Jeremy Maletz

where far less volume is traded.

And that's because what the prediction markets really provide is information.

It's a price discovery mechanism.

So you have this phenomenal community of superforecasters that exist on a prediction market.

And it doesn't take as much volume as you would think to get to a fair price.

And that allows us to say, hey, okay, we've got a reasonably fair price on this prediction market.

Maybe it's only traded $100,000, but we know that there's been a lot of smart people that have looked at this.

We can do our own internal vetting at the same time also.

And now we're comfortable going out there and saying,

we're confident enough in this price because of the price discovery mechanism that we'll make tens of millions of dollars of risk to a company that needs to hedge its risk of what, you know, some regulation or Strait of Hormuz or whatever it is that's happening in the world.

So, you know, someone needs to go out and do that.

And I think we're kind of uniquely positioned because of our culture of saying, yes, we are willing to take that risk.

And yes, we want prediction markets to grow.

So the first piece is the exact thing that you just brought up, awareness.

They look at the markets and they might say, well, I don't see how we could actually hedge some of these things because there's not enough volume and liquidity.

To which our response is, we will be the liquidity.

Then the other question is, okay, well, we sort of need our compliance to get comfortable with this.

This stuff is so new.

What's the legal landscape?

How do we get this stuff even over our firewall?