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Summary

George Beall, co-founder of Lombard Finance, shares his path from discovering Bitcoin in 2013 to launching a platform focused on unlocking liquidity for BTC holders. He explains how Lombard enables users to mint LBTC and participate in DeFi without giving up custody of their Bitcoin. The conversation covers the design of Lombard’s user journey, its points program to reward participation, and the broader challenge of educating Bitcoiners about DeFi. Beall also emphasizes the importance of proof of reserves and strategic partnerships to build user trust and expand protocol utility. He concludes by discussing the nuanced concerns of Bitcoin holders and Lombard’s vision for bringing more BTC on-chain.

Takeaways

— George first entered crypto in 2013 through Bitcoin, shaping his long-term thesis.

— Lombard Finance is focused on unlocking yield and liquidity for Bitcoin holders.

— Bitcoin is a dominant global asset, but historically lacks native utility in DeFi.

— Users mint LBTC and use it across integrated DeFi protocols while retaining BTC exposure.

— The platform features a points program to incentivize usage and reward loyalty.

— Key partnerships with DeFi protocols expand use cases and support user demand.

— Education is crucial to help Bitcoiners navigate on-chain tools and risks.

— Proof of reserves is a core trust mechanism in Lombard’s architecture.

— Bitcoiners vary in risk tolerance; messaging must meet them where they are.

— Lombard is strategically positioned to onboard a large share of BTC into DeFi.

Timeline

(00:00) George Beall’s journey into crypto

(02:56) Reflections on Bitcoin’s evolution and relevance

(05:13) What Lombard Finance is building and why

(07:51) The end-to-end user experience with Lombard

(10:20) Using LBTC across the DeFi ecosystem

(26:39) The opportunity in on-chain Bitcoin yield

(31:29) Why proof of reserves matters

(33:13) Chain integrations and how Lombard chooses partners

(35:43) Building both sides of the Bitcoin DeFi market

(40:32) Messaging strategies for Bitcoin holders

(47:32) Liquid staking for Bitcoin, explained

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