Tell us about yourself, Midas, and what problem Midas is trying to solve?
I spent the earlier part of my career in traditional finance. First, at Goldman Sachs, doing investment research, then at Capital Group, working on investment strategies. During that time, Fabrice Grinda and I built a Nasdaq-listed fund that purchased $200 million in Treasury bills, which gave us firsthand experience buying T-bills at scale in a highly institutional-grade setting. We understood the applicable regulations, the custody requirements, and the settlement infrastructure.
We’re building a platform that turns institutional investment strategies into regulatory-compliant, onchain investment products. The problem we solve is simple: institutional investors and advanced crypto users want the efficiency and transparency of blockchain, but most traditional financial products aren’t designed for that. Midas bridges that gap, allowing professional investors to use professionally managed strategies onchain while keeping full compliance with regulations.
Coming from a traditional finance background, what convinced you that tokenised assets were worth building in a serious way?
Having worked at Goldman Sachs and Capital Group, I saw how slow settlement, intermediaries, and access restrictions limit capital efficiency in traditional finance.
Tokenising assets became compelling once blockchain moved beyond theory: stablecoins demonstrated institutional-scale settlement, regulatory frameworks matured to support compliant issuance, and DeFi introduced real composability. For the first time, tokenised assets could be used natively across strategies – for example, as on-chain collateral in lending markets – rather than existing as isolated representations.
That thesis was validated in practice. Launching mTBILL under an EU-approved framework with no minimum investment revealed strong demand, confirming product-market fit and showing that tokenisation meaningfully closes real access and utility gaps in capital markets.
After regulators reiterated that tokenised securities are still subject to existing laws, how did the conversation in the industry change?
It clarified a lot. Regulatory guidance reinforced the importance of building products with compliance at the core. For Midas, this meant doubling down on a compliance-first approach, designing every tokenised asset to meet regulatory standards across various jurisdictions. This clarity helps investors feel confident and supports broader institutional adoption of on-chain investment products.
Why is starting with compliance so important when designing onchain investment products?
Compliance is foundational. If a token isn’t legally sound, no amount of technical innovation will drive adoption by serious investors.
Starting with compliance ensures products are safe, reliable, and durable – but most importantly, trusted. Trust is paramount to us, and it’s a prerequisite for institutional participation. Without it, on-chain investment products can’t scale beyond experimentation into real capital markets.
What makes a regulated tokenised yield product genuinely useful, rather than just a technical experiment?
It’s all about practical utility. A tokenised product is only useful if investors can do something meaningful with it, like using it as collateral in lending markets or combining it with other strategies to optimise returns. At Midas, our products are designed for real-world use by professional investors, not just as a showcase of blockchain tech.
Midas products now operate across multiple blockchains. Why does cross-chain functionality matter for tokenised assets?
Cross-chain functionality allows investors to access our products wherever they operate. Different platforms offer different tools and liquidity, and being multi-chain ensures our tokens can be integrated into the full DeFi ecosystem, giving investors greater flexibility and opportunities.
What does real composability look like when regulated assets begin interacting with DeFi protocols?
Composability means our tokens can be combined with other onchain products and protocols. For example, an investor can use Midas mTokens as collateral on lending platforms or integrate them into advanced yield strategies. It’s about making institutional-grade financial products as versatile as traditional DeFi tools.
The rapid growth of products like mXRP suggests strong demand. Who is driving that interest today?
Mostly professional crypto investors, whales, market makers, and advanced onchain operators. These are users who actively manage risk, optimise returns, and look for high-quality, compliant yield products they can rely on.
Are you seeing more activity or experimentation on alternative Layer 1s like Solana compared to a year ago?
Yes, there’s definitely more experimentation. Advanced users are exploring opportunities wherever liquidity and technical infrastructure allow, including Layer 1s beyond Ethereum. We make sure our products can serve them wherever they operate.
Looking ahead, what do you see as the biggest opportunity – and the biggest challenge – for compliant onchain investment products?
The biggest opportunity is unlocking more institutional capital onchain by offering tokenised institutional strategies that are compliant, transparent, and natively composable with DeFi. This allows professional investors to deploy capital efficiently and generate yield across multiple chains and protocols. The biggest challenge remains education and trust: helping investors and the broader ecosystem understand how regulated tokenised products work, how risks are managed, and why they can rely on them. At Midas, we see compliance, clear reporting, and seamless integration with lending markets as the keys to overcoming that challenge and driving adoption.
