The Pomp Letter - The Exchange Wars Are Heating Up
To investors, Robinhood announced this morning they are buying crypto exchange Bitstamp for $200 million. This consolidation in the exchange space is a continuation of what I wrote to this group last week. As a reminder, the big traditional exchanges want to get in the crypto game. Here is an excerpt from that letter: “Yesterday, the NYSE President stated the following at the Consensus conference in Austin, Texas:
If you don’t think the major stock exchanges want in on the action, you are severely mistaken. Coindesk’s Krisztian Sandor pointed out:
This is one of the last giants to slay for the crypto industry. If the legacy exchanges allow for spot trading of these assets, there will be an incredible increase in the capital that flows into the industry.” These traditional exchanges are trying to find areas for expansion, but it doesn’t come without risk. Earlier this week the Texas Stock Exchange was announced, which wants to compete directly with the NYSE and Nasdaq. The New York Times’ Joe Rennison wrote:
So the legacy exchanges want to compete in the crypto sector. Startup stock exchanges want to steal market share from the traditional exchanges. The crypto exchanges, such as Coinbase, want to start stealing market share from the traditional markets. And companies like Robinhood or Public.com want a piece of the trading landscape as well, regardless of the asset class. So why is Robinhood buying Bitstamp? According to Paige Smith at Bloomberg:
The exchange wars are upon us. We have already seen major startup players like FTX and Binance run into issues that derailed their plans. But there are still plenty of startup exchanges, both in the traditional market and the crypto market, which are gunning for their share of the ever-growing financial market. Here are my predictions for what is going to happen:
I am fascinated by what is happening in the exchange landscape. It will have significant impact on the future, especially if an exchange outside of NYSE and Nasdaq can dominate in stocks and crypto. Although Coinbase is the leader in crypto, Robinhood may have the best position given their mindshare, along with the penetration across assets. Hope you all have a great day. I’ll talk to everyone tomorrow. -Anthony Pompliano Matthew Sigel is the Head of Digital Assets Research and Portfolio Manager at VanEck. In this conversation, we talk about bitcoin, ethereum, miners, global adoption, regulation, conversations VanEck is having with their clients, where opportunities exist, and how crypto and politics are intersecting with each other. Listen on iTunes: Click here Listen on Spotify: Click here VanEck’s Matthew Sigel Explains What The $100 Billion Asset Manager Is Doing In CryptoPodcast Sponsors
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. Invite your friends and earn rewardsIf you enjoy The Pomp Letter, share it with your friends and earn rewards when they subscribe. |
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