Vlad Tenev

So we always try to make sure that if you're trading, if you want to trade, we have every asset.

Typically with TradFi, crypto is a little bit different.

The regulators have set it up so that there's sort of like separation of concerns.

So the broker is a separate entity than the exchange and the clearinghouse.

So they try to separate into three chunks broadly.

The broker, which deals with the clients.

the exchange, which has the concern of matching orders, and then the clearinghouse, which does kind of the back office record keeping.

So we've always started in each of the assets as being the broker, because the thing that is our differentiator is the customer relationship, the user interface.

But for some of the assets, we do all three and we vertically integrate and we just sort of do it all.

And because we have so many customers, there's economies of scale and

It's sort of where we vertically integrate depends on whether we can use those economies of scale to kind of negotiate good deals on the back end to lower the costs.

Or if it's like a newer market, we vertically integrate so we can control our own costs.

Because at the end of the day, from the very beginning, one of the reasons to use Robinhood is because it's cheaper than the competition.

So we just have to...

work hard to make sure it's actually cheaper and that we have kind of these structural advantages.

The second big idea besides trading that allowed us to expand is around this yield question.

So the observation was this, okay, well, if you open up a checking account or a savings account,

The trick there is that they don't pay you any yields.

You have to do a lot of work to get the yield.

And in particular,