Recently, I discovered an interesting observation: #Kraken is seeking an IPO, while #Coinbase is looking to acquire Deribit (currently the largest options platform in the crypto market). Essentially, they are both doing one thing: expanding the asset classes of their exchanges.

Currently, exchanges are facing a significant ceiling. The existing crypto assets have reached a point where they can no longer achieve scalable growth in trading volume and user numbers. After so many years of development, the users who are interested in crypto have mostly settled in, and it has become quite difficult to increase the trading volume of newly added crypto assets. After all, coins cannot be issued indefinitely, which is essentially a form of self-harm. The only solution left is to break through externally. If you don't break through, external forces will find ways to encroach, such as #Robinhood.

Where is the breakthrough point? 'New asset classes.' For example, options, tokenized U.S. stocks, and U.S. Treasuries. All of these require compliance and must fully adhere to the regulations and laws of the U.S. SEC. Since the U.S. began pricing the crypto market, a regulatory framework is gradually forming a unique crypto financial protection circle in the U.S.

I speculate that in the future, there will only be two types of crypto exchanges: one type will still be the traditional single crypto asset exchanges; the other type will be new exchanges that offer U.S. stocks + U.S. Treasuries + traditional financial derivatives + crypto assets. 🧐

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