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Micky Malka - Building Ribbit - [Invest Like the Best, EP.400]
Invest Like the Best with Patrick O'Shaughnessy
Deep Dive
Why did Micky Malka declare that 'fintech is dead'?
Micky Malka believes that fintech as it was known from 2012 to 2023 has fulfilled its purpose. He sees the need to change the rules of the game to stay ahead and avoid complacency, signaling a shift in focus to new opportunities.
What is Micky Malka's 'grid' concept?
The grid is a framework that interconnects knowledge, wealth, and power through technological changes like AI, cryptocurrency, and network states. It represents a convergence of these elements, similar to the impact of the printing press in the 1500s.
How does Micky Malka view the role of stablecoins in the modern economy?
Stablecoins are seen as modern-day travel checks, offering instant access to dollars globally with zero cost. They provide a safe, decentralized way for people outside the U.S. to hold and move dollars, with significant potential for growth as they become more widely adopted.
What was the key lesson Micky Malka learned from the Robinhood crisis in January 2021?
The crisis highlighted the importance of building deep, trust-based relationships with founders over time. It also underscored the need for flexibility and understanding of the business model to navigate unexpected regulatory challenges.
What does Micky Malka mean by 'making money better'?
Malka believes that improving access to financial services, such as easier savings, loans, and investments, enhances people's lives. He focuses on increasing the number of people his firm touches with better financial services, aiming for a positive global impact.
How does Micky Malka describe the founding principles of Ribbit Capital?
Ribbit's principles include being a rebel against the status quo, avoiding labels, and focusing on building a company rather than a traditional venture firm. The firm emphasizes transparency, shared knowledge, and aligning incentives with its partners.
What excites Micky Malka most about the intersection of AI and crypto?
The intersection allows for the creation of new use cases where AI agents can interact with crypto rails to manage transactions, smart contracts, and other financial activities. This combination has the potential to unlock new levels of automation and efficiency.
What was the most surprising development in crypto for Micky Malka?
Malka was surprised by the mainstream acceptance of Bitcoin, including its consideration as a reserve currency by countries and the launch of a Bitcoin ETF in the U.S., despite initial skepticism from regulators.
How does Micky Malka approach building a team at Ribbit Capital?
Malka prioritizes hiring people with grit, passion, and a human-first approach, rather than focusing on titles or job descriptions. He encourages team members to take on diverse roles and share knowledge openly to foster a collaborative environment.
What does Micky Malka believe is the role of art in predicting future technological shifts?
Malka views artists as early indicators of cultural and technological trends. He believes that the way artists use AI, NFTs, and other technologies can provide insights into future use cases and societal shifts.
Shownotes Transcript