David

But with Robinhood, they're moving towards tokenized stocks, tokenized pre-IPO.

Intuitively, that makes a lot more sense versus going towards the more social route.

I certainly don't think creator coins were inherently a mistake in and of itself.

I have a lot of empathy for anybody who tries weird new things in crypto.

I think it's so necessary for us to go from zero to one.

That being said, I think at this point in time, the smartest move moving forward is

to go more the institutional route, if you will, and serve just the average user who wants a bank replacement.

It's a great question.

Definitely not.

I think right now, obviously, they're two hallmark players, but

You will definitely see some challenging incumbents, I expect, over the next year or two.

I think specifically the barrier of competition is reducing in the sense that there's been a lot of regulation passed that makes this stuff a lot more, I would say...

it makes it a lot more favorable for startups to compete.

So a great example of this is we have this trend of open finance.

So this is essentially sharing open data, right?

And that is a great equalizer, if you will.

Another great example is Apple was mandated to open their NFC chip.

So it's no longer just Apple Wallet.

All of these things kind of add up to allow a new player or a new neobank to build a better experience from first principles.

So that's not to say it'll just be Robinhood and Coinbase.