In the ever-evolving landscape of cryptocurrency and finance, the adage "the more things change, the more they stay the same" holds a profound truth. This observation, eloquently expressed in the original French as "plus ça change, plus c’est la même chose," resonates across languages and underscores a fundamental aspect of our industry. As institutional capital increasingly flows into crypto, it becomes evident that our realm is as susceptible to continuity as any other. One noteworthy example of this continuity is Coinbase's recent foray into the world of crypto lending, specifically catering to institutional investors in the United States. This move serves as a compelling indicator that, at least from Coinbase's perspective, the path to widespread crypto adoption closely intersects with Traditional Finance (TradFi). Coinbase's engagements with formidable Wall Street players like BlackRock, with plans for a Bitcoin exchange-traded fund (ETF) for which Coinbase aims to provide custody services, and Fidelity, where it seeks to become a surveillance partner, reinforce this notion. These partnerships and initiatives underscore the growing fusion of the crypto and TradFi domains. TradFi has harbored a long-standing intrigue with cryptocurrencies and digital assets, a fascination rooted in the myriad attractions these assets offer. They represent a unique asset class, a potential source of operational efficiencies, a transformative innovation, and an unapologetic avenue for profit-making. Despite this allure, the union of these two realms remains a work in progress. The challenges arise not due to a lack of enthusiasm but rather due to the inherent disparities between these two ecosystems. Merging radically different infrastructures is a formidable undertaking that demands extensive time and effort. Regulators and financial authorities worldwide have grappled with the endeavor of integrating cryptocurrencies into TradFi. Singapore's central bank has made significant strides in this regard, enlisting established financial entities in its digital asset development strategy. In contrast, entities such as the U.S. Securities and Exchange Commission (SEC) seem to be encountering substantial hurdles in navigating this process. However, even Singapore's Monetary Authority, as it strives to maintain the financial sector's status quo while infusing it with innovation, will inevitably discover that change is not the exclusive domain of cryptocurrencies. The transformation that's required spans across both TradFi and crypto, and it necessitates a delicate balance to preserve stability while embracing the disruptive potential of digital assets. In conclusion, Coinbase's venture into crypto lending serves as a compelling testament to the ongoing convergence of Traditional Finance and the world of cryptocurrencies. While challenges persist in harmonizing these two distinct domains, the shared goal of progress and innovation continues to drive this dynamic relationship forward. As our industry evolves, it will be fascinating to observe how this convergence reshapes the financial landscape in the years to come.