Jeremy Maletz

I think that is pretty deeply in our culture that obviously all things equal, we would like to be risk neutral, but we're willing to put ourselves out there and wear a position.

And in general, on our options trading, we tend to warehouse a lot of risk for the street.

Sometimes there's just something where everyone needs to hedge a risk in one direction and someone needs to be on the other side of that.

And that's an important function in prediction markets, especially when you think about use cases such as hedging, where

You've got some global risks to the world.

Everybody needs to hedge that risk on one side.

Someone needs to be on the other side.

And we're willing to hold ourselves out there to do that.

And there's a lot of pieces that go into being able to do that.

Obviously, when you're not neutral on a risk basis, you have to be more confident that you're right.

But that's a big part of what our team has striven to build.

Right.

So when we first got involved in prediction markets, our real role was to bootstrap the liquidity.

There were no institutions yet.

And it was largely going to be a retail product.

We were bootstrapping for large volume retail liquidity.

Now our next challenge is we want to bootstrap institutional liquidity.

So yes, you might look at a market that doesn't seem like it has enough volume for an institution to hedge tens of millions of dollars of risk.

But that's part of the reason that I'm out here doing a podcast today is we're trying to make sure that people start to understand this is viable and we're putting ourselves out there that we will be willing to put that kind of risk.

And we can put out that kind of risk on a contract.