Interop Markets
Sebastien DaviesLong-form research on how digital infrastructure is reshaping the flow of real-world capital.
| Platform |  | Pricing | Only free issues | Publishes | Monthly |
|---|---|---|---|---|---|
| Issues | 9 | Founded | 8 months ago | Last Issue | 18 days ago |
| Active | |||||
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interopmarkets.substack.comLatest Issues
Money as a Service
For the past decade, the dominant narrative surrounding digital finance has focused almost exclusively on the token. Market participants spent years debating which cryptographic asset would become the definitive internet-native dollar, or w...
How Financial Systems Become Fluid
The evolution of financial infrastructure is rarely as clean as the market narratives that surround it. More often, it is the slow recognition that the previous set of assumptions no longer holds. As the digital asset industry matures, the...
Becoming Invisible
Structural transformations in financial architecture are rarely announced to the end user. They do not occur because a critical mass of individuals suddenly decides to abandon established habits in favor of superior cryptography or novel se...
Rails to Relationships
The defining delusion of the last ten years in crypto was the “Field of Dreams” fallacy. Builders and investors operated with the assumption that properly engineered rails would automatically magnetize the world’s capital. This was the Infr...
Balance Sheet Battleground
The Infrastructure Mirage
For the better part of a decade, the global financial community has been transfixed by a fascination with “rails.” The discourse surrounding digital assets has focused almost exclusively on the mechanical thro...
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Authors
The writers behind this newsletter.
Sebastien Davies is a Partner at Primal Capital, investing across digital asset and financial infrastructure. He focuses on market structure, risk, and how new technologies are applied in practice.
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