# Managing $2B+ in On Chain Assets, with KPK Co-Founder Marcelo Ruiz de Olano

Page: https://stenobird.com/podcast/the-fintech-blueprint-1372983/managing-2b-in-on-chain-assets-with-kpk-co-founder-marcelo-ruiz-de-olano
Text version: https://stenobird.com/podcast/the-fintech-blueprint-1372983/managing-2b-in-on-chain-assets-with-kpk-co-founder-marcelo-ruiz-de-olano.md
Podcast: [The Fintech Blueprint](https://stenobird.com/podcast/the-fintech-blueprint-1372983)
Published: 2025-09-09T13:00:00+00:00
Episode link: https://lex.substack.com/
Audio file: https://cdn.simplecast.com/audio/7051d3f0-1ddb-41e0-b514-e52dd30df9ac/episodes/4fdd8c63-516b-4614-95a3-4a81039ee7ab/audio/d98ab684-1c62-4d54-87da-dd524375b1d3/default_tc.mp3?aid=rss_feed&feed=sQKPtdhq
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JSON: https://stenobird.com/v1/public/podcasts/the-fintech-blueprint-1372983/episodes/managing-2b-in-on-chain-assets-with-kpk-co-founder-marcelo-ruiz-de-olano
Duration seconds: 2486

## Resource

In this episode, Lex speaks with Marcelo Ruiz de Olano, Co-Founder of KPK (Karpatkey), an on-chain asset management firm born out of Gnosis DAO. Marcelo recounts KPK’s evolution from stewarding Gnosis’s $1B treasury to advising on more than $2B for leading protocols like ENS, Balancer, and the Ethereum Foundation. The discussion dives into the mechanics of non-custodial treasury management - balancing governance, security, and risk - along with strategies across lending, liquidity provision, and stablecoin yields. Marcelo also shares why the rise of large Ethereum treasury companies could be a turning point for DeFi, injecting institutional-scale liquidity and potentially making ETH more liquid than Bitcoin.

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## Transcript

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