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I wouldn’t be surprised to see a large portion of their fees coming from their institutional investing platform.

https://primebroker.coinbase.com/



Over time, institutions will create their own integrations. They don't need a middle man, when there is something like Uniswap.


Even in the stock market the big institutions all use a prime broker for trading access and the sales and trading desks of IBs, and they all use bank run dark pools for liquidity.




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