Thing is, there's potentially a bigger use case in these markets. Plus these markets are underserved. Plus the cost basis for employment like customer service a

Thing is, there's potentially a bigger use case in these markets. Plus these markets are underserved. Plus the cost basis for employment like customer service and manual money processing is a bit better. And lastly, the regulatory burden is often lighter. In the US to get money transmitter licenses in all states is already a few million, and much more in surety bonds (which you can pay for yourself for many millions, or buy, but very few companies want to offer a surety bond to a bitcoin company right now, and virtually nobody to new startups) I mean I agree, it's true that the US/Europe are the large markets. But there are so many exchanges serving this market that a new exchange can barely get customers/volume, and therefore it's hard to be cash flow positive. And you're competing for financial services with modern banking, Paypal, Stripe, Creditcards etc. And you're competing with the dollar, a stable currency. But in various African markets, there's no modern payment system and volatile high-inflation currencies. In those markets a bitcoin exchange, linked to say a dollar-pegging service like Bitreserve, is an interesting use case. And there's few other exchanges competing for those customers. If I want to send money to family in France, it's literally free from the Netherlands. Bitcoin isn't super useful for this kind of transaction. But sending money back to say family in the Phillipines can often cost me 5% or so, while bitcoin exchanges in the Phillipines allow me to buy bitcoin here for 0% or near 0%, send it there for near 0% costs, and sell it there for 1-2%. Bitcoin actually undercuts banks in many countries outside the OECD. In OECD countries like the US or Europe, bitcoin is less useful. And there already are exchanges in South America, Africa, Asia btw, which are doing fine. But it's definitely not a goldmine, don't get me wrong. It's just that you can hardly start a new exchange and compete in Europe or the US anymore, while other continents aren't easy either, it's comparatively easier to become cash flow positive.