[mattglossop]

Good question! We think the beginner side of the market is very well catered to. Robo advisors like Wealthfront and Betterment make it dead-easy to start with the basic objective of "growing money". And then there are platforms like Robinhood, good for straight-up gambling. So if you're JUST starting out and don't already have an investing platform, there are plenty of choices.

Our ideal user is someone a bit farther along. They already have a financial base - often $50,000+ invested, usually across several institutions. And that's the key.

Asking people who are already investing to uproot and send their money to another financial platform is a massive point of friction. This causes sky-high customer acquisition costs. We want to both avoid these costs and minimize friction users experience.

This is why a non-custodial model works so well for our market. We work with what they already have.