Comment by loeg
1 year ago
I think one of Patrick's points is that the real cost to the bank for providing these services to crypto companies is more than the entire profits of the crypto companies. So there is no mutually agreeable meeting point.
1 year ago
I think one of Patrick's points is that the real cost to the bank for providing these services to crypto companies is more than the entire profits of the crypto companies. So there is no mutually agreeable meeting point.
I think he only made that claim referring to the profits that the banks earn from their relationships with the crypto companies, not the total profits made by the crypto companies themselves (though both could be true).
These are pretty similar/related things. The maximal profit the bank can earn from the crypto company relationship is 100% of the crypto company's profits.