Thank you. Can you hear me okay? All good? Yeah. Okay, cool. Thank you for having me here. This is great. This is a great event. I really appreciate how this event put together by LD Micro, and obviously our friends from Freedom Financials. I'm Wilfred Daye. I'm the Chief Strategy Officer for Chaince Digital Holding. We used to call ourselves Mercurity Fintech. We changed our name last November, last December area. We are Nasdaq. The ticker is CD, so don't be confused with, you know, certificate deposit. That's not intentional at all. It just happened to be that way. It's Charlie, David. The presentation here is It is actually draw from the material for our annual report, so the April 2026. I know that there was a, you know, or 10-Q came out last week. I didn't get a chance to update this presentation. Most of the materials are same, are very relevant. This is a required reading for everyone in the room. It's a forward-looking statement. It's I'll give you, like, you know, 10 seconds to read it. Okay. All right. Let's go into overview of Chaince Digital. What we have today is really a, you know, a three, I mean, two core business areas we're focusing on. 1 is tokenization, on-chain innovation for financial services. At the same time, we have a regulated broker, services area, brokerage service area. This is a pure investment bank. We have a CMA or mandate for, you know, private placement, for, you know, IPO, selling group, follow on fundraising, and so on and so forth. On the tokenization side, we're in development for something called a Real-World Asset. Just show of hands who are familiar with blockchain space. Anyone who has actually heard of the blockchain or RWA in this room? Okay, that's great. This is good. One person out of the 20. The, you know, we, you know, from a financial perspective, you know, we have $23 million as of last year end. $33 million cash on hand. We increased our position, in cash position, for in our first quarter. I think we're up to about $36 million in cash. The ticker is currently included in over seven passive indices. All right. A little bit of history of our business. We started our business in 2022 through a change of management. It's actually in December 2023. We were initially focusing on some form of Web3 based business. Specifically, we're looking at mining cryptocurrency assets back in 2022. There, again, there's a little bit of legacy business that we turned off as of Q1 this year. In 2023, we begin the pivot program with the financial services market. We actually went ahead and bought a broker-dealer in 2024. In couple of years, with the FINRA and the regulators, we got our license last year, last February. We've been running our broker-dealer business for about a year right now, a little bit over a year. At the same time, the ticker got included in Russell 2000, and we also rebranded ourself. Remember, the name our company used to be called Mercurity Fintech. We changed our name last year, I know towards the end of last year, to Chaince Digital Holding. Why Chaince? Chaince is basically blockchain and finance. It's basically a play on words, as we call ourselves Chaince Digital. This year's major development is hiring talents out of the blockchain space or blockchain world. We recruited Peter Yang. He came out of Fenbushi, a well-known VC in the blockchain space. This is actually, I think, Fenbushi used to be or still is a part of the Vitalik Buterin's family office, so the Ethereum founder. Also at the same time we started partner with Apex Group. Apex has a specific entity focused on blockchain, and that's called Tokeny. Tokeny is a blockchain service software company. We're working in partnership with Tokeny as well as Apex, focusing on tokenization or real-world tokenization products within the whole co. A little bit of history about myself. I actually spent a lot of time in California. I went to USC for my grad school. I couldn't find a job in California, actually. It's a very competitive job market back then. I actually went to New York. I end up being Lehman Brothers in commercial real estate. Obviously, 9/11 was really good for commercial real estate. Pivot into credit trading at Barclays Capital. I spent roughly about 17 years in credit trading business. In 2017, I left the banking world because of Basel, or Basel 2.5 or 3, depending on how you look at it. I got into the fintech space. We initially set up a, you know, bank, and then a financial services market for cryptocurrency, and then got into exchange and OTC trading and so on and so forth. One of my meaningful stop is actually Securitize. I ran Securitize Capital back in 2020. There we had very good experience tokenizing KKR, Hamilton Lane. KKR, Hamilton Lane, those are private equity funds. You know, one of the things, you know, they're looking to do is how do they expand their investor base, right? For last, you know, 20 years, they already know all the pension funds, all the endowment funds, institutional investors. How do they expand their product set or investor set into accredited investors, into a little bit more retail-ish, right? Tokenization was a way for them to get into that particular market. That we have a very pretty interesting experience in doing tokenization for, you know, Hamilton Lane as well as KKR back in 2022. Then I left that space and created a sort of a cryptocurrency fund of funds, so it's really a platform. I came to know the company, Chaince Digital, as well as the management team, back in 2023. It's basically a year after they're done, you know, changing management for former Cardiff Fintech with Chaince Digital Holdings. I formally joined the company as the CEO for Chaince Securities after they received the broker-dealer license back in February 2025, and then signed up as a Chief Strategy Officer for the whole co. That's sort of my dual role in the company itself. Through market actions and so on and so forth, we were able to lucky enough to be part of the Russell 2000, and that attracts a significant amount of passive investors onto our cap table. Currently we have just a little bit of number. We have about 80 million shares outstanding, and then 57 million shares of floating trade, you know, like outstanding trading trading flow. It's very interesting from a market structure perspective. I mentioned earlier in November, December, we rebranded ourselves to Chaince Digital. In March 2026, we got a partnership with Apex and slash Tokeny. In April, we brought Peter over. This set of developments are fairly new for all of us here. Why RWA? Why tokenization? You know, It's, you know, if you think about how the world evolved, you know, obviously like the horse and carriages is much slower than, you know, a steam engine, and steam engine is much slower than airplane, right? You know, the world is gravitated towards technology, better technology, faster and so on and so forth. You know, one of the things that I can reflect on why tokenization makes sense for financial services, right? If you are a trader on the desk, right? You spend 80% of your time settle trades, especially like in places like Barclays Capital, you know, UBS and Deutsche Bank. Why? You know, back office systems are typically obsolete. There are a lot of trading errors. We call those operational risk. From Basel, from RWA, sorry, from risk-weighted asset perspective, you have actually operational risk add on. Those are quite significant for a particular bank. The solution here, obviously, to put some of the trades on-chain, so settle on-chain, so that, you know, because of the blockchain ledger is immutable, you cannot really change it. That eliminates a lot of, you know, operational risk for settlement purposes, and actually reduce the settlement time as well. There's actually a company. I was talking to someone I was seeing in Switzerland, which remind me a Swiss company, used to run by one of my bosses at UBS. It's called HQLAx. They're actually specializing sort of a, you know, settlement, instantaneous settlement in, you know, repo space. That reduces a significant amount of operational risk for financial institutions. There's a real use case for blockchain technology itself. Step back a little bit on the chart. This is basically a printout from a well-known RWA aggregator. It talks about, you know, the total size of the tokenization market. Today, we're relatively small. We're about $300 billion in total tokenized assets. The biggest market player right now is actually Figure. Figure have been tokenizing HELOC, home equity, line of credit for a little over the last, you know, 10 years or so. They are very large. Blockchain technology, the bottom line, the moral of the story is the blockchain technology is a proven technology in financial services market already. What's the next step, right? The next step is basically, what about we tokenize some of the hedge fund shares, which we execute on that. What about tokenizing some of the equity, right? U.S. equity. I don't know if you look into the tokenization world in terms of news. The SEC had no-action letter from Nasdaq and NYSE. You know, what they were proposing right now is really tokenizing the U.S. equity market. I think one of the things that Nasdaq proposes is actually every ticker that, you know, they receive as an issuer will receive a similar sort of a token identity, right? Not only do you have a ticker or CUSIP, now you may have a token blockchain identity so that you could be on-chain settled. This is basically a moment in U.S. financial market, and which it also drives the international market, right? If you go to, you know, Singapore, if you go to, you know, U.K., there are always There are a bunch of guys who are looking at what are the ways to use the blockchain for settlement and for financial services. Now we're looking at national market securities, right? This is very exciting. We're, you know, we expect the market tokenization to grow significantly. We The analysts, you know, put out, you know, some crazy number, right? $30 trillion by 2034. The TAM, the total addressable market is quite significant for tokenization itself. We're actually very, very early in this evolution. From $30 billion, we can potentially go to a $30 trillion. Sorry, $300 billion, we can potentially go to a $30 trillion dollar market by in 2034, which is, you know. It's not distant future. I would say that it's near future, you know, it's a foreseeable future, right? Okay. This is why we think that tokenization, it has a very good synergy to how we want to run our own business. We have the financial services as a broker-dealer, and we also have the tokenization from a technology perspective. Those two should marry each other, right? You know, the technology is available out there. It's proven technology. What's really difficult, what is, you know, sort of bottleneck in the tokenization world is actually the distribution itself, right? Once you tokenize your fund shares, how would you distribute, right? Distribution has been a challenging topic in the tokenization space. We try to solve this problem by having the broker-dealer, creating a network investors, building the reputation and trust from the get-go, and hopefully we can expand into the tokenization space once the products become more mature. Okay. What we're focusing on right now is tokenizing investment funds, and tokenized yield. You know, the idea here is that I don't know if you guys have heard about USDC. This is basically a stablecoin that backed by the U.S. dollar 1: 1, right? That, that is, you know, it, it's a, it's a quite significant market cap today. There, there are folks, there are products out there that, you know, that give you a particular yield, right? Just like you put dollars in your bank, you have an interest-carrying account, and that interest-carrying account generate a daily yield, say 3%, current market is 3.25% current market. Those type of yield generation products, generating products available in the tokenized format as well, right? We're trying to get into that. Tokenized equity is, you know, is still very early. There are a lot of Currently, we don't have a infrastructure really to trade tokenized national market securities yet, right? There are various form of tokenizing shares through the transfer agent. That's available with DTCC. There are a few folks that are out there doing the similar type of work. Again, you know, because the equity market is quite significant, right? It's like $160 trillion market, you know, globally. You could have a significant penetration in in terms of in terms of a top-line number in tokenizing equity, right? In today's world, I believe Kraken is probably one of the largest. They tokenize about 1 billion, close to 1 billion tokenized asset. Those are basically tokenized ETF fund shares, tokenized Google shares. The brand name is actually xStocks, you know, for Kraken. I think Robinhood is also experimenting in this area. What do we wanna also focus on really is a compliant on-chain infrastructure. That's quite important. Obviously, you know, we're in this, you know, in the securities business, it's always about compliance, right? It's very important to do a KYC, AML on-chain and an ability to onboard customers on the blockchain. That requires a significant amount of technology investment and development as well. Luckily, we have partners like, you know, Tokeny and Apex Group here helping us on that. Let me skip ahead on the business that we're doing for the broker-dealer. We have a investment banking business. We're sort of baby investment bank. Right now, we're more focused, more or less focused on, you know, following, you know, fundraise for our clients. We have some execution business as well as distribution. We work on, you know, as a sort of a part of syndicate, if you will, for, as a selling group. That's currently generating revenue at the moment. Okay. The team is comprised of a, you know, variety of a very, you know, strong group of entrepreneurs. You know, I introduced myself. Peter Yang came out of the blockchain space. He's very involved in cryptocurrency as well as in blockchain. We have Peter Nobel, who's actually the great son of Alfred Nobel on our board. We have an Alan Curtis, who used to be a politician on our board as well. The combination of strong, very experienced folks providing guidance and governance for the company. Little bit deep into the financial. On the revenue side, last year we done roughly about $2 million. And then the margin, gross margin roughly about 64%. The cash on cash and cash equivalent is around $34 million. Zero debt on our balance sheet. Total equity roughly is about $44 million. Okay? Okay. Y eah, I think we can pause here. I have a, you know, few minutes left. I can open up the floor for some questions if there are any questions here. Okay, go ahead. How easy it is to sell the tokens? The question is how easy it is to sell the tokens. That's a, it's a tough question. Like I mentioned earlier, the pinpoint for tokenization is not tokenization itself, it's actually distribution, right? Distribution involving selling it and buying it and so on and so forth. It really depend on the product itself. If it is, if it's a hedge fund shares, typically they are restricted, right? Because they are, you know, Regulation D offerings and so on and so forth. That, you know, has compliance limitations, right? There are also ways that you can distribute the tokens or tokenize RWA form of assets on-chain, but in a sort of retail space. That's fairly limited in U.S. The short answer is it's very difficult, and we're trying to solve that problem. Yeah. Please. Do you have your own blockchain or are you building on top of someone else's? Yeah, question is are we building our own blockchain or we are using the existing one, right? I think one of the things we thought about it for a fairly long time. We want a blockchain that's composable. Means that it can be used everywhere in the world. We decided with Ethereum, right? Ethereum has been around for, you know, over 10 years. There are different standards within ERC-20. ERC-20 is one of the blockchain standards, but there are other ones that are compliant into the securities law and or we call it permissioned. There are few blockchains that we're looking at, but we primarily use Ethereum at the moment. Please. Just following up on the Ethereum question, 'cause I know Ethereum is pretty known for the speed. It's not really the fastest. Even those securities that you look at Ethereum, is there, and the gas fee is something else. What are you looking at in terms of cost efficiency with the gas fee? Yeah, yeah. Yeah, that's a great question. The question is, you know, given Ethereum has a embedded gas fee, very expensive gas fee. Gas fee are the transaction fees. You know, you know, what are the sort of solutions or what are the alternatives out there, right? People will be experimenting with Solana, which is another blockchain out there. Solana has a lot of issues from congestion. You know, there's a bunch of, you know. Think about the blockchain as a sort of your Windows OS, right? Windows operating system. The older it gets, the more opportunity you have to debug it, right? The oldest blockchain in cryptocurrency space is actually Bitcoin. Bitcoin's the operating system is actually much robust compared to other ones. Ethereum is the second one. The way that I think about it, the problem is, okay, what are the things that we care about security, we care about compliance, right? This is why Ethereum is attractive because it's, it has a, it's a proven technology, and has compliance tricks, if you will. In terms of a cost, you know, obviously whenever you trade, there's cost associated with it. You know, the question is what kind of product is suitable, right? Let's say that you are doing instantaneous payments every second as if you are trading as a market maker, for instance. You may not wanna be on Ethereum. You may be on, maybe wanted to be on Tron, which is, you know, transaction free or Solana. For the purpose of what we try to do in RWA world, the transaction cost is important, but not too important. I think the distribution is more important. You know, let's say that the product only trades once a day, the gas fee is kind of irrelevant. If the product trades every second, the gas fee is becoming more important, right? It's all degree of a magnitude and how you think about how you want to distribute your products. Everything goes back to your original point about distribution and how do we sell the token. Any other questions? Please. How would you plan to embed your token into the DTCC registry, like against all the competitors out there in the other regulatory commodities? 'Cause you're doing commodities, right? Yeah. We are basically trying to build all the, put all the Legos together, right? You know, whatever the more compliant Lego, we just put them together. DTCC is involved in the tokenizing equity, they're very strong there. We obviously want to follow the rules and then, you know, they're much bigger than us, right? You know, they're a de facto standard. We follow the standards in the industry. Yeah, I don't know if that answered the question. Yeah. Do you plan to just basically Just obviously whatever standard they decide to apply, then you just. Correct, yeah. in the infrastructure- Yeah, yeah. Correct. Then work later? Yeah, correct. What we wanna do is, you know, obviously you have all this available, unlike 10 years ago, where the tokenization infrastructure software isn't really available. There's a lot of availability today in terms of the technology, the service providers and so on and so forth. We're simply trying to put together the products through all those Lego boxes, right? Provide that product to, for distribution. We wanna focus on distribution itself. Correct, yeah. Correct. Correct. Yeah. Correct. I think my time has run out. Great. Thank you for your participation.