Nick Neuman - Becoming Your Own Bank

**Patrick O'Shaughnessy** (0:00)
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts and you can access all our podcasts, including edited transcripts, show notes and other resources to keep learning at joincolossus.com.

**SPEAKER_2** (2:20)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (2:45)
My guest today is Nick Neuman, CEO and co-founder of CASA. CASA helps Bitcoin investors and owners keep their digital assets safe from loss or theft by providing managed self-custody services.
In our discussion, we cover the history of asset custody from ancient temples to decentralized ledgers, look at the mechanics of how private keys work, and explore why people are better off holding the keys themselves. We then dive deep into the future of digital wallets as gateways into our virtual lives, what's interesting about identity authentication more broadly, and whether these innovations may lead to unintended consequences. Please enjoy this great conversation with Nick Neuman.
Nick, I think an interesting place to begin this discussion where the theme will be private keys and custody of assets and crypto maybe even more specifically, but generally those two big concepts is with a history. I'd love you to just teach me and the audience as much as you can about the history of how humans have owned and custodied different kinds of money because I think we're all in this fishbowl of I have a Wells Fargo account or whatever. We've all grown up with one very specific version of this, but history can teach us a lot of lessons. Give us an opening history lesson here and then we'll dive into all the aspects of CASA and what you're building.

**Nick Neuman** (3:57)
Banking and money and where you store money has been this evolution over all of human history, basically, because you can go back thousands of years to a temple called the White Temple, which was this Uruk temple, which is located in the Middle East, modern day Middle East. Back then, people didn't really have money. They just had belongings, which were things like livestock and grain. They were mostly farmers and they wanted a place that they could put their valuables, their livestock, their grain, where they didn't have to worry about theft. One of the very first banks was actually this temple that let you put your livestock and grain in the temple. It was guarded by temple guards, but they also believed that the gods would protect their belongings. That was one of the very first banks that we know of. Then if you fast forward to about the 17th century or so, our money then at that point was mostly in the form of metal coins. It was gold, silver, bronze, all these different denominations. People were generally storing this themselves. They were holding it in their house, in a treasure chest, that day's form of self-custody, you could call it.