Thanks for the write up, it was well reasoned. I agree that Nexus is well positioned to cater to institutions, but I disagree on directing any resources to this market right now. I used to work on Wall Street as an investment banker and have seen many times ideas get shut down by compliance. DeFi is not anywhere close to institutional grade – they are just starting to build out support for BTC (and very early in that process, for that matter). Most institutional grade crypto custodians don’t even have DeFi support yet… and that’s even within our industry. In order to serve institutions, I think Nexus needs to remain the insurance leader in ca. 2022-24. In order to do that, we should double down on the existing market so that we can get to the required scale as soon as possible. Hugh’s post on scaling Nexus is on the money: Scaling Nexus - December 2020