00:00The numbers are decent. I mean, let's ignore, for example, the one and a half percent drop you're
00:03seeing in the shares here. I want to talk about growth and where the next leg of growth comes.
00:07You had a huge bump up in growth in the prediction markets business. I understand it's a new
00:11business, so obviously the growth would be there. Was that just sort of one off in terms of the
00:16growth because of the World Cup and all the other things that have been going on in the world?
00:19Or is that sustainable? Prediction markets has been growing consistently since launch. It's the
00:24fastest growing business in our history, well into the mid hundreds of millions of annualized
00:32revenue. So that that's been strong and we expect it to continue to be strong. We have football season
00:39on the sports side coming up as well as the midterms, which if you remember the origin of
00:45prediction markets and this current super cycle, it really started with the 2024 election. So we're
00:50expecting that this election is similarly going to be a big event. But, you know, also one of the
00:58stories of the quarter, Robinhood has begun to diversify and that's accelerated over time. We
01:05now have 13 business lines generating over 100 million in annualized revenue, including Robinhood
01:11Legend, which is our pro trading platform, as well as the Robinhood credit card. That's what I'm curious
01:17about. I mean, because, yes, it is incredibly diversified now. But when we look at certain
01:21growth, I mean, some people are wondering, does the prediction market become sort of one of the
01:25bigger parts of this business over time? Or is your goal to try to keep at least some of the
01:30main
01:31components of those 13 lines relatively in balance? Yeah. The way we do our business planning is we have
01:38general managers that are running running relatively autonomous business units. And they're
01:44So you give them a lot of freedom to just do? Well, they're gold to make their businesses as big
01:49as
01:49possible and win in market share across each of these. So our goal is to be number one in all
01:56categories
01:56that we offer products to customers. And in fact, there's a flywheel in effect. And it's actually
02:06continuing to expand. It's we get more customers. Those customers bring more assets onto the platform.
02:14And they become gold subscribers. They use more of our products, which gives them an opportunity to
02:20deploy their assets across all sorts of different areas. Retirement. They can spend with our with our
02:27card products. They can earn a high rate, including on our FDIC insured deposit sweep. Also, our Robinhood
02:36earn crypto backed product, which offers 7 percent APY. That's been growing really quickly. So we have all
02:42these things that we enable you to put your money to work. And then those in turn bring in more
02:49customers. And now we also have advisors. So we have advisors joining the network. You can get a human
02:55advisor on Robinhood to help give you even more personalized guidance. The more advisors we bring on
03:00that in turn feeds the flywheel and and over time increases the number of customers. Well, speaking of
03:07customers, you have now seven million children about signing up for these Trump accounts. When do you
03:12anticipate that actually translates to more regular Robinhood users? I mean, not the baby that just got
03:18the account, but maybe their family members, a parent here. When does that actually contribute to more
03:24users? Yeah, well, remember, you know, the Trump accounts just launched earlier this month on July 4th.
03:30And it's been Secretary Besson called it the most successful program launch in government history.
03:37And what happens is, given given the tremendous success of the program, there's more and more
03:43things to build. We're growing it bigger and bigger. Donors are coming up. So I think this can become the
03:50default philanthropic donor solution. And we can collect all the donors which bring in more assets
03:56to the platform because it gives a direct option for charitable giving. We're getting the employers
04:01on board. A lot of employers, including Robinhood and many other companies, are giving to the Trump
04:06accounts of their employees who are having children. And over time, we expect to go from seven million
04:12children signed up to closer to the 70 million in the addressable market. And, you know, as the kids
04:20grow when they turn 18, these roll over into traditional retirement accounts. So it's a long
04:25term play. Yeah. But yeah, we believe it's probably the most important thing we could be doing for for
04:31the future of the country. I do want to ask about one of your other lines of business, the Robinhood
04:35chain. I mean, we said in the intro, the crypto business was down in the most recent quarter.
04:39You're building out a business that's effectively kind of built on the back of sort of, you know,
04:43crypto technology. Is this sort of a play towards not just crypto long term, but tokenization?
04:48Give me some sense here as to what you actually want this business to be.
04:51Yeah. So tokenization is one of the areas that we're a leader in. And the idea is when you say
04:57crypto is down, really, a lot of that is just talking about the trading of crypto assets.
05:03But our view is that the future of crypto is that it becomes the infrastructure layer among
05:09trading all kinds of assets, including real world assets. You know, even though we're fans of memes,
05:17we also like real world assets. And so what we've done is tokenized stocks, put them on chain through
05:24our stock tokens product, and we're making them available to over 120 countries around the world.
05:32We also have a stable coin lending product, which allows customers to earn 7% APY. And that's up to
05:38200 million in balances in just a short number of weeks.
05:42And so even the crypto business line, if you look at it, is diversifying. There's now lending
05:48revenue, there's assets revenue, there's chain sequencer revenue from Robinhood chain. So you'll see that
05:54get more diversified and less reliant on the day to day price price of Bitcoin, for example.
06:01pretty simple.
06:01If you link to below 5 hours maybe then.
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