Episode Description
In this episode of the Applied Blockchain Podcast, Adi Ben-Ari (Founder, CEO of Applied Blockchain) speaks with Patrick Hennes, a blockchain and digital assets servicing expert based in Luxembourg, specialising in tokenization, MiCA, and digital asset operating models.
Patrick has spent 26 years in Luxembourg's fund industry, from transfer agency and fund migrations to six years as Director at PwC Luxembourg, where he co-founded one of the earliest blockchain initiatives in European asset management. He is a speaker, author, and one of the genuine pioneers of tokenization in the institutional finance world.
Together, Adi and Patrick explore, but not limited to:
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How Patrick first encountered blockchain at a PwC management meeting in 2015, and what immediately clicked
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The Fund Chain initiative: building the first Ethereum-based tokenization pilot for investment funds back in 2016
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Why digitalization must come before tokenization, and what that means in practice for the full asset servicing value chain
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The two missing pieces from the early days: digital custody and on-chain cash
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Stablecoins, deposit tokens, and the payment rail that will finally enable atomic settlement
Resources Mentioned & Themes Discussed
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Fund Chain initiative, PwC Luxembourg white paper: "The Genesis of a New Business Model for the Asset Management Industry"
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Forge stablecoin (accepted as settlement currency by Clearstream)
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Larry Fink's "era of tokenization of all assets"
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ERC standards & Polygon
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DORA, AML directives, MiFID2, GENIUS Act
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Atomic Habits, James Clear
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The 5 AM Club, Robin Sharma
