How does Sydecar view international expansion, and how important is it to the company's long-term vision and goals?

It's very important, but it's very important that it happens within our standards so that we can continue to build towards the vision I just laid out. Anything that could throw us off that vision is a long term risk, even if it adds incremental revenue today. 

Today, we can support investors from practically anywhere in the world. Of course, there are some friction points for some international investors especially when it comes to banking that we can’t realistically do much about. But all of our SPVs - whether they are organized by an international deal lead, accepting funds from international investors, or investing into an international company - are structured as Delaware entities. 

Let's say we want to expand internationally and support entities in other jurisdictions. Are we going to enter a jurisdiction that will not allow us to support a secondary transfer at some point? Or is it far more full of friction because of things no one can control like regulatory issues or filing times, etc.?

Maybe we can charge an extra 10k for that type of deal – and perhaps that's what our competitors would do. But for us, we're only going to support jurisdictions that allow us to actually transact in the ways we wish to transact five years from now. 

That actually reduces the number of places we can go, but we are still going to go there. It's just a matter of time before we actually figure out where we want to put another flag in the sand in another jurisdiction.