How can companies be incentivized to move from tender-offers to creating competitive auctions in CartaX?

Yeah, tenders are very interesting processes. I'll give you a very simple reason why tenders are not great. And I think it's because generally most tenders tend to have a bank involved, so therefore the bank is just going to go and give the allocation to the people they know best and therefore extract their fee, and therefore it's not conflict free from what I've seen before. 

You're right tenders do give the issuers a lot of control. But that control needn't just be from the point of view of the biggest and the deepest pockets out there. The CartaX platform, I think what it would do a better job of compared to a traditional tender process in my opinion is the ability for the company to actually see investors on the platform they would not be able to see otherwise. 

So for example, if there are a hundred investors in the world that are very active in secondary markets, chances are, if you are tendering your shares through one of the top banks, not all hundred of those investors would get a look and maybe five of those hundred can sign half a billion dollar checks or a quarter of a billion dollar checks and only they would get the look. 

So it also creates this kind of weird unfairness in the process because the issuers cannot always control who they are tendering their shares to, particularly because you're not going to have the management or the CFO for a company going and speaking to a hundred investors for a tender offer. They'll probably just hire a bank and say, hey, we're going to do a tender, you guys go and find the right people and we'll pay you a fee for it. And that process is definitely not conflict free from the point of view of the bank. And hence, I think it's not always working in the favor of the company.

I do think where CartaX becomes super interesting is, if you just think beyond tenders and beyond liquidity and what it does for the employees of a company. So for example, if I'm working in a company and I have $10 million worth of vested stock and I want to buy a home for $5 million. I'm just giving you some random examples of numbers here. My only choice is to go and participate in the tender and sell it. What CartaX would do -- I think CartaX would allow me an additional ability to not only sell the shares for liquidity, but maybe even post it and get a margin loan at a certain haircut. Particularly if you put in lending dynamics behind CartaX. 

So I think there are pros and cons.  You don't necessarily need to sell your shares in a tender offer as an employee of a company to get money out. You could even lend them out, if you have enough demand for credit on the Carta platform.

So I don't know if I was very clear or if I need to rephrase that a little bit, but I think it unlocks way more than purely cash liquidity for employees. It controls the financial services layer that you can extract from illiquidity, which is not just linked to selling your shares.

And hence, I feel it's just a better process and also conflict free of course. And hence, it's a better process than just tendering. Does that make sense or did I convolute that a little bit?