WEBVTT 1 00:00:00.200 --> 00:00:03.319 I think that more and more people are getting interested 2 00:00:03.399 --> 00:00:07.759 in staking they hear about it. I mean Robinhood's mass 3 00:00:07.759 --> 00:00:12.439 market product. So I think as people see the yield 4 00:00:12.480 --> 00:00:15.800 that they're getting and kind of share the concept with 5 00:00:15.839 --> 00:00:21.359 their friends, I think it'll be hard to maintain control 6 00:00:21.399 --> 00:00:25.879 of assets on a centralized platform, particularly unless you're giving 7 00:00:25.920 --> 00:00:27.280 some exposure to that yield. 8 00:00:32.840 --> 00:00:35.039 This episode is brought to you by Propy, which is 9 00:00:35.159 --> 00:00:38.679 leading to charge in putting real estate on chain. Propy 10 00:00:38.799 --> 00:00:41.240 is a game changer. You can buy and sell real 11 00:00:41.320 --> 00:00:45.399 estate with cryptocurrencies using the Property platform, which is powered 12 00:00:45.439 --> 00:00:48.119 by a blockchain of course, and they have a native 13 00:00:48.119 --> 00:00:51.320 token call pro and I've been an investor in the 14 00:00:51.439 --> 00:00:54.880 Propy token since twenty eighteen. So Propy is a licensed 15 00:00:54.920 --> 00:00:58.759 Web three pioneer operating since twenty seventeen. They have facilitated 16 00:00:58.799 --> 00:01:02.479 over four billion dollars and transactions. They're putting titles and 17 00:01:02.520 --> 00:01:06.200 deeds on chain. They use Coinbase for their crypto escro service. 18 00:01:06.560 --> 00:01:09.280 So this is a great platform and once again they 19 00:01:09.319 --> 00:01:11.159 are ahead of the curve when it comes to putting 20 00:01:11.159 --> 00:01:13.840 real estate on chain. And they just launched a great 21 00:01:13.879 --> 00:01:16.599 campaign where you can earn some of the Propy tokens, 22 00:01:17.000 --> 00:01:20.239 and it's simply by doing tasks such as sharing their 23 00:01:20.319 --> 00:01:23.640 vision video, signing up, and inviting a friend, and much 24 00:01:23.719 --> 00:01:26.159 more so. If you'd like to learn more about Propy, 25 00:01:26.400 --> 00:01:29.120 visit the link in the description. Hey, folks, welcome into 26 00:01:29.159 --> 00:01:31.799 the Thinking Crypto podcast. I'm your host Tony Edward and 27 00:01:31.879 --> 00:01:34.480 we are recording at Station three in New York's Financial 28 00:01:34.519 --> 00:01:37.719 District today and my guest is Vlad Tenev, who's the 29 00:01:37.760 --> 00:01:41.640 co founder and CEO of Robinhood. Lad, awesome to have 30 00:01:41.719 --> 00:01:42.000 you on. 31 00:01:42.200 --> 00:01:44.680 Thanks for having me, Tony. Good to be here, Glad. 32 00:01:44.799 --> 00:01:47.640 This is so awesome. I've been a user of the 33 00:01:47.719 --> 00:01:50.480 robin Hood platform for many years. It made me want 34 00:01:50.519 --> 00:01:53.799 to get into investing because as an immigrant kid, I 35 00:01:53.840 --> 00:01:57.319 never really thought about investing in stocks. But Robinhood came along. 36 00:01:57.439 --> 00:02:01.560 It made it so easy. You know, what's your vision 37 00:02:01.640 --> 00:02:04.239 for the company as it continues to grow and it's 38 00:02:04.239 --> 00:02:05.159 had all this success. 39 00:02:05.959 --> 00:02:09.039 Yeah, so a Robinhood. I like to think of it 40 00:02:09.080 --> 00:02:14.840 as financial super app. But right now we're still primarily 41 00:02:15.719 --> 00:02:19.360 US based and still primarily retail, and I think over 42 00:02:19.400 --> 00:02:21.919 the long run, we should be a platform that can 43 00:02:22.000 --> 00:02:26.000 help you with all of your financial needs, whether you're 44 00:02:26.199 --> 00:02:29.199 in the US or anywhere else in the world, whether 45 00:02:29.240 --> 00:02:32.800 you're an individual or a business or institution, we should 46 00:02:32.840 --> 00:02:35.520 just be central to all of your financial needs. 47 00:02:36.080 --> 00:02:38.000 Yeah, and it feels like the world is heading that way, 48 00:02:38.199 --> 00:02:40.960 where everything is on this smartphone. And then with crypto, 49 00:02:41.400 --> 00:02:44.039 it's not even account based anymore, it's more wallet based. 50 00:02:44.240 --> 00:02:47.159 So do you see the direction being not only an 51 00:02:47.199 --> 00:02:49.439 app but a wallet for the future. 52 00:02:50.120 --> 00:02:56.240 Yeah, I think that there's definitely some benefits to having 53 00:02:56.280 --> 00:02:59.240 a wallet experience. I think one of the main benefits 54 00:02:59.240 --> 00:03:04.199 that is off an overlooked actually is that with non 55 00:03:04.240 --> 00:03:09.719 custodial wallets, you're basically in complete control of your assets. 56 00:03:10.439 --> 00:03:15.719 So that makes you less reliant on the broker as 57 00:03:15.719 --> 00:03:18.960 a construct. If you're unhappy with the broker, you can 58 00:03:19.039 --> 00:03:23.400 easily switch your assets to another provider. I mean, as 59 00:03:23.439 --> 00:03:26.039 long as the blockchain is up and running, you have 60 00:03:26.120 --> 00:03:28.159 control over your assets, and I think that's a very 61 00:03:28.199 --> 00:03:32.520 powerful thing. I mean, we're in the traditional brokerage space 62 00:03:33.199 --> 00:03:37.080 as well as crypto, and we've been a net beneficiary 63 00:03:37.120 --> 00:03:41.120 of asset transfers so more. I mean this quarter we 64 00:03:41.159 --> 00:03:45.800 announced for many quarters running, we're net We're getting net 65 00:03:45.879 --> 00:03:50.840 transfers in from pretty much all of our brokerage competitors, 66 00:03:51.240 --> 00:03:53.319 and so we see how crufty it is. We'd like 67 00:03:53.360 --> 00:03:56.039 to make that process better. We think that it should 68 00:03:56.080 --> 00:03:59.199 be as easy as possible to move your assets, to 69 00:03:59.240 --> 00:04:02.840 have control of your assets, and you know, if you're 70 00:04:02.879 --> 00:04:07.719 unhappy with the service, we should compete over quality of service, 71 00:04:07.800 --> 00:04:10.280 not make it as difficult as possible to move your 72 00:04:10.479 --> 00:04:12.960 your assets out. I think a lot of our competitors 73 00:04:12.960 --> 00:04:16.279 will probably disagree with that, but that mindset lends itself 74 00:04:16.319 --> 00:04:21.319 well to self custody, where ultimately you're leveraging public infrastructure 75 00:04:21.360 --> 00:04:26.920 for more and more of financial services, and you know 76 00:04:27.199 --> 00:04:31.839 the wallet providers or the brokers differentiate on service quality. 77 00:04:32.279 --> 00:04:36.399 Sure, So before I get ahead of myself, I do 78 00:04:36.439 --> 00:04:39.959 want to discuss you know, some success and amazing numbers 79 00:04:40.040 --> 00:04:42.439 you've had from a quarterly standpoint and year of the 80 00:04:42.519 --> 00:04:44.800 year revenues up forty five percent year of a year. 81 00:04:45.680 --> 00:04:50.920 We also have your net deposits of thirteen point eight 82 00:04:50.959 --> 00:04:55.959 billion on your third highest quarter on record. Amazing accolades, 83 00:04:56.000 --> 00:04:58.920 amazing numbers. What do you think about the growth and 84 00:04:59.040 --> 00:05:01.720 is it because the mar gets are growing the world's 85 00:05:01.759 --> 00:05:04.519 becoming more financialized and things like that, well. 86 00:05:04.399 --> 00:05:07.120 We like to look at the leading indicators of growth 87 00:05:07.160 --> 00:05:10.680 because these are downstream metrics. You know, if you think 88 00:05:10.720 --> 00:05:16.519 about it, the path to producing earnings per share and 89 00:05:16.720 --> 00:05:21.160 revenue is get more customers. Make the customers as happy 90 00:05:21.199 --> 00:05:23.639 as possible so that they put more assets onto the 91 00:05:23.680 --> 00:05:26.279 platform and use a lot of your products. And then 92 00:05:26.279 --> 00:05:29.240 the more products they use, the higher their wallet share is, 93 00:05:29.279 --> 00:05:32.639 the higher their account is. That drives net deposits, which 94 00:05:32.680 --> 00:05:36.399 ultimately drives revenue. And we like to focus as upstream 95 00:05:36.439 --> 00:05:39.800 on the funnel as possible, so getting more customers, we 96 00:05:39.879 --> 00:05:43.240 have a lot already, making sure they're as happy as possible. 97 00:05:43.560 --> 00:05:48.319 Our NPS is at a four year high, and that's 98 00:05:48.319 --> 00:05:52.600 really what's been leading to the net deposit growth and 99 00:05:52.959 --> 00:05:56.199 the market share gains across all of our businesses. And 100 00:05:56.240 --> 00:05:59.040 we think there's more tailwinds, you know, we think that 101 00:06:00.319 --> 00:06:04.040 we're moving fast. The product velocity. The product velocities perhaps 102 00:06:04.079 --> 00:06:07.519 the leading indicator of everything because that's the rate at 103 00:06:07.600 --> 00:06:11.319 which we're improving our products and services, and that's what 104 00:06:11.439 --> 00:06:16.240 we found drives customer satisfaction and NPS. So we see tailwinds, 105 00:06:16.240 --> 00:06:18.959 we think we can we can continue and I look 106 00:06:19.000 --> 00:06:21.279 at the product, and I still see all the ways 107 00:06:21.360 --> 00:06:24.560 that it's clunky and could be better, and I don't 108 00:06:24.560 --> 00:06:25.839 think we're close to done. 109 00:06:26.399 --> 00:06:29.959 Well. The user interface and the UX right now, it's 110 00:06:30.000 --> 00:06:32.199 pretty great. Like I said, I'm a user of the product, 111 00:06:32.279 --> 00:06:35.199 and I can't wait to see what additional features you 112 00:06:35.240 --> 00:06:38.040 guys roll out. Like I know it seems really silly, 113 00:06:38.079 --> 00:06:39.839 but like I love when I deposit money and it 114 00:06:39.879 --> 00:06:42.480 does this little graphical movement and it's like this lightning. 115 00:06:42.519 --> 00:06:45.160 But like, just stuff like that is like rewarding as 116 00:06:45.160 --> 00:06:47.120 a user. I don't know if that makes sense, just 117 00:06:47.160 --> 00:06:48.800 like a dopamine hit. 118 00:06:48.839 --> 00:06:53.480 Almost well, we want to make sure that each moment, 119 00:06:53.600 --> 00:06:56.199 especially the big ones that are that are meaningful to you, 120 00:06:56.360 --> 00:06:59.439 like depositing money into that account, we take a little 121 00:06:59.439 --> 00:07:02.399 bit extra care and precision to make you feel like 122 00:07:03.160 --> 00:07:06.720 the people building the products actually care about the experience. 123 00:07:07.600 --> 00:07:10.639 And you know, I think the experience is an important bit. 124 00:07:10.759 --> 00:07:13.759 It's one of the things that differentiates us relative to 125 00:07:13.800 --> 00:07:16.879 our peers. But there's still problems that we need to fix. 126 00:07:16.959 --> 00:07:18.600 I think one of the things we've been thinking about 127 00:07:18.680 --> 00:07:21.279 lately is we have all these products, we have all 128 00:07:21.279 --> 00:07:25.600 these accounts. Now it's not just a trading app for stocks, 129 00:07:25.680 --> 00:07:28.959 but we've got retirement accounts, We've got joint accounts for 130 00:07:29.000 --> 00:07:32.759 your spouse bankings coming in there. We've got a great 131 00:07:32.800 --> 00:07:37.399 credit card offering. And you know, we've been thinking all 132 00:07:37.519 --> 00:07:40.360 right now that we've moved from a single account, how 133 00:07:40.360 --> 00:07:42.000 do we how do we make sense of all these 134 00:07:42.040 --> 00:07:44.959 accounts and products. So you might have seen some interface 135 00:07:45.079 --> 00:07:48.000 changes to make it easier to discover our new products 136 00:07:48.079 --> 00:07:50.959 to sort of like organize your assets into new accounts, 137 00:07:52.560 --> 00:07:54.759 but that that's kind of the next area that we're 138 00:07:54.800 --> 00:07:57.160 trying to simplify for our customers. 139 00:07:57.240 --> 00:07:58.879 In line of what we were talking about earlier with 140 00:07:58.959 --> 00:08:03.279 the wallet base and set up for the future of finance. 141 00:08:03.680 --> 00:08:06.279 You have all these suites, this full suite of products. 142 00:08:06.639 --> 00:08:10.639 You're disrupting many big players on Wall Street and tradfi. 143 00:08:11.439 --> 00:08:13.040 Do you feel you have a targeting your back that 144 00:08:13.120 --> 00:08:15.279 they're kind of going to look to launch something similar 145 00:08:15.319 --> 00:08:17.279 to what you're doing, or you have this head start 146 00:08:17.519 --> 00:08:18.680 they may not be able to catch up. 147 00:08:18.879 --> 00:08:22.040 I think it's going to be tough to catch up 148 00:08:22.600 --> 00:08:27.560 if you're an incumbent, because we're not only further ahead. 149 00:08:27.879 --> 00:08:31.360 I think in most of the areas that I believe matter, 150 00:08:31.800 --> 00:08:37.039 but we're also moving much faster and so by the 151 00:08:37.039 --> 00:08:39.559 time they catch up to where we're at now, we'll 152 00:08:39.600 --> 00:08:42.559 probably be two or three steps ahead. So I worry 153 00:08:42.639 --> 00:08:46.559 less about those firms. I think the real competition at 154 00:08:46.559 --> 00:08:47.799 the end of the day is going to be the 155 00:08:47.840 --> 00:08:50.639 AI firms. That's who we're competing with for talent, and 156 00:08:50.679 --> 00:08:53.559 I think that's the leading indicator of all. And if 157 00:08:53.600 --> 00:08:55.679 I had to think about, you know, what are the 158 00:08:55.720 --> 00:08:59.480 new platform shifts, I think we've gone through mobile and 159 00:08:59.519 --> 00:09:03.759 cloud and Robinhood I believe is emerged the winner of 160 00:09:03.799 --> 00:09:08.279 that platform shift. But then there's another one with artificial 161 00:09:08.320 --> 00:09:11.840 intelligence and crypto. So we have these two platform shifts 162 00:09:11.879 --> 00:09:15.639 that are that are happening simultaneously, and I think most 163 00:09:15.679 --> 00:09:18.440 of my attention is making sure we navigate those well 164 00:09:18.840 --> 00:09:22.879 and we actually emerge the category leader as a result 165 00:09:22.919 --> 00:09:26.279 of those platform shifts. And you know, we have some 166 00:09:26.440 --> 00:09:30.320 assets to bear that should help us, which is we've 167 00:09:30.360 --> 00:09:33.799 got scale. We still move fast despite our large scale 168 00:09:33.840 --> 00:09:40.320 and user base. But yeah, I think the bigger sort 169 00:09:40.360 --> 00:09:43.360 of like thing to watch out for is companies that 170 00:09:43.399 --> 00:09:47.799 are unencumbered by legacy technology. Web three companies, companies and 171 00:09:47.799 --> 00:09:51.440 founders that are AI native and basically have like a 172 00:09:51.679 --> 00:09:55.679 clean slate to build, So that that's probably what we 173 00:09:55.679 --> 00:09:57.279 spend most of our time thinking about. 174 00:09:57.559 --> 00:10:00.879 Oh absolutely, you mentioned AI. It's going to play a 175 00:10:00.879 --> 00:10:03.679 big part in markets and in our lives in different ways. 176 00:10:04.039 --> 00:10:07.399 I envision one day logging into Robinhood and have an 177 00:10:07.399 --> 00:10:10.399 AI agent and says, hey, Tony, how are you good morning. 178 00:10:10.799 --> 00:10:13.120 Here are some stock picks, here's some crypto picks. Here's 179 00:10:13.120 --> 00:10:15.639 how your portfolio is doing, Here's how the market's doing, 180 00:10:15.639 --> 00:10:17.600 Here's what the FED is doing. And just giving me 181 00:10:17.600 --> 00:10:19.879 all that information customized to me and what I like 182 00:10:19.919 --> 00:10:21.240 to invest in and things like that. 183 00:10:21.840 --> 00:10:25.519 Yeah, I'm guessing you're a gold member. Yeah, you've got 184 00:10:25.519 --> 00:10:29.639 a Robinhood gold account. Are you have you had Cortex 185 00:10:29.799 --> 00:10:30.840 rolling out to you yet? 186 00:10:31.279 --> 00:10:33.679 I don't think so, And I honestly have not checked 187 00:10:33.720 --> 00:10:35.879 it in the past couple of months because I've been traveling. 188 00:10:36.200 --> 00:10:40.279 Yeah, you should check it more regularly, because then what 189 00:10:40.840 --> 00:10:44.759 you'll see is actually front and center on every stock 190 00:10:45.279 --> 00:10:49.600 you have Cortex digests, And basically what that does is 191 00:10:49.639 --> 00:10:52.120 it answers the question of what's going on with this stock? 192 00:10:52.600 --> 00:10:54.639 You know, sometimes you have a stock that's moving up 193 00:10:54.720 --> 00:10:57.240 five percent down five percent. You don't really know what's 194 00:10:57.320 --> 00:11:00.240 driving it. And I think one of the best use 195 00:11:00.320 --> 00:11:02.559 cases of AI is to just give you that answer 196 00:11:03.120 --> 00:11:06.039 in words, and so we have that that's very front 197 00:11:06.080 --> 00:11:09.799 and center. Behind the scenes, we have customer support that's 198 00:11:09.840 --> 00:11:14.879 basically mostly driven by AI at this point, and we've 199 00:11:14.919 --> 00:11:18.039 been we've been able to actually increase customer satisfaction while 200 00:11:18.039 --> 00:11:20.559 we've been doing this shift, which has been awesome to see. 201 00:11:21.399 --> 00:11:23.480 But yeah, I think I think in the future, AI 202 00:11:23.679 --> 00:11:29.080 will be imbued across all the relevant services in the app. 203 00:11:29.240 --> 00:11:31.639 We're going to start with the biggest, most important ones, 204 00:11:31.679 --> 00:11:35.120 but then it'll it'll just expand from there. 205 00:11:36.240 --> 00:11:38.120 In the world, we're headed to where we're going to 206 00:11:38.159 --> 00:11:41.440 have twenty four to seven markets because of tokenization. Do 207 00:11:41.480 --> 00:11:45.480 you think AI agents and AI bots if you want 208 00:11:45.480 --> 00:11:47.320 to call them, that will play a big role in 209 00:11:47.360 --> 00:11:50.080 helping us maintain our portfolio because we can't stay up 210 00:11:50.120 --> 00:11:52.279 till three am trading markets and things like that. 211 00:11:52.759 --> 00:11:59.679 I think I think that, Yeah, it's interesting question. I 212 00:11:59.679 --> 00:12:02.240 think there will be some of that. I think a 213 00:12:02.279 --> 00:12:05.080 lot of traders that I talk to that are actively 214 00:12:05.120 --> 00:12:10.440 managing their portfolios really like to have full control over everything. 215 00:12:11.919 --> 00:12:13.759 And I think there there's a little bit of an 216 00:12:13.759 --> 00:12:19.159 open question in the AI industry itself about what the 217 00:12:19.159 --> 00:12:24.559 bigger opportunity is from augmentation to replacement. And you're seeing 218 00:12:24.559 --> 00:12:29.519 that encoding in particular right encoding, which is actually at 219 00:12:29.519 --> 00:12:34.639 the frontier of AI applicability. You have kind of these 220 00:12:34.679 --> 00:12:37.840 two thoughts. One is I just tell my agent you 221 00:12:37.879 --> 00:12:42.639 know what I want done, Versus I'm kind of in charge. 222 00:12:43.240 --> 00:12:46.480 I'm writing the code, the agent is like boosting my 223 00:12:46.600 --> 00:12:52.600 output by one hundred x. And if the first paradigm 224 00:12:52.639 --> 00:12:58.399 wins of like replacement of software engineer, you start to 225 00:12:58.399 --> 00:13:02.039 think about, like what's going to happen. Software engineers in 226 00:13:02.080 --> 00:13:06.440 that world would be eventually sort of like replaced, or 227 00:13:06.480 --> 00:13:09.600 the job would change fundamentally. If you believe in the 228 00:13:09.639 --> 00:13:14.320 second world of augmentation, perhaps software engineers will be one 229 00:13:14.399 --> 00:13:17.559 hundred x is common. Everyone will be able to be 230 00:13:17.600 --> 00:13:21.440 a software engineer. And I think it's very unclear what 231 00:13:21.480 --> 00:13:25.000 the end state is. I mean, yeah, the folks that 232 00:13:25.039 --> 00:13:27.399 are telling you that software engineers are going to be 233 00:13:27.399 --> 00:13:31.320 completely automated away are also paying hundreds of millions to 234 00:13:31.360 --> 00:13:34.799 billions in packages for engineers right now. So if you 235 00:13:34.879 --> 00:13:37.559 believe that both of those things can't be true in 236 00:13:37.639 --> 00:13:40.919 your mind. But I think with trading and financial services 237 00:13:40.919 --> 00:13:44.480 for the foreseeable future, I think that it'll be a 238 00:13:44.519 --> 00:13:47.799 story of augmentation. So I think we'll have more traders, 239 00:13:48.000 --> 00:13:51.240 will build tools to make them more effective. Everyone will 240 00:13:51.279 --> 00:13:55.360 be able to get the technology to do sophisticated things, 241 00:13:56.360 --> 00:13:59.279 and I think Robinhood can can support and provide a 242 00:13:59.320 --> 00:14:02.039 lot of that techno and make it usable in forms 243 00:14:02.080 --> 00:14:04.399 that actually help our traders. 244 00:14:05.200 --> 00:14:08.759 I heard someone recently say that these AI platforms and 245 00:14:08.799 --> 00:14:12.200 so forth will make us be less doers and more directors. 246 00:14:12.519 --> 00:14:15.360 So you can have multiple AI agencies along what you're saying. 247 00:14:15.720 --> 00:14:18.519 Maybe I have an AI agent's focused specifically on crypto, 248 00:14:18.600 --> 00:14:21.720 one on stocks, one on the goal market or whatever 249 00:14:21.720 --> 00:14:25.000 it is, and I'm directing, I'm monitoring, and they're doing 250 00:14:25.039 --> 00:14:26.039 my bidding, so to speak. 251 00:14:26.879 --> 00:14:31.799 I think if you ask someone one hundred years ago 252 00:14:32.000 --> 00:14:36.000 to evaluate the state of like the modern workforce, they'd 253 00:14:36.039 --> 00:14:40.720 probably tell you everyone's directing, nobody's doing anything, because back then, 254 00:14:40.759 --> 00:14:44.720 if you weren't actually like growing your own food and 255 00:14:45.120 --> 00:14:48.720 you know, tilling your own soil and chopping your own wood, 256 00:14:50.399 --> 00:14:53.279 you weren't doing anything right. That was sort of like 257 00:14:53.360 --> 00:14:57.799 the dominant We were in an agricultural driven society back then, 258 00:14:58.440 --> 00:15:01.840 So they probably look at all of our jobs as 259 00:15:02.480 --> 00:15:06.279 not real work. And it'll be like podcasts. You're a 260 00:15:06.360 --> 00:15:09.440 podcast hosts, so you just talk to people today and 261 00:15:09.519 --> 00:15:13.639 other people listen, right, So yeah, I think I think 262 00:15:13.679 --> 00:15:17.120 the true story is probably a little bit more complicated. 263 00:15:17.159 --> 00:15:20.559 I think the jobs will change, but they'll still feel 264 00:15:20.600 --> 00:15:25.360 like meaningful work, probably much more meaningful with much larger impact. 265 00:15:25.480 --> 00:15:28.399 I mean, if you can take a trader and augment 266 00:15:28.440 --> 00:15:31.240 their capabilities by one hundred x in the same way 267 00:15:31.240 --> 00:15:33.320 that you can take a software engineer and give them 268 00:15:33.360 --> 00:15:38.080 the tools to perhaps run an entire software company by themselves, 269 00:15:38.639 --> 00:15:41.679 I think you'll have more entrepreneurs, more companies, you'll have 270 00:15:41.720 --> 00:15:46.519 more traders, so and and I think at the time 271 00:15:46.559 --> 00:15:50.080 they'll feel like real substantive work, is my guess. 272 00:15:50.840 --> 00:15:53.960 When you say more traders, are you thinking not just 273 00:15:54.000 --> 00:15:57.639 the US but globally because with tokenization of traditional assets 274 00:15:57.639 --> 00:16:00.000 and much more, if you're in a country and Africa, 275 00:16:00.279 --> 00:16:03.480 or you're somewhere in India, wherever New Zealand, you now 276 00:16:03.519 --> 00:16:07.879 have the ability to access these markets trade them and 277 00:16:07.879 --> 00:16:09.279 then do defining things like that. 278 00:16:09.639 --> 00:16:11.480 Yeah. I mean you look at a lot of these markets. 279 00:16:11.480 --> 00:16:14.320 People have access to crypto, they've been onboarded, they have 280 00:16:14.399 --> 00:16:17.480 crypto wallets, they're using stable coin, and when we get 281 00:16:17.919 --> 00:16:22.480 US stocks on chain in a much bigger way. I think, 282 00:16:22.600 --> 00:16:25.759 in the same way that you know, customers in the 283 00:16:25.799 --> 00:16:31.240 past ten years in the US have increased their overall 284 00:16:31.240 --> 00:16:35.399 exposure to equities relative to cash and other assets, I'd 285 00:16:35.480 --> 00:16:41.679 expect customers overseas to increase their relative exposure of tokenized 286 00:16:42.120 --> 00:16:45.039 equities and other assets relative to stable coin. 287 00:16:45.360 --> 00:16:48.120 Sure, talk to us a bit about that. Because one 288 00:16:48.159 --> 00:16:52.480 of your big crypto initiatives is tokenization of tradfy assets 289 00:16:52.519 --> 00:16:54.840 like stocks. There are going to be people watching, listening. 290 00:16:54.960 --> 00:16:57.440 This is a new concept to them, and they're gonna say, so, 291 00:16:57.519 --> 00:17:00.200 what can access Tesla stock right now now? 292 00:17:00.559 --> 00:17:00.759 Yeah? 293 00:17:00.919 --> 00:17:02.600 What will be your pitch to them to say, here's 294 00:17:02.639 --> 00:17:03.559 why we're tokenizing. 295 00:17:03.799 --> 00:17:07.920 I think it's the same argument as stable coin. Like 296 00:17:07.960 --> 00:17:10.799 in the same way that stable coin puts fiat currency 297 00:17:10.920 --> 00:17:15.200 like the US dollar on the blockchain, tokenizing stocks puts 298 00:17:15.480 --> 00:17:20.359 US stocks in the blockchain, and there's several benefits. In 299 00:17:20.400 --> 00:17:24.000 the US, It's really about twenty four to seven trading. 300 00:17:24.279 --> 00:17:30.400 It's about lower settlement times and the DeFi interoperability, the 301 00:17:30.440 --> 00:17:33.799 fact that if your broker has an outage, you can 302 00:17:33.839 --> 00:17:38.319 take your stocks to another provider and it's much more 303 00:17:38.440 --> 00:17:42.200 robust experience because you have control and access to your 304 00:17:42.240 --> 00:17:45.519 assets as long as the blockchain is up, and you know, 305 00:17:45.559 --> 00:17:49.640 blockchains have proved to be generally quite robust. But then 306 00:17:49.680 --> 00:17:53.799 there's the international component where you know, billions of people 307 00:17:54.200 --> 00:17:57.799 right now overseas don't even have access to these assets. 308 00:17:58.519 --> 00:18:01.039 And you know stable cooin did that for dollars. It 309 00:18:01.079 --> 00:18:03.519 was hard to get dollars if you were in Latin 310 00:18:03.559 --> 00:18:07.759 America or you know even in even in Asia. And 311 00:18:07.799 --> 00:18:11.799 now with stable coins, because those customers have been onboarded 312 00:18:11.799 --> 00:18:15.279 a crypto wallets, they can get exposure to stable coin, 313 00:18:15.599 --> 00:18:20.359 and particularly in markets where the local currency has devalued 314 00:18:20.680 --> 00:18:24.359 very rapidly, you know, dollar stable coins have become the 315 00:18:24.400 --> 00:18:27.559 best vehicle to get that type of exposure. And I 316 00:18:27.599 --> 00:18:30.359 think the same is true for token is stocks. They're 317 00:18:30.400 --> 00:18:34.839 going to want exposure to the higher appreciation of these companies. 318 00:18:35.440 --> 00:18:38.079 I mean, everyone's heard of the great American companies that 319 00:18:38.200 --> 00:18:44.960 Tesla's Amazons Meta Nvidia and you know, yeah, it's humbling 320 00:18:45.039 --> 00:18:48.359 to even be mentioned in that category for sure, But 321 00:18:48.440 --> 00:18:50.880 I think the rest of the world is interested in 322 00:18:50.920 --> 00:18:54.359 the American market. It's increasingly a global market, and so 323 00:18:55.559 --> 00:18:59.799 that product as a delivery system to US equities, I 324 00:18:59.799 --> 00:19:01.119 think will work very well. 325 00:19:02.319 --> 00:19:04.880 And with these new on rams being built, do you 326 00:19:04.920 --> 00:19:07.920 expect tons of liquidity to come in and evaluations of 327 00:19:08.119 --> 00:19:11.240 the SMP five hundred and NAZAC to go even higher 328 00:19:11.279 --> 00:19:13.559 than we've ever seen it. Even the individual stock. So 329 00:19:13.640 --> 00:19:16.039 let's say Tesla, A lot of people are bullish on 330 00:19:16.079 --> 00:19:18.240 that and are like they're seeing what Elon's doing, and 331 00:19:18.240 --> 00:19:20.720 then you have people from around the globe that can 332 00:19:20.759 --> 00:19:24.680 now on ramp. It seems like this truly global market 333 00:19:24.799 --> 00:19:26.839 and tons of liquidity that can come in. 334 00:19:27.160 --> 00:19:30.920 I think that if the number of startups and different 335 00:19:30.960 --> 00:19:34.920 opportunities stayed the same, you would expect that to happen, right, 336 00:19:35.039 --> 00:19:38.480 greater demand for the same amount of supply. But I 337 00:19:38.519 --> 00:19:42.440 think one of the other benefits of tokenization is that 338 00:19:43.119 --> 00:19:46.599 assets that typically have not been liquid or tradeable or 339 00:19:46.599 --> 00:19:51.680 even accessible, like private stocks like real estate. You know, 340 00:19:51.839 --> 00:19:53.960 these are attractive assets. A lot of people want to 341 00:19:53.960 --> 00:19:57.720 get their hands on real estate exposure, private stock exposure, 342 00:19:58.400 --> 00:20:01.400 and it's very difficult right now. So we expect the 343 00:20:01.440 --> 00:20:04.400 supply to increase too, and not just the demand. So 344 00:20:05.119 --> 00:20:10.440 you'll have more global money chasing these instruments, but the 345 00:20:10.519 --> 00:20:12.720 number of instruments will continue to increase. 346 00:20:13.640 --> 00:20:16.920 Now part of the announcement with launching tokenized stocks and 347 00:20:16.920 --> 00:20:20.599 so forth, I believe it's Arbitrum that you're using that blockchain. 348 00:20:21.079 --> 00:20:23.799 Are you planning to use We're building our own, but 349 00:20:23.839 --> 00:20:26.039 it's using the Arbitram stack. 350 00:20:27.799 --> 00:20:31.160 Are you planning to integrate other blockchains have some interoperability 351 00:20:31.200 --> 00:20:33.440 among the maybe the top chains and things like that. 352 00:20:34.079 --> 00:20:36.799 Yeah, I mean, right now it's still early. We're focused 353 00:20:36.839 --> 00:20:40.119 on our own chain, but over time, I think we'll 354 00:20:40.160 --> 00:20:44.319 have to as it gets up and running and interoperability 355 00:20:44.359 --> 00:20:47.799 becomes more of a desired feature, we'll have to focus 356 00:20:47.839 --> 00:20:53.799 on bridging and those types of technologies, or at least sponsoring, endorsing, 357 00:20:53.920 --> 00:20:57.920 helping out other companies that want to build these bridging technologies. 358 00:20:58.119 --> 00:20:59.960 I think the great thing about it is so much 359 00:21:00.039 --> 00:21:03.559 of this stuff is open source, and you really have 360 00:21:03.680 --> 00:21:09.920 like community development of these public protocols. It's really public infrastructure, right, 361 00:21:10.039 --> 00:21:15.359 I mean, we don't drive ethereum development. We probably could 362 00:21:15.359 --> 00:21:18.880 make suggestions, but ultimately we don't drive arbitrum development either. 363 00:21:19.920 --> 00:21:24.640 And the goal would be, like over time the Robinhood 364 00:21:24.720 --> 00:21:27.559 chain to be the best chain for real world assets 365 00:21:27.839 --> 00:21:31.359 and to have a vibrant open source ecosystem and a 366 00:21:31.480 --> 00:21:33.960 vibrant developer ecosystem around it. 367 00:21:34.559 --> 00:21:36.799 So is your vision for that chain to be public 368 00:21:36.960 --> 00:21:38.160 or will it be permissioned? 369 00:21:39.200 --> 00:21:43.079 Division? Is for it to be public? Yeah, full DeFi access. 370 00:21:43.200 --> 00:21:46.240 That's great. I love that. And then some of your 371 00:21:46.279 --> 00:21:50.480 other crypto initiatives. Obviously you have full crypto trading and 372 00:21:50.559 --> 00:21:52.440 you added staking. Tell us a bit about that. 373 00:21:53.119 --> 00:21:57.440 Yeah, So in the US we have Staking, which has 374 00:21:57.440 --> 00:21:59.640 been off to a fast start. In the first month 375 00:21:59.720 --> 00:22:02.039 since we've rolled it out for Ethan Soul, we have 376 00:22:02.079 --> 00:22:05.839 about seven hundred and fifty million in steak dassets, which 377 00:22:05.839 --> 00:22:09.119 is actually significant percentage. Now we've looked if you look 378 00:22:09.279 --> 00:22:14.839 at Europe where we launched Staking earlier, much higher percentage. 379 00:22:15.000 --> 00:22:18.960 Over half of our assets are staked, and we think 380 00:22:18.960 --> 00:22:23.599 over time, as we get more and more, as the 381 00:22:23.640 --> 00:22:25.960 word gets out that we have this offer, you should 382 00:22:26.000 --> 00:22:29.880 see the steak dassets increase even further and I think 383 00:22:29.960 --> 00:22:33.160 it's good for customers. Obviously they get the yield, but 384 00:22:33.200 --> 00:22:35.240 they also want to be a part of something bigger, 385 00:22:35.519 --> 00:22:38.759 and they really it resonates with them to actually be 386 00:22:38.839 --> 00:22:43.559 contributing to maintaining the networks that they're holding these assets in, 387 00:22:43.880 --> 00:22:47.279 so that's been good. We launched a bunch of other 388 00:22:47.319 --> 00:22:52.400 stuff besides tokenized besides stock tokens. In the EU, for example, 389 00:22:52.519 --> 00:22:56.640 Perpetual Futures was announced to great fanfare, so people very 390 00:22:56.680 --> 00:23:00.279 excited about about Perpetual Futures. I think the UI is 391 00:23:00.319 --> 00:23:04.400 really nice there and we're looking to bring that to 392 00:23:04.480 --> 00:23:09.839 the US pending some regulatory clarity there. We have the 393 00:23:10.039 --> 00:23:13.319 credit card, which has been very popular, and we're adding 394 00:23:13.319 --> 00:23:17.000 a crypto value prop so customers can directly invest in 395 00:23:17.039 --> 00:23:22.359 crypto through their rewards, which will be very cool. And yeah, 396 00:23:22.400 --> 00:23:25.559 I think I think the other thing is private markets. 397 00:23:26.000 --> 00:23:28.920 We're really working hard. We heard a lot of demand 398 00:23:29.319 --> 00:23:33.200 from our event, not just for private market exposure in Europe, 399 00:23:33.319 --> 00:23:36.279 which we demonstrated with the open AI and SpaceX giveaway, 400 00:23:36.640 --> 00:23:39.240 but also in the US. We had over twenty five 401 00:23:39.279 --> 00:23:42.839 million people watch our livestream event, and a lot of 402 00:23:42.839 --> 00:23:45.160 those were in the US, so there's a lot of 403 00:23:45.200 --> 00:23:49.400 interest in getting private markets exposure, and we think there's 404 00:23:49.440 --> 00:23:52.839 a path to making that possible here, and it might 405 00:23:52.880 --> 00:23:56.759 not be tokenized at the onset, but you know, we 406 00:23:57.759 --> 00:24:00.759 want to use whatever technology and regular toy structure is 407 00:24:00.759 --> 00:24:04.279 available to give our customers the best experience. 408 00:24:04.480 --> 00:24:06.759 On the staking front. This may be a hard question 409 00:24:06.799 --> 00:24:08.920 to answer, but you know, right now, banks don't give 410 00:24:08.960 --> 00:24:11.880 you any type of interest, right and folks are in 411 00:24:11.880 --> 00:24:14.559 a hunt for yield. Do you think that there may 412 00:24:14.599 --> 00:24:17.119 be this kind of black hole where crypto sucks in 413 00:24:17.440 --> 00:24:19.799 a lot of people are moving their money into ether 414 00:24:19.920 --> 00:24:22.240 or soul to steak, to earn that high yield and 415 00:24:22.279 --> 00:24:23.759 earn that passive reward. 416 00:24:24.359 --> 00:24:27.559 I think that more and more people are getting interested 417 00:24:27.559 --> 00:24:31.920 in staking they hear about it. I mean Robinhood's mass 418 00:24:31.960 --> 00:24:36.640 market product. So I think as people see the yield 419 00:24:36.640 --> 00:24:39.960 that they're getting and kind of share the concept with 420 00:24:40.039 --> 00:24:45.559 their friends, I think it'll be hard to maintain control 421 00:24:45.599 --> 00:24:50.039 of assets on a centralized platform, particularly unless you're giving 422 00:24:50.079 --> 00:24:53.920 some exposure to that yield. I don't see it necessarily 423 00:24:54.000 --> 00:24:58.000 competing with cash fields because people tend to think of 424 00:24:58.519 --> 00:25:02.680 these products very differently. Cash is like a you know, 425 00:25:02.799 --> 00:25:09.640 secure investment that holds its value. Cryptos, even the layer 426 00:25:09.720 --> 00:25:12.240 one chains, tend to be a little bit more volatile. 427 00:25:12.920 --> 00:25:15.960 So I think the better analogy is probably to a stock. 428 00:25:16.079 --> 00:25:21.000 People think of it similarly to stocks, and like there 429 00:25:21.039 --> 00:25:25.119 are analogies to earning yield on stocks, like securities lending 430 00:25:25.160 --> 00:25:25.720 for instance. 431 00:25:26.119 --> 00:25:30.519 Right, so, Vlad, it's twenty thirty, it's crypto the biggest 432 00:25:30.519 --> 00:25:32.519 part of your business as far as revenue or do 433 00:25:32.559 --> 00:25:36.279 you think it's on par with the equities market. 434 00:25:36.799 --> 00:25:40.000 I think it depends on how you measure crypto. So 435 00:25:40.079 --> 00:25:44.279 if crypto includes tokenization of real world assets like stocks, 436 00:25:45.680 --> 00:25:50.160 I think that could grow rather large. I think at 437 00:25:50.200 --> 00:25:54.240 the end of the day, though, the majority of investment 438 00:25:54.400 --> 00:25:59.000 will be in assets that have fundamental utility, so real things, 439 00:25:59.079 --> 00:26:04.960 whether it's real estate, a private credit, private equity, public stocks, 440 00:26:05.640 --> 00:26:09.480 or you know, things like art or collectibles even uh, 441 00:26:09.759 --> 00:26:14.920 I think that should remain the majority and so. But 442 00:26:14.920 --> 00:26:18.079 but if those are tokenized, then you can you can 443 00:26:18.119 --> 00:26:20.519 probably categorize that as crypto revenue. 444 00:26:20.960 --> 00:26:25.240 Interesting, Yeah, if it's bucketed that way, Yeah, that makes sense. 445 00:26:26.559 --> 00:26:32.440 Us d G the stable coin Consortium. Why not launch 446 00:26:32.440 --> 00:26:36.000 your own stable coin? Why be part of this consortium. 447 00:26:36.480 --> 00:26:39.480 Yeah, I mean, uh, one one thing that we think 448 00:26:39.559 --> 00:26:41.319 is going to be a little bit easier with a 449 00:26:41.359 --> 00:26:47.359 consortium is getting other companies to be on board and 450 00:26:47.880 --> 00:26:51.960 using our stable coin as a first class citizen. Yeah, 451 00:26:52.000 --> 00:26:55.160 because if you think about it, if I was offering you, 452 00:26:55.519 --> 00:27:01.039 as you know, a crypto exchange or wallet operator robinhood coin, 453 00:27:02.200 --> 00:27:06.519 your first reaction might be why would I have robinhood 454 00:27:06.519 --> 00:27:09.160 coin on my platform and why would I endorse that? 455 00:27:09.640 --> 00:27:14.000 But if it's something that's collectively owned, then I think 456 00:27:14.000 --> 00:27:16.359 that could be very very powerful if you could benefit 457 00:27:16.640 --> 00:27:21.079 from robinhood being part of your network without it being 458 00:27:21.240 --> 00:27:24.319 you know, termed a robinhood coin. And I think the 459 00:27:24.400 --> 00:27:29.079 thing that we really liked about us d G, which 460 00:27:29.240 --> 00:27:32.359 you know is unique relative to how other stable coin 461 00:27:32.440 --> 00:27:36.759 consortiums like Circle have been set up, is the participants 462 00:27:36.960 --> 00:27:40.200 get to control the rewards in the yield and distribute 463 00:27:40.240 --> 00:27:46.279 it accordingly. So if we bring more dollars into the network, 464 00:27:46.359 --> 00:27:49.880 admit more us DG, we get a disproportionate amount of 465 00:27:49.880 --> 00:27:54.680 the awards based on what we bring. And so I 466 00:27:54.720 --> 00:27:58.839 believe it has the benefits of our own stable coin 467 00:28:00.119 --> 00:28:03.000 with with sort of like limited downsides and I think 468 00:28:03.039 --> 00:28:05.240 the great thing about it is, you know, we continue 469 00:28:05.279 --> 00:28:08.359 to support you as d C, will support whatever stable 470 00:28:08.400 --> 00:28:14.240 coin customers want. But yeah, us d G, I think 471 00:28:14.279 --> 00:28:17.079 has we think has a nice structure as a consortium 472 00:28:17.160 --> 00:28:19.279 where we get the benefits of having our own coin 473 00:28:19.359 --> 00:28:21.880 and limited limited downsides. 474 00:28:22.519 --> 00:28:25.519 That absolutely makes sense. And then in addition to the distribution, 475 00:28:26.000 --> 00:28:31.720 having you and other well known companies trusted brands being 476 00:28:31.799 --> 00:28:35.079 part of that consortium, I would trust that more as 477 00:28:35.119 --> 00:28:38.359 a consumer and a user versus let's say a startup 478 00:28:38.400 --> 00:28:41.400 stable coin that no one is really backing. It's out there, 479 00:28:41.480 --> 00:28:43.400 but I'm going to go with a trusted brand that 480 00:28:43.480 --> 00:28:43.680 I know. 481 00:28:44.079 --> 00:28:46.359 And I also think that, you know, one of the 482 00:28:46.400 --> 00:28:50.400 other criticisms of being in a consortium historically has been 483 00:28:50.759 --> 00:28:53.720 that you don't really have as much control over the 484 00:28:53.759 --> 00:28:56.720 product development. And you know, we we do tend to 485 00:28:56.839 --> 00:28:59.319 want to have a lot of control into what the 486 00:28:59.400 --> 00:29:04.000 end user is experiences. But for a stable coin, there's 487 00:29:04.039 --> 00:29:07.319 just limited degrees of freedom. The thing has to work, 488 00:29:07.519 --> 00:29:10.000 it has to be backed by dollars, it has to 489 00:29:10.400 --> 00:29:14.640 have some mechanism to generate yield, and if enough of 490 00:29:14.680 --> 00:29:19.799 that is flexible, we feel like, you know, we're good 491 00:29:19.839 --> 00:29:21.960 with the development. We don't think that there's going to 492 00:29:22.039 --> 00:29:26.200 be a huge downside to not steering that directly. 493 00:29:27.359 --> 00:29:29.480 With the Genius Act that recently got passed into a 494 00:29:29.519 --> 00:29:32.359 law to stave of aquin legislation. What do you think 495 00:29:32.400 --> 00:29:36.279 that means for dollar adoption, dollar dominance, and just more 496 00:29:36.319 --> 00:29:38.160 people using digital money. 497 00:29:39.160 --> 00:29:41.920 I mean, I think what the more powerful thing about 498 00:29:42.039 --> 00:29:45.880 the Genius Bill is it's a demonstration that the US 499 00:29:46.119 --> 00:29:49.720 has not just the will but also the capability of 500 00:29:49.759 --> 00:29:54.359 getting crypto legislation passed. So it was like a warm up. 501 00:29:55.000 --> 00:29:59.920 I think the securities legislation through clarity is going to 502 00:29:59.960 --> 00:30:05.759 be much more, much more meaningful. And also getting real 503 00:30:05.799 --> 00:30:10.839 world asset tokenization set up in a coherent regulatory framework 504 00:30:10.880 --> 00:30:14.640 that's on shore UH is going to be a big 505 00:30:14.680 --> 00:30:15.319 thing as well. 506 00:30:16.640 --> 00:30:19.759 The Market Structure Bill David Sachs said they should send it, 507 00:30:19.759 --> 00:30:23.640 should have that pass in September. That's the meat and potatoes. 508 00:30:23.680 --> 00:30:26.240 It covers a lot of different aspects of the crypto market. 509 00:30:26.559 --> 00:30:28.599 If that gets past, what does that mean for Robinhood 510 00:30:28.640 --> 00:30:29.759 and its crypto business. 511 00:30:30.160 --> 00:30:32.839 I think there will be there will be much more 512 00:30:33.599 --> 00:30:40.119 clarity on what assets should be CFTC regulated versus SEC 513 00:30:40.319 --> 00:30:46.240 regulated uh, and also what the mechanism is from jumping 514 00:30:46.319 --> 00:30:48.839 from one regime to the to the other. And of 515 00:30:48.839 --> 00:30:52.279 course we run both kinds of businesses right our brokers 516 00:30:52.279 --> 00:30:57.240 are SEC regulated. We've got a futures commissions merchant which 517 00:30:57.519 --> 00:31:01.319 is our traditional futures business, but also predict markets that's 518 00:31:01.359 --> 00:31:05.640 CFTC regulated. And of course our current crypto business, which 519 00:31:05.680 --> 00:31:08.920 is state by state, which I think is not ideal. 520 00:31:09.119 --> 00:31:15.240 I think state by state increases complexity and cost, and 521 00:31:15.319 --> 00:31:18.599 for something like crypto, there really should be a federal 522 00:31:18.640 --> 00:31:23.200 framework that unifies, sort of like the patchwork of regulations. 523 00:31:23.960 --> 00:31:28.119 So I think too early to be seen, the final 524 00:31:28.200 --> 00:31:32.839 draft may look different than what's out there now. But 525 00:31:32.880 --> 00:31:38.319 if we get a comprehensive federal framework and also listing 526 00:31:38.559 --> 00:31:43.720 standards clarity for lack of a better word, I think 527 00:31:43.720 --> 00:31:46.039 that should make it a lot easier to operate going forward. 528 00:31:47.279 --> 00:31:51.799 So glad we have this soup of new technologies tokenization, DeFi, 529 00:31:51.880 --> 00:31:56.359 stable coins, and everyone's pretty much online now right. The 530 00:31:56.400 --> 00:31:59.400 infrastructure of the internet has gone global. Everyone has a 531 00:31:59.440 --> 00:32:02.160 smartphone for the most part. What does the future of 532 00:32:02.200 --> 00:32:05.720 markets look like? Is it kind of madness? Like we're 533 00:32:05.839 --> 00:32:09.599 staying up till four am trading or maybe not. Maybe 534 00:32:09.640 --> 00:32:13.240 we just have more accessibility to assets and can better 535 00:32:13.279 --> 00:32:16.720 our lives and can participate in the markets. There's more democratization. 536 00:32:17.559 --> 00:32:20.119 I think there's a lot of trends that are sort 537 00:32:20.160 --> 00:32:26.519 of like hitting at the same time. One that I 538 00:32:26.519 --> 00:32:28.200 think is going to be a big one that we 539 00:32:28.279 --> 00:32:31.000 haven't talked about much as the Great Wealth Transfer. So 540 00:32:31.079 --> 00:32:33.119 one hundred and twenty four trillion, I think is the 541 00:32:33.200 --> 00:32:36.440 last number I saw of assets going from silent generation 542 00:32:36.680 --> 00:32:40.680 and Baby boomers down to younger generations. And you know, 543 00:32:40.759 --> 00:32:47.519 this is money moving from people that primarily did their 544 00:32:47.559 --> 00:32:52.079 financial services in person at branches to younger people that 545 00:32:52.119 --> 00:32:55.799 are much more digitally native that prefer to do their 546 00:32:55.799 --> 00:32:59.799 financial services from their smartphone at home. And I think 547 00:32:59.839 --> 00:33:01.519 that that's going to change a lot of things for 548 00:33:01.559 --> 00:33:05.720 the better. I think obviously costs will be lower, You'll 549 00:33:05.720 --> 00:33:09.119 get a lot more direct participation in these companies, which 550 00:33:09.119 --> 00:33:10.759 I think is a big thing. I think we've gotten 551 00:33:11.799 --> 00:33:16.119 very abstracted over the past few decades as more and 552 00:33:16.160 --> 00:33:18.400 more of the money has been going into funds, you know, 553 00:33:18.519 --> 00:33:22.240 pension funds, different things they're investing the money on behalf 554 00:33:22.279 --> 00:33:26.240 of like large pools of capital. We've sort of moved 555 00:33:26.240 --> 00:33:30.200 away from buying a company because you believe that company 556 00:33:30.240 --> 00:33:33.599 will do well. The dominant thing is like, what's the 557 00:33:33.640 --> 00:33:37.319 sector doing, what's the macro doing? Where do tariffs stand? 558 00:33:37.880 --> 00:33:41.279 And less of like, Okay, this company's earnings I believe 559 00:33:41.279 --> 00:33:43.160 are going to be higher in the future than now 560 00:33:43.200 --> 00:33:45.880 by this much, and so I'll buy it. And I 561 00:33:45.880 --> 00:33:48.240 think we're seeing a positive We're going to see a 562 00:33:48.240 --> 00:33:52.799 positive reversion to direct investment, which I think is good. 563 00:33:53.319 --> 00:33:55.720 You have AI driven disruption, which I think is going 564 00:33:55.759 --> 00:33:59.599 to be a big thing, and I think self directed 565 00:33:59.680 --> 00:34:01.559 is going to be an increasingly big thing. I think 566 00:34:01.880 --> 00:34:05.720 customers are going to be self directing a greater percentage 567 00:34:06.000 --> 00:34:08.960 of their finances and their lives. 568 00:34:09.440 --> 00:34:12.760 So you're saying the RIA and wealth management business is 569 00:34:12.800 --> 00:34:14.280 gonna reduce significantly. 570 00:34:14.880 --> 00:34:19.840 I think the RIA business is likely to increase, but 571 00:34:19.920 --> 00:34:24.880 I think the RIA relationship to customers will change fundamentally. 572 00:34:25.000 --> 00:34:28.079 And actually we have we made a great acquisition of 573 00:34:28.079 --> 00:34:32.719 a company called trade PMR, which is an RIA custody platform. 574 00:34:33.239 --> 00:34:36.960 I think you should think of the RIA as I 575 00:34:36.960 --> 00:34:40.400 think in the future we'll have more entrepreneurs And if 576 00:34:40.440 --> 00:34:44.119 you think about the Robinhood customer as many of them are. 577 00:34:44.239 --> 00:34:48.119 As an entrepreneur, your RIA should be your CFO. So 578 00:34:49.159 --> 00:34:52.440 historically the RIA has been like, leave this to me. 579 00:34:52.960 --> 00:34:56.559 I know what's best for you, you know. And I 580 00:34:56.599 --> 00:34:59.760 think I think there'll be a trusted advisor. They'll be 581 00:34:59.760 --> 00:35:04.119 able to help you with a lot more of your needs, 582 00:35:04.480 --> 00:35:08.199 but ultimately they'll be there to help you achieve your goals. 583 00:35:08.360 --> 00:35:10.639 So I think the relationship will shift to a much 584 00:35:10.679 --> 00:35:13.719 more client friendly one. And I think also arias will 585 00:35:13.719 --> 00:35:16.679 be able to serve many more clients because they're going 586 00:35:16.719 --> 00:35:20.039 to be earlier adopters of this technology as well. 587 00:35:20.960 --> 00:35:23.880 I'll give it a bit of an anecdotal story just personally. 588 00:35:24.480 --> 00:35:28.079 My wife and I we have a registered investment advisor 589 00:35:28.119 --> 00:35:31.280 in one of the big firms. I'll name it Edward Jones. Yes, 590 00:35:31.360 --> 00:35:34.079 we have a trad fy account, but they couldn't touch crypto. 591 00:35:34.360 --> 00:35:37.639 But I was the risk taker in my family investing 592 00:35:37.679 --> 00:35:39.800 in bitcoin in the early days, eth and so forth. 593 00:35:40.519 --> 00:35:44.639 That portfolio has grown significantly more than the trad FI portfolio. Yeah, 594 00:35:44.679 --> 00:35:47.679 and now when I speak to my ARIA, he's like, 595 00:35:48.039 --> 00:35:50.440 how's your crypto portfolio doing? Because you can't touch it? Yet. 596 00:35:50.440 --> 00:35:52.199 But yeah, it's just funny that. 597 00:35:53.119 --> 00:35:55.280 They're telling you that they're working on it. Yes, they're like, 598 00:35:55.320 --> 00:35:59.320 oh yeah, of course, yeah, it's so funny. And the 599 00:35:59.360 --> 00:36:01.679 transition that's happening. I eventually they'll get there. A lot 600 00:36:01.719 --> 00:36:03.639 of the Wall Street firms launching their own et aps 601 00:36:03.679 --> 00:36:04.360 and things like that. 602 00:36:05.280 --> 00:36:07.000 You know, what are your thoughts on how trad fi 603 00:36:07.800 --> 00:36:09.639 And I would include robinhood in there. I think you 604 00:36:09.639 --> 00:36:12.239 guys have been the disruptor of trad fi. But a 605 00:36:12.239 --> 00:36:15.880 lot of these firms launching tokenize money market funds, etaps 606 00:36:15.920 --> 00:36:16.480 and much more. 607 00:36:17.199 --> 00:36:20.000 I think they're talking about it, but there's been a 608 00:36:20.000 --> 00:36:23.320 lot of words and very little action in the form 609 00:36:23.400 --> 00:36:27.519 of products that see the light of day and you 610 00:36:27.559 --> 00:36:31.760 can actually use. Yeah, I mean, most of the tokenization 611 00:36:31.960 --> 00:36:36.840 initiatives have been on private blockchains where you don't actually 612 00:36:37.320 --> 00:36:40.519 get the benefit of tokenization, so it sort of like 613 00:36:41.360 --> 00:36:46.840 works slightly less well than non tokenized equivalents. And I 614 00:36:46.840 --> 00:36:49.599 think it's what happens when you have these large companies 615 00:36:49.840 --> 00:36:53.159 that have an established business that they're really afraid to touch, 616 00:36:53.760 --> 00:36:57.719 and so by design they kind of create these sandboxes 617 00:36:57.760 --> 00:37:01.519 and think tags and research labs. If people over here 618 00:37:02.239 --> 00:37:07.039 but it never makes its way into the full product. 619 00:37:07.800 --> 00:37:10.000 This is a hard question to ask or if they 620 00:37:10.119 --> 00:37:13.320 probably answer, and it's probably been controversial. With the rise 621 00:37:13.360 --> 00:37:16.800 of platforms like Robinhood and this technology where people going 622 00:37:16.840 --> 00:37:20.000 to have ownership do their own investing, so to speak, 623 00:37:20.199 --> 00:37:23.079 with AI agents supporting them, are we going to see 624 00:37:23.639 --> 00:37:26.679 the reduction of power of Wall Street bangs and the 625 00:37:26.719 --> 00:37:28.639 Goldman sacks and so forth, that they're not going to 626 00:37:28.719 --> 00:37:33.159 have the same amount of power and capital they've had historically. 627 00:37:33.760 --> 00:37:36.960 Yeah, I mean, I think that if you think about 628 00:37:37.000 --> 00:37:41.800 all of these trends, they're moving in the direction of 629 00:37:41.920 --> 00:37:45.119 greater individual power. I mean, the tools that you would 630 00:37:45.159 --> 00:37:48.639 have had to rely on an institution for in the 631 00:37:48.679 --> 00:37:54.280 past are now in your smartphone, and you know a 632 00:37:54.320 --> 00:37:57.840 lot of them are increasingly being offered in a self custody, 633 00:37:58.039 --> 00:38:02.400 permissionless way. And I think that's an enduring trend. It's 634 00:38:02.400 --> 00:38:07.760 going to be more individual for sure. Individuals will have 635 00:38:07.800 --> 00:38:13.159 more power, whether institutions have less. I think demand depends 636 00:38:13.199 --> 00:38:20.280 on how far and how aggressively the overall PI grows, 637 00:38:20.320 --> 00:38:25.440 and I believe it'll grow quite significantly. So yeah, I 638 00:38:25.480 --> 00:38:29.760 see a world where the institutional market will also continue 639 00:38:29.760 --> 00:38:32.280 to grow. I think you'll see more assets on an 640 00:38:32.280 --> 00:38:41.079 absolute basis in institutional accounts, but individuals will become more 641 00:38:41.119 --> 00:38:44.000 powerful and will have more assets that are self directed. 642 00:38:44.199 --> 00:38:46.880 And I think a lot of these individuals will also 643 00:38:46.960 --> 00:38:50.559 become institutions, and so the lines will will tend to 644 00:38:50.599 --> 00:38:52.119 blur between the two as well. 645 00:38:52.800 --> 00:38:55.119 When you say these individuals will become institutions, do you 646 00:38:55.159 --> 00:38:58.679 mean that because they have, to your point, more access 647 00:38:58.679 --> 00:39:01.599 to data, trading, view, Bloomberg, terminal, things that were not 648 00:39:01.639 --> 00:39:04.719 accessible before. They can look at charts, they can understand 649 00:39:04.760 --> 00:39:06.599 what the feed is doing better because there's more knowledge 650 00:39:06.599 --> 00:39:10.199 out there on the Internet. They have their AI agents, 651 00:39:10.239 --> 00:39:10.599 they kind of. 652 00:39:10.599 --> 00:39:13.039 Bul their AI agents, they have their own software, they 653 00:39:13.079 --> 00:39:15.639 have tools like Robinhood, which I think will help them. 654 00:39:16.000 --> 00:39:18.800 And then they'll manage money on behalf of others, right, 655 00:39:19.079 --> 00:39:24.800 And you know, you'll probably have an increase in one 656 00:39:24.880 --> 00:39:28.760 person hedge funds or one person rias or asset managers, 657 00:39:29.239 --> 00:39:32.480 which in all sense of the world, they look and 658 00:39:32.519 --> 00:39:36.800 feel like institutions, but it's not hundreds of people in 659 00:39:36.840 --> 00:39:39.800 an office. It's you know, one or two people that 660 00:39:39.840 --> 00:39:42.840 are just managing a large book of business. 661 00:39:43.239 --> 00:39:44.880 Do you think they'll have to be licensed, or they 662 00:39:44.880 --> 00:39:47.639 can just do it with peer to peer type set up. 663 00:39:48.119 --> 00:39:51.400 I think depending on what type of business they do 664 00:39:51.440 --> 00:39:54.119 and whether it's in the US or global, they'll they'll 665 00:39:54.119 --> 00:39:57.000 still have to get licensed, but you know, even that 666 00:39:57.119 --> 00:39:59.760 process can be streamlined. I think there's a big push 667 00:39:59.840 --> 00:40:04.400 now to like make it easier to get licensure, to 668 00:40:05.000 --> 00:40:08.079 at least clarify the process across a bunch of different 669 00:40:08.079 --> 00:40:11.880 fields of what it takes to get particular type of accreditation. 670 00:40:13.840 --> 00:40:18.039 And you know, there's there's been We've gotten into a 671 00:40:18.159 --> 00:40:23.599 quagmire of regulations right that's become unsustainable to even parse. 672 00:40:24.679 --> 00:40:27.400 And I guess there's one of two solutions. One is 673 00:40:27.480 --> 00:40:29.440 we delete a whole bunch of the ones that don't 674 00:40:29.480 --> 00:40:32.599 make sense and streamline it. The other is we just 675 00:40:32.679 --> 00:40:35.880 like use AI to manage it for us and simplify 676 00:40:35.920 --> 00:40:38.840 it and interpret it. And I think one of those 677 00:40:38.880 --> 00:40:41.559 two definitely will happen, possibly a little bit of both. 678 00:40:42.320 --> 00:40:44.679 On that note, do you think the accreditation laws need 679 00:40:44.719 --> 00:40:47.039 to be updated given how markets are situated? 680 00:40:47.360 --> 00:40:52.800 Yes, yeah, the accreditation laws don't make any sense in 681 00:40:52.840 --> 00:40:56.400 the current market. I mean two reasons, right, One is 682 00:40:57.000 --> 00:41:01.519 you can invest in any meme coin that's like easy accessible. 683 00:41:01.639 --> 00:41:04.440 You can invest an unlimited amount of your capital and 684 00:41:04.480 --> 00:41:08.480 any meme coin and that's fully legal. But SpaceX and 685 00:41:08.599 --> 00:41:14.840 open ai is viewed as too risky. And historically the 686 00:41:14.880 --> 00:41:20.480 accreditation laws were intended to make up for a information gap, right, 687 00:41:21.119 --> 00:41:24.880 and the thinking was, there's not very much information. These 688 00:41:24.880 --> 00:41:29.159 companies aren't publishing reports or really much of anything. And 689 00:41:30.039 --> 00:41:32.840 if you have, you know, a million dollars in net 690 00:41:32.840 --> 00:41:37.840 worth or certain threshold of annual income, you could hire 691 00:41:37.840 --> 00:41:40.079 a person for you to like make sense of this, 692 00:41:40.559 --> 00:41:45.599 a professional to make sure you know you're just making 693 00:41:45.639 --> 00:41:50.519 reasonable decisions. I think nowadays there's lots more information, right. 694 00:41:52.000 --> 00:41:55.880 You have all sorts of information on social media, the Internet, 695 00:41:56.199 --> 00:41:59.280 probably more than most people would care to read. We 696 00:41:59.400 --> 00:42:03.239 have AI models that are getting smarter that can probably 697 00:42:03.280 --> 00:42:06.360 replicate the functions of most of the advisors you would 698 00:42:06.400 --> 00:42:10.519 have been able to hire in the eighties, right, at 699 00:42:10.559 --> 00:42:14.039 lower cost and also make sense of the information. And 700 00:42:14.159 --> 00:42:18.400 you juxtapose that against the current public company climate, where 701 00:42:19.119 --> 00:42:21.880 it's gotten easier for a private company to raise capital 702 00:42:21.920 --> 00:42:27.000 from institutional investors in the private markets. Simultaneously the costs 703 00:42:27.079 --> 00:42:30.559 and like the process complexity of going public has increased. 704 00:42:31.559 --> 00:42:34.760 So all of this has created a perfect storm where 705 00:42:35.119 --> 00:42:37.920 retail investors can get exposure to some of these AI 706 00:42:38.079 --> 00:42:41.719 companies that are shaping the future, and the incentives are 707 00:42:41.800 --> 00:42:46.239 kind of all simultaneously aligned to make that more difficult 708 00:42:46.840 --> 00:42:49.519 rather than rather than easier. So I think we have 709 00:42:49.559 --> 00:42:52.199 to start chipping away at it, and the accreditation laws 710 00:42:52.320 --> 00:42:55.320 need to be reformed for sure, And actually there's a 711 00:42:55.360 --> 00:42:57.400 lot of support for this. I think there's a good 712 00:42:57.480 --> 00:42:58.320 chance it'll happen. 713 00:42:58.760 --> 00:43:01.920 Yeah. Absolutely. You mentioned meme coins. I have a love 714 00:43:01.960 --> 00:43:05.039 hate relationship with meme coins. I don't believe in banning them. 715 00:43:05.079 --> 00:43:07.679 I believe in the frame market, right, but there are 716 00:43:07.760 --> 00:43:11.159 some platforms that take advantage of people doing these things. 717 00:43:11.360 --> 00:43:13.400 Do you feel there needs to be some guardrails in 718 00:43:13.440 --> 00:43:15.679 place that, Yes, you could take your money and go 719 00:43:15.719 --> 00:43:17.639 invest in meme coins like you do at the casino, 720 00:43:17.719 --> 00:43:19.960 you go to Vegas, right, throw it on black on 721 00:43:20.000 --> 00:43:22.719 the roulette table, whatever, but there needs to be some 722 00:43:22.760 --> 00:43:24.119 guardrails to protect people here. 723 00:43:25.000 --> 00:43:27.400 I'm not sure if we need additional guardrails. I mean, 724 00:43:27.440 --> 00:43:33.800 I'm a firm believer that people should people should have 725 00:43:34.039 --> 00:43:36.320 freedom to do what they want with their money, and 726 00:43:36.559 --> 00:43:40.880 it's hard. And any time that you create guardrails and 727 00:43:40.920 --> 00:43:45.760 they're applied without really an understanding what the costs are, 728 00:43:46.159 --> 00:43:49.400 you make it difficult for I think the vast majority 729 00:43:49.400 --> 00:43:53.880 of people that know what they're doing. So some guardrails, 730 00:43:53.920 --> 00:43:57.960 for sure, are necessary. But do we need more than 731 00:43:58.000 --> 00:44:00.679 we have now? I'm not sure. And you kind of 732 00:44:00.760 --> 00:44:05.400 also juxtapose that with it's getting easier across the board 733 00:44:05.559 --> 00:44:10.639 to spend your money, right, And I think increasingly the 734 00:44:10.639 --> 00:44:14.199 way I've always looked at Robinhood is we're not really 735 00:44:15.360 --> 00:44:20.400 you know, our main competitor isn't really the traditional brokerages 736 00:44:20.679 --> 00:44:25.079 because most of our customers have Robbinhood accounts and they 737 00:44:25.079 --> 00:44:28.159 don't really think about traditional brokerage accounts, even though we're 738 00:44:28.159 --> 00:44:31.239 pulling assets from them at an increasing rate. But a 739 00:44:31.280 --> 00:44:34.000 lot of these customers would otherwise not be investing, they'd 740 00:44:34.000 --> 00:44:37.000 be spending that money. And so I see us competing 741 00:44:37.039 --> 00:44:41.559 for like the spending bucket, right, and I think the 742 00:44:41.599 --> 00:44:46.519 spending bucket is formidable competition. So if you make it 743 00:44:46.599 --> 00:44:51.480 harder to invest in any way without making it harder 744 00:44:51.559 --> 00:44:54.199 to spend, more and more of those assets will just 745 00:44:54.239 --> 00:44:58.679 be consumed in sort of like discretionary expenditure. People will 746 00:44:58.719 --> 00:45:03.920 be buying more you know, entertainment, They'll be subscribing to 747 00:45:04.000 --> 00:45:07.480 more streaming services, They'll be buying more trinkets on Amazon. 748 00:45:08.039 --> 00:45:12.000 So yeah, hard for me to sort of like call 749 00:45:12.119 --> 00:45:15.679 for more restrictions on the investing side when I know 750 00:45:15.719 --> 00:45:18.280 there's so many ways that you can spend your money 751 00:45:18.320 --> 00:45:19.400 to ill effect too. 752 00:45:20.440 --> 00:45:24.159 And on that note, would entertainment and the movement of tokenization, 753 00:45:24.480 --> 00:45:28.400 do you see brands launching tokens like Starbucks. It's a 754 00:45:28.440 --> 00:45:30.719 reward token, but it also trades in the open market. 755 00:45:31.000 --> 00:45:33.280 A sports team, the New York Knicks. We're in New York. 756 00:45:33.440 --> 00:45:35.639 They have a token. You hold that token, you get benefits, 757 00:45:35.679 --> 00:45:37.679 but you can also trade it using in DeFi Taylor 758 00:45:37.719 --> 00:45:41.119 Swift has our own economy. She creates a token, and 759 00:45:41.400 --> 00:45:43.519 we're interacting in that way from a token. 760 00:45:43.239 --> 00:45:50.079 Perspective, that's an interesting question. I think that that technology 761 00:45:50.400 --> 00:45:55.239 has been possible for some time, and not so many 762 00:45:55.320 --> 00:46:00.440 people have sort of like adopted that and created brand 763 00:46:00.519 --> 00:46:03.599 tokens even though it's been possible. I mean, you had 764 00:46:03.639 --> 00:46:08.320 some things like I think the NBA did something a 765 00:46:08.320 --> 00:46:10.760 couple of years ago. I forget what it's called. Yeah, 766 00:46:10.760 --> 00:46:15.880 they did like their their NFT collection that had a 767 00:46:15.920 --> 00:46:19.440 moment for a bit. There was one interesting use case 768 00:46:19.480 --> 00:46:25.119 of an NFT where someone was like selling advertiser time, 769 00:46:26.119 --> 00:46:29.559 so each NFT represented like a minute of advertising time 770 00:46:29.599 --> 00:46:35.159 on a popular podcast. But yeah, it almost It feels 771 00:46:35.199 --> 00:46:40.280 like either the right combination of factors haven't come into 772 00:46:40.679 --> 00:46:43.280 into play, or the products just aren't good enough to 773 00:46:43.320 --> 00:46:46.039 make to make a compelling product there, so I would 774 00:46:46.119 --> 00:46:49.840 like to think. So I'm surprised it hasn't been happening more. 775 00:46:50.199 --> 00:46:54.280 I think also creators don't really want to think about crypto. 776 00:46:55.079 --> 00:46:58.880 You know, when they start thinking too much about crypto, 777 00:46:59.239 --> 00:47:03.320 you get a little bit the adverse selection of I 778 00:47:03.360 --> 00:47:05.639 want to I'm getting into this because I want to 779 00:47:05.639 --> 00:47:08.440 make money quickly, which which I think is the danger. 780 00:47:08.760 --> 00:47:12.599 I think the crypto technology aspect of it has to disappear, 781 00:47:13.239 --> 00:47:17.320 and it's just it just needs to be better ways 782 00:47:17.559 --> 00:47:19.719 to do the things that they want to do anyway, 783 00:47:19.880 --> 00:47:23.320 like communicate with their fans, reward their fans, you know, 784 00:47:23.320 --> 00:47:27.320 give access to their music or catalogs, and there you're 785 00:47:27.360 --> 00:47:31.760 actually competing with things like Spotify. You're competing with you know, 786 00:47:32.000 --> 00:47:36.159 credit cards, their websites, which have you know, their social 787 00:47:36.159 --> 00:47:39.719 media followings. So I think there needs to be a 788 00:47:41.280 --> 00:47:46.239 non crypto specific need that's met better with crypto technology. 789 00:47:46.559 --> 00:47:48.880 Yeah, I agree with you. I think presenting it as 790 00:47:48.920 --> 00:47:51.800 crypto turns off a lot of people because of headlines 791 00:47:51.840 --> 00:47:53.840 they've read things that have happened in the early phase 792 00:47:53.840 --> 00:47:56.639 of the market and technology. But if you say, here 793 00:47:56.679 --> 00:47:59.119 is a reward token, it's very different from the traditional 794 00:47:59.199 --> 00:48:02.960 reward model. It's in a self hosted wallet. If you 795 00:48:03.079 --> 00:48:05.920 keep holding it over time, maybe you earn rewards like 796 00:48:05.960 --> 00:48:09.239 staking rewards so to speak. You can also sell it 797 00:48:09.280 --> 00:48:12.320 on the open market. There's a financial value and that 798 00:48:12.360 --> 00:48:15.519 can drive the incentive because before it's just oh, here's 799 00:48:15.559 --> 00:48:18.360 this reward token. I'll use it maybe when I want to. 800 00:48:18.400 --> 00:48:20.960 But if there's a financial incentive of in the open 801 00:48:20.960 --> 00:48:23.199 market it's valued at something, it can grow in value. 802 00:48:23.719 --> 00:48:25.599 Maybe that's a key. 803 00:48:25.679 --> 00:48:27.039 Yeah, that's an interesting idea. 804 00:48:28.000 --> 00:48:30.599 Oh, not a bad one. You'll give me credit, right, glad. 805 00:48:30.639 --> 00:48:34.039 If you guys do, maybe I can collaborate on bringing 806 00:48:34.079 --> 00:48:36.800 something like that. We can we can work with you 807 00:48:36.840 --> 00:48:38.840 on a reward token on the run hood chain. 808 00:48:38.920 --> 00:48:40.840 I would love that that'd be great as a user, 809 00:48:40.840 --> 00:48:42.719 I would love that, or glad, I know we're coming 810 00:48:42.800 --> 00:48:45.639 up on time. So it's twenty thirty. What does Robinhood 811 00:48:45.679 --> 00:48:46.000 look like. 812 00:48:46.760 --> 00:48:49.239 Well, that's not a very long time from now. Yeah, 813 00:48:49.280 --> 00:48:50.599 I mean, I think if you look at our five 814 00:48:50.679 --> 00:48:56.760 year plan, Robinhood should basically be your financial super app 815 00:48:56.760 --> 00:48:59.239 of choice if you're in the US, so you should 816 00:48:59.239 --> 00:49:01.400 be able to get your check into Robinhood. I think 817 00:49:01.440 --> 00:49:04.400 people will still have paychecks in twenty thirty. Some might 818 00:49:04.440 --> 00:49:08.079 disagree with me. I don't know. Your paycheck will be 819 00:49:08.159 --> 00:49:11.400 on Robinhood. You're checking in savings will be on Robinhood 820 00:49:11.400 --> 00:49:14.119 getting a great rate, and by the way, Robinhood banking 821 00:49:14.239 --> 00:49:16.880 coming out soon, you'll be able to do all of 822 00:49:16.880 --> 00:49:22.639 your spending through Robinhood cards. I still think credit cards 823 00:49:22.760 --> 00:49:24.960 will be the dominant way that you spend money in 824 00:49:25.000 --> 00:49:30.440 twenty thirty stable coined People might disagree, but I'd be 825 00:49:30.519 --> 00:49:34.880 surprised if the credit card is unseeded as an instrument 826 00:49:35.039 --> 00:49:38.159 in the US by that time. And of course you're 827 00:49:38.199 --> 00:49:43.679 investing your retirement portfolio and your discretionary portfolio, which includes 828 00:49:43.719 --> 00:49:48.079 your crypto, should be well served at Robinhood as well. 829 00:49:48.760 --> 00:49:51.320 And I think if we do that, we can help 830 00:49:51.400 --> 00:49:55.239 manage your financial life, and we can sort of like 831 00:49:55.320 --> 00:50:01.039 be this family office. The same service worth individual can 832 00:50:01.079 --> 00:50:03.239 get from their family office should be available to the 833 00:50:03.280 --> 00:50:06.239 mass market at very very low cost. So all of 834 00:50:06.239 --> 00:50:10.000 your financial stuff should be run smoothly with you being 835 00:50:10.159 --> 00:50:13.239 in control. And I think that positions us well to 836 00:50:13.320 --> 00:50:17.199 benefit from this great wealth transfer of one hundred and 837 00:50:17.239 --> 00:50:19.360 twenty four trillion in assets, which is going to be 838 00:50:19.440 --> 00:50:23.559 accelerating over time. And I think there's no reason why 839 00:50:24.480 --> 00:50:29.440 a significant percentage of those assets can't be custodied at Robinhood. 840 00:50:29.440 --> 00:50:32.519 I think we should be the primary beneficiary as a 841 00:50:32.760 --> 00:50:36.239 company of that wealth transfer, and that should accrue to 842 00:50:36.639 --> 00:50:39.280 our end user in the form of lower costs and 843 00:50:39.320 --> 00:50:40.159 better products. 844 00:50:40.719 --> 00:50:42.719 I love it. I'm looking forward to all of those 845 00:50:42.760 --> 00:50:46.119 things you mentioned. Some wrap up questions. If you never 846 00:50:46.199 --> 00:50:48.480 founded Robinhood, what do you think you might be doing. 847 00:50:50.039 --> 00:50:54.079 Well. I was on a path to be a mathematics professor, 848 00:50:54.440 --> 00:50:58.079 so I dropped out of my math PhD as a 849 00:50:58.159 --> 00:51:01.000 first year. After my first year, started my first company, 850 00:51:01.039 --> 00:51:03.760 which was a hedge fund in New York actually, and 851 00:51:03.800 --> 00:51:07.760 then that one ended up not being very successful. It 852 00:51:07.800 --> 00:51:10.760 was kind of a quick failure, pivoted to an enterprise 853 00:51:10.840 --> 00:51:14.599 software company again in finance, and then you know, ended 854 00:51:14.679 --> 00:51:19.360 up starting Robinhood. But I like figuring things out. I 855 00:51:19.480 --> 00:51:23.360 like having lots and lots of impact, and I liked 856 00:51:24.119 --> 00:51:27.400 wrestling with the big questions. So probably something to do 857 00:51:27.440 --> 00:51:28.480 with math or physics. 858 00:51:28.800 --> 00:51:34.559 Sure, some rapid fire questions. Favorite food, pizza, favorite musician 859 00:51:34.639 --> 00:51:37.719 or band Pink Floyd, favorite. 860 00:51:37.360 --> 00:51:43.599 Movie pulp fiction, favorite book brief History of Time? 861 00:51:44.000 --> 00:51:45.679 And when you're not working at Robinhood, what are you 862 00:51:45.679 --> 00:51:46.239 doing for fun? 863 00:51:47.159 --> 00:51:49.599 I like to work out. I like to go for drives. 864 00:51:50.079 --> 00:51:51.880 I have a family, so I like to hang out 865 00:51:51.880 --> 00:51:57.480 with my kids watching movies or building legos or sometimes 866 00:51:57.480 --> 00:52:04.559 even changing diapers. They do enjoy that. Yeah, And you know, honestly, 867 00:52:05.119 --> 00:52:10.400 not much free time exists. It's like my sleep time 868 00:52:10.480 --> 00:52:12.920 is very limited. Actually, it's like I have so little 869 00:52:12.960 --> 00:52:15.840 free time that sleep is like three to four hours 870 00:52:15.840 --> 00:52:20.039 a night, no way pretty much? Yeah, wow, sometimes less. 871 00:52:20.320 --> 00:52:23.400 Oh man, Well, you're a busy individual, and I thank 872 00:52:23.440 --> 00:52:25.360 you so much for taking time to do this. I 873 00:52:25.400 --> 00:52:26.280 really appreciate it. 874 00:52:26.639 --> 00:52:28.440 Yeah, thank you so much. It was a lot of fun.