We are live from Token 2049 in Singapore — the event where institutions and builders in tokenised credit, yield, and stablecoins meet. Accountable is the verification layer bringing institutional finance on-chain. Joining me is Wojtek Pawlowski, CEO and Co-Founder of Accountable. Wojtek, welcome to Fintech TV.
Thank you. It is a pleasure to see you guys again.
Accountable works with firms like Galaxy, K3, and Volos. For anyone new to the company — what does Accountable do and who is it for?
At the core layer, we enable institutions to prove their financial data — either from the off-chain world, so banks, exchanges, custodians, brokerage accounts — or from the broader DeFi spectrum. They can do it in a privacy-preserving fashion. Accountable does not see the data. Accountable does not store the data. They run our software in their local infrastructure, connect all the data sources we build support for, and can then talk with that data — publicly or privately — and put it on-chain. We did it because we wanted people to be able to trust and do business with each other. And that leads to the second point — we also enable them to execute on that business and bring the deal on-chain. We have the vault infrastructure where they bring those financial products on-chain, tokenise them, and these are backed by this verification.
Today you announced Accountable V2 — what you are calling Chapter Two. What gap is it built to close?
Chapter one was what we did until today. Chapter two is what starts next — more services around these products. The data is important, the trust is important, you have the execution layer. But what about fund administration services? Using this data to produce financial statements. We also have ratings of the underlying products in collaboration with Rockaway X. The vaults themselves became much more complex and customisable. So people can truly focus on their business, their strategy, hopefully making money — and we are the end-to-end company that covers everything else. You do not need another service provider. It is like Apple — once you go into one ecosystem, you want to stay.
Vault V2 lets institutions launch their own lending and fund products on-chain from ready-made templates. What does that change for a bank or asset manager?
The idea was always that we need to create a menu. In a restaurant, when the menu is very big, that is usually a red flag — the chef cannot make everything well. Here it is the opposite. We want to be a layer where any business that wants to come on-chain can do its business how it wants it, how it knows it. If you start to dictate to large financial institutions — you need to adjust to me as a protocol — and leave them a very narrow tunnel of how they can operate, you push the whole opportunity many years away. We took the exact opposite approach. The answer to everything you want is yes. The very modular architecture gives you exactly and precisely what you want. That reduces the time to make a decision — and maybe actually do it.
Will we see portfolios that mix on-chain and off-chain assets — private credit alongside crypto strategies?
This already happens and it is a very common form. With the verification layer we provide, we enable that. Who would want to allocate capital where part of the fund is on-chain — transparent by nature — but the rest is a black box? We will see that more and more. And to be honest, the majority of yield opportunities are off-chain. If you are betting that people will only rely on moving money from Morpho to other protocols back and forth, that is not going to happen. We want to bring these businesses from the other world and put them on-chain.
TVL — total value locked — is the headline number most people quote. Does it actually tell an investor how good a product is?
It shows that somebody has good distribution and found LPs for their product. Usually there is a correlation — if somebody attracts a lot of money, there is a belief the product has quality. And at the same time, we saw so many products that offered yields that were unsustainable or did not exist in the first place — and those also attracted a lot of dollars. Sometimes it is better to allocate to a small company that knows exactly what it does. We try to give those companies the means to show — I am actually better than this big player and I can prove it. Follow the pure metric but understand it does not tell the whole picture.
Rockaway X just launched a protocol transparency rating built on Accountable infrastructure. What should an investor take from a protocol score?
Important disclaimer — Rockaway is not rating whether a product is safe. We are actually pushing for actual rating agencies — I had a good chat today with S&P and yesterday with Moody’s. What Rockaway is doing is scoring how informative the public disclosures are from those protocols using our technology. Dashboards are not equal — some have one number and that is it, others show absolutely everything — positions, whether they are delta neutral, their strategy packages. We need to raise the transparency bar together. Rockaway was kind enough to be the first party to give their opinion: is this information informative to a potential LP or not? Over time we will invite other industry leaders to join this coalition — because in the end it is for the better good of the industry.
Thank you very much for coming on.
