Pradyumna Agrawal, Managing Director of Temasek, said at the Token2049 "Institutionalization of Digital Assets" roundtable in Singapore: "Now we are talking about spot and spot-based ETFs. From an institutional perspective, I think there is a common theory that in each cryptocurrency bull market, you will touch different market effects. So you start interacting with those who were the earliest to get involved, then you turn to those who benefit from cryptocurrencies, and then high-net-worth individuals, family offices, and the prediction is that in the next wave, there will be a large-scale phenomenon of institutional participation.

Many institutional participants are involved in the context of traditional infrastructure. In this context, it is not only traditional infrastructure, but also more transparent assets. So in my opinion, what is really needed here is some kind of bridge between these two worlds, that is to say, if you want broad institutional participation, you need to have key infrastructure.

This infrastructure can be used for risk management and deployment of other asset classes. Digitize all infrastructure, and tokenize all these asset classes in some form. So can you gain efficiency advantages? Can you gain liquidity advantages? There are still many things that need to happen here to achieve broader institutional participation. I emphasize again that I separate this from the issue of whether institutions buy ETFs or buy and hold Bitcoin. I am talking about longer-term issues. This is a very long and painful digital workflow to tokenize asset classes. Can I cross-collateralize certain assets across capital? I think this infrastructure is being validated in different contexts, whether on platforms or in cryptocurrencies."