Vlad Tenev

FTX was an interesting one where-

they were basically offshore.

The lion's share of their business was based in the Bahamas and technically not open to US customers.

But they had like a small subsidiary that was regulated in the US that was doing next to no business.

But that opened up the door to market locally.

So that's why you would see like FTX Stadium, all those commercials.

And essentially what was happening was they were sort of like getting customers into the offshore entity and turning a blind eye to it because they weren't supposed to do that.

And

I think at the time, for sure, that wasn't as well handled.

There wasn't as much scrutiny.

I think we've gotten better.

But yeah, I think offshore is still a problem.

And there's a lot of, you can get away with a lot there.

And there's competitors that are offering really high leverage, more products, unrestricted prediction markets on all kinds of things.

And some people that get confused can tend to go there.

You've got the big crypto firms that are all sort of trying to converge on the super app vision, doing similar things to us in that sense.

The credit card companies.

But yeah, I think the aspiration is really, Robinhood now does a lot of trading.

We want to be your financial home for your whole family.

So all of your financial needs should be best served by our product.