Vlad Tenev

And

I think that end state doesn't really exist as one competitor.

And that's why we're the first to put in prediction markets into your overall package with a credit card, with bank accounts, with retirement, with matches, the Trump accounts.

It's like, I don't think anyone has solved this on a global scale yet.

How can we actually help you with all of your financial needs?

And where are you now globally?

We're still very much like US centric business.

We are live in the UK and in Europe, but with a subset of our products.

In Europe, we're doing an interesting thing where we're trying to rebuild our infrastructure from the ground up on crypto technology.

So we don't offer stocks in europe like we do in the us, but they're tokenized stocks So on-chain versions of it, how do the on-chain versions impact the stock prices or do they not?

I think right now the business is too small for that to really be super meaningful, I mean tokenized stocks as

a slice of global stocks are still fairly small and and every trade that we do in europe is sort of like backed by a real trade explain tokenized stocks to me so the tokenized stocks vision is going to happen in sort of like three phases and we're in phase one right now and basically what happens is here's the user here's your phone let's say you wanted to buy some apple

Right now, what happens is that transaction goes to our backend and the backend sends it to a TradFi broker.

A TradFi broker you can think of as Robinhood in the US, they deal with the real stocks, the non-tokenized versions, and they go to the market center as well.

So the market center, so you can think of this as a traditional exchange like the NASDAQ or the NYSE.

So you take the order, you get the ACK, and then you send it to what's called a tokenization engine.

So every time you get a share back, say it's a share of Apple, it goes into the backend.

The backend will mint one token, one for one for each share, and it'll store it.

And then it'll return that token to the user.

Yeah, that's true.