James Yarrow

“Could you just help us think through the restructuring outlook from here and whether there could be upside optionality to growth given the more challenging economic backdrop, as well as higher interest rates globally, and perhaps also over what time frame?”

“With us, I'm very excited, we have Vlad Tenev, CEO, Chairman, and Co-Founder of Robinhood, which he founded in 2013, and he's now reached 1,300 million annualized ARR businesses, with many more, I'm sure, to come.”

“Well, in the interest of time, I think we should get started here. Morning, everyone. My name is James Yarrow. I cover brokers, crypto, and investment banks at GS Research.”

“Just as a follow-up, I just wanted to level set on the take rate. Could you just clarify whether there have been any pricing cuts that have affected the take rate, or is the lower take rate entirely from mix shift into new products?”

“Mike, I was hoping you might be able to talk a little bit about custody, business market structure, and digital assets going forward. Do you expect to see substantial consolidation in crypto custody providers?”