Invest Like The Best
Episode 246 Becoming Your Own Bank
Invest Like The Best

Episode 246: Becoming Your Own Bank

Invest Like The Best

Episode 246

Becoming Your Own Bank

Nick Neuman is the CEO and co-founder of Casa. We cover the history of asset custody from ancient temples to decentralized ledgers, look at the mechanics of how private keys work, and explore why people are better off holding the keys themselves.

This episode is brought to you by:

Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.

Eight Sleep. Eight Sleep's new Pod Pro Cover is the easiest and fastest way to sleep at your perfect temperature. Simply add the Pod Pro Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. To embrace the future of sleep and get $150 off your new mattress go to eightsleep.com/patrick or use code "Patrick".

[00:03:23] - [First question] - The history of asset custody

[00:07:56] - What private keys are and their role in financial security 

[00:12:21] - Overview of storing a token in a wallet and accessing it with a private key 

[00:15:28] - Thoughts on private keys through the lenses of convenience and safety

[00:18:49] - Solving both self-custody of assets and peace of mind

[00:21:39] - How the user experience will feel once self-custody is properly developed

[00:24:11] - Why asset custody is so interesting and what a perfect scenario unlocks

[00:27:05] - Is the DeFi ecosystem an early manifestation of a self-custody financial system 

[00:28:57] - Ways Casa is planning to become a convenient and diverse platform for users

[00:32:16] - The role wallets will play in the future of a digital world

[00:34:56] - Forms of authentication that are most appealing in creating a seamless user experience

[00:37:39] - Overview of what hardware wallets are and how they work

[00:40:17] - Different security options that Casa offers from the simplest to the most secure

[00:44:51] - How many crypto holders there are and how many use self-custody

[00:47:31] - The craziest security set up around Bitcoin he’s ever heard of 

[00:48:49] - What the most ideal outcome for Casa looks like in the coming decade 

[00:51:26] - Thoughts on the competitive landscape and potential growth challenges 

[00:53:07] - Important aspects of the crypto ecosystem other than security  

[00:55:49] - How empowered people feel when they successfully adopt self-custody

[00:57:13] - Whether or not there are ways that the current centralized system is more secure

[00:59:58] - Thoughts on offering a way for users to display they are protected by Casa 

[01:01:31] - The kindest thing anyone has ever done for him

Becoming Your Own Bank

Introduction

Patrick
My guest today is Nick Neuman, CEO and co-founder of Casa. Casa helps Bitcoin investors and owners keep their digital assets safe from loss or theft by providing managed self custody services. In our discussion, we cover the history of asset custody, from ancient temples to decentralized ledgers, look at the mechanics of how private keys work, and explore why people are better off holding the keys themselves. We then dive deep into the future of digital wallets as gateways into our virtual lives, what's interesting about identity authentication more broadly, and whether these innovations may lead to unintended consequences. Please enjoy this great conversation with Nick Neuman.

The History of Asset Custody

Patrick
So Nick, I think an interesting place to begin this discussion, where the theme will be private keys and custody of assets, and crypto maybe even more specifically, but generally those two big concepts, is with a history. I'd love you to just teach me and the audience as much as you can about at the history of how humans have owned and custodied different kinds of money. Because I think we're all in this fishbowl of, I have a Wells Fargo account or whatever. We've all grown up with one very specific version of this, but history can teach us a lot of lessons. Give us an opening history lesson here, and then we'll dive into all the aspects of Casa and what you're building.

Access the full transcript
Sign in or register to view episode transcripts.

Contact

Get in touch at help@joincolossus.com