Howard Marks

They can go to friends.

They may get some angels.

But so we decide to build a solution for them where they can raise money from the crowd and the crowd becomes their advocate.

And we've raised money for over 100 companies so far.

This year, we're going to raise money for 500 companies.

So we have both.

The big volume is in dollars.

People are investing using credit cards, ACH, which is from their bank or wires.

And now, recently, we've allowed Bitcoin and Ether investments into what you call ICO, initial coin offerings.

These are companies, instead of issuing shares, they're issuing tokens.

But those tokens are also considered securities.

Okay, so until we came into the picture, everybody who was doing an ICO were raising tokens as a toy, like a utility token.

They were not viewed as a security.

They were viewed as a service, software service.

So you would issue a token for $5.

That will allow you to use that token to get a service.

Let's say, for example,

an ID verification for $5, except that because there's a secondary market for it, these things were trading for five times, 10 times what they were initially issued up.

They became like a stock.

Well, in order to be a stock, you have to be regulated.