In this video, you'll learn about security tokens, the fourth of seven types of cryptoassets. Let's review. A cryptoasset is a digital asset that uses cryptography, a peer-to-peer network, and a public ledger to do three things; to regulate the creation of new units, to verify transactions, and to secure these transactions without any middleman. Blockchain is already up-ended venture capital. Wall Street could be next. The $130 billion cryptoasset market is but a small fraction of the value of virtually any other major asset class. The global equity market, for instance, is around $100 trillion in size. But it turns out that the technology behind cryptocurrencies, blockchain, can work with any type of asset, making it easier to trade, store, and record ownership of basically everything. In the next 10 years, we'll see today's cryptoassets lose their monopoly as securities like stocks and bonds migrate to this technology and increasingly dominate the market share. A traditional stock trade can take up to three days to settle, and involves a handful of middlemen. With blockchain, a buyer and seller can complete the same transaction peer-to-peer on a decentralized exchange on the same day, indeed often within seconds. So, why shouldn't all these assets, stocks, bonds, dividends, futures, forwards, swaps, options, and other financial assets, exist in purely digital form on blockchains? So, let's consider an example, equity tokens. It's a native digital asset borne on the blockchain, and we can trade it peer-to-peer without custodians, without clearing houses, without brokers, exchanges or banks. Fidelity, Wellington and other giants of asset management are preparing for this brave new world. There are projects and companies building out the technology infrastructure for what could be a historic transformation, but the regulatory infrastructure still lags behind. Security tokens can help restore public trust in cryptoassets. The gulf between technology and rule setting erodes public confidence in the cryptoasset industry. People still aren't sure what's allowed and what isn't, and it's not clear how disputes will be settled either. Security tokens could help bridge this gap. They're really defined by what they're not. They're not cryptocurrencies or protocols or utility tokens. It's right there in the name, securities, security token, meaning digital bearer asset. Security Token Offerings or so-called STOs are the offspring in many respects of Initial Coin Offerings or ICOs. We believe that they'll become commonplace events in venture capital and financial services in general. This great migration of value from analog to digital is already happening. Blockchain will transform how we think about markets and middlemen.