Unchained

Laura Shin

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

  1. 7 HR AGO

    Ex-Citi Chief Economist on Gold, Bitcoin and the Debasement of the US Dollar

    Gold may have history, but does it have a future? Former Citi Chief Economist Willem Buiter joins Unchained Executive Editor Steve Ehrlich to argue that gold’s “6,000-year bubble” is long overdue to burst.  He explains why he thinks central banks should dump their bullion, why Bitcoin isn’t a reliable store of value, and why fully backed stablecoins and central-bank digital currencies could define the next era of money. He also touches on Trump’s influence on the Fed, tokenized deposits and the future of stablecoins. Thank you to our sponsors! Binance Guest: Willem Buiter, Independent Economic Advisor, Previously Global Chief Economist at Citigroup Timestamps: 💰 0:00 Introduction 🏺 0:28 Is gold really in a 6,000-year bubble? 🫧 4:33 Why Willem says some bubbles can last forever 💵 7:16 What to make of the dollar’s debasement and why other currencies aren’t better 🚫 11:56 Why Willem doesn’t believe in Bitcoin as a store of value 🪙 16:32 Why he says fully backed stablecoins could define the future of money 🏦 19:10 Are tokenized deposits a breakthrough or a threat to the monetary system? 🌐 22:36 Why Willem supports central bank digital currencies 🔢 27:51 Will the world end up with hundreds of stablecoins? 📊 31:23 Is the Fed quietly shifting its inflation target to 3%? ⚖️ 33:57 How Trump’s pressure could undermine Fed independence 🚀 37:39 Why Willem is bullish on tokenized assets Learn more about your ad choices. Visit megaphone.fm/adchoices

    40 min
  2. 1 DAY AGO

    Sharplink CEO on Why ETH Will Soon See a Boom in Demand: Bits + Bips

    In this episode of Bits + Bips, former BlackRock executive and SharpLink co-CEO Joseph Chalom joins hosts Austin Campbell, Chris Perkins, and Ram Ahluwalia to discuss why the Federal Reserve may move to ease rates despite a “Goldilocks” economy, the growing role of stablecoins in foreign exchange and settlement, and how major banks like JPMorgan and Citi are expanding their use of blockchain.  The conversation also explores Japan’s first yen-backed stablecoin, the implications of AI for the labor market, and the generational shift that could make crypto wallets the default interface for finance. Plus, the implications of CZ’s pardon and why it’s “bullish” to have Mike Selig chairing the CFTC. Sponsors: Binance Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest:  Joseph Chalom, Co-CEO of SharpLink Gaming, Inc. Links: Reuters: Fed poised to cut rates this week, with more easing likely on tap WSJ: Trump Considers Fed Chair Selection by Year-End From Slate of Five Finalists CoinDesk: Gov. Waller: U.S. Fed to 'Embrace Disruption,' Pitches 'Skinny' Master Account Idea Reuters: World's first yen-pegged stablecoin debuts in Japan EF: ERC-8004: Trustless Agents Bloomberg: JPMorgan to Allow Bitcoin, Ether as Collateral in Crypto Push Unchained: Trump Pardons Binance Founder CZ CNBC: Trump names Michael Selig to chair CFTC; Selig cites crypto capital goal Timestamps: 🎬 0:00 Intro 💸 3:23 Why the Fed will likely still cut rates despite a “Goldilocks” economy 👷‍♂️ 6:47 Why Joseph says the labor market is at a “moment that matters” as Amazon cuts 30,000 jobs 🏛️ 8:26 What Chris shockingly heard at a recent Fed conference ⚖️ 10:15 What could force the Fed to become hawkish 🚀 12:33 How the Fed is “frontrunning innovation” 💴 14:46 Why Japan’s first fully yen-backed stablecoin, JPYC, is significant 🌍 17:36 Why Chris is so excited about stablecoins disrupting FX markets 🔗 22:55 Why L1 tokens may be the next “strategic commodity” 🏦 26:25 How major banks are joining the stablecoin race 👛 31:33 Why retail adoption could explode in the coming years 🤖 33:37 How AI agents could soon manage our payments 💡 36:34 Why JPMorgan decided to accept bitcoin and ether as collateral ⚖️ 44:04 Was CZ’s pardon fair, and what about “pay to play” concerns 🐂 54:55 Why having Mike Selig chair the CFTC is “bullish” for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 20m
  3. 2 DAYS AGO

    How Kraken Plans to Dominate Tokenization and Perps in 2026 and Beyond

    As crypto markets mature, Kraken is transforming from a trading venue into a multi-asset infrastructure platform.  Co-CEO Arjun Sethi joins to break down the exchange’s expansive strategy: building a vertically integrated derivatives business, pioneering tokenized equities with xStocks, and launching a purpose-built layer 2 chain, Ink, to bridge regulated finance and open DeFi. Sethi also explains how Kraken responded to the Black Friday crash, the firm’s ADL and margin policies, and what Kraken wants from U.S. policymakers in 2025. Plus: how Kraken's acquisitions of NinjaTrader and Small Exchange could reshape U.S. derivatives, and why this time, tokenization may finally deliver. Thank you to our sponsors! Mantle https://www.mantle.xyz/ Guest: Arjun Sethi, Co-CEO of Kraken Timestamps:  👍 0:00 Intro ⚡️ 0:15 Kraken’s experience on “Black Friday” and how the team handled the chaos 👥 3:52 Why Kraken uses a co-CEO model and how it works in practice 🧩 7:50 How Arjun and his team kept calm and supported the broader ecosystem during the crash 📈 9:25 What the derivatives boom means for Kraken’s long-term strategy 🛡️ 14:55 Why customer trust and fair risk management are core to Kraken’s DNA 🏛️ 20:26 How the Small Exchange and NinjaTrader deals fit into Kraken’s U.S. expansion plan 🔗 31:44 Why tokenization is finally real this time and how Kraken plans to lead it ⚖️ 53:24 What Kraken hopes to achieve in Washington and what’s next for the company Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 2m
  4. 2 DAYS AGO

    Arthur Hayes and Adam Schlegel on Why Private Equity Is Crypto's Next Big Wave

    Crypto has spent years obsessing over tokens, airdrops, and speculation. But what about the unsexy businesses actually making money? Arthur Hayes and Adam Schlegel join Laura Shin to talk about Maelstrom's $250M private equity fund targeting crypto's most profitable, yet overlooked, companies, $50M revenue businesses with 50% margins that VCs can't touch and exchanges won't pay cash for. But while everyone frames this as just another fund, Hayes and Schlegel argue it's actually the missing piece in crypto's maturation: a cash buyer for founders who've done their time and want out without four-year earnouts.  Plus: Why Asian crypto companies with monster margins get ignored by Western capital. Thank you to our sponsors! Binance Guests: Arthur Hayes, Co-Founder of BitMEX & CIO at Maelstrom Adam Schlegel, Head of Private Equity at Maelstrom Links: Previous appearances on Unchained: The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH Arthur Hayes and Hanson Birringer on Hyperliquid’s Success (And What Could Stop It) Bloomberg: Arthur Hayes’ Family Office Seeks $250M for Buyout Fund Coindesk: Arthur Hayes’ Maelstrom Seeks $250M Private Equity Fund to Acquire Crypto Firms: Bloomberg Akshat’s tweet announcing the fund Timestamps: 🎬 0:00 Intro 📰 1:08 Maelstrom’s $250M private equity fund to buy crypto firms 👤 1:42 Adam’s background and path from Morgan Stanley to Haveli to Maelstrom 💼 3:51 Why Maelstrom believes the next crypto boom is in private equity 📈 4:42 Arthur on how crypto investing evolved from beta → VC → PE 🌏 10:05 Geographic focus: Asia and LatAm’s overlooked crypto firms 🧭 11:49 How Maelstrom evaluates targets and performs due diligence 🛠️ 17:02 Inside Maelstrom’s $250M anchor fund and LP co-invest model 👀 26:01 The types of companies Maelstrom is targeting ⚙️ 30:16 Fund structure and Arthur’s role in Maelstrom PE 📊 36:05 “The four-year cycle is dead”: Arthur on today’s crypto market 💰 39:18 Investor requirements and $5M minimum commitment 🏦 42:09 Coinbase’s Echo acquisition and what it means for exchanges ⚔️ 47:59 The perps war, how DEXs are forcing CEXs toward zero-fee trading 💥 52:18 Binance, ADL liquidations, and leverage risk 🔮 56:27 Prediction markets: Polymarket vs Kalshi vs Limitless 💵 59:06 Stablecoins and rates, why Tether and Circle could lose to Ethena 📈 1:04:15 Who wins the next phase of crypto’s evolution 🔚 1:08:14 Closing thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 9m
  5. 22 OCT

    How Crypto Neobanks Make It Easier to Earn Passive Income

    Neobanks changed how fintech thinks about money. Now, crypto builders want to do the same, without custody. In this episode, Itamar Lesuisse, CEO of Ready, and Mike Silagadze, CEO of EtherFi, argue the real shift isn't about "crypto cards," it's about who controls your assets. EtherFi’s and Ready’s self-custodial apps merge saving, spending, and investing. The result: faster settlement, lower fees, and more transparency, but also new challenges around compliance, credit, and security. Itamar Lesuisse and Mike Silagadze explain how layer 2 networks made crypto cards economically viable after years of failed attempts and how Africa’s FX markets could become the breakthrough use case for crypto banking. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Binance Guests: Itamar Lesuisse, Co-founder and CEO of Ready (formerly Argent) Mike Silagadze, Founder and CEO of EtherFi, and Founder of Top Hat Links: The Block: Best crypto cards with token rewards in 2025 Bitcoin Starknet Staking Post by Ready (Formerly Argent)  Timestamps: 🎬 0:00 Intro 💳 1:57 What crypto neobanks are, and why they’re suddenly booming ⚖️ 6:19 Custody as the real divide between traditional and crypto banking 🏦 8:07 From Argent to Ready, turning wallets into full neobanks 💳 10:05 Why early crypto cards failed, and how L2 settlement fixed them 💰 18:49 Credit without credit scores: the rise of collateralized cards 🔒 32:52 How smart accounts and recovery improve wallet security 🌍 44:29 Onchain FX and the next profit frontier for crypto banks 🚀 55:36 How self-custody could reach mass adoption 🔚 58:19 Closing thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

    59 min
  6. 22 OCT

    The Chopping Block: Zcash +400%, Tempo’s $500M Shock, EF Pay Firestorm & AWS/Base Meltdown feat. Mert

    Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Helius’s Mert returns to defend Zcash’s ~400% run and the “encrypted Bitcoin” framing, digging into anonymity sets, privacy UX, and why Bitcoiners are so riled up. We then tackle the Tempo bombshell — a ~$500M raise at a ~$5B pre, Stripe/Paradigm ties, Dankrad’s move from the EF — alongside Péter Szilágyi’s letter on EF culture and compensation: public goods priesthood vs. market incentives. Next up: Mert’s “USD Manlet” rethink (why coordinating Solana around one stable is hard, and why pushing USDT to compete with USDC may be the sharper play) plus a gripe-fueled tour of today’s DeFi trading UX. Finally, an AWS-outage autopsy: Coinbase downtime, Base sequencer hiccups, Infura/MetaMask ripple effects, and the case for multi-region/multi-cloud redundancy when real money — and sometimes safety — are on the line. And no, despite the memes, Mert is not launching a DEX. For more links and Show Hilights - https://unchainedcrypto.com/podcast-chopping-block/the-chopping-block-zcash-400-tempos-500m-shock-ef-pay-firestorm-aws-base-meltdown-feat-mert/ ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Mert, Co-founder & CEO at Helius Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Mert, Co-founder & CEO at Helius “One Long Memo” [A Letter To The EF] by Péter Szilágyi https://gist.github.com/karalabe/a2bc53436f29e0711fe680d59e180f6c  Timestamps 00:00 Intro 01:22 Mert a Madman of Solana and now Zcash 05:20 Bitcoin vs. Zcash: A Philosophical Clash 14:35 Tempo Fundraise and Ethereum's Talent Exodus 33:05 Ethereum's Social Layer & Public Goods 34:45 The Importance of Religious Priesthood in Crypto 41:01 The USD Manlet Proposal & Stablecoin Coordination 49:32 AWS Outage & Its Impact on Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

    1 hr
  7. 21 OCT

    Could BTC Outperform Gold? Plus, Ethereum's Big Advantage: Bits + Bips

    In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins tackle a packed agenda: from the fairness of Binance’s listing fees to the ways in which DeFi didn’t perform well during the “Black Friday” crash, why Tempo’s $500 million raise might have been a political ploy, and the growing war over stablecoin dominance. The trio debates whether Bitcoin is undervalued compared to gold, why Ethereum’s 10-year track record gives it an edge, and whether today’s Digital Asset Treasuries (DATs) are just froth, or the permanent backbone of institutional crypto. Plus: Austin makes a bold prediction about the stablecoin that will dominate by 2040. Sponsors: Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Links: Binance Listing Fee Drama Unchained:  Binance Listing Fee Fight: What’s a Fair Price to List on the Top Crypto Exchange? Binance Claims It Does Not Profit From Token Listings Jesse Pollak (Base) chimes in Tempo & Dankrad Fortune: Exclusive: Stripe-backed blockchain startup Tempo raises $500 million round led by Joshua Kushner’s Thrive Capital and Greenoaks Ethereum core dev Dankrad Feist joins Tempo Reactions: Ryan Adams (Bankless): Tempo will optimize for itself, not ETH. Nick Almond: Not a death sentence for ETH Breadguy: Big loss. Dankrad was a major L1 scaling advocate. Black Friday Dan Wilson: 3 big lessons post-crash Gold vs. BTC GOLD/BTC up ‎23.5% in past month Bitcoin Is Undervalued vs. Gold DATs Bloomberg: Huobi Founder Li Lin Set To Launch $1 Billion Ether Accumulator - Bloomberg CoinDesk: Ripple Set to Enter Corporate Treasury Business With $1B Acquisition of GTreasury Timestamps: 🎬 0:00 Intro 💸 3:39 Binance listing fees — fair price for distribution or pay-to-play? 🏛️ 10:19 What is the best way to go public? ⚔️ 11:57 How exchanges really compete behind the scenes 💥 15:00 “Black Friday”: why Chris calls it catastrophic — but with a silver lining 🧱 24:52 What the industry must fix to prevent another meltdown 💵 30:15 How Tempo’s $500M raise represents peak frothiness 🚨 39:12 Is Dankrad’s exit from the Ethereum Foundation a red alarm for ETH? 🔮 43:07 Austin’s bold prediction: which stablecoin wins by 2040 🥇 46:17 Is Bitcoin undervalued compared to gold? 🏗️ 52:21 Why DATs are here to stay despite the market carnage Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 1m

Trailer

About

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

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