Comment by FabHK

4 months ago

They charged consumers on average 155 bp (!), and institutional 4 bp.

So consumers are charged 40x. Nice business. TradFi has wet dreams of margins like that for simple exchange business.

Source: Their 2024 10K, pages 92 and 94, and my calculation.

For 2024, in $bn:

  Transaction   Volume   Revenue   Cut
  Consumer        221      3.43   1.55%
  Institutional   941      0.345  0.04%

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FabHK

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