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At Merge Madrid 2025, Daniel Benarroch, CEO and Co-Founder at Inversed, shared how we think about the future of trust in finance and why many financial systems are still built around a false trade-off.
For decades, privacy, security, and compliance have been treated as competing requirements. Protecting sensitive data often comes at the cost of transparency, while demonstrating compliance typically requires exposing information that should never leave the system. Trust is enforced through audits and reactive controls — an approach increasingly misaligned with programmable, global-scale systems.
Cryptography offers a different path. Privacy-preserving computation makes it possible to embed rules directly into system logic, allowing integrity and compliance to be enforced mathematically rather than through disclosure. Instead of managing trust after the fact, systems can be designed so that correct behavior is guaranteed by construction.
This shift enables a new model of programmable finance, where privacy and regulation reinforce one another rather than collide. Trust becomes a property of the infrastructure itself: continuous, verifiable, and resilient by design.
Watch the full talk from Merge Madrid 2025 below.
