# EP. 109 | Building Institutional Rails On-chain — A Conversation with Canton Co-Founder Shaul Kfir

Page: https://stenobird.com/podcast/trm-talks-5694853/ep-109-building-institutional-rails-on-chain-a-conversation-with-canton-co-founder-shaul-kfir
Text version: https://stenobird.com/podcast/trm-talks-5694853/ep-109-building-institutional-rails-on-chain-a-conversation-with-canton-co-founder-shaul-kfir.md
Podcast: [TRM Talks](https://stenobird.com/podcast/trm-talks-5694853)
Published: 2026-04-22T12:10:42+00:00
Episode link: https://podcasters.spotify.com/pod/show/trm-talks/episodes/EP--109--Building-Institutional-Rails-On-chain--A-Conversation-with-Canton-Co-Founder-Shaul-Kfir-e3i9k9a
Audio file: https://anchor.fm/s/b8275d2c/podcast/play/118853354/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-3-22%2F422601349-44100-2-142d497d5bdd7.mp3
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JSON: https://stenobird.com/v1/public/podcasts/trm-talks-5694853/episodes/ep-109-building-institutional-rails-on-chain-a-conversation-with-canton-co-founder-shaul-kfir
Duration seconds: 2154

## Resource

When the Bitcoin white paper landed in 2008, most people saw a payment system. Shaul Kfir saw a privacy problem — because he had spent years working on the zero-knowledge proof technology that would eventually make private transactions possible on blockchains. That instinct shaped everything that followed, including the Canton Network, the blockchain he co-founded that now moves trillions of dollars a month for some of the world's largest financial institutions. Shaul's path is unlike most in this space. He co-authored libsnark, the seminal zkSNARK library that helped bring zero-knowledge proofs to blockchains, studied under Turing Award winner Ron Rivest at MIT, and built one of Israel's first Bitcoin brokerages before turning his attention to the infrastructure problem that would define his career: how do you build a blockchain that institutions can actually use? In this episode, Ari sits down with Shaul to explore why privacy was a non-negotiable design principle from day one, why the industry is now at a genuine inflection point as institutions move from private to public blockchain environments, and what the beginning of institutional DeFi actually looks like in practice. They also dig into the tension between privacy and compliance and why regulators should focus on desired system properties rather than prescribing specific technologies. When he is not building financial infrastructure, Shaul is on the water — a former Israeli Navy Lieutenant Commander who still races sailboats, once captured a whale breach on his Ray-Ban Meta glasses mid-race, and finds the parallel between navigating a storm at sea and building in crypto surprisingly easy to draw.

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## Transcript

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