Vlad Tenev

And I think that will lead to a great outcome for ultimately the traders in this space, because the more exchanges there are, the more we put pressure on the transaction fees and get them to be close to rock bottom.

And what happens is more liquidity comes into the space, more institutional interest and prices go down.

And as with any asset, you know, crypto equities options,

Robinhood is just focusing on providing the best execution for customers, so we connect to a wide variety of exchanges and market centers to facilitate that.

Yeah, I think a lot of times this discussion of, you know, is it trading or gambling gets into sort of a debate on the meanings of words.

But one clear benefit of prediction markets is that these contracts are traded on words.

regulated exchanges where buyers and sellers meet together.

And essentially, this has a lot of downstream effects, right?

One of them is you get a wide variety of contracts being offered.

You know, we've gone from one to thousands in the past year.

You could see a world where it gets to tens of thousands and hundreds of thousands and pretty much any event could be priced in real time and tradable.

The second is because these happen on an exchange where buyers and sellers meet, our incentives aren't to trade against our customers.

And that's how a lot of these state-regulated operators run.

Their business model is not to exchange orders.

It's actually to trade against the customer, which basically – and they kind of –

jujitsu around this when they get asked, but they make money when their customers lose.

Our incentive as a business is to bring on customers and have those customers' account balances grow steadily and monotonically over time.

So I think we're actually incented

to grow with our customers.

And that leads us to offering a wide variety of products for them to invest and trade in, not just prediction markets, which are enticing to bring new people in, but also things like Robinhood strategies, retirement, the Cortex AI tools that are continuing to proliferate throughout the platform.