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Anna Kazlauskas: Data Ownership in the Age of AI

You’re swimming in data. You’re creating new data every day. If your health app counts your steps? That’s new data. The Oura ring that’s tracking your bio-metrics? Valuable data. Your social media posts, even the stupid jokes that got zero likes? More data.
This is all data that AI companies would love to harvest. You can’t build good AI without good data, which is why many view data as the “new oil’ in the race for AI. The problem, though, is that while your data is valuable in theory, the reality is that it’s hard to monetize your own personal data, as you have no leverage as an individual. (Open AI isn’t knocking at your door to buy your old tweets.)
Enter Vana. “I think data is this fundamental resource powering the next generation of AI, and really the next generation of our digital economy,” says Anna Kazlauskas, co-founder of Vana and CEO of Open Data Labs. “A lot of people frankly just don’t realize that they actually own their data.”
But you do own your data. And it’s valuable… if you can somehow join forces with millions of others who also own their data. This would give you bargaining power. And that’s the mission of Vana: To create an ecosystem for user-owned data, which in turn fuels user-owned AI.
That ecosystem involves a mix of Data DAOs (a “labor union” for data), decentralized data marketplaces, the recently launched VRC-20 token, and a new collaboration with Flower Labs to build the world’s first user-owned foundational model. (Exhibit A that Decentralized AI is creeping into the mainstream: The Vana/Flower collaboration was covered by WIRED.)
Kazlauskas will give a keynote at the AI Summit at Consensus 2025 outlining this vision, and she gives a glimpse here. And she sees the momentum shifting. “We’re already starting to see this shift where more people realize that, ‘My data is really important to AI’ and ‘I’m actually the owner of that.’” She predicts that in a few years, over 100 million users will be onboard. In 10 years? “World population. Above 10 billion.”
Interview has been condensed and lightly edited for clarity.
Why is user-owned data so important to you?
Anna Kazlauskas: Most people assume data is owned by the platforms that it’s sitting on, but that’s not the case. In the same way that when you put your car in a parking lot, the parking lot doesn’t own your car. You can always take it back. You have full ownership over it.
And there’s a huge amount of money being made today, mostly by big tech companies, off of that data, but users are the legal owners. So I think it’s important that we restore that ownership, both from a user perspective and from a developer’s perspective.
Can you connect the dots of how this helps developers?
As a developer, especially in an AI world, having access to the right data is really important. And it’s super hard to do right now, because most of the data is locked up within the walled gardens of big tech. So many of my really smart friends who do stuff in AI go work at the big labs, because that’s where the data is and that’s where the compute is. But that doesn’t have to be the case.
How do Data DAOs fit into this vision exactly?
So a DataDAO is kind of like a labor union for data. Where basically you have a large group of people who pool their data together, and then can make collective decisions over what happens to that data.
The reason why that’s important is that your data, on its own, is not that useful, right? It’s much more useful when there’s a big pool of it. When there’s enough of it to train an AI model.
What are some of the Data DAOs you’re most excited by?
There are a few in the health space that are really interesting. There’s an early one that’s actually doing full exports of patient medical records, which I think can really help advance a lot of research in the space. There’s some related to biometrics, sleep, and health. There’s one with the DLP [Driver Loyalty Program] Labs; they’re building car data. And within their data-set, the Tesla data is really interesting because most people think about Tesla as valuable because they have a data lead, right? Actually, the users can get a lot of that data-set.
You’re pivoting from theory to practice with the new collaboration with Flower Labs to build COLLECTIVE-1. What’s the goal there?
COLLECTIVE-1 is the first user-owned foundation model. Usually when people think about a foundation model, they typically think of one company running a very large training job in a single data center, right? Like OpenAI. And the reason why it’s typically done in a centralized way is because it requires, one, a whole lot of compute power, and two, a whole lot of data.
Flower AI is kind of the leader in federated [decentralized] training. They’ve done a really great job of building these great open source libraries. They’ve come in from the training side and the algorithm side. And with Vana, we really focus on that data piece, right? So we basically have all this data that people can train on. Then you give users end-ownership of the model, and users can decide on what the model is allowed to do? So this is the first foundation model of its kind.
And the theory is that eventually, with better data, you can build AI that’s not just competitive with the central players but better, is that right? So it’s not just about ideology, but also performance.
Exactly, yeah that’s 100% right. From a decentralized context, I think often people agree in principle that, “Yes, we should have AI that’s owned by the people. We should have decentralized AI.” But what’s the thing that we can actually do better in a decentralized context? Data is the answer. For each company, they only have their single slice of a data-set. Apple’s got their data. Google’s got their data. But if you’re going through the user, you can cut across platforms and actually build better data-sets than any single company. Data is the secret sauce that makes it all work.
Love it. Thanks Anna, see you at the AI Summit in Toronto.
Jeff Wilser will host the AI Summit at Consensus 2025, and is host of The People’s AI: The Decentralized AI Podcast.
Business
Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.
The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.
Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.
The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.
Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.
«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.
Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says
Business
Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.
The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.
Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.
The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.
Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.
«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.
Read more: Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says
Business
Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.
The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.
On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.
The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.
Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.
Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.
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