Published Apr 13, 2026
Alex Gluchowski on Tokenized Deposits, Privacy & Bringing Banks On-Chain | Fintech TV
Transcript
Well, joining me this morning at the New York Stock Exchange is Alex Gluchowski, who's co-founder and CEO. Now Matter Labs is the developer of ZKsync. Well, great to have you here. Thank you so much for joining me. Really excited to be here. Well, as twenty twenty six gets underway, all eyes are on what's happening on the regulatory front. But for the layperson out there, can you walk us through the actual difference between a stablecoin and a tokenized bank deposit? Absolutely. So the technologically, they are both underlying the same basic technology or product. It's both tokenized assets that can use all the benefits of blockchains. The difference is more in how they treat it from the legal perspective. Uh, stablecoins are bearer instruments. Tokenized deposits are actual representation of your deposit at a bank, and so they are treated the same way you have FDIC insurance. They are staying within the perimeter of the bank, and the bank can use the deposit funds to fund to, to actually execute their banking activity. Um, so it's from the banking perspective, it's actually the same thing, just a higher utility on the side of velocity and efficiency of operations. And you and I are here at the New York Stock Exchange. And when we're talking about what's happening between Tradfi and DeFi, give us your take on privacy, especially privacy technology, where we stand right now. Privacy is a critical blocker for traditional institutions to go on chain, whereas the crypto native world has not cared that much. They're deeply about privacy for for the last years, maybe. Uh, assuming that pseudonymity on chain will be sufficient, this is absolutely not acceptable for banks. This is absolutely not acceptable for real businesses that move real operations on these tokenized rails. Uh, they have to observe their regulations in different jurisdictions, and they also have business interests and they cannot disclose all of their flows to the, to their competitors to, to the entire world. And this is why, uh, blockchains with privacy, uh, is really the, the, the, the enabler that has permitted the banks now to move into this space. This is something that we're building with zero knowledge proofs, which is this amazing new breakthrough technology that gives you the gives you the benefits of privacy and security, of public blockchains and connectivity of public blockchains for the first time. And in a nutshell, you also announced a partnership with BitGo. So tell us what's happening. And in a nutshell, can you explain the infrastructure? Absolutely. So the BitGo partnership enables banks to have a full stack solution out of one hand. Essentially, we partner with these institutions to give them the tokenization platform, the blockchain infrastructure with privacy and connectivity to others, and public and private chains, and now also the regulated custody. With BitGo as a public company, they have a lot of experience in this. They are one of the most highly regarded secure platforms for tokenized custody. So now these institutions have everything they need in one go. And finally, before I let you go, there is no single magic bullet for privacy. But give us your take on what needs to happen. And of course, the timeline for you and BitGo. Uh, so the, uh, this privacy technology that we're building called Prividium is available now and we see institutions are moving into the space. I was just two weeks ago at the DC Blockchain Summit in Washington, where we announced the partnership with the Cari Network. Building on this is a network of five regional US banks founded by the former Comptroller of the Currency. So you can see the the level of trust that these institutions and regulators are now having in these technologies. It's available now. It's moving from experiments into real production and real, uh, real deployments this year. Well, Alex, it was great having you on the show today. Thank you so much for joining us. And thank you so much for laying all of it out for us. Thank you. Thank you.
Alex Gluchowski, co-founder and CEO of Matter Labs (ZKsync), joins Fintech TV at the New York Stock Exchange to break down the difference between stablecoins and tokenized bank deposits, why privacy is the key blocker for institutional blockchain adoption, and how ZKsync's Prividium technology and new partnerships with BitGo and the Cari Network are bringing banks on-chain.
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