Luke Hoersten is the founder and CEO of Bitnomial — a derivatives exchange that aims to replace the underlying rails of the global commodities trading market with crypto. Bitnomial has obtained regulatory approval for an exchange license, a clearinghouse license and a brokerage license, making them the first business to have all three licenses under one roof. In this episode, Hoersten discusses the technical innovation to collateral management and trading offered by crypto and the future of collateral management in the crypto derivatives market.  OUTLINE 00:00 Introduction 04:36 Bitnomial's Licenses 05:48 Bitnomial's Product Suite 07:46 Competition 12:09 Phases of Crypto Collateral 19:01 CME Marketshare 21:07 Importance of Derivatives 24:55 Future of Crypto Derivitives 32:18 Onshore vs. Offshore Derivatives 35:09 TradFi Perps 37:37 Closing Thoughts