Robinhood Goes ALL-IN on Bitcoin & Crypto | Vlad Tenev

00:49:10
https://www.youtube.com/watch?v=SSL487Dp2CA

摘要

TLDRIn the video, Vlad Tenev, co-founder and CEO of Robinhood, discusses the transforming landscape of financial markets, particularly the merging of public equities and crypto. Tenev shares insights into how Robinhood is integrating crypto into their platform and the potential future of investing through tokenization and 24/7 trading. He explains that Robinhood sees crypto as an evolution in financial infrastructure which will lead to more efficient, interoperable services. The conversation touches on unmet needs in retail investment, particularly the desire to invest in small companies early on. Tenev foresees the tokenization of public stocks and private companies as a means to better access these investment opportunities. The video also explores the role of AI and machine learning in Robinhood's operations. Additionally, it highlights how Robinhood is adapting to cater to both first-time investors and active traders, expanding its financial product offerings to appeal to a broader audience.

心得

  • 🔄 The merger of public equities and crypto is seen as inevitable by Robinhood.
  • 🌐 Crypto is viewed as the next step for evolving financial infrastructure.
  • ⏳ Tokenization can reduce time from concept to trading on global markets.
  • 💹 Retail investors are interested in engaging with assets in early stages.
  • 🧠 AI and machine learning play significant roles in Robinhood's strategy.
  • 📈 Robinhood is expanding its trading offerings, including crypto and event contracts.
  • 🌐 Interoperability is a crucial benefit of blockchain-based financial services.
  • 📊 Retail investors and analysts are a central focus for Robinhood's growth.
  • 🔍 Robinhood advocates for user-led investing, empowering self-directed financial management.
  • 📉 Public and private market convergence is driven by technological advances.

时间轴

  • 00:00:00 - 00:05:00

    Public equities and crypto are expected to merge. The flexibility and rapidity of listing assets on blockchains present an efficiency that cannot be ignored. Robinhood CEO Vlad Tenev discusses how Robinhood has democratized access to financial markets, including crypto, and speculates about the future trends such as 24/7 trading and tokenization.

  • 00:05:00 - 00:10:00

    Vlad Tenev argues against the notion that the younger generation is uninterested in public markets, citing curiosity in companies like Tesla and Nvidia. He notes there is an unmet need for investing in smaller, private ventures, which crypto can address through early access to small projects. Tokenization and relaxed investor accreditation can play a role in this transformation.

  • 00:10:00 - 00:15:00

    Investors may dismiss younger strategies as having little understanding of valuation but narratives influence everyone. Retail investors are becoming significant and savvy, mimicking professional analysts via platforms like YouTube for investment insights. Robinhood aims to engage with this retail community by embracing retail analysts concerning their stocks.

  • 00:15:00 - 00:20:00

    AI is often misunderstood in its applications but has removed the need for traditional middlemen in finance, empowering self-directed investing. Automation in financial decisions will increase as machine learning extends beyond transactions to providing advisory services. Robinhood foresees launching AI-infused products that advance these capabilities.

  • 00:20:00 - 00:25:00

    The merger of public equities and crypto continues as seen with Robinhood and Coinbase. The conversation shifts towards comparing the simplified, global access of crypto markets with the complex public listing processes of companies, highlighting inefficiencies that crypto assets may overcome.

  • 00:25:00 - 00:30:00

    Adoption hurdles for tokenized stocks are primarily regulatory, not technological, exemplified by the progress in Europe. The US's regulatory clarity can boost crypto and public markets through innovation and protection balance, despite requiring clearer frameworks for stablecoins and crypto assets classification.

  • 00:30:00 - 00:35:00

    The new US administration, supposedly pro-crypto, isn't changing regulatory landscape immediately. There is plenty still to iron out: the regulatory status of crypto assets, stablecoin management, and tokenization process will require clear frameworks and open up interesting opportunities for innovation and growth.

  • 00:35:00 - 00:40:00

    24/7 trading could become standard with tokenization however Robinhood is bridging this gap by offering 24/5 stock trading, facing hurdles from legacy systems. Blockchain would resolve these inefficiencies, offering constant market access and revolutionary changes in user experiences including fractional share trading.

  • 00:40:00 - 00:49:10

    More than just trading, Robinhood aims to grow with its users, offering products that adapt to user lifecycle changes like family dynamics and wealth transfer. Event contracts, recently popularized during elections, are part of diversifying offerings, leveraging market interest as news sources and sophisticated hedging tools.

显示更多

思维导图

视频问答

  • Who is Vlad Tenev?

    Vlad Tenev is the co-founder and CEO of Robinhood.

  • What is Robinhood's perspective on the merger of public equities and crypto?

    Robinhood believes that the worlds of public equities and crypto will increasingly merge and become one.

  • How does Robinhood see the role of crypto in financial markets?

    Robinhood sees crypto as the next step in the evolution of financial infrastructure, making financial services more efficient and interoperable.

  • What unmet need does Robinhood see in the retail market?

    Robinhood identifies an unmet need for retail investors wanting to invest in assets while they're still small and have high growth potential.

  • What are the potential benefits of tokenization according to Robinhood?

    Tokenization can improve liquidity, accessibility, allow for 24/7 trading, and facilitate the merging of private and public markets.

  • How does Robinhood use machine learning and AI?

    Robinhood has been early in using machine learning, applying AI for customer support flows and potentially for financial products in the future.

  • What financial products is Robinhood expanding into?

    Robinhood is expanding into crypto trading, event contracts, futures trading, and enhancing its platform for active traders.

  • How is Robinhood engaging with retail analysts and investors?

    Robinhood is actively engaging with retail analysts and investors, embracing them as key constituents and providing platforms for detailed analysis.

查看更多视频摘要

即时访问由人工智能支持的免费 YouTube 视频摘要！
字幕
en
自动滚动:
  • 00:00:00
    I think the worlds of public equities
  • 00:00:03
    and crypto will increasingly merge and
  • 00:00:06
    become one and I I think when a lot of
  • 00:00:09
    people hear crypto they're thinking
  • 00:00:11
    about meme coins or maybe Bitcoin and it
  • 00:00:14
    seems like this is not a very serious
  • 00:00:17
    thing but if you're thinking about
  • 00:00:18
    what's happening um the time from
  • 00:00:21
    getting an idea to listing an asset on a
  • 00:00:24
    blockchain has effectively gone to zero
  • 00:00:27
    right and ju toos that with what we were
  • 00:00:29
    talking about earlier how difficult it
  • 00:00:31
    is to take a company public my my view
  • 00:00:34
    of crypto is it's sort of the next step
  • 00:00:36
    in how Financial infrastructure evolves
  • 00:00:39
    you'll see traditional Financial
  • 00:00:40
    Services on crypto rails they'll be
  • 00:00:42
    easier to use better more interoperable
  • 00:00:45
    and I think the us will have to adopt it
  • 00:00:48
    the efficiency gains are just going to
  • 00:00:49
    be too high to to
  • 00:00:52
    ignore what's going on guys today I've
  • 00:00:54
    got a very special treat for you I've
  • 00:00:56
    got Vlad tenv he is the co-founder and
  • 00:00:58
    CEO of Robin Hood Vlad ad and the Robin
  • 00:01:00
    Hood team have built an amazing product
  • 00:01:02
    that has onboarded tens of millions of
  • 00:01:04
    different users to financial markets but
  • 00:01:06
    now they also have pushed very deep into
  • 00:01:08
    crypto and we talk about what's going on
  • 00:01:10
    on the platform how big it is and then
  • 00:01:12
    what he thinks is going to change in
  • 00:01:13
    financial markets we talk about 24/7
  • 00:01:15
    trading we talk about tokenization we
  • 00:01:17
    talk about crypto and the various assets
  • 00:01:19
    there then we get into things like
  • 00:01:20
    prediction markets and event contracts
  • 00:01:22
    and Vlad gives us his vision for the
  • 00:01:24
    future this is a fascinating
  • 00:01:25
    conversation that gives you a peak into
  • 00:01:27
    the future of where financial markets
  • 00:01:29
    are going what what it means for
  • 00:01:30
    individual investors and how you may
  • 00:01:32
    actually change the way that you invest
  • 00:01:34
    based on the way that the platforms
  • 00:01:35
    evolve here is my latest conversation
  • 00:01:37
    with Vlad tenv all right Vlad I thought
  • 00:01:39
    a great place to start the conversation
  • 00:01:41
    is every time I talk to a public hedge
  • 00:01:43
    fund manager they all tell me the same
  • 00:01:44
    thing which is that the younger
  • 00:01:46
    generation doesn't like public markets
  • 00:01:48
    they don't like public stocks they keep
  • 00:01:49
    going into Venture Capital they want to
  • 00:01:51
    start companies they want to invest in
  • 00:01:53
    these startups and so the public markets
  • 00:01:55
    have been become less popular we went
  • 00:01:57
    from 8,000 publicly traded companies
  • 00:01:58
    down to 4,000 and it seems like an
  • 00:02:01
    entire generation is kind of leaving
  • 00:02:02
    behind public markets two things are
  • 00:02:05
    interesting one is crypto is very liquid
  • 00:02:08
    and is obviously trading in you know
  • 00:02:10
    kind of a different type of public
  • 00:02:11
    market and so maybe that sentiment is
  • 00:02:14
    inaccurate but also Robin Hood seems to
  • 00:02:15
    be doing pretty well and you started out
  • 00:02:17
    with a younger uh kind of investor base
  • 00:02:19
    and as that investor base grows and the
  • 00:02:20
    assets that you offer grows it seems
  • 00:02:22
    like maybe that younger generation
  • 00:02:24
    really does care about both crypto and
  • 00:02:26
    stock market what do you think I think
  • 00:02:28
    that public markets are still
  • 00:02:30
    interesting to people I mean there's
  • 00:02:32
    lots of great companies that are retail
  • 00:02:36
    favorites that you can only get via
  • 00:02:38
    public markets for example Tesla if you
  • 00:02:41
    wanted to catch the EV wave over the
  • 00:02:45
    past couple of years then Tesla has seen
  • 00:02:48
    massive appreciation and a lot of retail
  • 00:02:50
    interest and that's only available via
  • 00:02:52
    the public markets Nvidia is a similar
  • 00:02:55
    story meta um you basically look at the
  • 00:02:58
    top 10 uh traded stocks and held stocks
  • 00:03:02
    in Robin Hood you see a lot of companies
  • 00:03:05
    that build products that people use and
  • 00:03:07
    there's communities around around these
  • 00:03:09
    companies too uh that have been forming
  • 00:03:12
    so I I don't think that people are
  • 00:03:15
    interested in it uh or I don't think
  • 00:03:17
    people are not interested in investing
  • 00:03:19
    in public markets I don't think that's
  • 00:03:21
    the right the right frame I do think
  • 00:03:24
    there is an unmet need which is uh there
  • 00:03:28
    are people that want to invest in
  • 00:03:30
    something while it's still very small
  • 00:03:33
    and take advantage of it as it's growing
  • 00:03:35
    and getting much bigger so it used to be
  • 00:03:37
    that a company could IPO at 100 million
  • 00:03:40
    valuation you know Microsoft in the 80s
  • 00:03:42
    Apple these were relatively Low by by
  • 00:03:46
    current standards their valuations and
  • 00:03:48
    if you held those stocks for a very long
  • 00:03:50
    time you you would just generate tons of
  • 00:03:54
    returns those companies went public
  • 00:03:56
    relatively early in in their life cycle
  • 00:03:58
    I think to some degree Tesla is the same
  • 00:04:00
    like they went public very early but by
  • 00:04:03
    and large your typical company Waits
  • 00:04:07
    until billions in Revenue to to go
  • 00:04:09
    public typical successful company I'd
  • 00:04:11
    say looking at our peers and so that
  • 00:04:14
    appreciation is really locked in in
  • 00:04:18
    private markets and that's been
  • 00:04:20
    institutional offering there's a lot of
  • 00:04:22
    problems with making that accessible to
  • 00:04:24
    retail and and so I do think that retail
  • 00:04:28
    has this unmet need of investing
  • 00:04:29
    something while it's small and sticking
  • 00:04:33
    with it until it becomes bigger and I
  • 00:04:36
    think that that explains the popularity
  • 00:04:38
    of some of these crypto assets
  • 00:04:40
    especially the the meme coins and some
  • 00:04:42
    of these early stage projects you you
  • 00:04:44
    can get access to it very early and it
  • 00:04:48
    can start being small and they try to
  • 00:04:52
    accentuate that by putting a lot of
  • 00:04:53
    zeros in the price sometimes so so you
  • 00:04:55
    can like feel viscerally how small it is
  • 00:04:58
    and ask yourself you know what if it
  • 00:05:00
    gets to a dollar um but yeah I think
  • 00:05:03
    underlying it is a is a is a big serious
  • 00:05:05
    thing of how how do we how do we make
  • 00:05:07
    this a little bit easier for everyone to
  • 00:05:10
    take advantage of uh of of the
  • 00:05:12
    appreciation in private markets and I
  • 00:05:16
    think more flexible standards for
  • 00:05:18
    getting a company listed is is one one
  • 00:05:22
    potential option crypto I think could
  • 00:05:24
    play a big role there like tokenization
  • 00:05:27
    of of assets public stocks and private
  • 00:05:29
    companies I think is is a way to do that
  • 00:05:32
    um and I I think the the other thing is
  • 00:05:35
    relaxing the accreditation standards for
  • 00:05:38
    accredited investors I think that makes
  • 00:05:40
    much less sense in in the new world than
  • 00:05:42
    it maybe did 10 or 20 years ago another
  • 00:05:46
    thing that um Public Market investors
  • 00:05:48
    probably talk about uh when they
  • 00:05:50
    critique the either younger investors
  • 00:05:54
    kind of the the highflying stock
  • 00:05:56
    investors or the crypto investors is oh
  • 00:05:58
    these guys don't know anything about
  • 00:06:00
    valuation they're just simply buying a
  • 00:06:01
    narrative uh it's kind of you know the
  • 00:06:03
    meme is dominating it and they'll learn
  • 00:06:06
    they they haven't been through Market
  • 00:06:07
    Cycles before um I personally think that
  • 00:06:11
    the older generation or more experienced
  • 00:06:13
    generation is just as susceptible to
  • 00:06:15
    narratives you know I always joke that
  • 00:06:16
    like Burkshire hathway is the like
  • 00:06:18
    Boomer Meme and uh it seems to be going
  • 00:06:20
    pretty well for them so how do you see
  • 00:06:23
    kind of uh storytelling and narratives
  • 00:06:25
    and like the investing uh Capital flows
  • 00:06:28
    follow given that with the internet you
  • 00:06:30
    know information travels so much faster
  • 00:06:32
    we have things like Twitter we have the
  • 00:06:34
    ability for people to kind of show their
  • 00:06:37
    opinions in financial markets in a way
  • 00:06:39
    that maybe they couldn't before
  • 00:06:40
    something like Robin Hood yeah I I think
  • 00:06:42
    that investor relations as a discipline
  • 00:06:45
    is changing fundamentally and you have
  • 00:06:48
    companies that I think are doing a good
  • 00:06:52
    job of it and they look very different
  • 00:06:54
    than the Legacy companies it it used to
  • 00:06:56
    be that investor relations as a public
  • 00:06:58
    company was going to these conferences
  • 00:07:00
    and sitting in closed door meetings with
  • 00:07:05
    big Banks and analysts and they're
  • 00:07:07
    asking questions about your company and
  • 00:07:09
    you have to be careful because you can't
  • 00:07:11
    actually share anything that's uh that's
  • 00:07:14
    non-public but they get the vibe and
  • 00:07:16
    they recommend to their portfolio
  • 00:07:18
    managers to buy the stock but now
  • 00:07:20
    there's this new phenomenon of retail
  • 00:07:24
    analysts and Retail investors that are
  • 00:07:26
    becoming a much bigger part of the
  • 00:07:28
    overall pi picture and constituency so
  • 00:07:31
    you'll see in some cases retail analysts
  • 00:07:35
    um I talked to a lot of them I mean some
  • 00:07:37
    of them cover Robin Hood's stock and
  • 00:07:40
    there there's like a relatively low
  • 00:07:42
    number of stocks that seem to be uh sort
  • 00:07:46
    of like engaging with the retail
  • 00:07:48
    community and actually embracing that as
  • 00:07:50
    a constituency and they and and you see
  • 00:07:52
    that working because these analysts are
  • 00:07:55
    then uh creating YouTube videos with
  • 00:07:57
    really sophisticated analysis where like
  • 00:07:59
    comparing stocks and going very very
  • 00:08:02
    deep and you know talking to the CEOs
  • 00:08:05
    for for those that are interested in
  • 00:08:06
    that and you know I we've made a big
  • 00:08:11
    deal of embracing the retail analyst
  • 00:08:13
    community and trying to evolve the way
  • 00:08:15
    that we engage with investors as a
  • 00:08:17
    public company to be um more retail
  • 00:08:21
    focused than any other brokerage would
  • 00:08:23
    have been in the past um and I I would
  • 00:08:26
    say that correlation cause are are tough
  • 00:08:30
    to it's tough to tease it out but we've
  • 00:08:33
    done very very well over the past year
  • 00:08:34
    and I think that's coincided with us
  • 00:08:36
    engaging the broader community of
  • 00:08:38
    analysts and investors much more one of
  • 00:08:41
    the things uh everyone's talking about
  • 00:08:42
    is artificial intelligence and if you
  • 00:08:44
    kind of look at hey that is the tool but
  • 00:08:46
    what is the outcome of it uh is really
  • 00:08:48
    automating away jobs or inefficiencies
  • 00:08:51
    Etc uh people don't talk about Robin
  • 00:08:54
    Hood as like an AI company that you know
  • 00:08:56
    is doing some crazy automation but in a
  • 00:08:59
    weird way you really did remove the
  • 00:09:01
    middleman you use software to say to
  • 00:09:04
    people hey you can now get your
  • 00:09:05
    information directly off the internet
  • 00:09:07
    you can be a self-directed investor you
  • 00:09:09
    can come directly to our platform and
  • 00:09:10
    you can invest into the assets that you
  • 00:09:13
    want to invest you no longer need to
  • 00:09:14
    call up a stock broker or you know kind
  • 00:09:16
    of go through those traditional channels
  • 00:09:18
    and I found this quote that you said uh
  • 00:09:20
    speaking about back in Bulgaria you said
  • 00:09:22
    I remember always thinking about
  • 00:09:23
    finances being aware of them and
  • 00:09:25
    recognizing that if you were in control
  • 00:09:26
    of your finances that's a superpower and
  • 00:09:29
    so this whole idea of like being able to
  • 00:09:31
    control the flow of where your money
  • 00:09:33
    goes without having to call someone and
  • 00:09:34
    have them talk you out of it seems to be
  • 00:09:37
    this like automating away of a middleman
  • 00:09:39
    that's obviously created a lot of value
  • 00:09:40
    for Robin Hood how do you see that
  • 00:09:42
    evolving over time is it just you build
  • 00:09:43
    a deeper and deeper relationship with
  • 00:09:45
    these users and continue to kind of
  • 00:09:46
    Empower them to act you know
  • 00:09:48
    unilaterally or or by themselves I think
  • 00:09:51
    we throw around this term self-directed
  • 00:09:53
    a lot when it comes to investing to to
  • 00:09:56
    sort of like differentiate it from
  • 00:10:00
    uh advisory and you know the the big
  • 00:10:03
    also big phenomenon of you wanting
  • 00:10:05
    someone else to manage your money or do
  • 00:10:07
    your finances for you and I think Robin
  • 00:10:09
    Hood started is very much a
  • 00:10:10
    self-directed platform and I think
  • 00:10:13
    what's happening is it's bigger than
  • 00:10:15
    just Finance people are self-directing
  • 00:10:17
    all aspects of their lives their health
  • 00:10:20
    you know you're following you know
  • 00:10:22
    health and wellness people on social
  • 00:10:24
    media and you know you're going to your
  • 00:10:26
    doctor for for those of us that go to
  • 00:10:28
    the doctor regularly with all this
  • 00:10:29
    information and what someone in in
  • 00:10:31
    Twitter is talking about about nutrition
  • 00:10:34
    they're self-directing you know their
  • 00:10:36
    news Mo most of the time you're getting
  • 00:10:38
    your news more quickly um and you know
  • 00:10:41
    increasing number of people are relying
  • 00:10:43
    on their peer networks for it rather
  • 00:10:45
    than traditional news media uh and of
  • 00:10:48
    course we're involved in the financial
  • 00:10:51
    aspect of this where you know we want to
  • 00:10:55
    make the best tool for people to manage
  • 00:10:58
    their finances
  • 00:11:00
    and in the past maybe you would have had
  • 00:11:03
    an advisor or some professional uh doing
  • 00:11:07
    things for you because the transactions
  • 00:11:09
    themselves are out of your reach because
  • 00:11:11
    you know you you couldn't have access to
  • 00:11:13
    the markets directly you had to call
  • 00:11:14
    someone to do it um or you couldn't you
  • 00:11:18
    know send payments or move money around
  • 00:11:20
    but I think technology has lowered the
  • 00:11:22
    barrier to that tremendously to the
  • 00:11:24
    point where you know you don't need a
  • 00:11:28
    lot of that help anymore you can be
  • 00:11:29
    self-directed you can make your
  • 00:11:31
    Investments yourself and I think what
  • 00:11:33
    technology will help you do is move
  • 00:11:35
    further up the value chain so that you
  • 00:11:38
    know with generative AI um you can even
  • 00:11:42
    get those recommendations that advice it
  • 00:11:45
    can help you plan a strategy um and so
  • 00:11:49
    like there there will be even more power
  • 00:11:51
    available to you and it it'll go higher
  • 00:11:54
    up in the value chain than just helping
  • 00:11:56
    you do a transaction and I I think Robin
  • 00:11:58
    Hood's been we've been investing a lot I
  • 00:12:00
    mean we've been very early in using
  • 00:12:04
    machine learning now what they call AI
  • 00:12:07
    is generative Ai and you can see uh that
  • 00:12:10
    implemented with our customer support
  • 00:12:12
    flows for instance deflecting a lot of
  • 00:12:14
    tickets um but I do think there's also
  • 00:12:17
    potential for products and and I think
  • 00:12:19
    next year you'll see the first
  • 00:12:21
    generative AI infused Financial products
  • 00:12:23
    that people actually want to use that
  • 00:12:26
    aren't just chat GPT like being embedded
  • 00:12:28
    in the product um but I I I think
  • 00:12:31
    there's there's definitely promise for
  • 00:12:32
    the technology and helping people make
  • 00:12:34
    financial decisions I would ask you what
  • 00:12:36
    those products are but I'm assuming
  • 00:12:38
    you're going to wait to uh to announce
  • 00:12:39
    them um one product that you uh you've
  • 00:12:42
    announced and have scaled very
  • 00:12:43
    significantly is the crypto trading on
  • 00:12:46
    Robin Hood again you guys started out
  • 00:12:47
    with public equities and you know many
  • 00:12:49
    of the uh maybe popular crypto uh
  • 00:12:52
    applications or platforms they started
  • 00:12:54
    out with crypto and now they're
  • 00:12:55
    considering going towards public markets
  • 00:12:57
    you guys kind of did the reverse but um
  • 00:12:59
    it looks like you guys have $38 billion
  • 00:13:02
    in crypto assets under custody as of
  • 00:13:04
    November of this year uh you've done
  • 00:13:06
    about $1 120 billion $19 billion doll in
  • 00:13:09
    notional trading volume in the last 12
  • 00:13:11
    months um and to put those numbers in
  • 00:13:14
    context for people uh you're doing a
  • 00:13:16
    little bit more than 50% of coinbase's
  • 00:13:19
    trading volume in crypto but you have
  • 00:13:23
    like oneth the number of coins listed
  • 00:13:26
    and so talk about this idea of public
  • 00:13:29
    stocks and crypto kind of coming
  • 00:13:30
    together and merging into one area where
  • 00:13:33
    obviously you have a big public equities
  • 00:13:34
    business you got a really big crypto
  • 00:13:36
    business too and it seems like you guys
  • 00:13:38
    are benefiting from you know this
  • 00:13:40
    merging and really owning that
  • 00:13:41
    relationship with these users that want
  • 00:13:43
    to invest across both markets I think
  • 00:13:45
    the worlds of public equities and crypto
  • 00:13:49
    will increasingly merge and become one
  • 00:13:53
    and I I think when a lot of people hear
  • 00:13:55
    crypto they're thinking about meme coins
  • 00:13:57
    or maybe Bitcoin it seems like this is
  • 00:14:01
    not a very serious thing but if you're
  • 00:14:02
    thinking about what's happening um the
  • 00:14:05
    time from getting an idea to listing an
  • 00:14:08
    asset on a blockchain has effectively
  • 00:14:11
    gone to zero right like it's very easy
  • 00:14:14
    to list an asset and get access to
  • 00:14:16
    global liquidity in an increasingly
  • 00:14:19
    large and and Global Market and ju toose
  • 00:14:23
    that with what we were talking about
  • 00:14:24
    earlier how difficult it is to take a
  • 00:14:26
    company public you have to go through a
  • 00:14:29
    ton of a ton of process not a lot of
  • 00:14:31
    people even want to do it anymore um and
  • 00:14:35
    so there's this unmet need and I think
  • 00:14:37
    these two things will converge
  • 00:14:39
    eventually and what what'll happen is uh
  • 00:14:44
    traditional equities uh and and I think
  • 00:14:47
    all of this will be accelerated by by
  • 00:14:49
    the new Administration um traditional
  • 00:14:52
    equities will move on to blockchain
  • 00:14:55
    rails along with all sorts of other real
  • 00:14:57
    world assets you'll see uh private
  • 00:15:00
    companies going on blockchain Rails as
  • 00:15:03
    well once you have public companies then
  • 00:15:05
    you'll have to think through what does
  • 00:15:06
    it mean to actually go public and list
  • 00:15:09
    on a blockchain as opposed to uh on a
  • 00:15:12
    traditional Stock Exchange so I think I
  • 00:15:14
    think we'll have to figure that out and
  • 00:15:16
    then that opens up private markets as
  • 00:15:18
    well and what you gain is
  • 00:15:21
    interoperability so I I don't know if
  • 00:15:22
    you've tried to move stocks from a
  • 00:15:25
    legacy discount broker to Robin Hood a
  • 00:15:27
    lot of people do it and it's it's very
  • 00:15:29
    very painful um and by the way the the
  • 00:15:33
    the big brokerage houses don't want to
  • 00:15:35
    make it easy they want to keep those
  • 00:15:36
    assets there so they'll put all sorts of
  • 00:15:39
    uh non-technical barriers in the way too
  • 00:15:42
    but contrast that with how easy it is to
  • 00:15:45
    move uh you know dollar stable coins or
  • 00:15:49
    Bitcoin from you know your metamask
  • 00:15:53
    wallet to your Phantom or your Robin
  • 00:15:56
    Hood wallet uh everything just kind of
  • 00:15:58
    works because the infrastructure
  • 00:16:00
    underlying the assets and the
  • 00:16:03
    transactions is all public so you have
  • 00:16:05
    no need for transfer agents for Central
  • 00:16:07
    Clearing Houses for payment processors
  • 00:16:10
    all of that's replaced by software and
  • 00:16:13
    so I think my my view of crypto is it's
  • 00:16:16
    sort of the next step in how Financial
  • 00:16:19
    infrastructure evolves it started with
  • 00:16:21
    pen and paper and filing cabinet it went
  • 00:16:24
    to Mainframe it went to on premise and
  • 00:16:27
    cloud and then crypto is just the the
  • 00:16:30
    next layer there where you'll see
  • 00:16:32
    traditional Financial Services on crypto
  • 00:16:34
    rails they'll be easier to use better
  • 00:16:36
    more interoperable and I think the us
  • 00:16:39
    will have to adopt it the efficiency
  • 00:16:41
    gains are just going to be too high to
  • 00:16:43
    to ignore today's episode is brought to
  • 00:16:45
    you by zapo picture this every time you
  • 00:16:48
    trade Bitcoin the spread determines how
  • 00:16:49
    much value stays with you that's why
  • 00:16:51
    securing top tier Bitcoin trading fees
  • 00:16:53
    is key to Growing your Bitcoin wealth
  • 00:16:55
    but what if I told you that there's a
  • 00:16:56
    platform that lets you save up to 90% on
  • 00:16:59
    your Bitcoin trading fees now here's the
  • 00:17:01
    kicker not only do they save that money
  • 00:17:03
    they also are dubbed the Fort Knox of
  • 00:17:05
    Bitcoin zapo Bank they're the world's
  • 00:17:08
    first fully licensed and regulated
  • 00:17:09
    Bitcoin and banking group and they have
  • 00:17:11
    been delivering a unique blend of
  • 00:17:12
    physical and digital security for over a
  • 00:17:14
    decade from military grad Swiss bunkers
  • 00:17:16
    to Cutting Edge digital protocols
  • 00:17:18
    they've got you covered and now they're
  • 00:17:20
    bringing you the kind of competitive
  • 00:17:22
    Bitcoin trading fees typically reserved
  • 00:17:23
    for institutional Giants right in the
  • 00:17:25
    palm of your hand with zapo banks ultra
  • 00:17:27
    competitive spreads more of your Bitcoin
  • 00:17:30
    stays where it belongs in your pocket
  • 00:17:32
    whether you're trading big or small
  • 00:17:34
    every move you make is designed to boost
  • 00:17:36
    your gains and fuel your financial
  • 00:17:37
    future head to zappo.com pomp to join
  • 00:17:41
    that's XA p o b n
  • 00:17:45
    k.com pomp you mentioned um kind of this
  • 00:17:49
    you know tokenization of stocks
  • 00:17:50
    essentially and and there's a couple of
  • 00:17:52
    things I want to dig in here so uh first
  • 00:17:54
    is the friction seems to be both there's
  • 00:17:57
    a regulation friction but there's also a
  • 00:17:59
    technology friction and so is it
  • 00:18:00
    something where if Robin Hood tomorrow
  • 00:18:02
    says you know what we're going to create
  • 00:18:04
    these tokenized stocks maybe we'll hold
  • 00:18:06
    the share certificates you know in some
  • 00:18:08
    sort of Vault and we're going to offer
  • 00:18:09
    up this tokenization and and we're going
  • 00:18:11
    to be the first ones and we're going to
  • 00:18:12
    go try to get our you know kind of
  • 00:18:14
    friendly competitors to start to accept
  • 00:18:16
    this technology and like it can be an
  • 00:18:18
    industry-led you know uh adoption of
  • 00:18:20
    this or is it a regulatory thing and we
  • 00:18:22
    got to go get The Regulators to all
  • 00:18:23
    agree to this and then the technology
  • 00:18:25
    companies are ready to do it like how do
  • 00:18:26
    you see us going from where we are today
  • 00:18:28
    to actually being able to offer this to
  • 00:18:30
    users I think I think the impediments
  • 00:18:33
    are mostly regulatory it's by and large
  • 00:18:36
    regulatory um yeah the technology exists
  • 00:18:39
    and and you already see it with dollar
  • 00:18:42
    stable coins right I mean dollar stable
  • 00:18:44
    coins are A Primitive form of
  • 00:18:46
    tokenization um I think the next
  • 00:18:48
    Frontier there is going to be getting
  • 00:18:51
    the yield passed back to users into
  • 00:18:54
    their wallets directly and doing that in
  • 00:18:57
    in a very clean way um across multiple
  • 00:19:01
    jurisdictions but it it's a very similar
  • 00:19:04
    process you know the underlying asset
  • 00:19:06
    which is traditional dollars in this
  • 00:19:08
    case are custody somewhere in a big bank
  • 00:19:10
    or in the form of treasuries it's
  • 00:19:12
    tokenized there software that makes sure
  • 00:19:14
    that it's one to one and then the tokens
  • 00:19:16
    trade cleanly on exchanges I think that
  • 00:19:19
    same concept can be applied to any asset
  • 00:19:22
    and and will be so technology is there
  • 00:19:25
    it's just a question of of the
  • 00:19:27
    regulations and I think actually in
  • 00:19:29
    Europe M regulations a little bit
  • 00:19:32
    further ahead and so um when that goes
  • 00:19:35
    live this will become possible that's
  • 00:19:39
    interesting because a lot of crypto
  • 00:19:40
    people I talk to will say the ma
  • 00:19:42
    regulations are hurting the crypto side
  • 00:19:45
    they don't like them and they think
  • 00:19:46
    they're kind of overbearing um but maybe
  • 00:19:49
    there's some Nuance here of it may hurt
  • 00:19:51
    crypto but help the public markets
  • 00:19:52
    become more tokenized is is that true I
  • 00:19:55
    mean I think that it's it's all relative
  • 00:19:57
    I think that
  • 00:19:59
    some the regulation by its nature um
  • 00:20:03
    sort of like limits what you can do
  • 00:20:06
    right but by doing that it creates trust
  • 00:20:09
    with with customers they know that
  • 00:20:10
    there's some guard rails and I think
  • 00:20:13
    there are a lot of people in crypto that
  • 00:20:14
    just feel like they should do whatever
  • 00:20:17
    they want and then that it's software
  • 00:20:19
    and technology and I think that's not
  • 00:20:21
    very realistic but compare that with
  • 00:20:23
    what what's happening in the US um and
  • 00:20:27
    in the US there's the lack of clarity
  • 00:20:30
    companies have been just getting sued
  • 00:20:32
    left and right um and there's almost
  • 00:20:36
    been a disincentive to come in and talk
  • 00:20:38
    to the regulator because if you come in
  • 00:20:39
    and talk to the regulator that increases
  • 00:20:41
    the odds of getting a Wells notice so
  • 00:20:43
    this this whole come in and register
  • 00:20:46
    thing was a fiction it was like almost a
  • 00:20:49
    a Honeypot to get you to come in and and
  • 00:20:52
    and prepare prepare a a Wells notice for
  • 00:20:54
    you so certainly it's better than that
  • 00:20:59
    um and I think that we can we can find a
  • 00:21:02
    good middle ground where people can get
  • 00:21:05
    the protections companies can innovate
  • 00:21:07
    pretty freely um maybe it's not the wild
  • 00:21:10
    west but at least it's like a a healthy
  • 00:21:13
    balance between these two opposing
  • 00:21:15
    forces you mentioned uh the new
  • 00:21:17
    Administration may be able to help with
  • 00:21:19
    some of this uh obviously you have uh
  • 00:21:22
    president-elect Trump who's coming in
  • 00:21:23
    and you know he's really positioning
  • 00:21:25
    himself as kind of the first pro Bitcoin
  • 00:21:26
    Pro crypto president it seems like a lot
  • 00:21:30
    of the cabinet appointees own Bitcoin or
  • 00:21:33
    crypto assets uh his family is even you
  • 00:21:36
    know launching cryptocoins and and kind
  • 00:21:37
    of participating in different ways and
  • 00:21:39
    then you have Paul Atkins who's coming
  • 00:21:40
    in as the SEC uh chair who also seems to
  • 00:21:43
    be much more friendly to um crypto is it
  • 00:21:46
    something just as simple as hey top down
  • 00:21:49
    message let's be less abrasive let's
  • 00:21:50
    Embrace this and that should help us on
  • 00:21:52
    the regulatory front or are there still
  • 00:21:54
    in your opinion open questions around
  • 00:21:57
    how do we deal with decentralized assets
  • 00:21:59
    or you know issuance uh um uh
  • 00:22:02
    disclosures and things like that I I
  • 00:22:05
    think there's a lot of things that still
  • 00:22:06
    need to be worked out um one one area is
  • 00:22:10
    stablecoin treasury management and the
  • 00:22:14
    just the the framework around which you
  • 00:22:17
    can actually deliver yield to Holders do
  • 00:22:19
    they have to be kyc can you receive the
  • 00:22:21
    yield and non-custodial wallets all of
  • 00:22:24
    that is very murky in the US now um
  • 00:22:28
    there's also uh the security status of
  • 00:22:31
    coins themselves is a particular coin a
  • 00:22:34
    security or a commodity and you're
  • 00:22:37
    probably familiar with this if it's a
  • 00:22:38
    security it would be regulated by the
  • 00:22:40
    SEC if it's a commodity it's cfdc but
  • 00:22:44
    which one is which and you know for the
  • 00:22:47
    Securities we'd like to be able to offer
  • 00:22:49
    those too so then we would need a
  • 00:22:50
    framework for those that are securities
  • 00:22:53
    um because I I don't think I I think
  • 00:22:56
    right now the approach that the at least
  • 00:22:58
    regulated cryptocurrency players in the
  • 00:23:00
    US have been taking is everything they
  • 00:23:02
    list is a commodity they don't want to
  • 00:23:05
    they can't conform to the Securities
  • 00:23:07
    laws they don't want to and so they've
  • 00:23:10
    been listing Commodities um but I also
  • 00:23:13
    don't think everything is a commodity I
  • 00:23:16
    think there are things that are
  • 00:23:17
    securities and people would benefit from
  • 00:23:19
    being able to trade them which requires
  • 00:23:21
    a framework for actually listing crypto
  • 00:23:23
    asset Securities um in a way that
  • 00:23:26
    doesn't actually get rid of all the
  • 00:23:28
    advantag of using crypto rails so um you
  • 00:23:31
    want to you want to figure out how to
  • 00:23:33
    list them on public blockchains where
  • 00:23:35
    they're interoperable with the broader
  • 00:23:37
    crypto
  • 00:23:38
    ecosystem um and then tokenization I
  • 00:23:41
    think raises its own challenges that if
  • 00:23:45
    if we solve the first set of problems I
  • 00:23:47
    outlined I think you'll get to a world
  • 00:23:50
    where tokenization is also permissible
  • 00:23:52
    one of the other things that potentially
  • 00:23:55
    is a promise of tokenizing these stocks
  • 00:23:57
    is 247 trading and it's a little weird
  • 00:24:00
    uh because it feels like the public
  • 00:24:01
    market is moving towards that 247 you
  • 00:24:04
    know we used to have kind of traditional
  • 00:24:05
    hours of operations now there's the like
  • 00:24:07
    overnight trading which isn't still 247
  • 00:24:10
    it's kind of sort of open to some people
  • 00:24:13
    um and it feels like we're kind of like
  • 00:24:14
    inching there but tokenization where
  • 00:24:17
    there is not only the uh ability to kind
  • 00:24:19
    of move assets between these different
  • 00:24:21
    venues but also trade at all hours of
  • 00:24:24
    the day seems like it would be a pretty
  • 00:24:26
    big accessibility you know increase and
  • 00:24:28
    also uh probably would be a much more
  • 00:24:31
    Global approach to allowing people to
  • 00:24:33
    access financial markets what what are
  • 00:24:35
    you guys seeing there well we basically
  • 00:24:37
    popularize that offering uh with 24-hour
  • 00:24:40
    market um so we offer more than a
  • 00:24:43
    thousand stocks uh 245 to your point not
  • 00:24:48
    247 um and I think that that galvanized
  • 00:24:52
    the broader ecosystem to try to figure
  • 00:24:54
    out how they can offer and now you've
  • 00:24:55
    got exchanges saying that they're
  • 00:24:58
    looking at how to extend the trading
  • 00:25:00
    hours to
  • 00:25:01
    245 um but it's been hard and we we had
  • 00:25:05
    to build a lot of technology to stitch
  • 00:25:07
    together these Market centers and
  • 00:25:09
    seamlessly kind of move a customer's
  • 00:25:11
    orders from core market trading at One
  • 00:25:14
    exchange to after hours to overnight so
  • 00:25:16
    it's a lot of heavy engineering work to
  • 00:25:18
    stitch this together in a way that is
  • 00:25:21
    not a terrible user experience for for
  • 00:25:24
    the end user and it's still not 247
  • 00:25:27
    because the main frames at Central
  • 00:25:30
    clearing need to run on the weekends and
  • 00:25:33
    people have to do that you need
  • 00:25:34
    employees and uh and and that's like a a
  • 00:25:38
    big hurdle right compare that with the
  • 00:25:40
    blockchain which is just running on
  • 00:25:42
    servers 247 you don't have to do any of
  • 00:25:44
    that extra work and it's a a very nice
  • 00:25:47
    user experience particularly for
  • 00:25:49
    customers internationally where there's
  • 00:25:51
    less overlap with us East Coast working
  • 00:25:54
    hours um so that's big and also
  • 00:25:58
    fractionalization is Big we had to do a
  • 00:26:00
    lot of work when we popularized
  • 00:26:02
    fractional share trading to take whole
  • 00:26:04
    shares of stocks split them up into
  • 00:26:07
    little pieces so that you can buy you
  • 00:26:09
    know a dollar of Brookshire hathway a
  • 00:26:11
    shares which is kind of this magical
  • 00:26:13
    experience um that I I don't think
  • 00:26:16
    Buffett and Munger really appreciated um
  • 00:26:19
    then they have all these small
  • 00:26:20
    shareholders uh crashing their annual
  • 00:26:23
    conferences but um but I think I think
  • 00:26:26
    it was progress definitely definitely
  • 00:26:27
    progress for the world but yeah with
  • 00:26:30
    crypto you can just take slices and
  • 00:26:32
    fractionalize and that's kind of built
  • 00:26:34
    in so it's not just efficiencies and
  • 00:26:36
    cost but real user experience
  • 00:26:39
    improvements to end users another thing
  • 00:26:41
    that has become very popular your
  • 00:26:43
    publicly traded company you see other
  • 00:26:45
    publicly traded companies buying Bitcoin
  • 00:26:47
    and putting it on their balance sheet
  • 00:26:48
    some people are doing it at Grand scale
  • 00:26:50
    like the micro strategies and they're
  • 00:26:52
    buying you know tens of billions of
  • 00:26:53
    dollars and it's kind of become like a
  • 00:26:55
    Bitcoin treasury company you have many
  • 00:26:57
    other companies like like a Tesla or
  • 00:26:59
    block uh you know formerly known as
  • 00:27:01
    Square uh they bought some Bitcoin they
  • 00:27:03
    kind of left it there they're not really
  • 00:27:04
    Bitcoin companies you guys are in the
  • 00:27:07
    crypto business uh have you guys ever
  • 00:27:08
    thought about adding Bitcoin or has
  • 00:27:10
    there been any conversation as to why
  • 00:27:11
    you should or maybe there's a good
  • 00:27:12
    argument as to why you should not put
  • 00:27:14
    Bitcoin on the balance sheet yeah I mean
  • 00:27:16
    it comes up from time to time for sure
  • 00:27:20
    um one of the one of the reasons it
  • 00:27:23
    comes up is because we just like are
  • 00:27:26
    getting more involved in crypto and in
  • 00:27:28
    some cases that would involve us holding
  • 00:27:31
    different coins uh and already we have
  • 00:27:33
    to do the work of accounting for it and
  • 00:27:36
    uh it's essentially on the balance sheet
  • 00:27:38
    anyway so there's a real reason of if if
  • 00:27:40
    you have to like transact in cryptos you
  • 00:27:42
    have to maintain some Holdings of them
  • 00:27:45
    and and and they're kind of there by
  • 00:27:47
    necessity um then there's the other
  • 00:27:49
    angle of sort of like showing a sign of
  • 00:27:52
    support that we're a crypto company you
  • 00:27:55
    know we're we're here we buy into the
  • 00:27:57
    technology and the PR of it being an
  • 00:27:59
    inflation hedge so so so it's kind of
  • 00:28:02
    there as well um I think the the reasons
  • 00:28:05
    to not do it is you know if you are um a
  • 00:28:11
    public market investor and you're
  • 00:28:13
    thinking about Robin Hood as a company
  • 00:28:16
    um generally speaking you're not like it
  • 00:28:19
    it complicates the picture to think of
  • 00:28:21
    it as like a company but also this quasi
  • 00:28:23
    like Bitcoin uh holding play and I think
  • 00:28:28
    Robin Hood stock is already highly
  • 00:28:30
    correlated with Bitcoin as such without
  • 00:28:32
    us even holding it on the treasury so um
  • 00:28:36
    yeah I I would say we we wouldn't rule
  • 00:28:39
    it out we haven't done it thus far um
  • 00:28:42
    but those are kind of the considerations
  • 00:28:44
    that uh that that we have and to some
  • 00:28:46
    degree you could put any asset on your
  • 00:28:49
    balance sheet and are you we not in the
  • 00:28:52
    business of being an investment manager
  • 00:28:54
    so uh you know I know some companies
  • 00:28:57
    have done this Airbnb actually I think
  • 00:29:00
    if if I remember made a lot of money
  • 00:29:02
    doing this with uh their their CFO LT
  • 00:29:05
    pre-ipo just like managing the the cash
  • 00:29:07
    on the balance sheet and investing it
  • 00:29:09
    but that all that always seemed like a
  • 00:29:11
    departure from the core of the business
  • 00:29:13
    have taking that approach um this is
  • 00:29:16
    free advice so you're going to get the
  • 00:29:18
    quality of what you pay for but I always
  • 00:29:20
    thought it'd be hilarious if somebody uh
  • 00:29:22
    bought a little Bitcoin and also put
  • 00:29:23
    like a birk Shear stock on their balance
  • 00:29:25
    sheet and said hey we're going to you
  • 00:29:26
    know we're going to have one one of the
  • 00:29:27
    new one of the old world uh but to your
  • 00:29:30
    point I don't know if Public Market
  • 00:29:31
    investors would be thrilled if uh if you
  • 00:29:32
    guys are running a a prop shop basically
  • 00:29:35
    with the balance sheet yeah I mean I
  • 00:29:37
    think that um again yeah as long as it's
  • 00:29:42
    in the context of operating as a
  • 00:29:44
    business I I think it makes some sense
  • 00:29:46
    but uh yeah investing the balance sheet
  • 00:29:49
    of the company then you get into kind of
  • 00:29:50
    murky territory well and then I guess I
  • 00:29:53
    never thought about it but like you guys
  • 00:29:54
    probably do hold Bitcoin on the balance
  • 00:29:56
    sheet you're not doing it from an
  • 00:29:57
    investment standpoint or a capital
  • 00:29:58
    allocation standpoint but in you know as
  • 00:30:00
    you mentioned uh kind of the operational
  • 00:30:02
    components uh you've got that exposure
  • 00:30:04
    and then obviously your customers are
  • 00:30:05
    highly correlated um do you see
  • 00:30:07
    customers going back and forth like you
  • 00:30:08
    know hey they're public Equity investors
  • 00:30:11
    during the bare Market of crypto then
  • 00:30:13
    all of a sudden they're switching over
  • 00:30:14
    and becoming you know very highly
  • 00:30:15
    correlated and deploying a lot of
  • 00:30:17
    capital into crypto and the bull market
  • 00:30:18
    and then going back or are they pretty
  • 00:30:20
    much uh bifurcated like the crypto
  • 00:30:22
    people are the crypto people and the
  • 00:30:23
    public market people are not what we've
  • 00:30:26
    seen is someone will typically come in
  • 00:30:29
    for either stocks or crypto because
  • 00:30:33
    usually the crypto is because they want
  • 00:30:36
    to trade or buy a specific coin that
  • 00:30:38
    they know we offer so they come in and
  • 00:30:40
    onboard for that uh on the equity side
  • 00:30:42
    it can be a little bit broader they just
  • 00:30:44
    want to start investing and they have
  • 00:30:46
    some money that they want to put away so
  • 00:30:47
    they might not have as specific of an
  • 00:30:49
    idea but they know they want to start
  • 00:30:52
    building their portfolio so they'll come
  • 00:30:54
    in for one thing then they adopt Robin
  • 00:30:57
    Hood gold and we've seen the Robin Hood
  • 00:30:59
    gold attach rates really increase over
  • 00:31:02
    the past year we look at 7-Day attach
  • 00:31:04
    rate quarter attach rate and it's it's
  • 00:31:06
    been going up and once they adopt Robin
  • 00:31:09
    Hood gold explain what Robin Hood gold
  • 00:31:11
    is just so people understand Robin Hood
  • 00:31:14
    gold is basically uh a premium
  • 00:31:17
    subscription product um so it starts at
  • 00:31:21
    $5 a month although there's an annual
  • 00:31:23
    plan that recently rolled out we're
  • 00:31:25
    actually running a promotion called gold
  • 00:31:27
    Monday um the first week of December uh
  • 00:31:31
    it started and it um it gives people a
  • 00:31:35
    discount on the annual plan so it's been
  • 00:31:38
    very successful uh it gives people a
  • 00:31:41
    really high interest rate on their cash
  • 00:31:43
    even when they're not investing it so
  • 00:31:46
    rather than having your cash earning
  • 00:31:48
    close to zero at a bank you can deposit
  • 00:31:51
    in into Robin Hood and if you're a gold
  • 00:31:52
    member it earns an industry leading rate
  • 00:31:55
    uh with high FDIC Insurance protection
  • 00:31:58
    it gives you a 3% match on Ira
  • 00:32:02
    contributions so if you have a
  • 00:32:04
    retirement account on Robin Hood will'll
  • 00:32:06
    match you even if you don't you don't
  • 00:32:08
    need an employer to match you we we'll
  • 00:32:10
    do that and then more recently we rolled
  • 00:32:12
    out Robin Hood gold credit card which
  • 00:32:14
    has been very popular as well so yeah
  • 00:32:17
    typically they'll come in through
  • 00:32:19
    something they'll subscribe to Robin
  • 00:32:20
    Hood gold and then they'll discover all
  • 00:32:22
    of our product because we try to
  • 00:32:24
    introduce an even better value prop for
  • 00:32:28
    our gold customers across all of our
  • 00:32:30
    products you also have Robin Hood Legend
  • 00:32:32
    talk about Robin Hood Legend and what
  • 00:32:34
    you guys have rolled out there yeah so
  • 00:32:36
    basically um we have a couple of
  • 00:32:39
    different customers that we are building
  • 00:32:41
    for one of them is active
  • 00:32:44
    Traders which are the people that want
  • 00:32:47
    the best tools they're they care a lot
  • 00:32:51
    about having the best pricing and a lot
  • 00:32:54
    of them trade on multiple screens I mean
  • 00:32:56
    you've probably seen them on TT twitch
  • 00:32:58
    or others where they have you know the
  • 00:32:59
    Candlestick charts and they have their
  • 00:33:02
    trading Battle Stations um and I think
  • 00:33:05
    we got a lot of these customers
  • 00:33:07
    incidentally at first Without Really
  • 00:33:10
    focusing on them because they just like
  • 00:33:12
    the ease of use and uh the low costs of
  • 00:33:15
    the Robin Hood platform even though we
  • 00:33:17
    were building for firsttime investors we
  • 00:33:19
    kind of got active Traders incidentally
  • 00:33:21
    so a couple of years ago we basically
  • 00:33:25
    mobilized our company put a lot of our
  • 00:33:27
    most hard core people on really serving
  • 00:33:29
    active Traders and I'd say the recent
  • 00:33:32
    culmination of that was Hood Summit
  • 00:33:34
    which was an event we held in Miami
  • 00:33:36
    where we launched a couple of things
  • 00:33:37
    index options Futures and Robin Hood
  • 00:33:40
    Legend which was the first desktop
  • 00:33:42
    platform we designed specifically with
  • 00:33:44
    active Traders and uh we emphasized
  • 00:33:47
    charting
  • 00:33:49
    customization powerful quick access to
  • 00:33:51
    markets where you can trade from pretty
  • 00:33:53
    much any widget and actually today we're
  • 00:33:56
    rolling out um crypto on Robin Hood
  • 00:34:00
    Legend So we went very deep on equities
  • 00:34:02
    and offered options in the first launch
  • 00:34:04
    we were originally not going to launch
  • 00:34:06
    crypto until 2025 but the team's just
  • 00:34:10
    been sprinting and so crypto's launching
  • 00:34:13
    on Robin Hood Legend and alongside that
  • 00:34:16
    we're going to be uh it's the first time
  • 00:34:18
    we're launching direct exchange routing
  • 00:34:20
    so in the past through Robin Hood we
  • 00:34:22
    would route your order through market
  • 00:34:24
    makers uh and you wouldn't have the
  • 00:34:27
    exchange rout in directly now you can
  • 00:34:29
    see the order book and you can actually
  • 00:34:31
    directly trade on the order book through
  • 00:34:33
    through Robin Hood Legend which a lot of
  • 00:34:35
    active Traders really care about because
  • 00:34:37
    they want that finer grain control over
  • 00:34:39
    their orders yeah it's really
  • 00:34:41
    interesting like you you as a business
  • 00:34:43
    you continue to grow and as you attract
  • 00:34:45
    these active Traders you obviously start
  • 00:34:46
    to offer them uh very unique products
  • 00:34:49
    that fit their kind of use case um but
  • 00:34:51
    you've also been doing this I think with
  • 00:34:52
    kind of the demographic growth of your
  • 00:34:54
    user base you know you started with
  • 00:34:56
    generally younger investors who are kind
  • 00:34:58
    of you know starting their investing
  • 00:35:00
    Journey well you've been doing this a
  • 00:35:02
    while like they're starting to get older
  • 00:35:03
    they're starting to get married they're
  • 00:35:04
    having kids they're you know getting
  • 00:35:06
    bigger jobs their income is going up
  • 00:35:08
    they have different needs expenses Etc
  • 00:35:10
    uh talk about kind of building
  • 00:35:12
    additional Financial products outside of
  • 00:35:14
    just Stock Investing as your user base
  • 00:35:17
    kind of you know grows both uh older but
  • 00:35:19
    also larger today's episode is brought
  • 00:35:22
    to you by meanwhile meanwhile is the
  • 00:35:24
    world's first licensed and regulated
  • 00:35:25
    life insurance company built for the
  • 00:35:27
    Bitcoin eony operating on the Bitcoin
  • 00:35:29
    standard they do everything in Bitcoin
  • 00:35:31
    you pay in Bitcoin they pay claims to
  • 00:35:33
    your family in Bitcoin you take out
  • 00:35:35
    policy loans entirely in Bitcoin when
  • 00:35:36
    you need liquidity meanwhile Bitcoin
  • 00:35:39
    life insurance has redefined what it
  • 00:35:41
    means to huddle protect your family from
  • 00:35:43
    life's uncertainty in a broken Financial
  • 00:35:45
    system build intergenerational Bitcoin
  • 00:35:47
    wealth while the cost of living
  • 00:35:49
    skyrockets in dollar terms get all the
  • 00:35:51
    tax and legal benefits of life insurance
  • 00:35:53
    now in Bitcoin they are actively binding
  • 00:35:56
    policies today whether you are a
  • 00:35:57
    long-term bitcoiner or are just
  • 00:35:59
    considering it for the first time a
  • 00:36:01
    Bitcoin whole life policy could make
  • 00:36:03
    sense for your wealth plan visit their
  • 00:36:05
    website meanwhile. BM to join the weit
  • 00:36:08
    list and to learn more about the world's
  • 00:36:09
    first Bitcoin life insurer again that's
  • 00:36:12
    meanwhile. BM go check them out today
  • 00:36:15
    yeah I think that's been a huge Focus we
  • 00:36:18
    want to not just stay relevant to every
  • 00:36:22
    Young Generation and be the place where
  • 00:36:26
    you know the you you first start
  • 00:36:28
    investing or trading but we want to grow
  • 00:36:30
    with our customers and and actually we
  • 00:36:32
    think Robin Hood can be a big
  • 00:36:34
    beneficiary of an enormous wealth
  • 00:36:37
    transfer that's already started but is
  • 00:36:39
    going to result in over $120 trillion
  • 00:36:42
    dollars of wealth moving from Silent
  • 00:36:44
    generation and Baby Boomers down to
  • 00:36:47
    younger generations and um I think we're
  • 00:36:50
    focused on a couple of things one is
  • 00:36:53
    really this idea of making Financial
  • 00:36:56
    products that work for multiple
  • 00:36:59
    Generations so for example uh if you're
  • 00:37:02
    on Robin Hood it should make it a better
  • 00:37:05
    experience for you and for your family
  • 00:37:07
    members if if your kids and your parents
  • 00:37:10
    and the entire family was was on the
  • 00:37:12
    platform as well the first place where
  • 00:37:15
    you're actually seeing this is with the
  • 00:37:17
    Robin Hood credit card which has great
  • 00:37:19
    family features uh for like budgeting
  • 00:37:21
    and controls and setting limits um but
  • 00:37:24
    it it's very it's it's like a first
  • 00:37:26
    class experience and nobody really does
  • 00:37:28
    that in the financial space you can't
  • 00:37:30
    really think of a great uh multi-use
  • 00:37:36
    family experience um and I think that's
  • 00:37:39
    something we've been thinking about in
  • 00:37:40
    the context of our recent acquisition of
  • 00:37:42
    trade PMR which is an ra8 custody
  • 00:37:45
    platform we also think about it with
  • 00:37:47
    retirement and beneficiaries but um yeah
  • 00:37:51
    I think when we're successful you'll
  • 00:37:53
    have just a great multigenerational
  • 00:37:55
    experience and Robin will be will be
  • 00:37:57
    better for you if the whole family is on
  • 00:37:59
    there and right now um over 70% of
  • 00:38:03
    people who inherit money end up firing
  • 00:38:06
    their parents advisor so uh actually I
  • 00:38:09
    think there's a ton of lwh hanging fruit
  • 00:38:10
    here I mean there's no reason why that
  • 00:38:13
    number should be so high and I think
  • 00:38:14
    within the Robin Hood ecosystem we can
  • 00:38:17
    just drive it a lot lower yeah that's a
  • 00:38:19
    fascinating uh statistic um one of the
  • 00:38:22
    things that uh you all also introduced
  • 00:38:24
    that I thought was uh um unique is that
  • 00:38:27
    these event contracts are now uh getting
  • 00:38:30
    regulatory approval in the United States
  • 00:38:32
    and so people know about poly market and
  • 00:38:35
    CI and those seem to be purpose-built
  • 00:38:37
    for event contracts and you know these
  • 00:38:39
    prediction markets obviously got a lot
  • 00:38:41
    of press coverage around the
  • 00:38:42
    presidential election but Robin Hood
  • 00:38:44
    added a event contract for the
  • 00:38:46
    presidential election and I think to me
  • 00:38:48
    what I saw from that is like okay stocks
  • 00:38:50
    to crypto you know it makes sense it's
  • 00:38:53
    an evolution event contracts really open
  • 00:38:56
    my eyes to like oh Rob hood has the
  • 00:38:58
    relationship with users and should be
  • 00:38:59
    able to really open the aperture of
  • 00:39:01
    different Financial products that it
  • 00:39:03
    offers uh to these individuals and so
  • 00:39:05
    talk me through kind of launching that
  • 00:39:07
    and what the thought process was and
  • 00:39:09
    then will you guys do more event
  • 00:39:10
    contracts in the future uh yes yeah uh
  • 00:39:13
    we we heard loud and clear from
  • 00:39:15
    customers that they love that product
  • 00:39:18
    and it works really really well within
  • 00:39:20
    Robin Hood it did over half a billion uh
  • 00:39:24
    contracts in less than a week I mean we
  • 00:39:26
    launched it about a week ahead of the
  • 00:39:27
    election and by the way the time span
  • 00:39:30
    from getting the idea to launch it w-
  • 00:39:33
    which was uh the Ki cftc case where the
  • 00:39:36
    stay was lifted so from the from the
  • 00:39:39
    time we decided we want to get into the
  • 00:39:40
    market and and actually offer this to
  • 00:39:42
    customers to when we shipped it was like
  • 00:39:45
    two and a half weeks so the team was
  • 00:39:46
    just sprinting hard and really executing
  • 00:39:50
    um in an insane way to to make it happen
  • 00:39:54
    and um I think what made it you talked a
  • 00:39:57
    little bit about the bridge like stocks
  • 00:39:59
    to cryptos is is pretty clean but where
  • 00:40:02
    where do event contracts come in well
  • 00:40:04
    these event contracts are cftc regulated
  • 00:40:08
    futures or swaps contracts and so at the
  • 00:40:11
    hood Summit we already announced Futures
  • 00:40:13
    Trading of of outright futures um an
  • 00:40:16
    event contracts basically uses all of
  • 00:40:19
    that regulatory infrastructure a lot of
  • 00:40:21
    the technical infrastructure because
  • 00:40:23
    underlying it these are derivative swaps
  • 00:40:26
    um and it it's really if you think about
  • 00:40:28
    it the elections affect people's
  • 00:40:31
    portfolios they affect the markets um
  • 00:40:35
    you saw that on Election night when
  • 00:40:37
    crypto and a lot of us equities
  • 00:40:40
    particularly ones affected by changes in
  • 00:40:42
    the regulatory climate just had an
  • 00:40:44
    immediate tick up when when it became
  • 00:40:46
    clear what the results of the election
  • 00:40:48
    were but these are imperfect proxies and
  • 00:40:52
    actually for sophisticated people to
  • 00:40:53
    hedge these contracts serve a very
  • 00:40:56
    valuable purpose um and we believe
  • 00:40:59
    anything that a sophisticated person
  • 00:41:01
    uses to head should be should be
  • 00:41:03
    available to retail as well so I'm very
  • 00:41:05
    excited about the offering I think we'll
  • 00:41:07
    expand it and I also think like it's got
  • 00:41:11
    one use case as an active Trader
  • 00:41:13
    offering where people want to trade it
  • 00:41:15
    they're going to trade it in and out
  • 00:41:16
    there's some hedging but it's also a new
  • 00:41:18
    source of
  • 00:41:19
    information and and one thing that I
  • 00:41:22
    believe is you know over time the news
  • 00:41:25
    has turned into entertainment which
  • 00:41:27
    leaves a gap as to where you're getting
  • 00:41:30
    news from and I think markets can come
  • 00:41:32
    in and and fill that Gap across a wide
  • 00:41:35
    spectrum of different events like
  • 00:41:37
    election is a great example if you're
  • 00:41:39
    watching the news they don't really want
  • 00:41:42
    to tell you who's winning the election
  • 00:41:44
    as quickly as possible because their
  • 00:41:45
    incentive is to keep you engaged and
  • 00:41:47
    watching and so they're G to they're
  • 00:41:49
    going to kind of extend it but if you
  • 00:41:51
    were looking at the prediction markets
  • 00:41:53
    it became clear pretty early on um and
  • 00:41:56
    so I think there's uh I think I think
  • 00:41:58
    these products are the evolution of of
  • 00:42:00
    news and if you just want immediate
  • 00:42:03
    access to information taking all of the
  • 00:42:05
    inputs and all the information that's
  • 00:42:07
    out there and just giving you an answer
  • 00:42:09
    to a yes or no question or you know a
  • 00:42:11
    multiple choice question I think
  • 00:42:13
    prediction markets are are great at that
  • 00:42:16
    yeah it makes complete sense and and uh
  • 00:42:18
    you know it's kind of this idea of like
  • 00:42:19
    markets eventually find out the facts
  • 00:42:21
    and uh there there's a lot of ways to
  • 00:42:23
    kind of twist information whatever but
  • 00:42:25
    at the end of the day people are putting
  • 00:42:26
    skin in the game uh definitely is a a
  • 00:42:28
    unique uh data point one of the things
  • 00:42:31
    and a lot of people say like is it a lot
  • 00:42:33
    of people uh sort of like gravitate
  • 00:42:36
    towards are they right did they predict
  • 00:42:38
    correctly but I think that's almost
  • 00:42:40
    beside the point because there's value
  • 00:42:43
    in just distilling all the information
  • 00:42:45
    and and putting it together as a
  • 00:42:47
    realtime view even if the prediction
  • 00:42:49
    ends up being ultimately wrong uh at
  • 00:42:53
    that time it's the most accurate
  • 00:42:55
    prediction of it should be the most
  • 00:42:57
    accurate prediction of of the future
  • 00:42:59
    event and how it shakes out yeah well
  • 00:43:01
    there's like the binary outcome but
  • 00:43:03
    there's also uh kind of the real time
  • 00:43:06
    directional change in odds that also can
  • 00:43:09
    feed you stuff right you know I I laugh
  • 00:43:11
    that um people going into the most
  • 00:43:13
    recent fed cut you know there's a lot of
  • 00:43:14
    people thought the Fed was going to cut
  • 00:43:15
    and they thought that stocks would go up
  • 00:43:17
    afterwards the FED did cut but stocks go
  • 00:43:19
    down and so just because you get one
  • 00:43:21
    data point correct doesn't mean you get
  • 00:43:22
    kind of the full story correct and so
  • 00:43:24
    having as many of these data points is
  • 00:43:26
    uh is pretty important um yeah same
  • 00:43:28
    thing with earnings company can beat
  • 00:43:30
    revenue and EPs and the stock goes down
  • 00:43:33
    so um yeah sometimes you just want uh to
  • 00:43:37
    to trade the specific event that you
  • 00:43:39
    want to trade and not some proxy for it
  • 00:43:42
    correct one of the things I really
  • 00:43:43
    respect I think about you and Robin Hood
  • 00:43:45
    is that you guys have gone through tons
  • 00:43:46
    of controversies over the years some of
  • 00:43:48
    them have been external Market based
  • 00:43:50
    things some of them have been things
  • 00:43:51
    that you know you guys have had more uh
  • 00:43:53
    kind of control over uh but it seems
  • 00:43:55
    like every time that uh we do this uh
  • 00:43:58
    you personally but also the company is
  • 00:44:01
    uh much better you guys have improved
  • 00:44:02
    you're you're you know uh kind of better
  • 00:44:04
    suited for the public market you've got
  • 00:44:05
    a better business things are growing
  • 00:44:07
    you're serving more users Etc as you
  • 00:44:09
    look over the lifespan of Robin Hood
  • 00:44:12
    like what do you think are some of the
  • 00:44:13
    biggest lessons you've taken away having
  • 00:44:15
    gone through you know so many of those
  • 00:44:17
    different controversies and like have
  • 00:44:18
    you changed the way you run the business
  • 00:44:20
    uh internally yeah I think that we've
  • 00:44:22
    gone through lots of stages um I think
  • 00:44:26
    that you know for example in the in the
  • 00:44:28
    early days we didn't have Executives you
  • 00:44:31
    know beu and I were running the company
  • 00:44:33
    and we were just going around doing
  • 00:44:36
    everything at some point we figured we
  • 00:44:38
    need to we need to have some help here
  • 00:44:39
    some people that actually know what
  • 00:44:41
    they're doing should be should be
  • 00:44:42
    helping us run the company so so we did
  • 00:44:45
    that um good decision and then I yeah
  • 00:44:48
    yeah and and actually like our our CFO
  • 00:44:50
    who's uh who's been amazing uh joined us
  • 00:44:54
    in 2018 one of the first Executives we
  • 00:44:56
    hired we uh and of course Chief legal
  • 00:45:00
    officer Dan Gallagher who former SEC
  • 00:45:02
    commissioner joined us in 2020 uh so we
  • 00:45:05
    hired some great Executives but then we
  • 00:45:08
    got a little bit too uh executive happy
  • 00:45:11
    you know SE sued in every position um
  • 00:45:14
    then the company got a little bit
  • 00:45:16
    unwieldy difficult to manage when the
  • 00:45:19
    market shifted in 2022 and we had to
  • 00:45:21
    kind of refocus the company on active
  • 00:45:24
    Traders and change a lot of what we were
  • 00:45:26
    doing uh
  • 00:45:27
    we realized that that wasn't helping us
  • 00:45:29
    anymore so we ended up kind of like
  • 00:45:32
    slimming down and going to a very very
  • 00:45:33
    small executive team and more recently
  • 00:45:37
    you know maybe we were thinking it's a
  • 00:45:38
    little bit too small so we we brought on
  • 00:45:40
    board a few more we just brought on
  • 00:45:41
    board uh our CTO uh Jeff Pinner who's
  • 00:45:45
    been fantastic as well and so I think
  • 00:45:47
    it's it's just the learning process I
  • 00:45:49
    think the the the conditions that drive
  • 00:45:52
    your success or failure at any given
  • 00:45:54
    stage also create condition
  • 00:45:57
    for you to overreact um and I think I
  • 00:46:01
    think that we've embraced setbacks we've
  • 00:46:04
    learned from them as long as a setback
  • 00:46:06
    is not catastrophic I think that it's a
  • 00:46:09
    opportunity to improve and the whole
  • 00:46:12
    organization is kind of like an organism
  • 00:46:15
    and you know we we we try to make it the
  • 00:46:17
    best possible organism it could be
  • 00:46:20
    incentivize the right things um and uh I
  • 00:46:23
    think I think most of all what I care
  • 00:46:25
    about is people working extremely hard
  • 00:46:27
    challenging themselves and their
  • 00:46:28
    colleagues and just relentlessly
  • 00:46:31
    shipping better features and new things
  • 00:46:34
    to customers I think that product
  • 00:46:36
    velocity is really what distinguishes
  • 00:46:38
    Robin Hood in in what's a competitive
  • 00:46:40
    market and the faster you can move the
  • 00:46:42
    faster you can respond to what customers
  • 00:46:45
    need the faster you iterate a a lot of
  • 00:46:47
    things uh go well if you can if you can
  • 00:46:50
    pull that off well it's you know a
  • 00:46:52
    company is like an organism it continues
  • 00:46:54
    to evolve and and grow and change and I
  • 00:46:57
    think you guys are really just kind of
  • 00:46:58
    you know managing that um speaking of
  • 00:47:01
    evolution if you look out I don't know
  • 00:47:03
    10 20 years into the future what do you
  • 00:47:06
    expect Robin Hood to look like then and
  • 00:47:08
    you know the mission seems very clear
  • 00:47:10
    but do you have any sort of predictions
  • 00:47:12
    about where the world is going and and
  • 00:47:14
    kind of how you guys can help us get
  • 00:47:15
    there I think that Robin Hood as a
  • 00:47:18
    company will expand across two
  • 00:47:20
    independent vectors one being
  • 00:47:23
    predominantly us to Global which should
  • 00:47:26
    be available
  • 00:47:27
    across every country and anywhere
  • 00:47:29
    there's an app store internet connection
  • 00:47:32
    you should be able to access Robin Hood
  • 00:47:34
    the other access is from retail only to
  • 00:47:37
    business and institutional and if you
  • 00:47:39
    think about it some of the things we've
  • 00:47:40
    talked about tokenization non-custodial
  • 00:47:44
    wallet technology 24-hour markets those
  • 00:47:47
    are attractive not just to retail but to
  • 00:47:49
    institutions and businesses as well and
  • 00:47:52
    that's a big Market I think right now
  • 00:47:54
    Robin Hood you look last 12 months it's
  • 00:47:57
    between two and three billion in Revenue
  • 00:47:59
    there's the the overall Market if you
  • 00:48:01
    look at kind of the three arcs of active
  • 00:48:03
    Traders number one in wallet share for
  • 00:48:06
    the next generation and being like a
  • 00:48:08
    truly Global Financial ecosystem is
  • 00:48:11
    north of 600 billion in annual revenue
  • 00:48:14
    so we're still a very very small fish
  • 00:48:16
    but um no matter where whether you're a
  • 00:48:19
    person or a business you should custody
  • 00:48:21
    all of your assets at Robin Hood uh
  • 00:48:24
    because you want to because it's the
  • 00:48:26
    best experience deal and all of your
  • 00:48:27
    financial transactions should go through
  • 00:48:29
    Robin Hood when when we're successful
  • 00:48:32
    that would be a uh a pretty big business
  • 00:48:34
    if you can pull that off so I'm cheering
  • 00:48:36
    for you um if people want to find uh
  • 00:48:38
    more about Robin Hood gold or Robin Hood
  • 00:48:41
    Legend where should we send them the
  • 00:48:43
    website is is always good robinhood.com
  • 00:48:45
    um I also I mean uh X is always good I
  • 00:48:49
    you can find me on there directly
  • 00:48:51
    engaging with our customers um and some
  • 00:48:55
    other people too so that's always fun
  • 00:48:58
    yeah we we uh we've seen a lot of
  • 00:49:00
    Executives use x very uh intelligently
  • 00:49:02
    lately so uh if people are not following
  • 00:49:04
    you I highly suggest they do and I
  • 00:49:06
    appreciate you taking the time to do
  • 00:49:07
    this we'll do it again in the future
  • 00:49:08
    thanks pom
标签
  • crypto
  • public equities
  • Robinhood
  • tokenization
  • financial infrastructure
  • investment
  • AI
  • machine learning
  • trading
  • financial markets