA session:

For an introduction into branches watch this video:

https://www.loom.com/share/665aaef969814b7e885c5a7da5bd13e9?sharedAppSource=personal_library

The video about merges you can find here:

https://www.loom.com/share/fd87fd9aeed44990a0ead5da53064540?sharedAppSource=personal_library

The link to the video about Pull Request i this one:

https://www.loom.com/share/09ccdb52b51341b7905d58157903294d?sharedAppSource=personal_library

And a special one that you should only watch at the end is this:

https://www.loom.com/share/86fc6ba03cbe4775ba0e317a87e00a0f?sharedAppSource=personal_library

Workshop: Data types in Javascript

Here is the recording from a study group:

Going through this tutorial : https://www.trufflesuite.com/tutorial

And created this cute Pet Shop with no coding involved. Just copy and pasting code. And the tutorial is really amazing in explaining everything so well and detailed.

Please make sure you read through the tutorial thoroughly as Lena goes though it rather fast and at two points has to figure out how stuff actually works for herself. 

Why we need everyone at the design, development and deployment table

United We Stand!

The Bigger Pie is an organisation founded to support gender equity in the blockchain/Crypto/DLT/De-Fi space.

Half of the global population is female, and we come in all sorts of shapes, sizes, creeds, backgrounds, cultures, experiences, and capabilities.

By focusing on diversity and inclusion in one metric (gender, including gender minorities) we hope to foster diversity and inclusiveness across all measures.

Blockchain technology allows us to reshape how we do business, interact, recognise value and fundamentally shift our thinking and behaviours. It’s creating another massive transference of wealth because of it, and it is vital half of the population don’t miss out on this just because of their gender.

We need everyone at the design, development and deployment table.

Research shows that businesses which embrace diversity and inclusion in gender, ethnicity and culture are profitable and successful.

It shouldn’t be a difficult problem to solve, however inherent systems and biases means the reality is not so straight forward. We can’t do this alone, and The Bigger Pie partners with others who believe the same.

Our purpose is to focus on actions that will help make a difference. This includes visibility for the women in the space, shared learning and opportunities, helping companies find the female talent they’re looking for, investing in female led start-ups and much more. As we’re often asked by men, ‘what can we do?’ I’ll focus on some simple actions anyone can take.

We aim to get to the stage where never again do you hear ‘we can’t find the women’.

You can’t be what you can’t see. The power of role models.

History shows that we have a habit of erasing the names and work of women, people of colour and LGBQT pioneers leaving a dearth of role models. We should never under estimate the power of a role model.

Cynthia Dwork was instrumental in Proof of Work, Elizebeth Smith Friedman, Agnes Meyer Driscoll and Grace Murray Hopper are examples of women who pioneered in cryptography and we should be as familiar with their names as we are the men often cited.

This erasing of names is literally happening today, just look at what’s happening with Joy Buolamwini’s work tackling biases in AI.

Seeing someone that looks like you, that represents you, excelling in their field, making a difference is everything.

If you’ve always seen people like you in leadership roles, then it’s impossible to understand what it’s like to not have that. If you’re fortunate enough to look at every field of business and government and see role models that look like you in senior positions, then hear us when we say, let’s stop removing that for others.

It’s vital we give the incredible women in this sector visibility. There are a number of ways to do this. We have a #SmashingIt campaign that allows women in the sector to share their background, how they got into the sector and advice for others looking to enter it.  Nominate the amazing women you know to submit their videos, if you are that amazing woman, submit your video so we can share your story.

We work with event organisers to help them access female expertise. I’m in awe of the vision, purpose and expertise the women in this space hold, and we need to hear their voices next to the incredible men in the space. If you’re an event organiser, make sure you don’t fall foul of the Bingo excuses for not having proper representation at your events.

Image credit: Jezebel’s Female Conference Speaker Bingo

And if you don’t have the women in your network yet, reach out to organisations like The Bigger Pie, Women in Blockchain, Crypto Chicks, SHE256, Women in Blockchain Talks etc. You’ll be blown away by the global expertise in their networks.

For the men who ask, ‘What can we do?’

Only agree to talk on panels with diversity.

Make sure your sponsorship money matches organisations that share your values about diversity and inclusion and have gender parity with their speakers and panelists. Check to see if women in your organisation are being passed over for the opportunity to share their voice and expertise, and if they are, do something about it. If you’re looking to hire more expertise, remember that it’s not a case of fixing the women.

There’s the often quoted “a woman won’t apply for a job unless she ticks all of the required skills and experience (or at least 80% of them) and that a man will apply if they have just 20%”, or in another way, a man will apply for a role 2 years before they’re ready for it and a woman 2 years after they’re ready. Imagine 4 years in emerging tech and what gets built in that time.

Nobody benefits from that disparity.

Use language that is inviting and inclusive, there are tools to help with this, it will foster more applications from more diverse candidates.

As Keir Finlow-Bates said, if you have a cv that’s exactly the same, but one is from a man and the other a woman. It’s most likely the man has fallen into his career choice and path, but a woman has actively chosen hers and has overcome challenges the man didn’t have to.

Based on that assumption, who would you prefer to hire?

If the boy’s network is still the best way to hear about roles, and get your foot in the door, then actively work to create inclusive networks.

Actively go out to the networks where female talent are comfortable and hang out and become allies (see interest communities mentioned above). Mentor women. Advocate for women. Recommend women. Create opportunities for women to connect with peers at the work place.

If you don’t have women, or only one or two women in your firm, reach out to other companies and communities for these women to have a number of ways to feel supported and part of a more gender balanced ecosystem, at least until such time as your company has that internally.

There is a shortfall of people with the necessary skills to fulfil the growing demand across all disciplines in the blockchain sector.

We’re seeing more women who are well educated, successful, driven individuals enter the space, they are learning and discovering about the industry through their own research and learnings. Why not open up your doors to let these women have some experiential learning, to see behind the curtain of what it looks like to work in one of these companies, in your company?

Gintare Geleziunaite is one example of someone looking at entering this sector.

An accredited and experienced project, programme and change management practitioner (mostly in the public sector). Delivered numerous transformation, business and culture change initiatives. Keen to find opportunities to ‘peak behind the curtain’ in order to understand; how solutions are being applied in real life, how projects are initiated, how stakeholders are brought together and what cultural impact these projects could have on people and organisations.In return, she’s happy to contribute her P3M and change management knowledge and skills wherever they may be of use.

If you’d like to learn more about the various ways you can support the initiatives of The Bigger Pie then we’d love to hear from you bridget@thebiggerpie.io