Vladimir Tenev

Yeah.

But, uh,

Yeah, no matter how much we do or what we say, people have that thought, and it's hard to dispel the false rumor.

Well, so Moonpay, their number one business is fiat on and off ramp, right?

So if you want to get dollars into native crypto, into like a wallet, Moonpay is almost like an infrastructure provider.

And we have a product.

that is competitive, maybe a little bit less known, but it's called Robinhood Connect.

We partner with some of the biggest wallets.

We use it obviously for ourselves and significantly cheaper on average.

And I'd say crypto and Robinhood evolving in a couple of different ways.

And it's a big business.

Like if you look at us by market share for retail crypto, we're kind of like...

top two but pretty close to number one in the us um and we're expanding outward the the thing that i care most about is actually using crypto technology to power real things so tokenization of real world assets we call it can we take a real asset like a

stock or a private company which is my uh the thing i'm most excited about and put it on crypto technology where it benefits from 24 7 trading uh global liquidity and just like uh integration with the existing large

Yeah, we've tokenized about 2,000 public stocks in Europe.

We also piloted private stock tokens.

So we were the first to tokenize OpenAI and SpaceX shares, and we gave them out to European customers in the form of a giveaway.

which worked incredibly well so we've got the technology to tokenize private companies and make them tradable 24 7 just like stocks uh the obstacle is is really regulatory clarity yeah i was gonna say when's that come to the us but are you we're working on it yeah with the us there's two barriers actually uh and in europe

there's less incidentally in the us you have to solve uh private company accreditation laws that make it so that right now you have to be an accredited investor basically a high net worth individual to invest in private companies and there's also tokenization of securities which falls into

crypto market structure, which right now you're not allowed to actually tokenize securities in the US and make them available to retail, which is actually why you have so many meme coins.