00:00What has happened on the platform, if anything, as a result of the sentiment around this hack?
00:06You know, I think overall it was a fairly limited hack in terms of the number of customers impacted.
00:11And so we haven't seen a ton of changes in sentiment.
00:15We did see some deposits happening on the platform.
00:18Hard to know if it's linked to the special code wallet or not.
00:23But we are seeing more influx also in the ETF for Bitcoin, for example.
00:27Yeah, so the same thing that we were talking about with Matt Hogan just now.
00:30So maybe an uptick in people actually buying these spot Bitcoin ETFs because they think that's a better way to
00:36hold this asset?
00:38I think the ETF has many advantages, some that you just mentioned previously with Bitwise.
00:45But there is also a lot of customers that are wanting to hold the platform, hold the assets on the
00:50platform, on the Robin Crypto, for example,
00:52where they have the same usability, ease of buying, selling, transfer of the crypto assets out of the platform.
01:02And, you know, we don't charge any fee for custody, for example, or anything like this.
01:06So we see a lot of customers thinking about how to maintain their crypto assets.
01:11The cold wallet situation does mean that you need to think about your custody system.
01:18You need to upgrade it.
01:19You need to make sure that it's up to date with the latest and with the advance in quantum technologies
01:25and other type of hack like we've seen.
01:27You know, it's important for people to understand that self-custody does not mean you have nothing to do.
01:33It means that you have to keep up to date with everything going on in the market.
01:37So I think a platform like Robin Crypto is a very easy solution for a lot of people where they
01:43can get all this ease of access
01:46and at the same time transfer out to their custody or to their own what's required when they want to.
01:52That's a great point.
01:53Like self-custody does not mean you have nothing to do.
01:55Johan, Robinhood is expanding crypto internationally very aggressively.
01:59I think you have users in more than 100 countries.
02:01Is crypto becoming the main way Robinhood plans to enter markets around the world?
02:06I wouldn't say it's the main way.
02:08We are still getting licenses in places and launching crypto and brokerage services the traditional way.
02:14So, for example, yesterday we launched in the UK crypto on our central main application.
02:20And so UK customers can now buy options, equities, futures and also crypto all in one application.
02:27So I think, you know, we are still looking at offering this easy to access platform to everyone when possible.
02:34But we also think that crypto can allow Robinhood to grow internationally in more countries than they will do if
02:41it was with getting a license everywhere.
02:44So we have launched our Robinhood wallet in 120-plus countries.
02:49Customer can trade stock tokens, for example, there and get U.S. exposure to U.S. stocks and ETF.
02:55And we think it's a great way for people that don't necessarily have an easy access brokerage or very high
03:01fee brokerage solution to actually be able to trade asset 24-7.
03:05And I know that Robinhood has made a big bet on AI-powered trading and you already have thousands of
03:11users.
03:12Talk to us about how comfortable you are with giving AI more control over actual trading decisions.
03:17I mean, how does that work with your clients and also especially in a market as volatile as crypto?
03:22Well, for us, it's really important to give accessibility to our customer.
03:26And a lot of our customers have been asking for, you know, access to APIs, access to MCPs, being able
03:33to plug their agent into our system.
03:35And so for us, it was really important to make it available and make sure that they have the guardrails
03:40and control in place to control what their agents will do.
03:44So the customer is responsible for the agent.
03:47They are the one enabling the strategy on their side.
03:50But on the Robinhood side, they have access to tens of controls to limit the amount of money that the
03:56agent can access or the type of order that they can place.
03:59We think it's really important.
04:01And we not only built it on the centralized platform, but we also made sure that it was available on
04:07the radio chain where we have skills that are for the wallets or for trading on DEXs that any agent
04:14can use and interact with.
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