Vlad Tenev

And now I'm not saying everyone should be trading prediction markets.

Like any derivatives market, I think people have to make sure it's right for them.

But I think they're resonating quite strongly with our active traders.

And also, I think they're a great way for other folks who may be interested in trading to learn about the new asset class.

Yeah, I mean, right now, we're the largest broker in the space.

And actually, the brokerage landscape is not very competitive.

I mean, we're pretty much the only game in town.

In terms of the exchanges offering prediction market services...

I think there's a big argument to be made for this to be an increasingly institutional business over time.

In the same way that crypto markets started off being...

exclusively retail and have sort of like built up institutional adoption over time, I think you can make a perhaps even stronger argument that the same is going to happen with prediction market event contracts.

If you just look at the trillions that are being used, are being deployed into interest rate futures and swaps to hedge interest rate risk by institutions,

prediction markets offer a way more direct mechanism for actually hedging that risk.

So our acquisition, our partnership with SIG to acquire LedgerX, I think is a way for us to tap into what we believe will be a growing institutional market for this asset class.

And if you couple that with our broad retail reach,

I think that positions us well to continue growing with the space, if not faster than the aggregate growth in the sector.

I mean, the more prediction market exchanges join the market, the more price competition there is.

And we see a world where it's increasingly multipolar.

I think there's going to be...

multiple dozens prediction market exchanges.