Matthew Sigel

So I think like Robinhood would be the best example of a company and they are also going to have a corp chain.

It's not released on main net yet, but

You should be able to trade tokenized securities on their blockchain over the next couple quarters.

So I've had a position in the stock, but it's smaller than it's ever been.

And I think part of the reason is just the competition.

is so fierce.

And if you believe that blockchain is going to bring down costs and create less friction for moving balances around, then the customer loyalty may actually maybe not be as high as people think.

And the economics may get compressed through competitions.

There's news today that

that Interactive Brokers, which is another name that we own, you can now send crypto to your Interactive Brokers account.

That's a first for them.

And then their fees are 12 bps on trades.

Pretty attractive.

Coinbase takes more than a percent on each way on retail, naive retail buys and sells.

So it tells me that there's pricing pressure here.

There was crypto wallets like Phantom, which got a no action letter from the SEC last week to be able to offer derivatives straight from the wallet without registering as a broker.

That could be a headwind for brokers like Robinhood because it's a lower regulatory burden for Phantom to enter this market at low fees.

So I've been trimming some brokers and buying other stuff.

What about hype?

Clearly have proved that there is demand for 365, 24-7 derivatives on crypto rails.