Interesting points! conforming to US laws and regulations is a big plus, allows for on ramp for institutions which is important for crypto obviously but also good a good client base to have!

There are competitors, significant ones. I was considering talking about this in the post but didn't. They face competition from other exchanges like Binance and Kraken, but also new platforms like robinhood and wealth simple which offer both traditional securities and are beginning to offer crypto. First mover advantage will help for sure, and like mention user retention will be a battle in the future.

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