Key Insights from @RibbitCapital Token Letter:
Ribbit just released one of the most important pieces of writing of 2025, the "Token Letter."
ribbitcap.com/knowledge
It’s not a market update.
It’s a blueprint for the next decade of intelligence, identity, and value.
The message is simple but massive:
Tokens are becoming the DNA of everything.
They’ll define how machines understand us, how we store identity, how money moves, and how knowledge compounds.
Ribbit calls this the Token Revolution - a world run by token factories and agents.
Every person and business will have fleets of autonomous agents working for them, powered by tokens that hold context, memory, and trust.
Not all tokens are created equal.
Ribbit breaks them down into three groups:
💰 Value Tokens: store or move money.
🧠 Expertise Tokens: capture human skill and data.
🔐 Personalization Tokens: identity, memory, context.
Together, they’re the operating system of the new economy.
The most powerful companies of the 2030s won’t just own data.
They’ll own trusted token loops - flywheels that learn, remember, and personalize over time.
Data becomes compounding capital.
“Tokens are the DNA and feedstock of AI.”
AI systems will increasingly be powered by proprietary, context-rich tokens instead of raw data.
“Know Your Agent (KYA) will be bigger than KYC.”
Verifying human identity is no longer enough: future regulation and commerce will require verifying machine identity as well.
“Memory tokens will be the next oil.”
Personal AI memories: data tied directly to your actions, preferences, and context, will be a key source of value and differentiation.
“Vertical Token Systems” will replace SaaS:
Industry specific platforms will serve as intelligent operating systems, combining data, agents, and transaction rails.
Data becomes compounding capital:
The more trust and memory a platform accumulates, the more valuable it becomes, leading to exponential data moats.
Ribbit just released one of the most important pieces of writing of 2025, the "Token Letter."
ribbitcap.com/knowledge
It’s not a market update.
It’s a blueprint for the next decade of intelligence, identity, and value.
The message is simple but massive:
Tokens are becoming the DNA of everything.
They’ll define how machines understand us, how we store identity, how money moves, and how knowledge compounds.
Ribbit calls this the Token Revolution - a world run by token factories and agents.
Every person and business will have fleets of autonomous agents working for them, powered by tokens that hold context, memory, and trust.
Not all tokens are created equal.
Ribbit breaks them down into three groups:
💰 Value Tokens: store or move money.
🧠 Expertise Tokens: capture human skill and data.
🔐 Personalization Tokens: identity, memory, context.
Together, they’re the operating system of the new economy.
The most powerful companies of the 2030s won’t just own data.
They’ll own trusted token loops - flywheels that learn, remember, and personalize over time.
Data becomes compounding capital.
“Tokens are the DNA and feedstock of AI.”
AI systems will increasingly be powered by proprietary, context-rich tokens instead of raw data.
“Know Your Agent (KYA) will be bigger than KYC.”
Verifying human identity is no longer enough: future regulation and commerce will require verifying machine identity as well.
“Memory tokens will be the next oil.”
Personal AI memories: data tied directly to your actions, preferences, and context, will be a key source of value and differentiation.
“Vertical Token Systems” will replace SaaS:
Industry specific platforms will serve as intelligent operating systems, combining data, agents, and transaction rails.
Data becomes compounding capital:
The more trust and memory a platform accumulates, the more valuable it becomes, leading to exponential data moats.
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