"Blockchain combined with zero-knowledge technology emerges as the ultimate..."
This week on Coffee with Calyptus, we’re joined by Ricardo Santos, who went from building core banking solutions for millions to spearheading blockchain growth at Parfin. From pioneering Banking-as-a-Service to designing cutting-edge infrastructure tested by major financial institutions, his journey blends deep financial insight with a passion for decentralized technology.
From BTG Pactual to Parfin, you've led teams developing everything from Core Banking to cutting-edge blockchain solutions. What inspired your transition from traditional finance to the decentralized world of Web3?
After building a core banking system from the ground up to serve millions of accounts, I had a realization—why not start selling these new banking APIs to fintechs and digital wallets? So, I launched a new business unit: Banking-as-a-Service. It was an incredible project. Our first client was Alibaba, which was insane! Many others followed, and it quickly became one of the most profitable divisions of the bank.
But then, a question hit me: why were we enabling non-banks to provide better banking services than actual banks? I started to see the decline of traditional banking on the horizon.
Luckily, a friend introduced me to DeFi, and it completely changed my perspective—my mind was blown. So, I made a bold decision: I left the bank.
At Parfin, you've played a key role in developing Rayls Network, which was even tested by the Brazilian Central Bank and JP Morgan. Can you walk us through a defining challenge in building this blockchain infrastructure and how your team tackled it?
One major challenge was ensuring compliance with strict regulatory requirements while maintaining the decentralization and security of the network. Building a blockchain that could meet the standards of institutions like the Brazilian Central Bank and JP Morgan required us to design robust identity verification mechanisms and implement advanced cryptographic techniques.
To tackle this, our team worked closely with regulators and industry leaders, refining our approach through continuous testing and iteration. We leveraged Zero-Knowledge proofs and other privacy-preserving technologies to balance transparency with data confidentiality. In the end, this collaborative effort allowed us to build an infrastructure that was both institution-ready and aligned with the core principles of blockchain.
Building a Layer 2 blockchain, designing staking mechanisms, and integrating protocols like Ethereum, Solana, and Polkadot—how do you see the future of interoperability evolving in Web3? What’s still missing to make seamless cross-chain functionality a reality?
Recent advancements like Intents, Chain Abstraction, and SuperChains are redefining blockchain communication, and bridge solutions are becoming more secure and user-friendly. However, true interoperability in Web3 still lacks seamless, standardized protocols that abstract complexity away from users.
To move forward, we need robust frameworks such as standardized cross-chain messaging, shared security layers (like EigenLayer or restaking-based models), and improved execution environments that enable developers to build once and deploy everywhere. User experience also requires attention—cross-chain asset movements or interactions remain cumbersome and technical.
Intent-based protocols offer a promising alternative to traditional bridges by allowing users to specify desired outcomes, which are then executed by the network using external liquidity. This approach not only accelerates transaction speeds but also enhances security through mechanisms like staking and restaking. In such systems, liquidity providers or resolvers stake assets as collateral and face slashing penalties for dishonest behavior, thereby aligning their incentives with network integrity.
You’ve led massive teams, from 50 people on blockchain infrastructure to 200 on Core Banking. What’s your leadership philosophy when managing highly technical teams working on complex, high-stakes projects?
Balancing technical excellence with business impact in high-pressure environments requires a leadership style rooted in hands-on involvement, empowerment, and a pragmatic balance between innovation and execution. At Parfin, by staying closely engaged with code and architecture—such as designing Ethereum clients and preserving privacy solutions—we became the leading protocol for Real-World Assets (RWA) in LATAM, earning recognition from institutions like JP Morgan and the Brazilian Central Bank.
My approach emphasizes mentoring teams to take ownership, leveraging lightweight governance frameworks to keep agility high, and relentlessly removing unnecessary complexity. By encouraging autonomy, driving collaboration across product and engineering, hiring talented people, and cutting through distractions ("zero bullshit"), we've consistently delivered impactful results, becoming the leading RWA protocol in LATAM while maintaining a motivated and strategically aligned team.
AI is rapidly being integrated into blockchain solutions. Are you currently exploring AI in your work at Parfin? How do you see AI enhancing blockchain security, automation, or even decentralized finance in the coming years?
AI agents are incredibly transformative in the blockchain space, opening possibilities we could only dream of a few years ago—automating smart contract interactions, enhancing transaction efficiency, and optimizing complex DeFi strategies. Yet, at Parfin, I find it fascinating to explore an alternative angle: preserving certain rails as AI-resistant channels that ensure transactions remain fundamentally human-driven and verifiable.
In this context, blockchain combined with zero-knowledge technology emerges as the ultimate source of truth, acting as a critical counterbalance to powerful AI agents. It provides transparency, trust, and authenticity, creating an essential foundation that complements, rather than competes with, AI-driven innovation.
Solidity Challenge 🕵️♂️
Have a look at the smart contract below and tell us if it returns 1 or 2 when you call the moveToSlot0() function?
Jobs 💼
We have over 200 roles on our platform from companies like Aave, Aragon, Balancer, Gnosis, etc. Check out a select few below:
1. Principal Solutions Architect, Banking & Capital Markets - Chainlink Labs
Location: Remote, North America
Highlights: Pre/post-sales, blockchain tech, PoCs, APIs. Capital markets, Solidity/Golang/Rust ideal. Chicago/NYC/Boston preferred
2. Blockchain and Wallet Engineer, Republic
Location: Remote, Europe or North America
Highlights: Ethereum, EVM, multi-chain. Wallet dev, key management, DeFi, Solidity/Rust/MOVE. Open-source, NestJS, ZK knowledge preferred
3. ZK Auditor, Hacken
Location: Remote, Global
Highlights: 2+ yrs ZK proof dev, Cairo/Noir/Circom. Security audits, zk-SNARKs/STARKs, cryptography. Research/Certifications a plus
4. Frontend Engineer, Rarible
Location: Remote, Europe
Highlights: Frontend architecture, React, best practices, team mentorship. Improve processes and product quality
Solidity Challenge Answer ✅
Answer: It returns 1 as the storage does not get changed by the moveToSlot0 function.
