EN | Tokenizing Private Markets: Lessons from Hamilton Lane & Securitize | MERGE Madrid 2025

we can tokenize natively in Spain via our our area approval and and we're expecting to get the secondary market approval soon. But it's true that where we're seeing more impact on all of this, it's in the US. So, so when you see companies that are piling licenses in order to be able to operate in in certain models, it's it's definitely something that it's impacting and that's aligns to what what you were saying before that we're mixing the worst part of of crypto and the worst part of the traditional world because we are regulated and we need to do the things according to regulation, but we're also taking advantage of the of the of the crypto world otherwise there would not be uh a reason to do this kind of of thing. And and that's where I think also we need to look into what's coming next. The advantage of having assets tokenized represented on chain also expose it to the world of DeFi to the world of um smart contracts being able to create additional efficiencies that it's not just about having traditional assets that work better but actually that allow you to do things that you cannot do traditionally with assets.

and and we have been working with you in the in the context of modernizing that we have called the the Hamilton L scope fund and uh and I think it has been a a really good experience. So I don't know if you can talk about this.

Yeah. No, it's um it's incredible. Um again, you see me with a tie. Um I'm not uh we're not DeFi people, but we're in a position where we have to know what we know, but we also have to admit what we don't know. And uh this is why we are outsourcing uh everything that we could to uh our partner uh securityize and um you know while we work we've been very much surprised and shocked to an extent if you think about things that are very normal and common in our lives.

Let's start with um I think it's 15 uh years 16 years ago there was a once upon a time I say it uh there was this uh company that um you know wanted to um disintermediate hotels right they were represented as the biggest breach of Tennessee hotel laws real estate laws in the world and fast forward to today they became the largest um hotel operator with no inventory called uh Airbnb they own 30% market share they're bigger than the three Hayatt Tilton and IHG G uh uh brands and the same happened with Uber once upon a time. They were constituted as the biggest breach of of transportation laws and taxi laws. Uh everybody thought that they will fail. Fast forward to today, they're bigger, 15 times bigger than all of the single stocks, taxi uh stocks listed in the world combined. Uh and no one talks anything bad about Uber.

They're more they're normal uh uh than than as as common as oxygen is. And you could say, "Oh, Victor, you're just talking about, you know, non-relevant uh industries." I mean, once upon a time, our parents uh used to teach us how to trade the first stock. Uh today, fast forward to today, you have uh my nephew teaching how to buy the first NFT with uh one ETH, and it's a stupid pixelated uh uh uh J uh JPEG. And uh it's a normal thing today.

We're learning uh everything that was normal is not normal anymore. Everything is changing. And this is what we discover by um you know applying DeFi techniques in in in RWA where you can have a bank uh without being a bank. You can lend uh without having a a banking license. I mean we're exploring again with uh uh with the likes of a in where we can do something called leverage looping.

Um there's an added liquidity, there's a a more frequent NAV, uh there's fractionalization. These things were not possible before uh without uh the intervention of the blockchain technology. I mean you still have to register your fund get uh 100% 200% regulatory clarity and the buying from the regulators while you're uh implementing these techniques and uh once you do I mean miracles uh really happen. I we call it the unlocking um you know composibility and unlocking value on on something that didn't exist before. So uh we are not even at the first inning.

We think that this would um scale very big. It will start with money markets fund you know with liquidity first but um it will come to the private market space and this would be very accessible to anyone um in the world and you know you could in theory uh you already allow your clients to buy with USDC. So these are crypto purchasable uh solution. So that in itself is is also something very very new

and and not only being able to buy with uh with USDC but because we have gone through that path of of modernization that we we're making taking a a private asset such as a the scope private fund

but adapting it so that it's more a cryptonative asset. It allows us to do instant subscription with USDC meaning that we have an atomic transaction in which we do uh delivery versus payment that happens integrally on chain and investors pay with an stable coin and receive instantly in the same transaction the unit of the of the fund which it's very normal in any kind of minting behavior on an smart contract for crypto but when what you're receiving it's actually representing an LP interest into a fund with a total legal plugging and total legal responsibility is critical. The other piece and it's also very important in crypto in order to be able to participate in this kind of of uh DeFi infrastructures. It's the opposite side being also able to to liquid it to be able to turn the the same asset into a liquid asset into an stable coin as well. And that's also something that we have worked with together with you in order to facilitate the ability to do it and we have launched it now for scope that allows us to turn 247 instantly scope units into the USD thanks to a collaboration with Elixir that it's using their stable coin DUSD in order to facilitate these kind of cycles and with that opening up things as you were mentioning using it as collateral in protocols being able to take a loan on a stables against this process And if you use that loan to buy more scope and as such put it again as collateral, you can increase without increasing your risk exposure increase your your position and and do things that in in traditional finance are are very complicated if not impossible.

So

I would say closer to impossible.

Closer to impossible.

So that's that's the that's the thing. We're trying to make the impossible possible.

So at the end the story has a positive note. Do you agree? Or is it

Yeah. Yes. Is is it a failed story that it won't scale or you think um the the the end of the story is very much

I think it's a successful story in opening the path. It's definitely has been very successful for security and I think it's uh only a few steps of the joint successes that we're going to have in the in the very short term future.

Absolutely agree.

Thank you Victor.

Thank you.

Thank you everyone.

Thank you. Thank you.