Episode 184 - Kingdom Trust: God, Money, & Bitcoin with Matt Jennings
Bitcoin is no longer a bit-player investment. According to Matt Jennings, faith driven investors should be investing in digital assets like cryptocurrency. And just who is Matt Jennings? He is the head of Kingdom Trust which is currently custodian to $20 billion in assets from some 150,000 investors. Learn more from this pioneer in the financial industry and thought-leader in alternative and digital assets.
Episode Transcript
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Matt Jennings: Most people want to do something they want to do-have-be instead of be-do-have, so I'll explain that. So most people want to do something, so then they'll have something and then they think they'll be something, right? So in other words, they're going to work hard. They're going to make a lot of money and they're going to be a successful person that really just makes no sense. The more you think about it. And what we've been called to do is to be something and then we'll do something and then we'll have something, right? And the key is the being.
Henry Kaestner: Welcome back to the Faith Driven Investor and even Faith Driven Entrepreneur podcast Luke is with me. Look, I think we've got an opportunity to do this. Take this conversation with our friend Matt Jennings. A lot of different ways. It's great to be in the studio with you.
Luke Roush: Yeah. The two four FDE and FDI on one
Henry Kaestner: the big day. And we're going and it's taking us to a state that you love. Why do you love the state of Kentucky?
Luke Roush: Wonderful state of Kentucky is where my parents have lived for the last twenty four years. And it's a wonderful place. I'm the Kentucky Derby, among many other things, home of many large white tailed deer. As Matt Jennings has repeatedly reminded me of, they are voracious text thread. Thank you, Matt.
Henry Kaestner: That makes it sounds like there are probably fewer white tailed deer because of of Matt Jennings being in that state.
Matt Jennings: Now there's actually probably a whole lot more. I spend a great amount of money and time feeding and taking care of the herd in Kentucky.
Henry Kaestner: That's awesome. All right. Good. Good. Good. All right. So we've never had an episode where we've gone into the theology of hunting, and this is probably not going to be the first one. Let's go ahead. Let's talk about your entrepreneurial journey. Let's talk about what you do with structuring of IRAs. You're a custodian. You've been involved in crypto. So many different things. But what we do with every one of our podcasts, of course, is we try to understand the story of our guest and you and I got a chance to hang out together at the Christian Economic Forum, where Luke was two, of course. And then Luke put together this great junket where we got a chance to go on a road trip to visit a number of the sovereign's portfolio companies in you. And I got a chance to sit next to each other for a couple of hours going through northern Alabama. And I heard just an absolutely awesome story, and it was just such a no brainer to make sure that you got on. And can you give us a fly over? Who is Matt Jennings and what makes you tick?
Matt Jennings: Oh wow. So born and raised in here in Murray, Kentucky, a little town in western Kentucky, great parents growing up went into my dad's business, started working there. He owned a meat wholesale meat distributor ship. Well, actually, I started out as a boat mechanic. Believe it or not, and then was part fitter for a period of time at a chemical plant in my early twenties. Didn't go to college, barely made it through high school. I knew I wasn't probably cut out for college, so I did the boat mechanic. The pipefitter ended up working in my dad's meat business till about twenty four and always had a very entrepreneurial mind. Spirit did a lot of things on the side. Through that time, but really made the big step out in 2004 and quit working for the family business kind of left the comfort zone and stepped out. I actually took a job for way less money in the real estate business as a real estate appraiser learned that trade ended up buying the company that I worked for in about six months after I went to work there and began real estate investing really at that time, and God really blessed that saw just really quickly when I grew my appraisal company to the largest one in this area of Kentucky and then began to buy and sell. Ironically, a lot of hunting farms in Kentucky, recreational farms, and that was where I saw my first true, you know, I guess you'd say, like, really true financial success, but I had a burden and a heart and I wanted to do more. And that's when I started a founded, a company called SPG, which is the Saved by Grace Company, and we formed that company to have both a real estate company. And this crazy idea we had of starting a trust company here in Kentucky so that people could buy real estate and other alternative investments in their tax free tax deferred retirement accounts. And so we we did that in two thousand and nine. I put that together. We actually got it going in 2010, and that's when Kingdom Trust was born and that was built to be a faith driven company with Chuck and Randy. A couple of buddy of mine started that.
Henry Kaestner: So you end up being. Now, fast forward didn't go to college. A pipe fitter, a bunch of different types of things. You end up getting real estate investing. Maybe we'll touch on that. But now one of the largest custodians of digital assets and currencies in the United States, and there's a faith story in there and you talk about being saved by grace is being one of the the titles of the company. Did you grow up as a Christian? Tell us a bit about your faith.
Matt Jennings: It is. So I grew up. I actually went to a Christian school. My mom and dad are great Christian people. I went to a pretty strict Christian environment when I was in grade school, started in kindergarten. Into the private Christian school, very small school, and I'm very much had rebellion in my teenage years against that. You know, when I say it was a strict environment, it was a very strict environment. And so I really rebelled against that and actually leaving my end of my sophomore year going into my junior year, I was asked to leave the Christian school. That's a nice way of saying I got kicked out. And so I went to the local public school here, my junior and senior year of high school, and it kind of went a little bit crazy, did some things I shouldn't do and ended up kind of on the on the wrong side of where I should have been in. But to go back when I was 12 years old, walk the aisle and said the prayer and got dunked under the water. And I clearly remember that I did it through a sense of guilt, and I think I was kind of in some trouble and that was a good way to smooth some things over at home. But I would say between the ages of 12 and thirty four thirty five in two thousand four, which ironically I just mentioned, is another year the same year that I quit my family business and went out on my own. Also, the same year that I truly came to faith and it's all tied together. But I would say I'd probably ask God to save me hundreds, if not thousands of times, and finally got to the point never felt anything and finally got to the point in life where I really would just say that I just almost forgot about God. I didn't know if I really believed or didn't. I was having trouble seeing him in my life. Got married to Kelly, a wonderful wife. When I was twenty one, she was 16 at the time. My goodness. Neither one of us had a job. So our first job I made two hundred dollars a week and she made fifty four dollars a week bagging groceries at Kroger. You know, we just kind of went from there. But fast forward, when we were in our thirties, we had two kids worked in my dad's family business. I had really gotten off base, had some addictions and things that, you know, not being fruitful in my life. I wasn't being a good husband. And she saw that and confronted me with that, and we split up for a matter of just a few days. But during that few days, it was a moment I set out on a porch on my farm and just told God. I said, You know, first time I talked to you in years, God. But I don't know if I believe in you or not, but if if you're really there, you know, prove it to me. And long story short, over the next couple of days, some really cool things and a guy named Ricky came into my life who was my parents' pastor at the time, and I went and talked to him and through that ended up realizing that God did love me and that he'd been after me for a long time, and that a whole lot of the reason I was in the situation I was in was because I was running from that calling. So, yeah, so I made a pact to change my life. And that was the moment when I gave my heart to Christ and my wife and I work things out. A couple of months later, she gave her heart to Christ, and I quit my job because I felt like my entrepreneurial calling was one of the big things. That was a problem between me and my wife because she was a security person and I wanted to branch out and go do all kinds of crazy things like entrepreneurs do. And after that moment, she completely devoted to backing me and trusting me, and that allowed me to go and try out some of those crazy things and with her by my side. And so we did.
Luke Roush: How did you invite her into that entrepreneurial journey? I think this is actually a really interesting topic that we have not explored fully on the podcast previously. But you know, many times, whoever the trailing spouse is, if their spouse is an entrepreneur, that person's generally kind of outrunning, creating, seeing the future, trying to create that, trying to respond to what they feel like is God's call in their life. How did you invite Kelly into that alongside you after her being really on the outside in the early years of your marriage?
Matt Jennings: Yeah. So I felt like I had invited her in before and got a negative obviously response which to her was just she was a person who, you know, a mom. She was a young mom. We had kids that were, I think, two and four at the time. And for her, it was a big deal for me to quit my job and go start a business or whatever. And so once we came together on that, it was really. Boy, I don't know how to say it any way other than I let her know that that was really hurting me and how that made me feel, where I hadn't really let her know that before, and she let me know some things that I was doing that really made her feel. If you've ever read the book, Love and Respect read, so I really felt disrespected that she didn't trust me to go out and make a living on my own. She felt really kind of unloved. Some of the ways that I was treating her and what we figured out was we'd been in this cycle of she'd been saying things or doing things that made me feel disrespected. I had been in return saying things that made her feel unloved. They call it the crazy cycle, I think, in that book. And we just had grown apart. And really, it all started with just something small. And what we did that day would just come back together and decide that we were going to love and respect each other. And so she had to make that sacrifice or surrender or whatever you want to say to say, you know, what is the man he has? He has these dreams. He has this name. I love him. So I'm going to support him even if it scares me to death. And so I really just have to give all that credit to her for reaching that point of saying yes, I'm going to back him, even if it scares me to death.
Henry Kaestner: I guess that's been a great investment with an incredible ROI.
Matt Jennings: Yeah, yeah, it's been really good.
Henry Kaestner: So talk to us through a bit of your speaking impact investments. Tell us a bit about how you've thought about real estate investing.
Matt Jennings: I love you. I, of course, I became an appraiser by trade, a real estate appraiser. So I'm big on numbers and big on data I'm big on. I believe that you make at least 50 percent, if not more, of your money when you buy at the moment, you buy it. So I'm a bargain investor. I'm big on cash flow using the proper amount of leverage not to get overleveraged, but in real estate. The goal is to take something that makes six or eight percent net return leverage to make, you know, 15 or 20 percent return and do it in a manner where you have insurance. If it burns, you know, pretty low risk where your only real risk is, you know, not being able to find a tenant to rent it. I've been really blessed the town I'm in the last 10 years of average ninety nine point two percent occupancy rates in all my rental buildings. So I do a lot of multifamily, I do a few other things as well. But you know, we build a lot. The last five years, I've started a building company, so we build most of our own multifamily properties. I had a management company who are sold to a young man that trained under me. I sold him that business and he manages all my properties, and I've found that managing properties yourself. Once you get to a particular point, I think it's great in the beginning. As you learn, once you get to a particular point, you end up hating them. Sometimes if you manage them as opposed to looking at them as a set of numbers, you get to emotionally connected to both the tenants and the experience. Sometimes we try to be faith based. It's a faith based company that manages my apartment, so we try to treat. Our tenants will look a little bit about
Luke Roush: what that looks like. If you wouldn't mind Matt about the here, just
Matt Jennings: how your faith, you know, impacts, he does all the managing. So I'm really pretty hands off in that business. My daughter actually just went to work for him with the ambitions of probably her one day managing all my stuff. So he knows he's kind of probably training his future competition, but he's doing that as a favor to me. But, you know, I think it's just love on them for us. You know, we try to be fair to them and we try to love on them. We try to be to show them grace and mercy and understand when they're in situations. If we know something's going on in their personal life, you know, with a death or something that you know, something that's creating sorrow in their life, we try to reach out. And just with a note of, you know, hey, we're thinking about you and just, you know, just try to go above and beyond, and we're always open to talk to them to, especially for new people that have moved in because we get it, we do. A lot of college students were in a college town here, with Murray State homogeneous Morant, Memphis Grizzlies now. So we get a lot of kids moving in, so we're open. Always ask them if they're looking for a church locally. We're happy to point them in a few different directions there. We're not stuck on any one, but we kind of know the ones that we feel like we'll take them in and love on them. And, you know, treat them like we should treat our brothers and sisters. So that's how we look at that.
Luke Roush: So maybe a little bit more to just the tension that you feel. So I'm going to come back and pick on something you said a second ago just because I think it's in. Christine, I think it's something that a lot of investors feel as you get closer to your investments and as you get closer to portfolio companies, CEOs and kind of all that, you start to really identify and empathize kind of with the situation that they're in. And yet at the same time, you know, particularly in real estate, right? There's an obligation to kind of look after the property. How do you hold those things in tension? How do you know when to give grace and when to kind of hold the line and just love to have you speak into how God's spoken to your heart on that topic?
Matt Jennings: Boy, that's one that I honestly, I would do my best to to say how I do that, but it's a hard thing. There's a great book, actually. I think about that. It's called Love Works by Joel. Maybe you guys have read that that I've had look back to several times when I find myself in situations about how do I deal with this in a loving way, but in a way that is in the best interest of everyone involved? Right. So one thing I learned a long time ago is to avoid I'm a non conflict part. I don't like conflict, and that hurt me a lot in my early days and I've learned to kind of walk up and open the door of the lion's cage and walk in is always a better scenario and confront it. And, you know, based on how the person on the other side takes that confrontation criticism, then that's when you have to make a decision of what's best for everyone involved. Because any time it has to do with an organization, it's not just you and them involved. There's a lot of other people, employees, investors and things as well. So I just always try to think about what's in the best interest overall when I make those decisions.
Luke Roush: Yeah, that's good.
Matt Jennings: It's hard.
Henry Kaestner: Before we get back into the investing side and go over and talk about what you're doing with crypto now, because crypto is all the rage and your business is just absolutely exploded. I want to touch on something that's more consistent with your entrepreneurial journey and that you've developed a drive to serving other entrepreneurs in a way that will ultimately point them to knowing God. Can you tell us a little bit about that framework that you're in the process of developing? I just found it really encouraging. Walk us through that.
Matt Jennings: Yeah, I found myself in a really low point in March for New Journey Back several years ago. And I mean, when I say low point, I was at a really, really low point and it was a mixture. I think of personal, entrepreneurial, just a lot of stuff, you know, midlife for me, I don't know, but and I began to search. I started in first, started in the Bible, sought out counsel from Christian friends, all of which was somewhat helpful. But I ended up joining a kind of a secular group for businessmen, CEOs, presidents, things like that and learned a whole lot through that. But it really gave me an idea through that is what I tell you that story. So once I, I just had this light bulb moment and I discovered so many things about myself through that process. And so when I got through that, I began to write things down and I decided I just wanted to share it with other entrepreneurs because I felt many times lonely. I know you guys say it's a lonely journey. I felt so lonely at that point in my career, I felt almost like I was on an island by myself, and there was no one I could talk to. And I just have a passion for men who find themselves in that situation, and I felt so alone. I want to be there for those guys. So I started putting this together of ran a few groups through it. It's still unfinished. I pretty well do it on the fly, but it's really a self exploration. I don't. When I've done it, I just put it on Facebook and say, Hey, do you feel lonely? You know, these struggles sometimes. Do you feel empty? And you know, each time I've had eight or 10 guys sign up and it's really just like a coaching program, but we ask them a lot of questions because what I've found is that guys like me and you, Henry, we're not necessarily really easy to teach things sometimes, but we're really easy to challenge, right? We don't necessarily listen if somebody says what you need to do this. I like to figure out myself what I'm going to do. I've no idea.
Luke Roush: We're not talking about Matt at all.
Matt Jennings: That's kind of an entrepreneur. So I kind of go at it from that angle and I call it the juice because I don't know if you guys have ever been fishing and stuff like that, but it's like, you know, the secret sauce. You know, it's the juice. I got the juice, you know, so I start out by telling the guys that, Hey, you know, I know I've got this secret sauce. I got the juice that can set you free from how you're feeling right now. And I tell them that are going to learn what that is through this about eight week process as we go through now and we start out with some basic questions. And I mean, I'd love to share a few of the questions with you and let you guys ponder on them if you'd like to hear just officially. Yes. OK, so so we start out by asking, who are you? Then we finish that question. With something that's very profound, we say, really, really, who are you? Very few of them know who they really are. Now start trying to tell you what they do, right? And if you tell them that's not it, they'll start going into what they do at home, right? How many kids they have husband, father, whatever. No, no, no, no, no. Who are you, really? So that's how we start out. And the very next question we ask them is where you're at in your life right now. Would you say that you are being told through life by passion or push through life, by fear? Mm.
Henry Kaestner: That's good. What's the percentage response either way?
Matt Jennings: Ninety five percent have said, pushed by fear of only actually only had one out of about 20 guys that said passion. And two days later, he decided his might be fear. But yeah, so we just we go through a lot of that kind of stuff. We asked them this question to as entrepreneurs, as guys, right? We're providers and what have you. We're always trying to get somewhere or get something right. You feel like you wake up every day trying to get some more or get something. So we asked him this question What good is it going to do to you to get somewhere or get something if you sacrifice everything in the process?
Henry Kaestner: I like that. Get somewhere or get something. You know, Luke and I have got a great friend named Tim Oakley, who says We're always selling something to somebody. And just there is this concept of just trying to make it happen. So you're trying to get something or get somewhere? Yeah.
Matt Jennings: And what good is it going to do to you to get there if you sacrifice everything in the process? And that leads into some principles around that. The journey is the destination in my life. I don't know if you guys have ever felt this, but I went through a period where I was like climbing this ladder. I was climbing this ladder, climbing and climbing and climbing it every day, and all I wanted to do is get to the top right. That was the destination was to get to the top of the ladder and climbing this wall on this ladder. I want to get to the top of the ball and get to the other side because that was like the Promised Land, I thought. And so I've climbed this ladder climbing it. And then finally, I get to the top and I look over and there's nothing on the other side. And I think what so many men where we mess up men and women is the journey is the destination. There is no destination in life here on Earth. The journey here on Earth is the reward, it is the destination. And we should live it one day at a time, as Jesus taught one day at a time, not looking backward, not looking forward, living in today and making the best of each and every day. Stop trying to get somewhere and get something. Frantically, you know, the Bible says, Why do you rise early and go to bed late? Eating the bread of anxious toil God provides for those he loves as they sleep. There's just so much wisdom in that verse, and so then we go in to talking about doing and being, you know, most people want to do something they want to do have be instead of Baidu have. So I'll explain that. So most people want to do something, so then they'll have something and then they think they'll be something, right? So in other words, they're going to work hard. They're going to make a lot of money and they're going to be a successful person that really just makes no sense. The more you think about it. And what we've been called to do is to be something and then we'll do something and then we'll have something. And the key is the being so there's there's never been a human doing. There's never been a spiritual doing. There's human beings and spiritual beings. Which leads me to another question. We asked our guys is would you consider yourself a human being having a spiritual experience or a spiritual being having a human experience?
Henry Kaestner: Mm-Hmm. So this is as you lead them into faith because I know that there's a good number of these folks, unlike the Faith Driven Entrepreneur, of course, that we have, which is primarily focused on Christ virus because it starts off with call to create an identity crisis. We're right up there. Was curious through this framework. When you start introducing your faith into it, whether it's on the being side. Talk to us a little bit more about that. Does it ever conversation, ever turn back around to you and somebody says, Well, what about you? What about you, man? Who are you being?
Matt Jennings: So the first several weeks of it, I don't mention God. Obviously, we talk about spirituality, but I never go into who God is. We just talk through these principles and we start going through all kinds of principles. We talk about learning your yes, is in your nose, and we talk about how I believe that we've all been created to win but programed to fail, right? Or created for success, but program for failure. And so we talk about all those things, and in the end, about week eight, we kind of say, Hey, just so you know, all of these things I just taught you came from one guy. Would you like to know who that guy is? Because I'd love to share with you who the guy is if you're interested. And that's what we're going to do next week. If you want to come back for the final week, I'm going to tell you who the guy is and and that's when we start out in Matthew five, because most of these principles comes right out of the Beatitudes. In the sermon on the Mount, the Jesus taught about getting your head and your heart aligned. You know, Jesus said blessed is he whose head and heart is aligned because then he'll be able to see God in the outside world. Blessed is he who's at the end of the rope because there he'll find less of himself and more of God. And a lot of what we're talk about in the group is about getting your head aligned with your heart. And so in the end, we go through and we show them where this came from. And the overwhelming response I've gotten to this point has been that's not the Jesus I was taught about. That doesn't even like I never even caught a hint that that would have been something from the Bible or that Jesus would have taught. Right? And so that gives me an opportunity to then share that, you know, the Bible is not a rule book. It's a love story. And so many people, particularly in my area where I live in what they call the Bible Belt, or at the time of the Southern Bible Belt Country. And so, so many people have what I call this wrong impression of God and Jesus, and that gives me a chance to I've already had eight weeks to show them that love before they turn around and try to run from it. That makes sense. It does. So yeah, what
Henry Kaestner: you've done is you systematically shown them their need for a savior in their something's, not altogether right, and that the framework that they had their belief system has been letting them down. They're feeling driven by something, and they realize that it's not going to the place where they want. They know their priorities are out of whack and it's not revealing their type of fulfillment. So you've helped them walk through that framework to get there and then you're showing them a better way.
Luke Roush: Yeah. Just to interject. How do you go from, you know, real estate and hunting farms? We talked a little bit about the gravel mine that we started, which I'm pumped to go see myself at some point. But how do you transition from that into a trust company and what we now know to be a pretty meaningful platform for cryptocurrency? So maybe just talk a little bit about that pivot or what God did through that and then maybe also speak to why cryptocurrency is something that believers should be interested in understanding more about and what the redemptive potential is for that instrument.
Matt Jennings: So Kingdom came about from my love of real estate, and I wanted to put it in my retirement account. I found that process very difficult. At first, I was told it was impossible, then it became difficult, and I found out it's not impossible or difficult. So I thought, Hey, somebody needs to start a company to do this. So that was the original kind of idea behind Kingdom Trust. Once we started it, we had to become a regulated trust company, just like a bank. We're chartered in South Dakota. We had to do all that to started and few years into it, I was not the CEO early on and I was just a founder and I think I was executive vice president or something. But I was running a real estate business kind of separate from that and a few years into it. Things weren't going so well, and in 2014 I got asked by my partners in the board to become the CEO, which was one of the hardest times in my life. I really did not desire to lead a large group of people. I never felt like that was my calling. That's the reason I didn't choose to be the CEO. In the beginning, when I founded the company, so I sat at my desk one night and there was two books laying on my desk. I had my head down. I was praying. I was just honestly kind of lost. It was after I'd been asked to take it over. It was broke in a very bad situation and I looked up and there was a dictionary and a Bible. I felt like I just felt like something, said the answer to your problems is in this. I ran the numbers every way there was and there was no way to manage out of this problem. We had to grow out of it because we just weren't big enough. We had at the time, we had about 900 million in assets under custody. I think we were maybe a thousand or two thousand customers. And I opened the dictionary and I looked at growth and I wrote the definition of a down. And I took G R, O W, T h, and I started looking through my Bible and thinking and I wrote down on G. I put goals. And the definition in the dictionary was an object of a person's ambition, effort or a desired result. So I put down this is a note to myself. Have I still have this same original paper in my desk? I read it every day. Have a clear vision and an open mind. Think big and always stay focused on the goal. And I put four r. I put reward in. The definition of that in the dictionary was something given in recognition of one service, effort or achievement. And I said always inspire, motivate, appreciate, recognize and reward others that help you achieve your goals. And I put O Orchestrate a range or direct for a desired effect or performance. And I wrote a note to myself Orchestrate a team that is talented individuals at each play their part in the overall performance and reach the goals and always reward them. You got to remember, this is a guy, it's taken over a company without an education, don't know how to run it. It's kind of a Wall Street company. And I'm a part fitter and a boat mechanic. So, so, so then I got the W and I said, Wow, and I look that up and it said to impress or stop someone greatly. And I said, Always strive to wow your customers, friends, employees and family by going above and beyond to meet their needs and and exceed their expectations. I got to tell you, I put trust and this was been the big one for me. I think because I was, as I said, was a little bit. I had a fear of being a leader. So on trust, I looked it up and it said firm belief in the reality, truth and ability or strength of someone or something. And I wrote, always be honest and ethical with high integrity. Be a servant leader at home and at work that people will follow toward the goal, not because it's required of them, but because they trust you. And then I got to H, and the first word that came to me was humble, which I looked up in the dictionary and it said, not proud or arrogant, modest to be humble, although successful. And the note I wrote to myself was always Remember where you came from and who put you there? Keep faith and family as your top priority. Always keep your trust in God and others. Lead with love and never look down on anyone. Make tough decisions decisively with care and compassion for others, but always in the overall best interest of everyone involved. Give help those in need knowing that the ultimate goal is to see the one in which you have put your trust and what he is orchestrated on your behalf. Wow, what a humbling moment and a magnificent reward. And then I put a verse on there Matthew twenty three twelve who ever exalts himself, will be humbled and who ever humbled themself will be exalted. And I honestly, I wrote down below that because I didn't have a plan. Didn't really know what kind of plan to have. I put focus on the principles and the performance will take care of itself. And I wrote that that night and I will never forget it. I met with my who was my personal account, and at the time he did no work for the business at all. And I asked him to help me figure out a growth plan for the business, and I told him how many accounts I thought we could grow. And we wrote all this stuff out and did a five year plan. And it looked really great on paper, but I had no idea what I was really talking about and he didn't either. It's kind of ironic. I forgot all about that plan, and about a year ago, I actually ended up hiring him about two or three years ago. He's now my CFO, and about a year or two ago, he came running in my office and he said, Man, I was going through some old paperwork and I found that he said, You remember that, not that you came to my office and we built this growth plan for Kingdom. I said, Yeah, I remember that night. It's the same night I wrote this growth thing here. He said, I want you to see something. And he laid down that growth plan and he laid down Kingdom's financials for that five years and they were within point two, five percent of each other every year, year after year, for five years. At that moment, I thought, Oh, wow, how amazing, because we neither one of us had any clue that not we sat down and did that. So that's kind of my faith story there and how God came back five years later to say I was there that night.
Henry Kaestner: See, as you go through your growth framework, I didn't write them all down and I haven't seen it before. But the humility which you ended with shows itself in all of the different letters. The other thing that showed up was an interest in others. A couple of different times you talked about rewarding others along the way and being thoughtful about others that came through at least three times, if not more. And talk a little bit about the culture at Kingdom Trust we're going to bridge into. For those of us who are listening, wondering about crypto and in your take on crypto, we're going to get there. But I think that these lessons along the way, because how many? What do you have now? Under custodian assets, more than 10 billion write
Matt Jennings: about 20 billion, 20 billion at one hundred and hundred, and forty thousand customers are thinking about around 20 billion.
Henry Kaestner: OK, so how do you get there? Is it a brilliant technology algorithm? Is it some sort of massive arbitrage or is it the ability to lead a team well toward an end goal and get them fired up about achieving it? And my sense is that rather than some sort of major financial. Well, engineering deal, though, I think know when you get to 20 billion dollars of assets, you surely have to have a competency when you scale 140000 customers. You got to have a nail down shop. You've got to have great process and procedure and you've got to take away a lot of friction. But along the way, you got to lead people talk about the culture that's come about since you sat down with that growth framework and what it looks like their work at Kingdom Trust.
Matt Jennings: Yeah, leading those people was the biggest fear of my life. I'm just being honest. It's something that I have. Public speaking and leading people were the two things I never thought I would ever do in my life. So and I do a lot of both now and in have learned to enjoy it. But so I just started empowering people at the time that I wrote that we had about 20 employees. We got down to about maybe four that we kept through that we had a lot of people in the wrong bus, we had a lot of people in the wrong seats on the bus. When I came in and we had a lot of people that didn't buy into the change that I was making because I we changed everything about the company after that and it was one of the more difficult times in my life. But over about a four or five month period, we maneuvered everybody around and went from 20 employees to about twenty five, but only kept four of the original 20 and. The four that we kept are three of them are still there today. Amen, they're my posse. We've been in the trenches together and they have been and will be greatly rewarded, particularly when we choose one day to exit. And I've tried to reward them, but we also had a light that came in in that original 20, something that I hired back. Most of those are all still there. We've got about one hundred and twenty, I think now one hundred and fifty somewhere in there. So man, I just always try to love and we have we had Friday morning meetings and always try to share something with them in that meeting. That's totally nothing to do with work and be vulnerable and open and transparent as I possibly can and be someone, as I said in the T. Someone that they will follow because they trust me. Not because they think I'm right. Not because they think they have to or or else, you know, they'll get fired or whatever. Someone that they will get behind me and follow me into this crazy market that we went into that pretty much nobody in Murray, Kentucky, understands or knows about until they come in to work for us. We're the only company in that type of industry here. So they all learn in-house, but they come in and they they will follow because they trust me. And now it's not only just me, it was me then. Now it's because they trust the other people. And since then, I've moved to chairman. About a year ago, we hired a young guy, a very successful guy named Ron. Brad Laffey started a company called CoinShares over in Europe. It's now a publicly traded company, kind of similar to what we do. But over in Europe, he's now the CEO and I step back from that CEO, and now he leads the charge. Very faith driven, very driven guy. And now he's the guy that they really follow on a day to day basis, and they trust him and they believe in him in what we do. And so we made the switch into crypto in 2015. We actually started cursing crypto. In 2016, we became the first regulated financial institution in America to custody bitcoin and crypto. Some people say we were the first regulated financial institution in the world. I've never done the data research on the world. I know for positive. We were the very first one in the United States. And with that has come a lot of blessings and a lot of challenges. In the early days, we definitely had a bull's eye on our back when we chose to step out on that limb.
Luke Roush: I'd love to just maybe have you wrap. We always try to kind of wrap with how God is speaking to you now, Matt, and what you believe he'd have you share with the audience that you haven't already shared. You're a winsome guy who's had a lot of wonderful experiences and a lot of success, and in many ways, an unlikely road moving into trust crypto, just as you talked through. But what has God put on your heart recently? And what would you leave our listeners with?
Matt Jennings: Well, we're talking to entrepreneurs, so I think the first thing would just be encouragement that I look back through my entrepreneurial experiences and there's been ups, there's been downs, there's been some really high highs and some really low lows. And what I've figured out was there is many times that I felt like God wasn't speaking to me and looking back, I know now it's because I was doing all the talking and listen, be still and know that I am God. You know, I would say when you're in the tough spot, listen to God and the people who are unbiased and love you all around you. That would be number one. And the other one would be a question that I ask my guys kind of goes along with questions that were asked and earlier is what does wealth really mean to you? And really, really sit down and think about really what this will mean to you. You know, and I'll tell you what it means to me. Yeah, to me, wealth means all my needs are met physically, emotionally, relationally, everything right, like all my needs are met and they're met abundantly. That's what wealth means to me. But I would challenge each person thinking about what does well mean to you. I hope it's so much more than money to the guys and gals that are listening to this. And once you kind of think about what is wealth to you, then are you really pursuing and chasing true wealth? Are you chasing something else? Right? So that would be kind of my challenge to everybody.
Henry Kaestner: That's very good word, ma'am. May I thank you for your friendship, your encouragement. Thank you for getting out there and miss all the different things you've got going on. Actually, point in the eyes of these 20 men because I know how much you've grown, how much you scaled. Most people in your position would say, I just don't have the time. And yet you've done that. You've been really intentional about getting folks involved. And and that's encouragement to me as encouragement to Luke, and we're grateful to partner with you in the ministry.
Matt Jennings: I'd just like to say to you before I get off your guys, that for years I ran a faith driven company and I did not know a single other Faith Driven Entrepreneur other than myself and my two buddies. And I think that's one reason that my journey seems so lonely at times. And I found you guys just six months ago, whatever it's been now. And I honestly just wake up every day more encouraged through that, and, you know, I've signed up for one of your classes with, you know, I don't even remember who I signed up with the leader. I just kind of did any MIT mo. But I'm super excited about doing that. But I'm so pumped and excited to see Henry that God gave you the vision to go out and reach guys like me. And I have the same vision in many ways, but honestly, I did not know how to move that vision forward, and it's so cool. The first time that I honestly, the first time I went to your website, I got tears in my eyes and was just like, Why haven't I seen this before? You know, because what you guys are putting together there is amazing. So kudos to you guys for what you're putting together. It's great
Luke Roush: encouragement. It's a great and charisma.
Henry Kaestner: That's that's awesome. So we're going to put you in a cohort with a bunch of other guys did all this. We try to keep it above those that have above $20 billion in custodial assets. And so you're going to love this group of people. It'll be you and yourself. We got a great group, we got great cohorts there, and I think we've got a five or six hundred people going through FDE groups. If you're listening to this right now and and you're interested in joining a group to process how God is working through you and your entrepreneurial life or your investing life, along with people like Matt, please check out the website. Matt, thank you for blessing our audience. Thank you for blessing Luke and I and a new friendship and looking forward to more road trips with your brother.