Caitlin Long

Bingo.

And it's seamless.

You don't have to.

So one of the problems with moving money, as you know, between TradFi and the crypto world is bringing it back from crypto to TradFi.

And the hard part about that is there's a lot of friction, of course, but it's also the BSA piece, the Bank Secrecy Act piece.

JP Morgan did a study two years ago with their own data of what happened during the crypto bull market in 2020.

And they found that 88% of the deposits that went into Coinbase did not come back into the banking system.

Now, let's face it.

A lot of us have had bank accounts closed because we tried to send money from...

crypto exchange into our traditional bank account.

So there's a big piece of that, that part of the reason that folks who move money into the crypto space don't want to bring it back because they don't want to risk getting their bank account closed.

But it's also very difficult from a

from just a pure friction standpoint.

And we're abstracting away all of that complexity by enabling the tokenized deposit and the stable coin to convert back and forth based on what the user's preference is and abstracting away all that complexity.

It's really cool.

Yeah.

And I will tell you also, Custodia is kind of a barometer, Anthony, of this, because we see a big spike when banks start closing accounts and people contacting us.

Now, we're not opening new accounts, so unfortunately, we can't really help.

But I will tell you, Operation Chokepoint 2.0 never ended.

And there's been a real uptick recently in people who have been debanked looking for new bank accounts.