The CAPLAND SA team has built investment experience in hedge funds since the early 1990s. Since 2017, through our affiliate alt.co, a compliance-focused crypto brokerage (on- and off-ramp), we’ve continued to develop expertise in the blockchain space.
If you’re interested in understanding the fundamentals and looking past the short-term trading noise in crypto, you may find the commentary below of interest.
Any Private Credit Skeletons in Your Cupboard?
See what happened during the 2008 financial crises and how blockchain would have reduced the complexity and cost of the 2008 financial crises!
If only Private Credit would be put on a Blockchain to see where the skeletons are hiding!
A 2019 Statement by J. Christopher Giancarlo (ex-CEO CFTC – Commodity Futures and Trading Commission US)
4th Annual DC Blockchain Summit – March 2019
“Today I want to take stock of the current state of blockchain technology and renew a focus on how it can impact – and improve – our markets. To begin, I want to take you back for a moment to September 2008. That was a perilous time in global financial markets. An enormous U.S. housing bubble had burst triggering a cascading global credit crisis. Concern was rife about imminent investment and commercial bank failure.
I was on Wall Street, serving as a senior executive of one of the world’s major trading platforms for credit default swaps (CDS), then the epicenter of systemic risk. Panic was in the air and tension was on our broking floor trying to maintain orderly markets. I remember a call from a U.S. bank regulator asking about CDS trading exposure of several major banks, including Lehman Brothers. In fact, trading conditions were deteriorating by the hour. It was clear that the regulator had little means, short of telephone calls, to read all the danger signals that the CDS markets were broadcasting.
But imagine what a difference it would have made a decade ago on the eve of the financial crisis if regulators had access to the real-time trading ledgers of large Wall Street banks, rather than trying to assemble piecemeal data to recreate complex, individual trading portfolios.
Imagine if, instead of having to call around to brokerage firms like mine searching for market information, prudential regulators had access then to a “golden record” of the real-time ledgers of all regulated trading participants.
And imagine if in 2008 regulators could have viewed a real-time distributed ledger, and, perhaps, been able to utilize modern cognitive computing capabilities to recognize anomalies in market-wide trade activity and diverging counterparty exposures indicating heightened risk of bank failure.
And imagine if, that insight would have shown that the $400 billion notional of outstanding credit default swaps written on Lehman Brothers represented under $8 billion in net market exposure to failure of the firm.
In short, what a difference it would have made a decade ago if Blockchain technology had been the informational foundation of Wall Street’s derivatives exposures. At a minimum, it would certainly have allowed for far prompter, better-informed, and more calibrated regulatory intervention instead of the disorganized response that unfortunately ensued.”
https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo66
The Federal Reserve’s First Ever Payments Innovation Conference – October 21st, 2025
- Officials are considering a new form of payment account that would allow fintech and crypto companies to plug directly into the Fed’s payment network – a privilege previously reserved for major banks.
- Interoperability between traditional and innovators – not about disruption but actually collaboration – “scalefi”.
- Tokenised money – stablecoins and tokenised deposits – consumers may not even realise it – “letting it lose and see what consumers will do”.
- Fed Governor Waller revealed that teams inside the central bank are actively testing blockchain technology, tokenization, smart contracts, and even AI tools for future payment infrastructure.
The goal, he said, is to understand new technologies from the inside out – not just to regulate them but to assess how they might upgrade the Fed’s own systems.
https://www.federalreserve.gov/conferences/payments-innovation-conference.htm
Pyth Network: Real Vision Discussion
We had the opportunity to listen to a Real Vision call with Mike Cahill, co-founder and CEO of Duaoro Labs, the foundation behind Pyth Network.
Exchanges generate significant revenues from selling data to traders even though the traders themselves supply that data to these exchanges. Built on blockchain technology, Pyth aims to disrupt the oligopoly of traditional exchanges by incentivizing traders to provide real-time aggregated data pricing data on-chain.
Contributors are rewarded with Pyth tokens, and the resulting data is estimated to cost users around significantly less while being more comprehensive and up to date, including elements like corporate actions and delistings.
Importantly, in a vote of confidence for blockchain-based data distribution, the U.S. Department of Commerce recently partnered with Pyth (and Chainlink) to verify and publish certain U.S. macroeconomic data on public blockchains.