We are building or helping to build a new infrastructure for the capital markets because at the end of the day an infrastructure is a bridge, imagine that it is a bridge, and you can't build half a bridge if you don't build the bridge on one side to the other, people won't pass so, I think this whole process that is being built takes time, in fact it takes a lot of energy, it needs good and competent people like we have here and other companies too because, in the end, what tokenization is proposing is to build a
new bridge that connects the investor to originators and assets and this bridge will not be built... this bridge cannot, first, be built in a fragile way and it will not be and it takes a time is not easy, there are barriers to be overcome and it will only scale up when it is 100% ready the flow of cars only passes through the bridge when it is completely ready Alexandre Freitas too, from OT (Oliveira Trust), I like to mention because there are a lot of people building this, it's not just Liqi, it's not just those who
are here on the podcast and Freitas always says like this, we're building a bridge and even with the traffic, it's kind of a traffic jam this traffic is still the regulator which is not ready or or the market is still understanding what the impact is, so there is that traffic on the bridge and the bridge is not even ready yet, but when the bridge is ready and this traffic is flowing, we are faced with a huge opportunity like business and a very big impact for Brazil, for the capital market and for everyone, another point here,
looking at tokenization, we always say that the infrastructure is not Liqi, the infrastructure is the blockchain, Liqi is access to this infrastructure so when we program a TIDC or when we build these protocols that Pina mentioned, that's where our value proposition lies as a technology, speaking of blockchain, I think it's important to talk here, comment for those who are listening or watching this year Anbima approved a project to create a permissioned blockchain network for the capital markets This is a project that Liqi, in these conversations with regulators, even with Anbima itself, supported, participated in, so
this is an important role for us and other companies participated, are participating in this project, but we were involved from the beginning and it is a super relevant project so that everything we are talking about happens in the coming years, apart from Drex, which is also happening on the Central Bank side, so this network from Anbima Anbima pulling the governance of this blockchain network with market participants is something super relevant and Liqi is participating and it is an important role for the market and for the thesis and what's more, I think we have a very
clear mission Every year we have been evolving, this is the vision I have for the company, Liqi has relevant partners in its captable who are believing not only in what we are building, but also in what will be built for the market as a whole, this technology of blockchain, anyway, I think that now, for this year, we have to tokenize more, we have to test the technology more, we have to take the next step and the volumes increase because then we gain more and more confidence in the use and in understanding, anyway So, this goal
that we have of 500 million in tokenized operations this year needs to happen, and it will be very important for Liqi, very important for the market in addition to the other companies that are also working, so the technology starts to gain more muscle mass, so to speak, the concept within the market and then things start to happen so I think this is a role that we will contribute a lot to the thesis as a whole Looking at Drex and the Central Bank, that we are not in any consortium today but we are very close to
the Central Bank and the TIDC the Central Bank I can't tell you how many times, but more than five, six times easily last year we held meetings with several directors of the Central Bank to understand the protocol and understand the technology, because what Liqi is building are protocols that will make use of Drex So perhaps today we are not looking so much at helping to build Drex because there are competent companies there, there is the Central Bank itself but we are building the other side, which is what will make use of Drex, which are these
protocols, so we are still close to the agenda, because it is super relevant but we are building the use of this technology, so and with a lot of focus on the capital markets I remember a lot that my speech at the beginning of Liqi was trying to find a gray zone, a gray area for us to start testing the technology and today I talk much less about this gray area and today we are starting to find regulatory paths that we already have to be able to use technology and use tokenization within the capital market. In
21 there was nothing clear, not even conversations with regulators, as we have today with the CVM and Central Bank, much less the paths, whether Is it still a provisional path or a more correct path there, in the sense that there are already the necessary changes in the standards, anyway, especially looking at CVM, this has changed a lot in these 3 years regarding the market, I think it has also been evolving a lot in these three years, we have been educating the market a lot with a lot of content, other players were born and also started
to help with this education We can see the Central Bank and CVM changing the way they see tokenization and the use of technology Today we see some CVM directors speaking in native token, which is nothing more than a programmed token, the rules within the contracts the asset already being born within this infrastructure and when we see some speech from the regulator in the past, this didn't exist, right, it was a slightly simpler speech about technology so there was a lot of learning about why, anyway, I think this has evolved a lot too and the Central
Bank, the same thing not only because of Drex, obviously, but you already see a Central Bank, directors, the people involved, talking a little more in depth about technology and its impact, something that two, three years ago, the speech was a little more empty, even due to the lack of understanding of the reason for things, the reason for technology
