TOWN HALL 5

Town Hall 5 was held on 31 March 2026, hosted by CEO Boris Bohrer-Bilowitzki, Chief Growth Officer Varun Kabra, and CTO Peter Marirosans.

Town Hall 5 marks a defining moment in Concordium's trajectory. Where previous town halls documented the building of PayFi infrastructure, identity products, and distribution partnerships, this one reframes the entire project around a new strategic axis: the agentic economy.

The tagline says it all: Verified Humans, Verified Agents, One Protocol. What follows is a presentation that covers organizational restructuring, a new go-to-market framework, deep technical architecture for agent identity and protocol-level fund controls, two major partnership announcements, and a Q&A that touches on funding, exchange strategy, and adoption timelines. It is dense, fast-moving, and at times struggles to bridge the gap between what was built in 2024-2025 and where things are heading now.

1 OPENING REMARKS, BORIS BOHRER-BILOWITZKI

Boris uses the opening to set the stage for what he frames as the most significant strategic update since TH1. The agentic economy has arrived faster than anticipated, and Concordium's protocol-level identity, PLTs, and the work done throughout 2024-2025 position it uniquely.

The opening covers the competitive landscape, the organizational restructure (including Mike Milner's departure), internal AI adoption, and the new tagline. Boris is energetic, confident, and asks the community for patience while making clear that the team is now smaller, sharper, and fully aligned to a single mission.

1.1 Welcome & Framing

• Boris calls TH5 the most important since TH1 (Q1 2024)
• "The most significant strategic updates since the first town hall"
• Teases that the world has changed, and everything builds to today's announcements

1.2 The Agent Economy Landscape

• Agent economy moved from thesis to reality faster than anyone expected
  • Boris anticipated late 2025 or early 2027
  • Lars foresaw this in early 2024 conversations
  • "Concordium was built for this moment"
• Concordium has been gearing up for 8-12 months towards this exact point
• Consensus across crypto: this is the use case crypto has been waiting for
  • Opus 4.6 opened the floodgates
  • Next 12 months will be "quite a ride"
• Headline players and numbers:
  • Nvidia GTC: $1T AI opportunity in India
  • Google A2A with 60 partners (Mastercard, PayPal, Visa, Shopify, Walmart)
  • OpenAI + Stripe Agent Commerce Protocol
  • MoonPay open-source agent wallet layer
  • Tron AI fund expanded to $1B
  • $30T agentic economy projected by 2030

1.3 The Blockchain Race for Agents — Identity Is the Missing Piece

• Blockchain race for agents is on
• ERC-8004: ~50K agent registrations since January
  • MetaMask, Google, Coinbase all involved
  • But identity is optional code
  • That sentiment is changing fast, both from regulatory pressure and pure business logic
• Solana/Eliza OS: 77% of x402 volume
  • No identity, no compliance
• Virtuals: 17K agents, ~$14M in revenue
  • No human accountability
• ZeroG: $290M raised
  • No identity layer, no compliance
• Common theme across all: identity is the gap

1.4 The Gap No One Is Filling

• Identity must be abstracted from the application layer for security and other reasons
  • x402 announcement (~November) was a deliberate crumb
• In the agentic economy, chains will be chosen on merit, not market cap ranking
  • No point fighting Solana/Ethereum on DeFi
  • Instead: "create a new DeFi" via locks (PLLs, covered later)
• The gap: every chain has payment rails, wallets, discovery, compute
  • No chain has mandatory protocol-level verified identity linking agents to accountable humans
  • This cannot be retrofitted; must be built from day one
• PLTs, PLLs, identity all marry together towards this
  • Building towards this for 12+ months; TH1 (Q1 2024) was a key milestone
• Asks for patience: business needs time to build, not just partner up

1.5 Concordium's Three-Phase Evolution

• What agents need most: trust and accountability
  • You want to trust your own agent
  • Whoever the agent interacts with wants to hold it accountable
• Pre-2024: human verification backed by IDPs and ZKP architecture
  • But jack of all trades, spread too thin
  • Way ahead of its time; it was the age of DeFi
  • User adoption never followed; "ask your neighbor if they trade on Uniswap"
• 2025: setting the foundations
  • Verification built to scale
  • Payments foundation built
  • Ready for real-world scaling without infrastructure breaking
• Brief mention of quantum as an emerging threat that compounds fast once AI and crypto converge

1.6 The 2024 Foundation — What Was Built and Why

• What was built: protocol-level stablecoins, PLTs, identity, Verify & Pay
  • UX admittedly not great; on-ramping is "a pain in the ass"
  • But the core rails are in place and can be quickly adapted
• ID app abstracted from the wallet for web2 audiences
  • Use cases live: online alcohol purchasing, adult industry
  • Gaming about to go live
• Partnerships formed (incl. bitcoin.com) to prove the infrastructure works

1.7 Extending to AI Agents — "This Was Always the Plan"

• 2026 plan was always to extend everything to AI agents
  • Conditional on the technology allowing it
• Community asked why everything was so quiet the last four months
  • A lot happening behind the scenes that could not yet be shared
• x402 ecosystem joined by design, not for the name
  • Activated several weeks/months ago in H2 "of this year"

1.8 Organizational Restructure — Leaner, Faster, Aligned

• Moving now to get developers on early and enterprise pilots started soon
  • Agentic commerce expected towards end of 2027 and beyond
• "This is not a pivot. It is the natural evolution."
  • Traces back to first conversations with Lars in 2024
  • Boris initially skeptical ("I thought he was smoking crack")
  • Lars confirmed on the call: "all the way along you were right"
• Did not want to bet everything on a moving target
  • If it had taken another 18 months, "we would've looked pretty stupid"
  • Puzzle pieces were placed deliberately so they converge at this point
• Organizational restructure over the last month and a half
  • Done quietly, with a lot of pain
  • Had to let go of people who did immense work
  • Every remaining role maps directly to a deliverable on the roadmap
  • Goal: lean and mean machine, fully aligned to one mission

1.9 Internal Agentic Adoption — Walking the Walk

• Boris pushed Peter on this as early as August 2024
• Already agentic across the organization:
  • Significant portion of code written by agents
  • Marketing content AI-driven
  • Sales workflow and RFP building agentic
  • Internal operations all agentic
• Target: agentic-first organization within three months
• "Walk the walk, not just talk the talk"

1.10 Mike's Departure

• Mike has left Concordium for a different opportunity
  • Boris and Mike go back 8+ years (Boris hired him at Copper)
  • The new role is better suited to what Mike wants to do
  • Implies the agentic direction is not where Mike's strengths or interests lie

1.11 The Restructure Makes Concordium Sharper

• Boris wishes Mike well; "nothing but love for him"
• Emphasizes Mike's departure changes nothing
  • No change to trajectory, roadmap, or ability to deliver
  • "On the contrary, we can deliver faster"
• Mike's responsibilities absorbed into the leadership team
  • Boris, Peter, Varun + Arvin (COO) and Jørgen (CFO) accountable for every deliverable
• Boris personally taking more ownership of the commercial side
  • 20 years of commercial experience; "I earned my stripes"
• Restructure outcome: smaller team, clearer ownership, faster decisions, zero ambiguity

1.12 New Tagline — "Verified Humans, Verified Agents, One Protocol"

• New tagline rolling out immediately: "Verified Humans, Verified Agents, One Protocol"
• Only blockchain where verified humans and verified agents operate at the same identity layer
  • Abstracted from the application layer, which inherently carries risk
• Humans and agents must coexist and keep each other accountable
• Hands over to Varun (Chief Growth Officer)

2 - GTM, VARUN KABRA

Varun takes over to frame the market opportunity and Concordium's commercial approach. He opens by cutting through the noise: every chain claims to be agentic, but three fundamental questions remain unanswered everywhere except on Concordium.

From there, he outlines three differentiators and three target audiences: agent networks, developers, and enterprises. The go-to-market is built around meeting agents where they are rather than forcing migration, with 2027 framed as the year Concordium becomes a cross-chain verification and settlement layer by default.

2.1 Every Chain Claims Agentic — Three Questions That Matter

• Every chain is claiming to be agentic (Near, Filecoin, etc.)
  • Classic crypto play: everybody says it, nobody does it
• Three questions every counterparty, regulator and enterprise is asking:
  • Who authorized the agent? (accountability)
  • Can the payment be audited? (transparency and settlement)
  • Is there a legally accountable human? (due process if law is broken)
• Until these are answered, AI + blockchain remains hype rather than credible infrastructure

2.2 Concordium's Three Differentiators

• Agent identity and trust
  • Counterparty can have assurance a real verified human or business is behind the agent
  • ERC-8004 solves agent identity but not the human connection
• Agent-to-agent settlement
  • Settlement layer must be trustless and auditable
  • Protocol-level security: a bug or hack cannot drain funds
  • Protocol 10 sponsor transactions: agents do not need to hold CCD
    • Same logic as merchant-funded transactions via Mastercard/Visa rails
• Compliance-ready rails
  • No enterprise will deploy agents at scale without regulatory accountability
  • Multi-party ID disclosure process, Swiss standards
  • Ofcom has reviewed Verify & Pay this year
  • Existing logic now extended to agents

2.3 Go-to-Market — Three Audiences

• Coinbase x402 was the initial entry; doubling down as things ship
• Audience 1: Agent networks (Fetch.ai, Olas, Eliza OS)
  • Agents stay where they are
  • Call on Concordium when they need compliance/accountability
  • Concordium as verification and settlement layer
• Audience 2: Developers
  • Add verified identity to agents in ~30 minutes
  • "Concordium Verified" badge as a trust signal no other marketplace can replicate
• Audience 3: Enterprises
  • Initial conversations already initiated
  • Deploy agents without rebuilding compliance
• 2027 becomes about scale
  • Concordium becomes cross-chain by default
  • Agents on Ethereum or Solana can use Concordium as verification and settlement layer without migrating

3 TECHNICAL UPDATE, PETER MARIROSANS

Peter's section is the technical core of the town hall and covers substantial ground in a compressed timeframe. He walks through four strategic pillars: identity extended to agents, protocol-level payments (PLTs and the new PLLs), privacy-preserving transactions, and security.

The standout is the Protocol Level Locks (PLLs) design, which introduces fund-level guardrails enforced by the protocol itself rather than smart contracts. Peter also covers the agent registry, ERC-8004 compatibility, MCP/A2A tooling for developers and agents, Dfns wallet-as-a-service integration for key management, x402 integration, and a CertiK security audit that gave Concordium a clean bill of health. A trading agent use case and roadmap overview close the section.

3.1 Identity Extended to Agents

• Peter takes over; four strategic pillars: identity, protocol-level payments, privacy-preserving transactions, agent adoption/security
• Protocol-level identity is Concordium's bread and butter
  • Every account has identity ingrained, backed by ZKPs
  • Identity never leaks
• Now extending this to agents
  • Agent acts on user's behalf
  • Provable that the user gave consent and is behind the agent
  • No information leakage
  • "Something no other chain can do"

3.2 Mapping to Agents and Security

• Verify & Access now extended to agents
  • Agent can use owner's identity to access sites on their behalf
  • All based on ZKPs
• PLTs recap: protocol-level tokens, no honeypots, no smart contract vulnerabilities, stays in your custody
  • Extending this to agents
• PLLs (Protocol Level Locks) teased
  • Design went back and forth three or four times between Peter and Boris
  • Now finalized; "really amazing design" (detail covered later)
• Privacy-preserving transactions continue regardless of whether human or agent transacts
• Developer adoption: plug into interfaces developers already use, no need to learn Concordium specifics
• Security as the fourth pillar
  • Mass adoption comes when something is secure
  • Enterprises need to rely on the technology without liability or hack risk

3.3 Agent Registration, ERC-8004 Compatibility & the dApp

• Existing human identity infrastructure assumed (IDPs, disclosure process, ZKPs); not recapped
• Agent registration on-chain:
  • User registers agent with scope, consent, and permissions
  • Defines what the agent can do, where it can go, who it can interact with
  • Functions like a revocable verifiable credential visible on-chain
• ERC-8004 compatible but with verified human identity behind it
  • "That gives us the edge"
• dApp for agent registration:
  • Set parameters, jurisdiction, scan QR code, give consent
  • All existing on-chain facilities available through the dApp
  • Any third-party wallet compatible with Concordium can register agents
  • No new downloads or tools required

3.4 KYC-as-a-Service for Agents & Deep Fake Protection

• KYC-as-a-service becomes even more important in the agentic world
  • Agent onboards on different sites on your behalf
  • Identity is portable; agent moves it to wherever it needs to interact
  • "Verify and pay with the ability to onboard in different places and your agent doing it for you"
• Deep fake protection:
  • Working closely with IDPs to ensure onboarding identity is AI-safe
  • Identity secured by the protocol and passed onto the agent

3.5 Protocol Level Locks (PLLs) — The Core Concept

• PLLs are built on top of PLTs
• Create a lock, fund it, define which accounts can interact with it
  • Funds can only move in predefined directions to predefined accounts
  • Authorized by the protocol; cannot be hacked or parameters changed
  • Must be signed by the authorized account; protocol validates
• Agent use case:
  • No need to put funds into the agent's account
  • Funds go into a lock, stay in your custody
  • Agent is authorized to interact with the lock but never holds the funds
  • Revoke the lock and money comes straight back; it never left
• "This is the power of the basic lock"

3.6 PLLs — Smart Contract Hooks & Business Logic

• Each lock operation can call a small contract for configurable business logic and policies
• Sainsbury's example:
  • Put £200 in the lock but restrict spending to one specific account (Sainsbury's)
  • Agent cannot spend at Tesco or anywhere else; direction is pre-configured
  • Daily allowance set at £20 via policy in the smart contract
  • Agent cannot go rogue and blow the full amount in one go
• Why this matters: AI agents make mistakes
  • LLMs hallucinate, change their answers, get things wrong
  • Software-level guardrails are not enough
  • Guardrails at the fund level, at the protocol level, are the real safeguard
• "Security by design. It's always been there from day one. We're just now making it ever more applicable."

3.7 Privacy Transactions

• Same principle applies regardless of whether human or agent transacts
• Privacy work on the chain continues

3.8 Adoption Tooling — MCP Servers & A2A

• Strategy: go where the agents are, not expect them to come to Concordium
  • Keep developers using the tools they already know
• MCP servers (for developers):
  • npm install, call functions, done
  • No need to understand how Concordium works internally
  • Eliminates the "is it EVM?" barrier entirely
  • Like SDKs but simpler; language and chain knowledge irrelevant
• A2A servers (for agents):
  • Same concept but at agent level
  • Agent asks the service "this is what I'm trying to do, how do I do it?" and gets assisted
  • Removes complexity of interacting with PLTs, PLLs, identity

3.9 Agent Registry & Key Management

• Agent registry coming imminently
  • "Thousands, tens of thousands of agents ready to register"
  • "Watch this space" for the coming months
• Key management problem for agents:
  • Agents need access to a key to sign transactions
  • Where does that key live? On your laptop? In the cloud? Unprotected?
  • Using third-party custody providers means giving up custody
• Concordium's solution: Dfns wallet-as-a-service already integrated
  • Secure signing service; that is their sole job
  • You can also download the key and safeguard it yourself
  • Custody stays with you but signing is protected and secure
• Peter frames this as a subtlety but essential for enterprise adoption

3.10 x402 Integration

• Integration already underway; facilitator will be available immediately
• Concordium's x402 difference: identity built in
  • Verify & Pay works the same for humans and agents
  • All existing functionalities available including ZKPs
• Going to all existing marketplaces, setting up partnerships
  • "Stay where you are"; add identity, guardrails, ZKPs by installing onto Concordium in 30 minutes
• Call to action: demand Concordium integration on whatever marketplace you're on

3.11 Security — The Most Important Slide

• Peter: "if you take nothing else from this town hall, take this slide"
• Design logic recapped:
  • PLTs: safeguard against smart contract risk
  • PLLs: safeguard against rogue agents spending your money
• Security audit:
  • 7-8 months of work in the background
  • Grey box audit; only chain to volunteer for this
  • Clear bill of health; report coming imminently
  • "Everything has been looked at"
• Ongoing and future security work:
  • Building security agents that monitor the chain 24/7
  • Addressing prompt injection: what happens if someone injects language prompts into your agent?
  • Making APIs and the chain itself "agent-safe"
  • Using agents to counter agent-level threats
• "No other chain is doing this at the moment"

3.12 Trading Agent Use Case Walkthrough

• Example: James wants a personal trading agent
  • Onboards with KYC-backed identity on Concordium (ZKPs)
  • Sets up a PLL, funds it (£50 today, £200 tomorrow, tops up over time)
  • Money safe; cannot be spent unless conditions are met
  • Registers the agent with scope: trading limits, frequency, permitted brokers
  • All constraints added to the PLL as guardrails
• Protocol enforcement:
  • Agent tries a rogue broker not on the list? Cannot spend
  • Agent tries to exceed limits? Cannot spend
  • Protocol safeguards all of it
• Boris acknowledges cramming a year's worth of roadmap into six minutes is "ridiculous"
  • Promises a follow-up content series with Peter (and sometimes Varun)
  • Will go through specific features and SDKs in detail as things ship

3.13 Roadmap Overview

• Roadmap will be available on the website
• Timeline in a nutshell:
  • Q2 2026: building interfaces to the agent world + setting up partnerships
  • Q3 2026: agent adoption and onboarding
  • Q4 2026: one or two enterprises on board and showcasing
  • 2027: scaling and pushing forward on enterprise adoption
• Peter acknowledges rushing through it; promises more detail to follow

4 ANNOUNCEMENTS, BORIS BOHRER-BILOWITZKI

Boris returns with two partnership announcements and a closing rally. The UTEXO partnership brings identity-verified stablecoin payments to Bitcoin-native settlement rails, targeting online gaming and high-risk payment verticals.

The Revolut announcement confirms CCD listing across 30+ markets with 70M consumers and 500K businesses gaining access. Boris closes with the new tagline and confirms the agent registry goes live in April.

4.1 UTEXO Partnership

• Cross-chain verification concept revisited; discussed since TH3 or TH4
  • "We don't try to piss in your pond"; many are waking up to the need for ID verification
• UTEXO announced:
  • Bitcoin-native settlement platform enabling USDT on Bitcoin rails
  • Backed by Tether, Franklin Templeton, Maven 11
• What Concordium does with UTEXO:
  • Identity-verified stablecoin payments for online gaming and the agentic economy
  • Cheap, instant settlement with built-in compliance
  • UTEXO uses Concordium's rails for verification
• Boris frames this as cementing the cross-chain verification vision
  • Also signals agents will be coming to Concordium "pretty imminently"

4.2 Revolut Announcement

• CCD listing on Revolut announced; contracts executed
  • 30+ markets, 70M consumers, 500K businesses get access to CCD
  • Some moving targets on timing but "should be pretty fast"
• Bigger play beyond the listing:
  • Revolut active in AI and agentic space
  • Revolut X; ideas for their own stablecoin
  • Varun (former Revolut CMO) provides a strong line to them
• Revolut now a fully regulated bank
• Boris hints at more to follow beyond what was announced last year

4.3 Closing Rally — "Verified Humans. Verified Agents. One Protocol."

• Going from quiet to "extremely loud"
• Agent registry goes live in April (Peter confirms)
• Boris: "Concordium is the best. Full stop."
• Tagline to be hammered home: Verified Humans. Verified Agents. One Protocol.

5 Q&A SECTION

The Q&A covers exchange strategy, funding, partner go-live timelines, and adoption. Boris is direct on Binance (expensive), Coinbase (good dialogue via x402), and funding (no coins sold, cost base reduced, project is financially sound).

Varun provides concrete timelines on bitcoin.com, Ledger, and x402 submissions. Boris closes with a Kraken/Stabler update, eIDAS 2.0 conversations, and a call to the community to get involved. The overarching message: this is an execution plan backed by production infrastructure, and the next six months will make the full stack agentic.

5.1 Exchange Strategy (Binance, Coinbase)

• Boris agrees that institutional and western retail buyers are on Coinbase and Binance
• Binance: "extortionately expensive"; Boris figuring out how to approach
  • Would rather put the money elsewhere
• Coinbase: very good dialogue via x402; not saying more
• Boris betting that once 5-10K agents are live, exchanges will wake up to Concordium
  • "Things will happen sooner rather than later"
• Remaining questions to be answered in the forums

5.2 Funding & Financial Health

• No coins have been sold
• Funding round (planned Q2 2025) derailed by market conditions
  • Aug-Nov looked promising, then "the market decided to shit the bed"
  • Everyone went risk-off
• Cost base driven down massively via restructuring and AI efficiency
• "We are good. I want everybody to know that we are good."
  • 15-16 million projects closed doors in the last 8 months
  • "This will not happen to Concordium"
  • Boris: "I would not be here anymore, nor would those guys"
• Possible future raise: Concordium as a proxy to AI exposure
  • Everything (Anthropic etc.) is private; people scrambling for exposure
  • "This is a pretty good place to get some exposure"

5.3 Protocol 10 Follow-Up — What Comes Next

• Protocol 10 completed the payment stack; a big milestone
• What's next (Peter):
  • PLLs coming around the corner
  • Agentic interfaces coming
  • Agent registry coming
• Current status recap:
  • ID: live
  • PLTs: live
  • Simple locks: imminent
  • Agent registry: imminent
  • MCP server and A2A: coming very fast

5.4 Partner Updates — Bitcoin.com, Ledger, x402

• Bitcoin.com:
  • 80M wallets get CCD access within two weeks
  • Same 80M wallets get Verify & Access by end of month
• Ledger:
  • CCD integration on mobile and Ledger Live already in testing
  • 7M+ users; shipping in two to three weeks
• x402:
  • Release being submitted to Coinbase marketplace in the next few days
  • Builders will find it in the marketplace in a few weeks
• Boris reminds: "the market shit the bed in the meantime"
• Varun asks for patience; every partner has their own development rhythm

5.5 Adoption Blockers & Daily Usage

• What drives daily usage, not just partnerships and announcements?
• Boris answers:
  • Give the 2025 initiatives more time; go-lives are "literally weeks" away
  • Verify & Access and Verify & Pay are the unique offerings
  • Now extending to the agentic world, which is "scaling extremely quickly"
  • Thousands of agents operational on Concordium "very soon"
  • Bitcoin.com's 80M wallets going live will generate traction
• Boris acknowledges remaining questions handled in forums
  • ~50 questions submitted; difficult to cover all live

5.6 Closing — Execution Plan, Kraken/Stabler Update & Final Words

• "What you've heard today is not a vision document. It is an execution plan backed by production infrastructure."
• Kraken/Stabler update:
  • Kraken "very apologetic"; market makers and liquidity ready
  • Going live towards end of April; couple of months delay, not Concordium's doing
• Real merchants onboarded; regulators looking, including European side
• eIDAS 2.0: portable, reusable ID; Concordium in "avid conversations" on providing the rails
• Next six months: full stack becomes agentic-focused
  • Identity, escrow, PLLs, credentials all extending to agents
  • Much of it already done
• Team smaller, sharper, fully aligned; every person maps to a deliverable, every deliverable maps to a date
• Kudos to Arvin (COO), Carol, Muslim (security/IT)
• Call to community: "Get involved. We are an absolute gem."
• "This chain was built for this moment. No one else was."