We hired Chakra Advisors LLC at the Spanish Savings Bank Foundation (FUNCAS) in 2018 to conduct a study on the Initial Coin Offerings (ICO) market. Chakra Advisors put together a well-qualified team of economists that provided an in-depth, comprehensive, and timely analysis for an extremely volatile market that, at the time, was not well understood by financial regulators and participants. We had previously worked with Chakra Advisors in various capacities including a paper that we commissioned on new payment innovations, titled "New Payment Technologies: Back to Basics," as part of our Observatory on Digital Finance. The paper provided a concise review of various innovations that were being introduced by FinTech firms to improve the access and delivery of payment media. The paper was well received by the international banking community. We published the paper in one of our internal publications. We have always been extremely impressed with Bob Chakravorti, CEO of Chakra Advisors, particularly his creative analysis and insights. Professionally, I have known Bob for more than 15 years and for a time we were colleagues at the Federal Reserve Bank of Chicago. I have worked on various projects on financial markets with Bob. We look forward to working with Chakra Advisors in the future. We would recommend them without hesitation to any organization that is looking for innovative economic analysis on topics that financial market leaders and institutions continue to grapple with.