Remy Blaire: OpenWorld recently began trading on the Nasdaq under ticker PNW, following a reverse merger with VerifyMe.
As a blockchain advisory firm founded back in 2023, OpenWorld focuses on bringing real-world assets on-chain.
And on its first day of trading, the company announced a proposed acquisition of BlockSight, an early-stage AI startup aimed at automating token launches and investor reporting.
Well, joining us to discuss the company's path to the public markets and its on-chain strategy is Russ McMeekin, Group President of OpenWorld.
Russ, great to have you on. Thank you so much for joining us.
So tell us about how you reached the Nasdaq and this path moving forward.
Russ McMeekin: You know, as you described it, it was a reverse takeover, but more of a direct listing.
So we used the already-listed public company. We have 90% of the company post-merger.
We didn't do a financing at merger. So most RTOs do a PIPE or something of that nature. We did not.
And it was very deliberate so that we have retained, you know, the vast control of the company, we as founders and the company.
So it was a very deliberate strategy using an RTO versus a traditional IPO or a SPAC.
Remy Blaire: Yeah. And while I have you here, I understand your materials highlight advising on projects representing over $60 billion in aggregate network value.
And because that measures peak fully diluted valuation rather than current value, how should investors out there gauge OpenWorld's financial footprint today?
Russ McMeekin: Yeah. So today, those were different types of tokens.
So the kinds we did in the past were your traditional tokens, you know, that had that peak network value.
The kinds of tokens we bring now on our platform are real-world assets.
So those are measured by, obviously, the size of the deals we signed. So in the hundreds of millions. Some are as big as billions.
And then we collect fees off of those on-chain assets. Their contracts are not less than five years.
So investors should look at it as: What are the size of deals we are signing?
So hundreds, $200 million, $300 million deals, and then the five-year duration or more, and then the yields and the platform fees we collect accordingly.
So from a direct point of view, we look like a SaaS company from assets on-chain.
We keep those assets connected to us, either through a subsidiary or directly on our balance sheet, and so they're easily measured.
You can see when we report quarterly how many assets, in aggregate, have we brought to market.
Remy Blaire: And while I have you here, I do want to ask you about the proposed acquisition of BlockSight.
So for viewers out there, BlockSight software is designed to automate token launches as well as strip out advisory costs.
So how does buying them actually complement your core advisory business?
Russ McMeekin: Exactly. As you said, it automates it.
So it's a very advanced AI.
And again, just to say that looking backwards, the core business was token generation events that you're referring to.
Forward-looking, RWA is our core business, but the platform is common.
So if we're doing a token launch, which is like the traditional business, it's completely a generic AI, so very little manual intervention, so very easy to do.
Forward-looking on RWA, it is the platform.
So our OpenWorld enterprise platform is predicated on the BlockSight technology and the team around it.
So it sped up significantly our ability to take to market and generate yield from these, you know, energy RWAs that we are signing up here.
We'll see announcements in the coming weeks all around the world.
Remy Blaire: And I understand that OpenWorld also intends to take principal stakes in these same tokenized assets that it originates and also structures.
So if you're using BlockSight software to automate daily reporting, for viewers out there who might be concerned about independent verification, what would you say to those investors?
Russ McMeekin: So it's completely transparent.
So the AI tools, down to the meter level.
So let's take a data center or a distributed energy operation or an EV-charging distributed network throughout multiple states.
You can see by the minute, by the day, the actual meter reading.
So you can reconcile the meter readings, the sales, you know, the offtake sales, and then reconcile the hourly, daily cash flows that those RWAs or those assets are generating.
So it's the ultimate of transparency.
The AI tools can use any verification method, as well as external audit methods.
If it's carbon, is it real carbon credits? What's the chain on? What is the chain on-chain that derives those carbon credits, as an example?
So it's full of tools to provide the investor with full transparency and audit trail.
So BlockSight enables all of that.
Remy Blaire: And finally, Russ, before I let you go, I understand you plan to dual-list on the Figure Open blockchain trading platform as early as November.
So what exactly does tokenizing your own public equity achieve for shareholders out there that a standard Nasdaq listing may not?
Russ McMeekin: Yeah. Well, the obvious one is seven days a week, 24 hours a day.
And as we do other types of structures in our capital structure, things like perpetual preferred or convertible equities that pay coupons, there's a whole plethora of functionality on Figure to do things like borrow, looping, things of that nature.
So give shareholders the convenience of on-chain, but other cash flows that can be generated only available in DeFi.
So Figure provides that capability.
As a Nasdaq company, you get the benefit of both.
And we've moved our stock to a transfer agent that enables both.
So it will be seamless to the shareholder.
Remy Blaire: Well, Russ, great talking to you today.
Thank you so much for joining us, and thank you so much for sharing your insights as well as your perspective.
Russ McMeekin: Thank you.
