This... The service seems to imply a business model where there are lots of little operators would open an exchange if they weren't so capital constrained such

This... The service seems to imply a business model where there are lots of little operators would open an exchange if they weren't so capital constrained such that they can't roll their own. But how many with 500k to play around with are going to then want to pay 1 percent? Even if there are a bunch of people just waiting to sign up - then the competition is going to see their margins evaporate - with no air to breathe over and above that 1%. What else are they going to compete on besides price? Either that or I just don't understand this business model at all. Best of luck to them though.