Jeremy Maletz

And I saw the value of it.

And I think 2016 election was like a place that it was really valuable because people had these massive risks they wanted to hedge.

People would do it with these proxy products.

Banks would put out baskets of like, put together all of these names.

And the broad market consensus in 2016 was that the market was going to be down 5% to 7% if Trump won.

And it turned out the market was up.

It was literally just five minutes.

But yeah, by the end of the next day, it was up.

And so the hedge didn't work.

But we saw the prediction market worked.

If you actually just hedge this in a prediction market, it would work really well.

Honestly, it doesn't seem like there's that much synergy.

It's more just it evolved out of that of saying like, hey, we're involved in this space and we see how valuable prediction markets can be and we really want to make it happen.

And so I think that it's really just kind of an evolution as opposed to this is how we would draw it up from scratch.