I have a hunch—are major exchanges like Coinbase, Bitget, and Bybit, which are busy pushing asset/stock tokenization, about to get outpaced by @RobinhoodApp? 1) Native crypto exchanges like Coinbase are used to high trading fee models, but when it comes to tokenizing traditional assets, both the assets themselves and their user base lean towards low fees. This happens to be Robinhood's PFOF zero-commission advantage at its core. 2) Most native crypto exchanges likely aren’t aiming to onboard a ton of tokenized assets with this move but are instead trying to attract more potential crypto traders. If the platform is only catering to the diverse asset trading needs of its existing users, it’s essentially shooting itself in the foot. Not only will it fail to bring in new money, but it might also reduce the platform’s original fee revenue. On the other hand, Robinhood already has a strong base of U.S. stock users, and leveraging that to expand into crypto could naturally poach a significant number of native crypto users.