Custody Demand, AI Vulnerabilities and Digital Asset Deals
The Final Settlement hosts, including Michael and Brian, discuss where bitcoin holders keep their bitcoin and Michael's argument that custody and financial services built for larger balances are an opportunity. They cover Black October, when AI reportedly found a long-known PHP flaw and a wave of critical vulnerabilities, and the Pentagon's Fortress America plan for bases to run 90 days without civilian power. Also on the agenda: a thought experiment on lab-made and asteroid gold, a rumored Visa deal for Fireblocks, the OCC's final GENIUS Act stablecoin rule, AI agents inside bank accounts, Standard Chartered's agreement to buy Zodia Custody, Mastercard Agent Pay, OpenAI's valuation and Anthropic's S-1. Views are the hosts' own, not Onramp's.
Chapters
00:00 - Is the internet down? Critical infrastructure under strain 05:31 - A Thought Experiment on Lab-Made Gold and Bitcoin 08:18 - Visa and Fireblocks: the rumored $2.5B deal 12:20 - MPC vs. Multisig and Custody Company Valuations 22:27 - The OCC finalizes its GENIUS Act stablecoin rule 28:10 - AI agents inside bank accounts 29:02 - Standard Chartered signs to buy Zodia Custody 30:47 - DekaBank, Mastercard Agent Pay and Bitcoin as internet money 34:05 - Black October: PHP and a wave of critical vulnerabilities 37:38 - The Hosts on Moats and a Flatter World 43:23 - The Pentagon's Fortress America: 90 days off grid 48:39 - OpenAI at $1.4T and Anthropic's S-1 54:26 - Neocloud Debt and Big Tech AI Spending 59:22 - Single Point of Failure Segment and the Custody Discussion 01:03:53 - a16z drops "crypto" from its new fund name
