Turnqey Labs with Tyrone Ross | E241

Bringing crypto reporting to the traditional finance reporting.

On today's Fintech Impact episode, Jason Pereira will talk to Tyrone Ross, CEO and Co-Founder of Turnqey Labs. The company is a new fintech that's looking to solve the problem of crypto reporting within traditional finance. With Turnqey Tyrone facilitated getting every other asset real-time performance reporting and one can also see it on a statement.

Episode Highlights

  • 1.00: Turnqey is an API suite that is geared to be an integrator aggregator in the marketplace for all things crypto asset data. The end goal is to harness the power of data and analytics to develop a more durable, equitable, transparent financial system.

  • 1.49: Tyrone was introduced to crypto and worked with clients on crypto back in 2015 at Meryl Lynch.

  • 2.35: Years ago, Tyrone was setting the foundation for what advisors are going through, but at the same time was having conversations with all the big companies which are now small again thanks to the crypto downturn.

  • 4.52: Tyrone was at Eaglebrook Advisors. Tyrone helped Chris King start Eaglebrook, which is an estimating platform for crypto for advisors. 

  • 5.59: Turn division for Turnqey had always been in Tyrone's head. He knew that building UI immediately puts you in competition with everyone else that has UI, and advisors love dashboards clients.

  • 07.24: At Turnqey, Tyrone is building infrastructure layers.

  • 10.35: If a client sees that as an advisor you have moved money into Coinbase or Eith the Eith move from Coinbase to Meta Mask, the Meta mask move from open sea to buying NFT, what is the cost basis, transaction data, state planning, financial of all of this? So that is what Tyrone, and his company want to do, and they want to spit that data, and they want it real-time. 

  • 12.01: If you look at the data, it shows between the 2019 and 2020 tax year, crypto transactions tripled, 362% increase, says Tyrone. 

  • 13.51: Tyrone talks about the feedback mechanism that he is developing between the RA and Turnqey.

  • 14.25: The investors that Tyrone will be working with the 25- to 45-year-old segment, ideally in that 100,000 to like 5 million segments.

  • 16.32: One of the things that Tyrone wanted to do this time around with his start up that he didn't do last time was to have customers before the launch.

  • 17.10: The goal for Turnqey is that they are selling B2B and not going directly to the platforms.

  • 19.15: Tyrone is a purist. He believes in crypto assets and crypto networks. For those who grew up like him, it had to operate outside the traditional financial system. 

  • 19.53: An ETF is only going to benefit the people that are very upset that we don't have, one who is privileged, wealthy elite people who don't need it, says Tyrone. 

  • 21.33: Tyrone has established a new company. He has established the reporting structure and made sure that the APIs work and provide feedback. Next part for him would be to develop some type of risk management space. 

  • 23.54: Tyrone says that everyone knew how easy it was to work with people who don't fit the actual profile of a wealth management client, so now it would like to expand on that a little bit. 

  • 25.27: For Tyrone the hardest part of launching his company is raising capital, convincing customers, and convincing folks to join the team. 

  • 26.40: Once we can get crypto to get away from all the hype and chicanery and mainstream it is going to help so many people say Tyrone. 

3 Key Points

  1. Tyrone talks about the breakdown of the integrator aggregator marketplace.

  2. Turnqey Labs not only monitor location change, but they also monitor cost base. 

  3. Tyrone talks about crypto ETS, he explains his thesis and shares his viewpoints. 

Tweetable Quotes

  • "You are basically talking like the number of transactions. Client's transactions are one thing, transactions leaving the place their custody to different places, including private wallets. Now we are talking about something incredibly complex." - Jason 

  • "The next Gen investor, the next Gen RA, nobody is building it and I know it because, I was traveling around the country and, meeting awesome people and going to some of the largest RA platforms." - Tyrone

  • "If someone can't pay us, we are going to give them a virtual family office experience like all of our clients are going to get." - Tyrone

Resources Mentioned

Fintech ImpactJason PereiraFintech