cory: the issue of the unbanked is such a fascinating issue that first world is don't think of -- firstn't think about much. brad: thanks want to serve customers, as long as they -- banks want to serve customers, as long as they can do it profitably. talk about a migrant workforce that is not making a lot of money. the costs of using the banking system would exceed the income they would have. if we can reduce the friction globally and make it easier for that migrant worker to hold assets, to move those assets without costing them lots of money, they then become part of the banking -- the global financial community. we think about an internet of value. ripple's long-term vision is how do we enable an internet of value. email is an example. it's bringing those communities into the system, allowing them to participate and benefit from being a part of that financial system. cory: i could have said text messages. i want to take you into the bloomberg terminal. i sent you a screenshot earlier this week or a few weeks ago. when we created this monitor of cryptocurrencies on the bloomberg, we l

why were we the first city to launch a program to bank the unbanked what we learned about that time one out of ef five san fransciscans were living a life without a bank account we knew that was harmful for them and need to do something to change that and launched a program to raise the city's voice to make their money safe wok for the safe financial institution and ahead for them and their family eloo now the fdic reports the unbanked in san francisco is now 2% down 15% machine than ten yearsing a congratulations to all of oyou for making a huge difference for folks here in san francisco. but our job is not done we know there is still mreny of families and households in san francisco that face financial instability. in fact the gap in income is growing wider today i don't know if it's news to any of you our city is more and more expensive to live in it's causing struggle and instability that's when we were excited to have the analytically to work with wour friends here at earn in san francisco if we would support to boost the savings read for everyone in san francisco that's why we're

if you're part of the unbanked part of our population, it means there's establishments and economic activityf the societal challenges we face. >> this is a global trend, right? we're seeing this across the globe? >> absolutely. in sweden, in china. wherever people are more connected to their phones and doing more activities on their phone, the more economic activity, you're going to see more and more of this. it's not going to change. >> it's really interesting. >> how about the impact overall on the economy? is there an advantage to not using cash? >> for businesses and banks, there's a lot of transactions. when you use your credit card, the bank makes a small piece of money and so all these cash tractions, they're n banks are pushing into this area and technology companies are using it as a way themselves to get into the banking business, to get into that part of the traction. venmo, the peer-to-peer network is bougrun by paypal. >> as long as they don't start tacking on fees. >> you don't necessarily see the fees buried inside. >> convenient though. >> mm-hmm. >> robert safian. thank you

if you're in part of the unbanked part of our population.and economic activity that you can't participate in. so that is one of the societal challenges we have to deal with as the proliferation continues. >> this is a global trend, right? we're seeing this across the globe? >> absolutely. in sweden, in china. wherever people are more connected to their phones and doing more activities on their phone, the more economic activity, you're going to see more business. it's not going to change. >> it's really interesting. >> how about the impact overall on the economy? is there an advantage to not using cash? >> for businesses and banks, the reason they want to do it, there are a lot of transactions, when you use your credit card, the bank makes a small piece of money on it, right? >> right. >> so all of these cash transactions, they're not making money on. this is part of the reason the banks are pushing into this area and technology companies are using it as a way themselves to get into the banking business, to get into that part of the transacti

we have set ourselves up as an unbanked financial business. we meet all of the tunisian regulatory requirements. but getting to that point, if you really looked at the details of our structure you would find some fairly squirrely elements. and the reason for that is with the quiet assistance of tunisian regulatory authorities and tunisian ministers of finance and i think the enormous creativity of our board and the phenomenal person i found to be our chief operating officer we found our way around all the rules. but thou one else in tunisia has. we are the only institution that exists in tunisia that can invest the way we do, which is kind of across the full gamut of debt and equity. there is a point there to underline, which is that these are akin to start-ups in every conceivable respect except that you don't have to raise the basic money. having been involved in lots of start-ups in which i was the investor actually the raising of the money is not the hard part of the start-up. it's sort of figuring out what the business is and setting up t

the fed could step in and have a currency for the unbanked. stuart: my head is spinning.fed and bitcoin in the same sentence, no buzzer. well done. [laughter] big business story, disney is buying some of the assets of 21st century fox, and they're going to pay $52.4 billion. give me the details. >> two of the biggest players now together, disney is going to get fox's tv and film studios, the f/x network, the regional sports network which it will combine with espn, which is very strong. that will be a regional sports powerhouse. could that get some federal regulatory issues? don't know. they also get 30% interest in hulu which will make them a majority opener, disney that is, of hulu. also sky in the u.k., disney will either get part or all of it depending whether fox can move through with getting all of sky. also gets tv satellite business out of asia, star india. all of this put together is all about getting all the content and the distribution to get that content out. disney has been hurting with the cord cutting that's been going on. they're going to launch this big st

you want to bank the unbanked in africa you talked a lot about that, and people talked about bitcoinries where people might have questions about a sovereign currency >> that's why i think the bitcoin conversation, as david said, gets a little narrower if the conversation were are we headed towards a cashless society? absolutely is it going to happen more quickly in areas like africa where they don't have a lot of -- most people don't have branch banking as we know it in developed economies? absolutely is the technology real, and can we have a cashless society yeah, i think that's where we're headed for us once we invest in financial services, i think that's when we get really focused on fin tech. just investing in it is difficult, and as david said, prices tend to get run up because it's kind of a hot sector right now there's no capital you can measure the ebida. you can put leverage on it applying that financial technology once we made it an investment in a more traditional broker-dealer, insurance company, or bank makes a lot of sense. >> hard question for you you guys both invest