WEBVTT

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<v Speaker 1>Fight back like the rest of the industry. You know,

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<v Speaker 1>if it goes to the court, is Robinhood prepared to

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<v Speaker 1>fight the SEC overall?

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<v Speaker 2>What I would say to begin with is that we've

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<v Speaker 2>been very disappointed when when we received the world's noticed.

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<v Speaker 2>We were engaging with the SEC for many, many months,

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<v Speaker 2>and you know, when the SEC chairman told the industry

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<v Speaker 2>come in and register, we actually believed in it and

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<v Speaker 2>we went there. We met with them more than fifteen times,

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<v Speaker 2>and you know, we discussed with them to try to

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<v Speaker 2>get there.

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<v Speaker 1>Because this content is brought to you by v chain,

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<v Speaker 1>which is a leading enterprise grade Layer one public blockchain

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<v Speaker 1>spearheading a digital revolution from a sustainable, highly scalable smart

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<v Speaker 1>contract platform. The v chain blockchain has many unique features,

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<v Speaker 1>which makes it an ideal choice for Web three applications.

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<v Speaker 1>V Chain is working with any great enterprises such as PWCGVONCI, BMW,

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<v Speaker 1>and Walmart China. Most recently, they partnered with the Boston

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<v Speaker 1>Consulting Group to build a revolutionary decentralized application ecosystem. I'm

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<v Speaker 1>a big believer in this project. I have been since

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<v Speaker 1>twenty eighteen. I've been a VET token holder for years

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<v Speaker 1>and this blockchain is highly scalable, great with security and speed,

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<v Speaker 1>and it has low energy consumption. If you'd like to

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<v Speaker 1>learn more about v chain, please visit vchain dot org.

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<v Speaker 1>Link will be in a description. Welcome to the Thinking

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<v Speaker 1>Crypto podcast. I'm your host Tony Edward and with me

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<v Speaker 1>today is Johan Kerbrat, who's the crypto general manager at Robinhood. Johan,

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<v Speaker 1>great to have you.

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<v Speaker 2>On, Thanks for having me. Always excited to Chaid.

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<v Speaker 1>Yeah, Johan, I'm very excited to speak with you because

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<v Speaker 1>I've been a user of the Robinhood platform for years,

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<v Speaker 1>even before you guys are offering crypto, and it's exciting

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<v Speaker 1>that you've added a lot of crypto services and features.

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<v Speaker 1>You're doing a lot of antioned and I got a

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<v Speaker 1>lot of questions for you on your plans around that.

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<v Speaker 1>But let's start with your background. Tell us about yourself.

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<v Speaker 1>Where are you from and what's your professional background?

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<v Speaker 2>Yeah? Absolutely so, I'm actually your original from France, so

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<v Speaker 2>you will hear it from my accent. Always a bit

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<v Speaker 2>difficult at the first few seconds to get used to it,

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<v Speaker 2>but I'm used to it now, and so I grew

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<v Speaker 2>up in a near nice it's in the southeast of France,

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<v Speaker 2>and I'm an engineer by trade, so I've been an

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<v Speaker 2>engineering leader for the past few years. And I joined

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<v Speaker 2>robin Hood actually as a cito for Robbin and Crypto

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<v Speaker 2>and so moved to the position of general manager a

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<v Speaker 2>few years ago. And before robin Hood, I worked at

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<v Speaker 2>a bunch of startups, including my own back in France

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<v Speaker 2>and Airbnb as well, which was a good ride, I

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<v Speaker 2>will say, in term of expansion and growth of the business.

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<v Speaker 1>What was your first encounter with bitcoin and crypto and

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<v Speaker 1>what was your aha moment?

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<v Speaker 2>Yeah? So, uh, the first company that I built when

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<v Speaker 2>I was young and back in France was actually a

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<v Speaker 2>company building payments rails and so you will you will

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<v Speaker 2>use those services to receive or send money from from

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<v Speaker 2>different businesses, accept cray cards, like all these kind of

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<v Speaker 2>things that are very easy now to do with with

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<v Speaker 2>Stripe and some of the system like this. But at

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<v Speaker 2>the time a thing that we saw a lot was

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<v Speaker 2>the fraud coming for merchant and you know the fact

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<v Speaker 2>that you can pay with a credit card and then

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<v Speaker 2>you have thirty days to to kind of charge back

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<v Speaker 2>or issues like this that we're really making the world

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<v Speaker 2>complicated for merchant. And at the same time, you know,

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<v Speaker 2>crypto started to exist. A bitcoin white paper was here,

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<v Speaker 2>uh and and we looked at it and we're like, hey,

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<v Speaker 2>this is a is a solution and very cheap to

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<v Speaker 2>send between merchants, very easy to accept it, and it's irressible.

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<v Speaker 2>So if merchants send goods, you know, they don't have

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<v Speaker 2>to worry about the fact that they might be a

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<v Speaker 2>charge back in the future. So yeah, at the time,

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<v Speaker 2>it was also like the economic crisis in the in

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<v Speaker 2>the EU where there was a lot of discussion around

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<v Speaker 2>the you know, the central banks and all these things.

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<v Speaker 2>So really thought that this would be like the prime

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<v Speaker 2>use case for something like goodcoin at the time. And

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<v Speaker 2>if you look at it, I think it was not

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<v Speaker 2>necessarily payments that was really the first use case and

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<v Speaker 2>bitcoin was more useful for trading and as a reserve.

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<v Speaker 2>But it's it's interesting to see the adoption of stable

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<v Speaker 2>coin right now and see that, you know, we're going

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<v Speaker 2>back a bit to the roots of the initial problem,

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<v Speaker 2>which was payments.

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<v Speaker 1>So so yeah, that's awesome, And I'm curious to get

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<v Speaker 1>your thoughts on when do you think companies like Airbnb

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<v Speaker 1>and Uber may start to integrate cryptocurrency payments using stable

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<v Speaker 1>coins or maybe bitcoin, and also integrate blockchain maybe in

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<v Speaker 1>their infrastructure and make things more efficient. I know there's

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<v Speaker 1>some companies that have started highlighting and doing some trial

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<v Speaker 1>and error testing, But when do you think we might

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<v Speaker 1>see these big companies start to adopt this technology.

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<v Speaker 2>Yeah, I think it's a great question because for some

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<v Speaker 2>of this very global company, crypto actually solve a lot

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<v Speaker 2>of the issues that they have with payments. So you know,

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<v Speaker 2>in the US, we're very lucky to have a banking

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<v Speaker 2>system that is very robust, that exists for many years,

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<v Speaker 2>and payment system and rails that works very well. Craigcoud

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<v Speaker 2>is one example that you know, in the US it's

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<v Speaker 2>very easy to just pay with a credit card and

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<v Speaker 2>tap and be done with it. But a lot of

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<v Speaker 2>countries actually didn't go through the same growth and the

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<v Speaker 2>same adoption of banking system and rails. For for some

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<v Speaker 2>of these countries, you know, just having a banking account

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<v Speaker 2>is not that easy, and you also have the issue

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<v Speaker 2>with the local currency and the very inflation of some

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<v Speaker 2>of some of these countries. So if you think about

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<v Speaker 2>it right, the stable coin can be a solution for

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<v Speaker 2>all that. You can have a stable coin, big back

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<v Speaker 2>to USD or back to any kind of currency. Anyone

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<v Speaker 2>can have a bank account. But I do think that

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<v Speaker 2>the issue for some of his companies to adapt it

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<v Speaker 2>is a regulation. You know, what kind of license do

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<v Speaker 2>you need to be able to transmit currencies between customers?

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<v Speaker 2>How do you look at you know, transaction motoring, you

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<v Speaker 2>know m L these kind of things. That's all the

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<v Speaker 2>things that you know a company like robbin it provides

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<v Speaker 2>because we are in the space and we are like

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<v Speaker 2>core to the to the space. But for a company

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<v Speaker 2>where it's not necessarily like the the core product, it's

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<v Speaker 2>bit more difficult to justify the initial investment. And so

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<v Speaker 2>the tendency that we've seen in the past has been

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<v Speaker 2>for this company to start using another company to provide

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<v Speaker 2>these services, and so then with a number of middleman

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<v Speaker 2>in between, it starts to be an expensive solution and

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<v Speaker 2>we don't see a ton of adoption. But I think

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<v Speaker 2>this is going to start changing the more like we

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<v Speaker 2>are seeing some of his products like that are providing

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<v Speaker 2>these services for low cost, and I think that's going

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<v Speaker 2>to be something that we will see more and more.

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<v Speaker 2>Robbing A, for example, offer a new product called robbing

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<v Speaker 2>a connects that we launched last year where it's basically

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<v Speaker 2>on our ramp, like you can use your robbing account

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<v Speaker 2>or card or anything to buy crypto and transfer it

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<v Speaker 2>right away to your wallet. And I think this is

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<v Speaker 2>the kind of services that really makes it easy for

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<v Speaker 2>merchants to adopt and start using.

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<v Speaker 1>Yeah. Absolutely, and you know, hopefully maybe in the next

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<v Speaker 1>five year window start to see more adoption. But like

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<v Speaker 1>you said, we need the clarity. There needs to be

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<v Speaker 1>proper regulation, and I know in the United States there's

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<v Speaker 1>some movement, but we're not there yet.

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<v Speaker 2>Absolutely.

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<v Speaker 1>Now for those who may not know, give us an

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<v Speaker 1>overview of all of Robinhood's crypto services and offerings.

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<v Speaker 2>Yeah, so you know, I'm going to try to be

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<v Speaker 2>quick so you don't get bored. But I think we

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<v Speaker 2>have a few different products because we are now a

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<v Speaker 2>very global company. The main product that we offer is

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<v Speaker 2>robbing and crypto in the US. Our mission is ready

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<v Speaker 2>to make robbino the lowest cost and the most trusted

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<v Speaker 2>place to translate with crypto. We offer the lowest cost

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<v Speaker 2>to trade in our average you could get up to

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<v Speaker 2>three point six percent more crypto and robbin UNIVERSUS some competito,

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<v Speaker 2>and we have about fifteen assets on the platform. You

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<v Speaker 2>can buy them, you can hold them, sell them, and

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<v Speaker 2>you can transfer them if you're eligible to crypto deposit

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<v Speaker 2>and transfer. And the thing that we've been building in

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<v Speaker 2>the past few years has been giving the tools for

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<v Speaker 2>people to invest and trade into the scryptocurrenc easily. So

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<v Speaker 2>we of course offer recurring bikes if you want to

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<v Speaker 2>do ADCA and you want to make a cost averaging

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<v Speaker 2>trading strategy, but we also have a lot more advanced

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<v Speaker 2>training tool, some advanced sharts, customer price alerts and things

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<v Speaker 2>like that. So we've been really trying to push on

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<v Speaker 2>serving all the customer segments that we have and making

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<v Speaker 2>sure that we have everything that you need to trade crypto.

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<v Speaker 2>And at the same time, we also launch in December

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<v Speaker 2>in the EU, and so the the great thing there

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<v Speaker 2>is that we've been trying to push a lot more adoption.

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<v Speaker 2>So we we have an offer, for example, where you

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<v Speaker 2>can trade bitcoin with zero fee, zero commission or anything

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<v Speaker 2>like that. So we really have again like this low

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<v Speaker 2>cost offering that we've been pushing on. We have about

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<v Speaker 2>thirty five plus cryptocurrency there, so we we really try

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<v Speaker 2>to add any currency that our customer we're asking for.

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<v Speaker 2>And we also started to offer staking for Solana and

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<v Speaker 2>it's been something that we've seen working very well with

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<v Speaker 2>our customers. They are excited to be able to get

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<v Speaker 2>yield generated from the earnings of the staking on top

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<v Speaker 2>of their holdings, so that's been something that we rarely

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<v Speaker 2>excited about. And finally, you know, we also offer an

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<v Speaker 2>option if people don't want to use robin to custody

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<v Speaker 2>the assets. We also have the Robbin wallet, which is

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<v Speaker 2>a self custody wallet available in one hundred and forty

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<v Speaker 2>plus countries, and you can store and manage your crypto

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<v Speaker 2>on many network like we have from ethereum bitcoined to

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<v Speaker 2>Optimism and base and Arbitrum and so on a network.

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<v Speaker 2>So we've really been trying to offer the tools that

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<v Speaker 2>you need and therefore, like we give the choice to

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<v Speaker 2>the customer if they if they believe that, you know,

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<v Speaker 2>they just want to hold on robin hood, we have

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<v Speaker 2>top of art custody to make sure that they're found

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<v Speaker 2>their safe. But if they also want to be self

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<v Speaker 2>custudying and you know, playing a bit more with the

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<v Speaker 2>website world, they can do it through the robin World.

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<v Speaker 2>That's really great.

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<v Speaker 1>And I love that you guys offer that self custodial

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<v Speaker 1>wallet aspect because it shows that you believe in the

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<v Speaker 1>ethos of crypto where if you want to self custody

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<v Speaker 1>and be your own banks, so to speak, you buy

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<v Speaker 1>your crypto on robinhood and move it to the self

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<v Speaker 1>custody wallet. That's really great. So I appreciate you guys

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<v Speaker 1>doing that.

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<v Speaker 2>Yeah, it's also been something where you know, I think

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<v Speaker 2>the crypto world move at a pace that is so quick.

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<v Speaker 2>If we wanted to implement everything in house, you know

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<v Speaker 2>it will take it will take a massive amount of

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<v Speaker 2>engineer and time to do it. And so really what

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<v Speaker 2>we think that with the wallet, you can really have

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<v Speaker 2>access to to everything that you're interested in, and you know,

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<v Speaker 2>we are trying to make it in a way that

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<v Speaker 2>you're not necessarily disrupted in your in your usage. So

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<v Speaker 2>if you look at the robbin wallet, it's it has

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<v Speaker 2>the same kind of best in class UX and uire

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<v Speaker 2>is that that Rabbino is famous for. And so we've

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<v Speaker 2>been really trying to spend time on making sure that

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<v Speaker 2>people understand how to use it. We we also invested

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<v Speaker 2>a lot in educational content to really try to help

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<v Speaker 2>people understand like what are they doing? You know, Like

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<v Speaker 2>sometimes a lot of the feedback that we get from

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<v Speaker 2>customer is that that crypto is a bit intimidating and

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<v Speaker 2>it's been made for for people that are a bit

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<v Speaker 2>more technical, and so we are trying to remove this

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<v Speaker 2>barrier one other time.

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<v Speaker 1>Yeah, absolutely. Now, a few months back, you guys and

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<v Speaker 1>now on such media an acquisition of the bitstamp exchange.

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<v Speaker 1>And I remember using bitstamp in early days twenty seventeen,

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<v Speaker 1>twenty eighteen. Was that to expand your EU footprint?

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<v Speaker 2>Yeah, I was also early bitston cu customer. So you know,

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<v Speaker 2>you can can think that it's funny when you when

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<v Speaker 2>you work on something like this, on a deal like this,

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<v Speaker 2>and then you find your account from a back ten

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<v Speaker 2>years ago. But yeah, so you know, the bit stamp

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<v Speaker 2>acquisition is something that I'm really excited of about. And

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<v Speaker 2>there's a few things that we looked at, and we

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<v Speaker 2>we looked at to make sure that this was a

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<v Speaker 2>great deal for the for the business. The first thing

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<v Speaker 2>was the international expansion. Like you mentioned, bitstamp has fifty

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<v Speaker 2>plus licenses across the globe from you know, the EU,

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<v Speaker 2>the UK, Singapore and the US. So for us, that

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<v Speaker 2>was a great step forward in our ambition to expand global,

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<v Speaker 2>and we started to do that since since last year.

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<v Speaker 2>The second thing was it's an exchange. You know, I

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<v Speaker 2>think for for us, we've been really focused on offering

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<v Speaker 2>a great marketplace like robin Hood doesn't match orders between customers,

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<v Speaker 2>but we think there are some limitations with this flow

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<v Speaker 2>and this UH mechanics, and and we think the exchange

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<v Speaker 2>will allow us to actually offer more and more product,

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<v Speaker 2>more and more advanced features for customers, but also support

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<v Speaker 2>our expansion in in the in the future, like for example,

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<v Speaker 2>when we think about organization and things like that. And

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<v Speaker 2>the third thing was really the institutional business. You know,

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<v Speaker 2>Rabinoud has been focused on retail for for a very

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<v Speaker 2>long time. On the crypto side, we were huntirely retail

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<v Speaker 2>focused until we launched Rabbino Connect, which is our on

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<v Speaker 2>ramp or ramp, And you know, acquiring bits tamp actually

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<v Speaker 2>give business that is already established, was already a long

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<v Speaker 2>standing relationship with institutions, and so it's a great diversification

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<v Speaker 2>of revenue for us and also a great diversification of

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<v Speaker 2>product and offering and you know, the thing that we've

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<v Speaker 2>been looking a lot at was Robinot has been a

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<v Speaker 2>very safety first type of company when it comes to crypto.

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<v Speaker 2>We've been you know, slower to add assets or to

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<v Speaker 2>our for features and some of our competitor and the

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<v Speaker 2>reason for that was really that we only wanted to

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<v Speaker 2>offer of his features when we think that they are ready,

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<v Speaker 2>when we are hundred person sure that you know, we

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<v Speaker 2>went through all the checklists and it's ready for public.

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<v Speaker 2>And so when we looked at Bitstam, we saw that

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<v Speaker 2>they had like similar values. You know, there's been a

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<v Speaker 2>very long standing exchange in twenty eleven and so it's

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<v Speaker 2>even older than Rabinoe. And when you think about all

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<v Speaker 2>the issues that initial crypto exchange I've been through, you know,

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<v Speaker 2>being able to still be here, still be like a

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<v Speaker 2>relevant player in the space really show that it's a

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<v Speaker 2>it's a great team, and it's a great structure that

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<v Speaker 2>we are acquiring as well. Yeah.

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<v Speaker 1>Absolutely, And to your point, I think being here from

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<v Speaker 1>multiple cycles, going through bull and Bear markets is a

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<v Speaker 1>testament to the company's staying ability. So that's really great.

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<v Speaker 1>I'm curious about how does Robinhood custody crypto assets. So

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<v Speaker 1>aside from the self custody wallet that folks use, let's

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<v Speaker 1>say folks are just leaving it in their Robinhood account,

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<v Speaker 1>where do you custody the crypto assets.

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<v Speaker 2>Yeah, so Robinhood you know, has been considering the assets

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<v Speaker 2>for the customer. We've been building the kind of the

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<v Speaker 2>safest product that we can around this. When you know,

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<v Speaker 2>like back in the FTX days, for example, a lot

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<v Speaker 2>of customer we're accompanying to us that they were saying like, hey,

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<v Speaker 2>there's not enough future, there is not enough asset on

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<v Speaker 2>the platform. And like I said earlier, like we were

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<v Speaker 2>rarely focused on the safety first approach, so we didn't

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<v Speaker 2>list hands of assets on the platform. We didn't you know,

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<v Speaker 2>comming funds between firm and customers outside of you know

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<v Speaker 2>operations for like a networking feel things like this. So

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<v Speaker 2>our goal was really to build a custody that can

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<v Speaker 2>support all the assets of our customer and we have

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<v Speaker 2>a large amount and make sure that we have the

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<v Speaker 2>best in class kind of rules for everything. So you know,

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<v Speaker 2>if you look at our processes, for example, ninety five

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<v Speaker 2>plus percent plus of the assets are stored in cool storage.

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<v Speaker 2>No one person can move funds no, you need a

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<v Speaker 2>you know, a group of leadership members to write list

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<v Speaker 2>in a new address. So it's all this kind of

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<v Speaker 2>rule that we put in place to make sure that

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<v Speaker 2>you know things that we've seen with FTX, where you

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<v Speaker 2>had one person that was able to move ons you

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<v Speaker 2>you had firm assets and customer assets commingle, and so

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<v Speaker 2>therefore it's very hard to distinguish what is what all

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<v Speaker 2>of this thing is is not a concern for us,

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<v Speaker 2>thanks thanks to all our processes.

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<v Speaker 1>Basically, okay, so you guys have your own proprietary custody platform.

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<v Speaker 1>You don't use an outside custodian.

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<v Speaker 2>Right, No, we don't use an outset CONDI.

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<v Speaker 1>Got it, got it. I'm curious about the dynamic of

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<v Speaker 1>your stock and equities trading side of the business versus

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<v Speaker 1>crypto because crypto is twenty four to seven and stocks

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<v Speaker 1>and equities is an opening and closing bell and trades

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<v Speaker 1>and so forth. It won't like if you put a

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<v Speaker 1>trade in at midnight, it won't get executed till the

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<v Speaker 1>morning and the market opens up and so forth. How

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<v Speaker 1>has that change your business? And how are you guys

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<v Speaker 1>handling the twenty four to seven aspect of this?

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<v Speaker 2>Yeah, you know, it's one of the part that makes

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<v Speaker 2>SCRPTO exciting in my opinion, is that we don't necessarily

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<v Speaker 2>have these moments where there is a pose in the market,

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<v Speaker 2>and so there's always something to watch. It's been something

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<v Speaker 2>that you know, was really on top of our mind

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<v Speaker 2>when we started to launch a business. We wanted to

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<v Speaker 2>make sure that our operation team could work twenty four

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<v Speaker 2>seven and and you know, we invested a lot in

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<v Speaker 2>alouting system, manitoring system and so and our team itself

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<v Speaker 2>to make sure that we always have coverage and we

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<v Speaker 2>know what's what's going on in the market. But I think,

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<v Speaker 2>you know, Crypto was probably the first one to do that,

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<v Speaker 2>but I think equally easy slowly getting up to speed.

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<v Speaker 2>Actually robinhood off for twenty four five trading, so it

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<v Speaker 2>starts on the afternoon of Sunday and goes all the

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<v Speaker 2>way to the next Friday for about does a different ticker,

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<v Speaker 2>and so you know, slowly we are going to start

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<v Speaker 2>seeing equities. I think catching up with this twenty four

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<v Speaker 2>seven world. I think, you know, it doesn't make necessarily

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<v Speaker 2>sense for people to be restricted on when they can trade,

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<v Speaker 2>especially like people that have like a full time job,

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<v Speaker 2>they don't necessarily have time to watch the market and

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<v Speaker 2>see that it's closed when they can finally do something.

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<v Speaker 2>So we've seen that coming from Robinoud, and we see

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<v Speaker 2>some competitor now starting to also do it, and I think,

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<v Speaker 2>you know, slowly, we'll be able to do more and

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<v Speaker 2>more of these things. And I think that's where you

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<v Speaker 2>know crypto and by crypto I also mean blockchain technologies.

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<v Speaker 2>I've been really helpful because I think the the technology

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<v Speaker 2>that is behind crypto is so much more powerful. It's

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<v Speaker 2>software base, and when you think about very basic things

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<v Speaker 2>like settlement or like all these issues that we are

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<v Speaker 2>struggling with on the on the equities world, this is

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<v Speaker 2>not an issue on crypto. And I think that's where

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<v Speaker 2>the toganization will be very important and really can be

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<v Speaker 2>a game changer for a lot of assets because with crypto,

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<v Speaker 2>you get for free fractionalization, and you get for free

362
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<v Speaker 2>twenty four seven, you get for free salment because everything

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00:21:21.279 --> 00:21:25.440
<v Speaker 2>can be automated and software based. So we're going to

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<v Speaker 2>see I think a lot more of these convergence between

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<v Speaker 2>the traditional finance space and the crypto space.

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<v Speaker 1>Yeah, it's to your point of tokenization and tokenization of

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<v Speaker 1>stocks and so forth. It's going to help bring that

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<v Speaker 1>market into the twenty four to seven world. So great

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<v Speaker 1>to hear that you guys are working on solutions like that.

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<v Speaker 1>Another dynamic that I'm curious about. Obviously, you have bigcoin

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<v Speaker 1>et aps now and etherio metfs issued by black Raft,

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<v Speaker 1>Fideli and so forth. So you guys offer et apps

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<v Speaker 1>on your platform, I'm curious, And I don't know if

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<v Speaker 1>you notice at the top of your head are people

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<v Speaker 1>buying more on the ETF side versus the actual crypto

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<v Speaker 1>side of your business.

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<v Speaker 2>I don't know if I have that on top of

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<v Speaker 2>my head. I mean, I know for sure I don't

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<v Speaker 2>have that on top of my head. But I think we,

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00:22:15.799 --> 00:22:18.079
<v Speaker 2>you know, for robbing the guys the way to give

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<v Speaker 2>the choice to the customer. So I think I mentioned

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<v Speaker 2>that earlier with the self custody versus the custodial aspect.

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<v Speaker 2>I think we've done the same kind of approach for

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<v Speaker 2>the ETF. So the next day the BTC ETF wire

385
00:22:31.960 --> 00:22:35.640
<v Speaker 2>approved reallysted eleven of them. We did the same thing

386
00:22:35.680 --> 00:22:39.200
<v Speaker 2>for ITVMTF. We listed them right after they were available,

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<v Speaker 2>And I think the beauty of that is now that

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<v Speaker 2>the customer has the choice. You know, they can use

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<v Speaker 2>robbery crypto if they care about the underlying asset, if

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<v Speaker 2>they want to have the options to transfer it. They

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<v Speaker 2>also have a bit more control of the price because

392
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<v Speaker 2>you know, they can decide when they go and at

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00:22:55.880 --> 00:22:59.240
<v Speaker 2>what price they go in the product. Or they can

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00:22:59.640 --> 00:23:01.599
<v Speaker 2>you know, use their procrage account to buy one of

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<v Speaker 2>the TTF, or they can also use their retirement account

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00:23:04.799 --> 00:23:07.079
<v Speaker 2>that we offer to buy one of the ETF and

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00:23:07.119 --> 00:23:11.200
<v Speaker 2>therefore there will be like some tax advantage potentially if

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00:23:11.240 --> 00:23:13.440
<v Speaker 2>they if they trade with it. So you know, I

399
00:23:13.440 --> 00:23:16.039
<v Speaker 2>think at the end of the day, for us, it

400
00:23:16.079 --> 00:23:20.839
<v Speaker 2>doesn't really matter in my opinion, if we if we

401
00:23:20.880 --> 00:23:23.480
<v Speaker 2>get a customer to buy bitcoins through our platform or

402
00:23:23.480 --> 00:23:26.319
<v Speaker 2>through one of the ETFs. I think what's really important

403
00:23:26.400 --> 00:23:30.000
<v Speaker 2>is uh to give the accessibility and and therefore, if

404
00:23:30.039 --> 00:23:34.480
<v Speaker 2>some people are more comfortable with the ETF, you know,

405
00:23:34.599 --> 00:23:36.680
<v Speaker 2>they can still get into the space and they can

406
00:23:36.720 --> 00:23:42.759
<v Speaker 2>still get some education from from that activity. And and

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00:23:42.839 --> 00:23:45.519
<v Speaker 2>that's really something where you know, we'll I think we'll

408
00:23:45.559 --> 00:23:49.279
<v Speaker 2>see more usage coming from the CTF because usually you

409
00:23:49.359 --> 00:23:52.359
<v Speaker 2>just need to start, you know, getting into something a

410
00:23:52.400 --> 00:23:54.200
<v Speaker 2>little bit and then you get a bit more curious,

411
00:23:54.240 --> 00:23:56.119
<v Speaker 2>you learn a bit more, and then you get even

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00:23:56.480 --> 00:24:00.119
<v Speaker 2>more uh stuck into it. And I think that's how

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<v Speaker 2>it started with me, you know, And I started to

414
00:24:01.880 --> 00:24:04.400
<v Speaker 2>read the white paper and so slowly I was getting

415
00:24:05.039 --> 00:24:06.880
<v Speaker 2>stuck into it. And I think we are, We're going

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00:24:06.920 --> 00:24:09.920
<v Speaker 2>to start seeing that with some of our customers as well.

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<v Speaker 2>So I think overall, we we we are really happy

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<v Speaker 2>with the fact that some of the CTF are made avaiable.

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<v Speaker 2>It brings a bit more options to the customer and

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<v Speaker 2>at the end of the day, you know, that's a

421
00:24:24.440 --> 00:24:25.880
<v Speaker 2>good thing I think for the crypto space.

422
00:24:26.440 --> 00:24:29.640
<v Speaker 1>Yeah. Absolutely, well said. And you know there's different people

423
00:24:29.640 --> 00:24:32.480
<v Speaker 1>in different walks of life, some who are more comfortable

424
00:24:32.599 --> 00:24:36.599
<v Speaker 1>with the ETF rapper versus you know, the self custodial wallet.

425
00:24:36.640 --> 00:24:39.920
<v Speaker 1>You know, I think about like my parents or older

426
00:24:39.920 --> 00:24:42.359
<v Speaker 1>folks in my family, they'll probably want to go to

427
00:24:42.359 --> 00:24:49.000
<v Speaker 1>the ETF route. Absolutely absolutely, And I'm curious how you

428
00:24:49.000 --> 00:24:54.240
<v Speaker 1>guys are viewing the changing dynamic in investors. So a

429
00:24:54.319 --> 00:24:58.319
<v Speaker 1>couple of things. One at social media allows people to crowdsource.

430
00:24:58.359 --> 00:25:00.240
<v Speaker 1>It allows people to come together and say, hey, we're

431
00:25:00.279 --> 00:25:03.480
<v Speaker 1>gonna buy this token, We're gonna buy this talk you

432
00:25:03.480 --> 00:25:06.440
<v Speaker 1>know example GameStop AMC. But now we're seeing it with

433
00:25:06.640 --> 00:25:10.559
<v Speaker 1>mean coins. You know, there's been so many mean coins

434
00:25:10.559 --> 00:25:13.599
<v Speaker 1>and so forth. How are you guys looking at the

435
00:25:13.799 --> 00:25:16.839
<v Speaker 1>modern day investor and how the dynamic is changing with

436
00:25:16.920 --> 00:25:17.519
<v Speaker 1>social media?

437
00:25:19.000 --> 00:25:22.640
<v Speaker 2>Yeah, you know, I think overall, what we believe as

438
00:25:22.640 --> 00:25:26.440
<v Speaker 2>a platform is that we should give to customer access

439
00:25:26.480 --> 00:25:29.759
<v Speaker 2>to to the assets and coins a lot. So we're

440
00:25:29.839 --> 00:25:33.039
<v Speaker 2>not necessarily in the business of deciding if if an

441
00:25:33.079 --> 00:25:36.240
<v Speaker 2>asset is you know, right for the customer or not.

442
00:25:36.440 --> 00:25:40.039
<v Speaker 2>Like if if I knew which which one to bet on,

443
00:25:40.559 --> 00:25:42.799
<v Speaker 2>you know, I will I will probably have retired by now.

444
00:25:42.880 --> 00:25:48.440
<v Speaker 2>But what we are doing as a platform is again

445
00:25:48.519 --> 00:25:50.960
<v Speaker 2>like as a as a safety first company, what we

446
00:25:50.960 --> 00:25:53.000
<v Speaker 2>want to make sure that we have a rigorous framework

447
00:25:53.039 --> 00:25:55.960
<v Speaker 2>in place to help us evaluate the asset that we

448
00:25:55.960 --> 00:25:58.960
<v Speaker 2>support on a platform. You know, we want to make

449
00:25:59.000 --> 00:26:01.559
<v Speaker 2>sure that if we see brought an asset, we are

450
00:26:01.599 --> 00:26:05.519
<v Speaker 2>able to, for example, safely settle with our liquor provider

451
00:26:05.599 --> 00:26:09.559
<v Speaker 2>and market makers. We want to make sure that there

452
00:26:09.599 --> 00:26:14.079
<v Speaker 2>is not like just one person that can change the

453
00:26:14.119 --> 00:26:19.079
<v Speaker 2>contract or things you know that could potentially be a

454
00:26:19.079 --> 00:26:22.240
<v Speaker 2>loss of funds for the customer. So we have a

455
00:26:22.359 --> 00:26:27.680
<v Speaker 2>what we call listing committee. We look at many aspects

456
00:26:27.720 --> 00:26:32.240
<v Speaker 2>of the assets, from operational to legal analysis, to technical

457
00:26:32.319 --> 00:26:37.000
<v Speaker 2>analysis and security analysis, and we are going to make

458
00:26:37.039 --> 00:26:41.279
<v Speaker 2>sure that this is safe for us to the asset

459
00:26:41.359 --> 00:26:44.519
<v Speaker 2>on the platform and that there is no obvious problem

460
00:26:44.559 --> 00:26:48.119
<v Speaker 2>that could come from it. But at the end of

461
00:26:48.119 --> 00:26:52.400
<v Speaker 2>the day, you know, if we use the assets, we

462
00:26:52.599 --> 00:26:55.319
<v Speaker 2>are hoping that the customer can can safely trade it

463
00:26:55.400 --> 00:26:57.880
<v Speaker 2>and all these things, but at the end of the day,

464
00:26:57.880 --> 00:27:00.240
<v Speaker 2>we do want the customer to do their own kind

465
00:27:00.240 --> 00:27:02.039
<v Speaker 2>of research and make sure that this is the right

466
00:27:02.079 --> 00:27:07.240
<v Speaker 2>investment for them. And that's why we also sometimes invest

467
00:27:07.319 --> 00:27:11.599
<v Speaker 2>in some of our learn educational module to make sure

468
00:27:11.640 --> 00:27:14.079
<v Speaker 2>that people have the time to read what is bitcoin?

469
00:27:14.160 --> 00:27:17.119
<v Speaker 2>What is this? What is the difference of the between

470
00:27:17.160 --> 00:27:20.279
<v Speaker 2>the two? Why does it even matter that you know

471
00:27:20.359 --> 00:27:22.640
<v Speaker 2>there is a layer two? Like all of these things,

472
00:27:23.079 --> 00:27:27.279
<v Speaker 2>you know, super easy answer for us are in the space,

473
00:27:27.400 --> 00:27:30.079
<v Speaker 2>but for people that are new to the space, we

474
00:27:30.119 --> 00:27:32.680
<v Speaker 2>want to make sure that they can actually understand why

475
00:27:32.720 --> 00:27:34.720
<v Speaker 2>it matters and why we think that this is a

476
00:27:34.720 --> 00:27:36.319
<v Speaker 2>good investment. Yeah.

477
00:27:36.519 --> 00:27:40.960
<v Speaker 1>Absolutely, Obviously there's some incredible changing dynamics and you know,

478
00:27:41.079 --> 00:27:43.400
<v Speaker 1>I personally, you know, I'm not a big fan of

479
00:27:43.440 --> 00:27:46.640
<v Speaker 1>meme coins, and I always warn people, look, you can invest,

480
00:27:46.720 --> 00:27:49.200
<v Speaker 1>and I mean it's your right, but it's on the

481
00:27:49.359 --> 00:27:50.640
<v Speaker 1>higher end of the risk curve.

482
00:27:50.720 --> 00:27:55.519
<v Speaker 2>And yeah, and frankly, some of the main coin you

483
00:27:55.559 --> 00:27:58.960
<v Speaker 2>know that started, they also fixed some of the issue,

484
00:27:58.960 --> 00:28:01.759
<v Speaker 2>you know, some of the pines where for example, lowering

485
00:28:01.799 --> 00:28:05.039
<v Speaker 2>the network fee when back in the days you had

486
00:28:05.079 --> 00:28:07.880
<v Speaker 2>to pay like ten bucks to center transaction on bitcoin.

487
00:28:08.240 --> 00:28:10.880
<v Speaker 2>So I wouldn't say all the min coins are exactly

488
00:28:10.920 --> 00:28:14.799
<v Speaker 2>the same. I think some have real team behind it

489
00:28:14.839 --> 00:28:18.799
<v Speaker 2>without developing and they just picked a funny name and

490
00:28:18.839 --> 00:28:25.240
<v Speaker 2>a funny funny logo as a as a marketing solution.

491
00:28:25.960 --> 00:28:28.039
<v Speaker 2>But I do think yet a lot of them are

492
00:28:28.039 --> 00:28:30.960
<v Speaker 2>also not there for the long term and we have

493
00:28:31.000 --> 00:28:31.559
<v Speaker 2>to be careful.

494
00:28:32.200 --> 00:28:36.200
<v Speaker 1>Yeah, tell me about your thoughts on stable coins. We're

495
00:28:36.200 --> 00:28:38.440
<v Speaker 1>seeing a lot of stable coins enter the market. Obviously,

496
00:28:38.519 --> 00:28:43.440
<v Speaker 1>the biggest is Tether USDT circles USDC. Second, PayPal launched

497
00:28:43.440 --> 00:28:45.880
<v Speaker 1>your own. I think Ripple's going to launch one as well.

498
00:28:46.839 --> 00:28:50.680
<v Speaker 1>How is Robinhood incorporating stable coins? Uh? And are you

499
00:28:50.680 --> 00:28:52.359
<v Speaker 1>planning to launch your own at some point?

500
00:28:54.559 --> 00:28:57.160
<v Speaker 2>Well? So, you know, I think for us, the main

501
00:28:57.200 --> 00:29:01.319
<v Speaker 2>focus so far has been giving access. We we have

502
00:29:01.359 --> 00:29:05.559
<v Speaker 2>a partnership with a Circle and so you can buy

503
00:29:05.599 --> 00:29:10.279
<v Speaker 2>and sell U s d C on the platform on

504
00:29:10.279 --> 00:29:12.880
<v Speaker 2>on the on the US platform for for free, like

505
00:29:12.920 --> 00:29:16.279
<v Speaker 2>we don't charge any any kind of fee or anything,

506
00:29:16.319 --> 00:29:19.000
<v Speaker 2>and you get one to one. So we we try

507
00:29:19.039 --> 00:29:22.000
<v Speaker 2>to make it as easy as possible for you to

508
00:29:22.000 --> 00:29:24.200
<v Speaker 2>get into the stable, to get off of the stable,

509
00:29:24.240 --> 00:29:28.559
<v Speaker 2>and then you can transfer it on multiple network and

510
00:29:28.799 --> 00:29:31.440
<v Speaker 2>the same thing with our with our wallet, we try

511
00:29:31.480 --> 00:29:34.880
<v Speaker 2>to make it very easy to understand with us U

512
00:29:34.880 --> 00:29:38.880
<v Speaker 2>s d C being front of the product. So you know,

513
00:29:38.960 --> 00:29:42.000
<v Speaker 2>for us, we've been trying to focus on that. The

514
00:29:42.720 --> 00:29:45.559
<v Speaker 2>main concern that I have with some of the stable

515
00:29:45.599 --> 00:29:52.279
<v Speaker 2>coins out there is how you know guaranteed are the

516
00:29:52.279 --> 00:29:55.279
<v Speaker 2>the reserve you know, is as a reserve really what

517
00:29:56.200 --> 00:29:59.839
<v Speaker 2>the stable coin is? You know, are we taking risk

518
00:30:00.119 --> 00:30:03.359
<v Speaker 2>behind it or not? And so I think for us

519
00:30:03.359 --> 00:30:05.960
<v Speaker 2>that's been the main concern when we are looking at

520
00:30:06.079 --> 00:30:09.559
<v Speaker 2>potentially disting a stable coin, and we want to make

521
00:30:09.599 --> 00:30:12.119
<v Speaker 2>sure that, you know, if all customers are trying to

522
00:30:12.119 --> 00:30:15.960
<v Speaker 2>redeem their USDC or whatever stable coin, they can get

523
00:30:16.000 --> 00:30:18.680
<v Speaker 2>actually access to the cash and there is not going

524
00:30:18.720 --> 00:30:21.480
<v Speaker 2>to be a risk of a deep bag or anything

525
00:30:21.519 --> 00:30:25.799
<v Speaker 2>like that. But I think, you know, stableard grind stable

526
00:30:25.839 --> 00:30:30.960
<v Speaker 2>coin has been like a huge traction for the world

527
00:30:31.000 --> 00:30:33.359
<v Speaker 2>crypto world. I think a lot of cases that you're

528
00:30:33.359 --> 00:30:37.400
<v Speaker 2>seeing people using crypto for has been stable because are

529
00:30:37.440 --> 00:30:40.279
<v Speaker 2>able to send money easily. They are also able to

530
00:30:40.359 --> 00:30:43.640
<v Speaker 2>use it as a safe event because they prefer to

531
00:30:44.200 --> 00:30:47.720
<v Speaker 2>hold a stable coin versus something else like their local

532
00:30:47.759 --> 00:30:51.240
<v Speaker 2>currency or something like that. So, you know, we think

533
00:30:51.319 --> 00:30:55.160
<v Speaker 2>that giving access to it is very important in terms

534
00:30:55.160 --> 00:30:57.920
<v Speaker 2>of us launching it. At this point, we have nothing

535
00:30:57.960 --> 00:31:01.279
<v Speaker 2>to announce, but you know, if if we are planning

536
00:31:01.279 --> 00:31:03.119
<v Speaker 2>to do it, I will make sure to come back here.

537
00:31:04.759 --> 00:31:07.240
<v Speaker 1>Yeah. Look, I think it would absolutely make sense for

538
00:31:07.359 --> 00:31:10.119
<v Speaker 1>robin For my opinion, it makes sense for robin Hood

539
00:31:10.119 --> 00:31:13.359
<v Speaker 1>to do that. And your ecosystem is pretty big, you

540
00:31:13.440 --> 00:31:16.000
<v Speaker 1>got a lot of customers you're expanding globally that that

541
00:31:16.000 --> 00:31:19.039
<v Speaker 1>would work out pretty well. US back stable coin. Maybe

542
00:31:19.039 --> 00:31:24.400
<v Speaker 1>in a eurobackstable coin I would use different. Yeah. All right,

543
00:31:24.480 --> 00:31:27.400
<v Speaker 1>let's talk a bit about like crypto regulations. Obviously in

544
00:31:27.440 --> 00:31:30.079
<v Speaker 1>the United States we don't have the clarity. The SEC

545
00:31:30.119 --> 00:31:32.359
<v Speaker 1>is sending wells notice to everybody. I know they sent

546
00:31:32.440 --> 00:31:36.519
<v Speaker 1>one to you guys, coin based UNISWAP, my uncle, my aunt, right, everybody,

547
00:31:37.880 --> 00:31:40.559
<v Speaker 1>It's it's kind of ridiculous at this point. You know,

548
00:31:40.640 --> 00:31:44.079
<v Speaker 1>what's Robin Hood's outlook on this? And are you guys

549
00:31:44.079 --> 00:31:46.519
<v Speaker 1>planning to fight back like the rest of the industry,

550
00:31:46.559 --> 00:31:49.200
<v Speaker 1>you know, if it goes to the court, is Robinhood

551
00:31:49.240 --> 00:31:50.279
<v Speaker 1>prepared to fight the SEC?

552
00:31:50.839 --> 00:31:52.880
<v Speaker 2>Overall? What I would say to be to begin with

553
00:31:53.079 --> 00:31:55.640
<v Speaker 2>is that we've we've been very disappointed when when we

554
00:31:55.799 --> 00:31:58.680
<v Speaker 2>received the well's notice. We were engaging with the SEC

555
00:31:58.799 --> 00:32:04.079
<v Speaker 2>for for many many months, and you know, when the

556
00:32:04.160 --> 00:32:09.400
<v Speaker 2>SEC chairman told the industry come in and register, we

557
00:32:09.880 --> 00:32:13.119
<v Speaker 2>actually believed in it and we went there. We met

558
00:32:13.119 --> 00:32:16.440
<v Speaker 2>with them more than fifteen times, and you know, we

559
00:32:16.519 --> 00:32:20.720
<v Speaker 2>discussed with them to try to get there because we

560
00:32:20.960 --> 00:32:24.400
<v Speaker 2>as a company have been regulated from the beginning, right

561
00:32:24.519 --> 00:32:27.680
<v Speaker 2>Like if you think about robin Hood, it's regulated by

562
00:32:27.680 --> 00:32:30.559
<v Speaker 2>funeral Art, it's regulated by the SEC on the brokerage side,

563
00:32:31.319 --> 00:32:35.759
<v Speaker 2>on the cryptic side, we have licenses across the US.

564
00:32:36.359 --> 00:32:39.200
<v Speaker 2>So really, when you think about that, it's hard to

565
00:32:39.279 --> 00:32:43.000
<v Speaker 2>imagine that we could not come in and register and

566
00:32:43.079 --> 00:32:47.440
<v Speaker 2>get the right things in place to get there. So

567
00:32:47.839 --> 00:32:51.440
<v Speaker 2>we were very disappointed. At the end of the day,

568
00:32:51.640 --> 00:32:56.640
<v Speaker 2>you know, we felt like it was kind of something

569
00:32:56.680 --> 00:32:59.960
<v Speaker 2>that every crypto company, if they start to be a

570
00:33:00.160 --> 00:33:02.519
<v Speaker 2>big they are basically going to get one at this point,

571
00:33:02.559 --> 00:33:06.720
<v Speaker 2>so it's it's becoming a bit of a weird situation.

572
00:33:07.519 --> 00:33:11.079
<v Speaker 2>And yeah, we are definitely ready to, you know, keep

573
00:33:11.519 --> 00:33:13.839
<v Speaker 2>pushing on this, like we want to keep pushing on

574
00:33:14.160 --> 00:33:17.880
<v Speaker 2>the regulator to give access to crypto and make sure

575
00:33:17.920 --> 00:33:21.559
<v Speaker 2>that we are going to be able to keep offer it.

576
00:33:22.079 --> 00:33:25.279
<v Speaker 2>We think that crypto easier to stay, you know, So

577
00:33:25.519 --> 00:33:28.599
<v Speaker 2>at this point we've been focusing on innovating and on

578
00:33:28.640 --> 00:33:31.680
<v Speaker 2>pushing on our road map and at the same time

579
00:33:31.720 --> 00:33:35.359
<v Speaker 2>we'll keep fighting for the cloudy that we need. The

580
00:33:35.440 --> 00:33:38.559
<v Speaker 2>thing that is a bit you know, frustrating for me,

581
00:33:38.759 --> 00:33:41.839
<v Speaker 2>especially as a as a French guy. So I'm European,

582
00:33:42.480 --> 00:33:45.599
<v Speaker 2>and you know, when I moved here from from France,

583
00:33:46.880 --> 00:33:49.319
<v Speaker 2>I moved in the US because really I felt like

584
00:33:49.359 --> 00:33:52.480
<v Speaker 2>the US was top of class in terms of innovation,

585
00:33:52.640 --> 00:33:58.039
<v Speaker 2>in terms of helping companies, especially technology call company like

586
00:33:58.359 --> 00:34:01.480
<v Speaker 2>internet companies and all these things to get it upright

587
00:34:01.519 --> 00:34:04.880
<v Speaker 2>and running very quickly and really be able to expand.

588
00:34:06.000 --> 00:34:08.960
<v Speaker 2>And you know, it sounds like for some reason. On

589
00:34:09.000 --> 00:34:11.480
<v Speaker 2>the crypto space, it's been the opposite, and you know,

590
00:34:11.559 --> 00:34:14.679
<v Speaker 2>there have been a bunch of blockers. And if you

591
00:34:14.679 --> 00:34:17.320
<v Speaker 2>look at the other side, the EU are starting to

592
00:34:17.360 --> 00:34:24.039
<v Speaker 2>actually embrace crypto and they developed the Mega Framework that

593
00:34:24.239 --> 00:34:26.440
<v Speaker 2>is going to be live in twenty twenty five. Really

594
00:34:26.679 --> 00:34:31.800
<v Speaker 2>you know, helping companies to build in the space. And

595
00:34:32.440 --> 00:34:35.719
<v Speaker 2>you know, regulation have their own issues. So not everything

596
00:34:35.760 --> 00:34:39.199
<v Speaker 2>on the Mega Framework is amazing. I will you agree

597
00:34:39.239 --> 00:34:40.960
<v Speaker 2>with that, but at the end of the day, the

598
00:34:41.000 --> 00:34:43.880
<v Speaker 2>advantage at least is that there is something and that

599
00:34:43.960 --> 00:34:46.280
<v Speaker 2>you can use this framework to understand what you can

600
00:34:46.320 --> 00:34:48.400
<v Speaker 2>do or not do and how you can do it,

601
00:34:48.480 --> 00:34:52.119
<v Speaker 2>you know, with that conform with the regulation. So I'm

602
00:34:52.159 --> 00:34:57.719
<v Speaker 2>hoping you know that the US tax position and hopefully

603
00:34:58.360 --> 00:35:03.079
<v Speaker 2>a favorable position, you know I right now, if you

604
00:35:03.119 --> 00:35:04.639
<v Speaker 2>look at the world, they are like a bit of

605
00:35:05.119 --> 00:35:09.320
<v Speaker 2>two classes. You have the countries like China for examples,

606
00:35:09.320 --> 00:35:12.920
<v Speaker 2>that I've created a ban on crypto, and you have

607
00:35:13.519 --> 00:35:17.960
<v Speaker 2>countries like the US where they actually created a framework.

608
00:35:18.039 --> 00:35:19.760
<v Speaker 2>So I'm hoping that we get into the direction of

609
00:35:19.760 --> 00:35:23.039
<v Speaker 2>the framework and that we will be getting clidys so

610
00:35:23.519 --> 00:35:26.760
<v Speaker 2>that once and for all, like US, companies can strive

611
00:35:26.760 --> 00:35:29.519
<v Speaker 2>in the business and we can offer safely to customer

612
00:35:29.719 --> 00:35:30.679
<v Speaker 2>like the products that they want.

613
00:35:31.559 --> 00:35:35.199
<v Speaker 1>Yeah, well said, And I'm hoping twenty twenty five is

614
00:35:35.239 --> 00:35:37.360
<v Speaker 1>a year we get something here in the US because

615
00:35:37.679 --> 00:35:39.800
<v Speaker 1>this year the FIT twenty one bill made it out

616
00:35:39.800 --> 00:35:41.840
<v Speaker 1>of the House. That was surprising that you know, a

617
00:35:41.840 --> 00:35:44.519
<v Speaker 1>bunch of Democrats joined Republicans to get it done. So

618
00:35:44.559 --> 00:35:47.280
<v Speaker 1>there seems to be some momentum. And you have presidential

619
00:35:47.320 --> 00:35:49.760
<v Speaker 1>candidates like Donald Trump, Barkay Jr. You have been talking

620
00:35:49.800 --> 00:35:52.280
<v Speaker 1>about crypto, they want to embrace it and so forth.

621
00:35:52.440 --> 00:35:55.880
<v Speaker 1>So I'm hoping fingers crossed that the Senate can get

622
00:35:56.039 --> 00:35:59.599
<v Speaker 1>their version of the bill through early next year and

623
00:36:00.039 --> 00:36:02.920
<v Speaker 1>exit that a president and becomes law. That would be

624
00:36:02.960 --> 00:36:03.559
<v Speaker 1>really great.

625
00:36:03.400 --> 00:36:07.679
<v Speaker 2>For absolutely absolutely agree. I think you know, at the

626
00:36:07.719 --> 00:36:12.760
<v Speaker 2>end of the day, we and it's something in the

627
00:36:12.800 --> 00:36:16.760
<v Speaker 2>crypto world where you know, a lot of the the

628
00:36:16.800 --> 00:36:20.360
<v Speaker 2>decentralized world doesn't want any regulation or anything like this,

629
00:36:20.559 --> 00:36:25.280
<v Speaker 2>and so we are not necessarily on the opposite side.

630
00:36:25.320 --> 00:36:27.199
<v Speaker 2>But I think when you look at what happened in

631
00:36:27.199 --> 00:36:29.440
<v Speaker 2>the past ten years on crypto, we also saw a

632
00:36:29.440 --> 00:36:32.199
<v Speaker 2>lot of scam. We saw the FGX, we saw the

633
00:36:32.280 --> 00:36:36.119
<v Speaker 2>mongogues and all these things. So having some regulation I

634
00:36:36.159 --> 00:36:38.920
<v Speaker 2>think will prevent some of his issues. You know, having

635
00:36:38.960 --> 00:36:41.800
<v Speaker 2>clear roles on custody, for example, is not a bad idea.

636
00:36:43.079 --> 00:36:46.400
<v Speaker 2>Not becoming link funds between firm and customer. It sounds

637
00:36:46.440 --> 00:36:48.559
<v Speaker 2>like not a bad idea either, you know, like this

638
00:36:48.719 --> 00:36:52.639
<v Speaker 2>kind of basic thing that company like us are abiding

639
00:36:53.559 --> 00:36:56.440
<v Speaker 2>because we think it's it's important. But you know, forcing

640
00:36:56.480 --> 00:36:58.960
<v Speaker 2>some of the other companies not a bad idea. But

641
00:36:59.039 --> 00:37:02.199
<v Speaker 2>I think, you know, hopefully twenty twenty five is a year,

642
00:37:02.239 --> 00:37:03.039
<v Speaker 2>like you said.

643
00:37:03.760 --> 00:37:07.920
<v Speaker 1>Yeah for sure. Now you mentioned Robin Hood's crypto roadmap,

644
00:37:08.440 --> 00:37:10.159
<v Speaker 1>can you tell us a bit about what else is

645
00:37:10.159 --> 00:37:12.719
<v Speaker 1>on your roadmap for the remainder of this year and

646
00:37:12.760 --> 00:37:15.639
<v Speaker 1>if there's anything for let's take Q one twenty twenty five.

647
00:37:16.880 --> 00:37:20.000
<v Speaker 2>Yeah, so you know, I can't go super deep in

648
00:37:20.039 --> 00:37:24.440
<v Speaker 2>the details until we announce things. But usually what we've

649
00:37:24.519 --> 00:37:27.880
<v Speaker 2>been focusing on for the best couple of quarters, and

650
00:37:27.960 --> 00:37:30.280
<v Speaker 2>what we're going to keep focusing on, is on the

651
00:37:30.360 --> 00:37:33.159
<v Speaker 2>on the US side, really pushing on the user experience.

652
00:37:34.119 --> 00:37:36.719
<v Speaker 2>You know, really want to make it more accessible, We

653
00:37:36.760 --> 00:37:39.679
<v Speaker 2>want to make it more user friendly. So we've been

654
00:37:39.719 --> 00:37:44.840
<v Speaker 2>helping a lot of some some of the customers to

655
00:37:45.119 --> 00:37:49.280
<v Speaker 2>get into the space and apply the right trading strategy

656
00:37:49.360 --> 00:37:52.480
<v Speaker 2>that they've been looking for. And in the EU, we're

657
00:37:52.519 --> 00:37:54.679
<v Speaker 2>going to keep adding features. You know, it's still a

658
00:37:54.679 --> 00:37:58.119
<v Speaker 2>new product. In the EU, we are not at the

659
00:37:58.199 --> 00:37:59.920
<v Speaker 2>point where we can feel like, you know, we see

660
00:38:00.119 --> 00:38:03.960
<v Speaker 2>is UH ready for for everybody. You know, we're still

661
00:38:04.000 --> 00:38:07.320
<v Speaker 2>adding a lot of features, and it's going to be

662
00:38:07.559 --> 00:38:09.719
<v Speaker 2>something that we're going to keep doing for for this

663
00:38:09.880 --> 00:38:12.719
<v Speaker 2>year and and next year, and and really the goal

664
00:38:12.800 --> 00:38:14.239
<v Speaker 2>for us at the end of the day is going

665
00:38:14.280 --> 00:38:19.840
<v Speaker 2>to keep bridging the gap between crypto and stratify and

666
00:38:19.840 --> 00:38:23.280
<v Speaker 2>and so I think robil is a very unique position there.

667
00:38:23.360 --> 00:38:25.559
<v Speaker 2>You know, we have customers that are able to to

668
00:38:25.639 --> 00:38:28.480
<v Speaker 2>trade the two different type of product, and we want

669
00:38:28.519 --> 00:38:30.239
<v Speaker 2>to make sure that they can do it safely on

670
00:38:30.599 --> 00:38:36.280
<v Speaker 2>the platform. I think the last really thing that we

671
00:38:36.280 --> 00:38:38.320
<v Speaker 2>we can say on the on the U S side

672
00:38:38.400 --> 00:38:42.360
<v Speaker 2>is we're going to keep trying to push for lowering

673
00:38:42.360 --> 00:38:44.199
<v Speaker 2>our cost and making sure that we can offer the

674
00:38:44.280 --> 00:38:48.320
<v Speaker 2>loways cost on the platform for UH for almost all

675
00:38:48.400 --> 00:38:53.440
<v Speaker 2>the customers and making sure that it's available for everyone.

676
00:38:54.039 --> 00:38:57.480
<v Speaker 1>Mm hmmm, are there plans? And I apologize, I don't

677
00:38:57.480 --> 00:38:58.880
<v Speaker 1>know if I missed this or I didn't see this.

678
00:38:59.239 --> 00:39:01.719
<v Speaker 1>Are you guys playing to do anything with NFTs? Eventually

679
00:39:01.800 --> 00:39:04.199
<v Speaker 1>I know there's there isn't clarity there and we saw

680
00:39:04.239 --> 00:39:07.000
<v Speaker 1>open Sea just got a wells notice as well. But

681
00:39:07.079 --> 00:39:09.519
<v Speaker 1>once there's clarity, you know, are you planning to expand

682
00:39:09.559 --> 00:39:12.840
<v Speaker 1>to NFTs? And not just from everybody, but let's say

683
00:39:12.880 --> 00:39:16.679
<v Speaker 1>legit artists, right, people who even if it's like Taylor

684
00:39:16.719 --> 00:39:20.679
<v Speaker 1>Swift was like I'm releasing one hundred NFTs with Robinhood

685
00:39:20.719 --> 00:39:21.679
<v Speaker 1>list things like that.

686
00:39:22.519 --> 00:39:26.679
<v Speaker 2>Yeah, so you know it's definitely something we so so

687
00:39:26.800 --> 00:39:29.239
<v Speaker 2>for any product that we have on the platform or

688
00:39:29.320 --> 00:39:34.400
<v Speaker 2>for everything, we really look at customer feedback. So we

689
00:39:34.440 --> 00:39:38.000
<v Speaker 2>have teams of user researcher that are going into the

690
00:39:38.800 --> 00:39:42.039
<v Speaker 2>uh on on the ground and that are going to

691
00:39:42.039 --> 00:39:45.480
<v Speaker 2>meet with customers and trying to understand what do you like,

692
00:39:45.559 --> 00:39:47.840
<v Speaker 2>what do you not like about Robbinhood and then you know,

693
00:39:47.960 --> 00:39:52.000
<v Speaker 2>at very very low level details, So they will go

694
00:39:52.159 --> 00:39:55.000
<v Speaker 2>through some of the flow with customers and and try

695
00:39:55.000 --> 00:39:58.360
<v Speaker 2>to see their reaction, try to see how they interact

696
00:39:58.400 --> 00:40:00.559
<v Speaker 2>with the product, and and our goal is to really

697
00:40:00.679 --> 00:40:05.360
<v Speaker 2>learn and understand what's missing, and that's how sometimes we

698
00:40:05.559 --> 00:40:08.119
<v Speaker 2>make change in the in the products it's it's from

699
00:40:08.199 --> 00:40:12.239
<v Speaker 2>this customer feedback loop that we were getting, and so

700
00:40:12.679 --> 00:40:16.119
<v Speaker 2>NFT was something that was really requested a lot, not

701
00:40:16.199 --> 00:40:19.320
<v Speaker 2>so much on Robbio Crypto itself, like the product, but

702
00:40:19.440 --> 00:40:22.480
<v Speaker 2>on the wallet. You know a lot of people wanted

703
00:40:22.519 --> 00:40:25.079
<v Speaker 2>to be able to go and open see and trade

704
00:40:25.119 --> 00:40:29.760
<v Speaker 2>on open See or their NFT marketplace, and so that's

705
00:40:29.760 --> 00:40:33.360
<v Speaker 2>why we we made it kind of a prime feature

706
00:40:33.360 --> 00:40:35.639
<v Speaker 2>on the wallet and so you can have all your

707
00:40:35.679 --> 00:40:38.039
<v Speaker 2>your n f T there, you can access all the

708
00:40:38.079 --> 00:40:41.760
<v Speaker 2>marketplace there. We also did some partnership in the past.

709
00:40:42.360 --> 00:40:45.800
<v Speaker 2>One one of them was fairly recently where you could

710
00:40:45.880 --> 00:40:48.960
<v Speaker 2>meet and get an n f T for free on

711
00:40:49.000 --> 00:40:52.480
<v Speaker 2>the platform, and we've seen a lot of engagement with it,

712
00:40:52.599 --> 00:40:56.320
<v Speaker 2>so you know, definitely something that we love. I think

713
00:40:56.440 --> 00:40:59.079
<v Speaker 2>NFT have a ton of future. Also, there is a

714
00:40:59.599 --> 00:41:01.719
<v Speaker 2>there's a basic NFT that just do like you know,

715
00:41:01.800 --> 00:41:05.360
<v Speaker 2>the the image or however I want to go is

716
00:41:05.400 --> 00:41:09.199
<v Speaker 2>the art. But there are things where NFTR being used

717
00:41:09.199 --> 00:41:12.280
<v Speaker 2>for a lot more like for access to concerts or

718
00:41:12.320 --> 00:41:14.280
<v Speaker 2>things like that, and so I think for us it's

719
00:41:14.719 --> 00:41:18.280
<v Speaker 2>going to be a pretty important part of ostrategy and

720
00:41:18.639 --> 00:41:20.760
<v Speaker 2>making sure that you know, people can can do it

721
00:41:20.800 --> 00:41:22.519
<v Speaker 2>if they want it. Yeah.

722
00:41:22.559 --> 00:41:28.039
<v Speaker 1>Absolutely, I'm excited for the future iteration and adoption of

723
00:41:28.119 --> 00:41:31.400
<v Speaker 1>NFTs that I've been seeing folks at chain Link they're

724
00:41:31.440 --> 00:41:34.960
<v Speaker 1>doing like dynamic n f ts, like for example, both

725
00:41:35.079 --> 00:41:38.239
<v Speaker 1>take a house deed and it's turned into an n

726
00:41:38.320 --> 00:41:41.880
<v Speaker 1>f T and then it gets updated automatically with changes

727
00:41:41.960 --> 00:41:44.719
<v Speaker 1>on the land, changes to the house, you do maintenance.

728
00:41:45.280 --> 00:41:50.280
<v Speaker 1>It's amazing the future potential for this technology and even

729
00:41:50.400 --> 00:41:54.079
<v Speaker 1>just concert tickets some artists and how that can be

730
00:41:54.199 --> 00:41:57.199
<v Speaker 1>used and include special perks and benefits, and then the

731
00:41:57.360 --> 00:42:00.639
<v Speaker 1>secondary markets and so forth. It's pretty core doable stuff.

732
00:42:01.559 --> 00:42:04.360
<v Speaker 2>Yeah, I agree, And I think the dynamic ones are

733
00:42:04.400 --> 00:42:08.519
<v Speaker 2>really cool. One day months ago, so I saw one

734
00:42:08.559 --> 00:42:11.159
<v Speaker 2>where it was a reflection of the stock market and

735
00:42:11.239 --> 00:42:14.360
<v Speaker 2>it was changing based on you know, what was happening

736
00:42:14.400 --> 00:42:17.079
<v Speaker 2>on the market, And you know, it's kind of cool

737
00:42:17.119 --> 00:42:20.639
<v Speaker 2>to have heart that can change based on what's going

738
00:42:20.639 --> 00:42:22.440
<v Speaker 2>on in the real world and it's not just something

739
00:42:22.480 --> 00:42:25.280
<v Speaker 2>fixed in time. So I'm really excited about it. I

740
00:42:25.320 --> 00:42:28.559
<v Speaker 2>think we will stop seeing a lot more. And you know,

741
00:42:28.639 --> 00:42:31.400
<v Speaker 2>I think we saw a lot of disruption in the

742
00:42:31.440 --> 00:42:34.840
<v Speaker 2>space as well. You know, from the original model from

743
00:42:35.000 --> 00:42:37.320
<v Speaker 2>from Open Sea to what we are today, Like a

744
00:42:37.360 --> 00:42:39.800
<v Speaker 2>lot of things have changed, and I think that's that's

745
00:42:39.840 --> 00:42:41.440
<v Speaker 2>not going to stop anytime soon.

746
00:42:43.000 --> 00:42:46.119
<v Speaker 1>I want to get your thoughts on bitcoin adoption because

747
00:42:46.639 --> 00:42:49.119
<v Speaker 1>you've seen it, you know, from a while back, and

748
00:42:49.599 --> 00:42:51.880
<v Speaker 1>we got et aps. Now we have companies putting it

749
00:42:52.039 --> 00:42:55.039
<v Speaker 1>on their balance sheet as a reserve asset, right and

750
00:42:55.079 --> 00:42:57.880
<v Speaker 1>this is happening globally. I think there's a Japanese company,

751
00:42:58.159 --> 00:43:01.239
<v Speaker 1>Meta Planet. Obviously, you got micro Strategy year, Tesla SpaceX,

752
00:43:01.280 --> 00:43:03.679
<v Speaker 1>and I know some smaller companies around the world are

753
00:43:03.679 --> 00:43:08.039
<v Speaker 1>doing this. And then I'm hearing rumblings of energy companies.

754
00:43:08.079 --> 00:43:12.119
<v Speaker 1>They want to mine bitcoin they can monetize the excess

755
00:43:12.239 --> 00:43:15.239
<v Speaker 1>energy and wasted energy. You got El Salvador has made

756
00:43:15.239 --> 00:43:17.559
<v Speaker 1>it a legal tender. You know, what are your thoughts

757
00:43:17.639 --> 00:43:19.840
<v Speaker 1>on the future adoption? Are we going to see more

758
00:43:19.880 --> 00:43:22.960
<v Speaker 1>of this? Are we going to see maybe central banks

759
00:43:23.000 --> 00:43:25.960
<v Speaker 1>eventually hold bitcoin as they do gold as a reserve.

760
00:43:27.960 --> 00:43:32.599
<v Speaker 2>Yeah, you know, I think I think so many things

761
00:43:32.599 --> 00:43:34.840
<v Speaker 2>can happen, so like you know, the reserve question, Like

762
00:43:34.880 --> 00:43:41.119
<v Speaker 2>we even heard during the Bitcoin Nashville President Trump mentioning

763
00:43:41.199 --> 00:43:46.079
<v Speaker 2>that it was thinking about creating one. So you know,

764
00:43:46.159 --> 00:43:49.320
<v Speaker 2>I think it's it's something that can definitely happen. I'm

765
00:43:49.360 --> 00:43:52.320
<v Speaker 2>a lot more interested into the innovation in the space.

766
00:43:52.599 --> 00:43:55.360
<v Speaker 2>You know, what people are building with the lightning network.

767
00:43:56.440 --> 00:43:59.079
<v Speaker 2>A lot of things that have been created there and

768
00:43:59.119 --> 00:44:03.239
<v Speaker 2>I think can solve a lot of issues. Lightning technical

769
00:44:03.280 --> 00:44:06.639
<v Speaker 2>implementation is still fairly complicated for a lot of companies

770
00:44:06.639 --> 00:44:10.199
<v Speaker 2>to implement. But now you're starting to see startups really

771
00:44:10.320 --> 00:44:12.880
<v Speaker 2>simplifying this and and kind of creating the raales for

772
00:44:12.960 --> 00:44:15.800
<v Speaker 2>you and you don't have to deal with the channel

773
00:44:16.320 --> 00:44:20.440
<v Speaker 2>concept of lightning and all these things. I think the

774
00:44:20.639 --> 00:44:23.880
<v Speaker 2>energy one was also something that was very interested in.

775
00:44:24.920 --> 00:44:27.360
<v Speaker 2>You know, there is always kind of this like bad

776
00:44:27.440 --> 00:44:30.719
<v Speaker 2>reputation around bitcoin and crypto engineer around like the cost

777
00:44:30.880 --> 00:44:34.559
<v Speaker 2>for for energy, even though that if you look at

778
00:44:33.960 --> 00:44:37.519
<v Speaker 2>the most recent kind of analysis, it sounds like more

779
00:44:37.559 --> 00:44:41.239
<v Speaker 2>than the majority of the of the mining energy is

780
00:44:41.239 --> 00:44:44.679
<v Speaker 2>already clean energy. But I think if we can start

781
00:44:44.719 --> 00:44:48.159
<v Speaker 2>looking at that to help offset some of the costs

782
00:44:48.280 --> 00:44:52.679
<v Speaker 2>for these new energies, I think that's that's really interesting

783
00:44:52.719 --> 00:44:55.639
<v Speaker 2>when you when you think about you know, solar production

784
00:44:55.880 --> 00:44:59.079
<v Speaker 2>and wind production. A lot of times the issue is

785
00:44:59.079 --> 00:45:02.000
<v Speaker 2>not so much into during the energy, but it's seemedto

786
00:45:02.119 --> 00:45:06.519
<v Speaker 2>getting into it, into the grid, and oftentimes like either hope,

787
00:45:06.559 --> 00:45:09.360
<v Speaker 2>we don't have the right connection system to put in place,

788
00:45:09.480 --> 00:45:11.880
<v Speaker 2>or there is a very long list before you can

789
00:45:11.920 --> 00:45:16.719
<v Speaker 2>connect your new wind or solar farm to the grid,

790
00:45:17.559 --> 00:45:19.440
<v Speaker 2>and it will take you years before you can do that.

791
00:45:19.559 --> 00:45:22.719
<v Speaker 2>And so a lot of projects are actually being can

792
00:45:22.800 --> 00:45:25.159
<v Speaker 2>soled because of that reason. And so I think if

793
00:45:25.199 --> 00:45:28.440
<v Speaker 2>we can use crypto to actually upset that and make

794
00:45:28.519 --> 00:45:31.639
<v Speaker 2>it more profitable and push people into the space, that's

795
00:45:32.400 --> 00:45:35.519
<v Speaker 2>a game changer for the planet. So definitely a big

796
00:45:35.519 --> 00:45:36.239
<v Speaker 2>supporter of that.

797
00:45:37.320 --> 00:45:41.320
<v Speaker 1>Yeah, absolutely, I'm excited, you know, to see how Web

798
00:45:41.320 --> 00:45:44.320
<v Speaker 1>three evolves, see how big one gets adopted. You know,

799
00:45:44.480 --> 00:45:47.360
<v Speaker 1>I got in twenty sixteen and it was scary. It

800
00:45:47.480 --> 00:45:50.840
<v Speaker 1>was no any you know, it wasn't news like this.

801
00:45:51.000 --> 00:45:53.760
<v Speaker 1>It was more of the foot right of oh, this

802
00:45:53.880 --> 00:45:56.360
<v Speaker 1>is all a scam, ponzi this and that. Now it's

803
00:45:56.400 --> 00:45:59.639
<v Speaker 1>a completely different narrative. So I'm actually excited. It's like

804
00:46:00.119 --> 00:46:02.679
<v Speaker 1>entering I don't know if you want to call it

805
00:46:02.800 --> 00:46:05.880
<v Speaker 1>hyper bitcoinization and just mainstream adoption.

806
00:46:06.039 --> 00:46:10.519
<v Speaker 2>So it's exciting times. I think mainstream adoption is the

807
00:46:10.599 --> 00:46:12.679
<v Speaker 2>right word, you know, Like the fact that just the

808
00:46:12.679 --> 00:46:18.159
<v Speaker 2>ETF the creation of the ETF when you think about it, right,

809
00:46:18.239 --> 00:46:21.519
<v Speaker 2>like to your point twenty twelve sixteen, like people were

810
00:46:21.559 --> 00:46:23.679
<v Speaker 2>still thinking it was a scam. Now you have this

811
00:46:23.960 --> 00:46:28.599
<v Speaker 2>massive institution getting into the space. So I think it's

812
00:46:29.000 --> 00:46:31.480
<v Speaker 2>it's a very different world. And that's kind of the

813
00:46:31.480 --> 00:46:35.639
<v Speaker 2>beauty of blockchain technologies or crypto in general. It's been

814
00:46:36.320 --> 00:46:38.960
<v Speaker 2>to see at the speed that things have been moving,

815
00:46:39.119 --> 00:46:42.239
<v Speaker 2>Like the Bitcoin took a bit of a while before

816
00:46:42.480 --> 00:46:45.119
<v Speaker 2>kind of breaking things, but then you started to see

817
00:46:45.199 --> 00:46:48.480
<v Speaker 2>them and the adoption of new layers on ism and

818
00:46:48.519 --> 00:46:51.280
<v Speaker 2>all this thing. It's been. It's been really exciting.

819
00:46:52.000 --> 00:46:55.199
<v Speaker 1>Yeah, for sure. All right, Johanna, I got some wrap

820
00:46:55.280 --> 00:46:57.519
<v Speaker 1>up questions there for you. First, if you could create

821
00:46:57.559 --> 00:46:59.320
<v Speaker 1>your own metaverse, what would the team be?

822
00:47:00.920 --> 00:47:04.639
<v Speaker 2>Oh, that's a good question. I love comic books, so

823
00:47:04.760 --> 00:47:07.440
<v Speaker 2>I think I will create something ready to comic books

824
00:47:07.480 --> 00:47:11.000
<v Speaker 2>and you can be your own kind of hero and

825
00:47:11.039 --> 00:47:12.760
<v Speaker 2>build your own world around yourself.

826
00:47:13.599 --> 00:47:15.760
<v Speaker 1>That's great, And so I grew up reading tons of

827
00:47:15.760 --> 00:47:19.159
<v Speaker 1>comic books, X Men everything. Marvel had some DC as well,

828
00:47:19.239 --> 00:47:22.440
<v Speaker 1>so I have to ask what's your favorite comic book?

829
00:47:23.840 --> 00:47:27.440
<v Speaker 2>So I actually love some that are like European based,

830
00:47:27.440 --> 00:47:31.920
<v Speaker 2>Belgian based, actually, but on the US world, I will say,

831
00:47:32.119 --> 00:47:35.159
<v Speaker 2>like Spider Man was probably one of my favorites as well.

832
00:47:35.599 --> 00:47:38.599
<v Speaker 1>Oh for sure. Yeah, I'll let you know about this.

833
00:47:38.719 --> 00:47:42.679
<v Speaker 1>I've been collecting some of the rare CGC graded comic

834
00:47:42.719 --> 00:47:45.719
<v Speaker 1>books as like an investment because they grow in value,

835
00:47:45.800 --> 00:47:47.840
<v Speaker 1>right if you have them in good grades. So I

836
00:47:47.880 --> 00:47:50.119
<v Speaker 1>have some Spider Man, had some X Men and stuff

837
00:47:50.159 --> 00:47:51.920
<v Speaker 1>like that I've been collecting over the years.

838
00:47:52.440 --> 00:47:54.519
<v Speaker 2>Do you have a conversion of that as well to

839
00:47:55.000 --> 00:47:55.960
<v Speaker 2>exchange or not yet?

840
00:47:56.599 --> 00:48:00.559
<v Speaker 1>Not yet, but you know I'm looking at I seriously

841
00:48:00.559 --> 00:48:02.920
<v Speaker 1>thought about that. You know, how can I tell you,

842
00:48:03.679 --> 00:48:04.840
<v Speaker 1>you know, create a market on it?

843
00:48:04.920 --> 00:48:08.760
<v Speaker 2>So absolutely, I think that's really like the real world.

844
00:48:08.800 --> 00:48:11.199
<v Speaker 2>I said, it's all going to become part of the

845
00:48:11.280 --> 00:48:14.840
<v Speaker 2>tumorrow type of trading. Absolutely.

846
00:48:14.880 --> 00:48:18.599
<v Speaker 1>Yeah, I'm excited to monetize some of these collectables. I

847
00:48:18.639 --> 00:48:25.880
<v Speaker 1>have all right, rapid fire questions, favorite food, pro lasagna,

848
00:48:26.360 --> 00:48:27.760
<v Speaker 1>favorite musician or band.

849
00:48:29.320 --> 00:48:32.400
<v Speaker 2>That's too odd. That will really depends on my mood. Again,

850
00:48:32.559 --> 00:48:36.599
<v Speaker 2>and someone will listen to everything from electro to metal

851
00:48:36.760 --> 00:48:40.519
<v Speaker 2>to classical music, so it will it will already depend

852
00:48:40.519 --> 00:48:49.000
<v Speaker 2>on the mood. Favorite movie I don't know as well.

853
00:48:49.119 --> 00:48:54.039
<v Speaker 2>I have a lot of classic h that I really love.

854
00:48:54.320 --> 00:48:57.360
<v Speaker 2>And also on the technical side, when I was like

855
00:48:57.599 --> 00:49:01.599
<v Speaker 2>young and becoming an engineer, I watched some movie like

856
00:49:01.719 --> 00:49:03.840
<v Speaker 2>Anti Trust and any things like that, and I was like, oh,

857
00:49:03.920 --> 00:49:05.920
<v Speaker 2>this is so awesome to be a hacker and to

858
00:49:05.960 --> 00:49:10.280
<v Speaker 2>be able to quickly go into building like new software.

859
00:49:10.400 --> 00:49:19.559
<v Speaker 2>So yeah, anything like that. Nice favorite book probably twenty

860
00:49:19.639 --> 00:49:22.880
<v Speaker 2>dozen leagues And there's a c a very old book

861
00:49:23.000 --> 00:49:27.000
<v Speaker 2>from from back in the days. But when I was young,

862
00:49:27.079 --> 00:49:30.000
<v Speaker 2>it was the first book I've read and made me

863
00:49:30.039 --> 00:49:33.199
<v Speaker 2>think about science fiction and really gave me the love

864
00:49:33.280 --> 00:49:37.199
<v Speaker 2>for science fiction and thinking about what's out there and

865
00:49:37.440 --> 00:49:38.360
<v Speaker 2>get into that world.

866
00:49:39.440 --> 00:49:41.159
<v Speaker 1>And when you're not working at Robinhood, what are you

867
00:49:41.159 --> 00:49:41.719
<v Speaker 1>doing for fun?

868
00:49:44.199 --> 00:49:46.239
<v Speaker 2>So I have a two year old now, so a

869
00:49:46.239 --> 00:49:49.599
<v Speaker 2>lot of time just playing with him and building legos

870
00:49:49.599 --> 00:49:52.920
<v Speaker 2>and stuff like that. But something I love also is woodworking,

871
00:49:53.039 --> 00:49:56.400
<v Speaker 2>So love to build things. As a as an engineer,

872
00:49:56.440 --> 00:49:59.199
<v Speaker 2>you always write things on the screen, but being able

873
00:49:59.239 --> 00:50:02.400
<v Speaker 2>to do it person and build something with your hand,

874
00:50:02.400 --> 00:50:03.280
<v Speaker 2>it's really cool.

875
00:50:03.840 --> 00:50:07.480
<v Speaker 1>M hmm, Johan, pleasure chatting with you. I'm really excited

876
00:50:07.519 --> 00:50:09.679
<v Speaker 1>for the future updates around Robinhood. Like I said, I'm

877
00:50:09.719 --> 00:50:12.159
<v Speaker 1>a user, so I'm keeping a close eye and I

878
00:50:12.159 --> 00:50:13.880
<v Speaker 1>would love to have you back on you know, when

879
00:50:13.920 --> 00:50:16.679
<v Speaker 1>you guys make the big announcements. But thank you so

880
00:50:16.760 --> 00:50:18.880
<v Speaker 1>much for joining me anytimes.

881
00:50:18.880 --> 00:50:20.239
<v Speaker 2>Thank you for having me. What's great