Objectively speaking, this is wrong. It should be that XStocks hopes to find more quotas through the volume of the cryptocurrency market, and indeed the volume in the cryptocurrency industry is quite good. However, from the perspective of going public, cryptocurrency users are not "high-quality" clients, so they did not receive additional quotas.

My personal feeling is that XStocks is using the authority of a powerful figure to command the vassals, but the capital market does not regard the cryptocurrency sovereign with any esteem, so XStocks did not obtain sufficient quotas, which is also the reason why XStocks cannot distribute to other exchanges.

So fundamentally, it is not that XStocks initially agreed to the exchanges, but that after overfunding, they did not receive attention from traditional capital and did not get additional quotas. In plain terms, it means that the cryptocurrency field has too high an opinion of itself.

Although it's all money, the cryptocurrency money is still perceived as less valuable in the eyes of traditional distributors. That's why I've always wondered why Coinbase did not sell the IPO quotas for SpaceX; they probably know they wouldn't get much, so it's better not to sell.

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