99% of Web3 projects made zero revenue last year. Zero. Meanwhile VCs poured $7.7B into the space in a single quarter. So is the smart money backing the 1% that works - or is the whole model broken?

On this episode of the Paybis No BS Podcast, host Paul Afshar sits down with Giovanni Everduin, a 23-year finance veteran who built a Web3 venture inside a traditional bank, to unpack what’s really driving the numbers - and what most people are getting wrong about where Web3 value actually gets created.

JPMorgan is live on Ethereum. Franklin Templeton is tokenizing money market funds. Mastercard is building on-chain payment rails.
The institutions that Web3 spent a decade trying to disrupt are now actually at the table. But they brought a gate list, and most Web3 startups are failing it.
Not because their product is bad, because they didn’t exist in a way that institutions’ legal teams can sign off.
My guest today has sat on both sides of that gate.
This is the Paybis No BS Podcast. I’m Paul Ashar, and this is Michael Borowiec.

JPMorgan is live on Ethereum. Franklin Templeton is tokenizing money market funds. Mastercard is building on-chain payment rails.
The institutions that Web3 spent a decade trying to disrupt are now actually at the table. But they brought a gate list, and most Web3 startups are failing it.
Not because their product is bad, because they didn’t exist in a way that institutions’ legal teams can sign off.
My guest today has sat on both sides of that gate.
This is the Paybis No BS Podcast. I’m Paul Ashar, and this is Michael Borowich.