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 f

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%