Nicolas Bertrand on revenue
From Crypto Revenue Explained · · Gamma Prime
“We don't think it's a dirty word. We like to see real businesses with real product-market fit, and revenue is a good shorthand for that phenomenon.”
On , Nicolas Bertrand, CEO at Komainu, spoke about revenue during Crypto Revenue Explained on Gamma Prime.
About Nicolas Bertrand
Nicolas Bertrand, CEO of Komainu, has recently spoken about the long-term trajectory of tokenization and digital assets. In a November 2025 interview, he described the current phase as "still in the early innings" of a "two decade story," comparing the development to an S-curve where the exponential portion has not yet begun. He noted that programmable blockchains with low cost and high throughput have only emerged in the last few years, and suggested that the timeline for meaningful financial activity on-chain began around 2020 with DeFi and on-chain capital markets. Bertrand has also discussed the importance of revenue as a measure of product-market fit in the crypto industry, stating that "revenue is a good shorthand" for evaluating whether businesses have real demand. He cited Tether as an example of a highly efficient company with strong revenue per employee. In a March 2025 speech at QUANT 2025, he argued that tokenization will not be fully realized in 2025, but predicted significant progress within five to ten years. He emphasized the need to distinguish between fraud and legitimate digital assets, and called on the industry to educate both the public and regulators. Bertrand expressed confidence that regulatory mindsets can evolve, drawing on his past experience at Borsa Italiana and the London Stock Exchange.