What is Kraken's outlook on the evolution of customer onboarding into the crypto ecosystem, particularly exchanges and wallets, in the next few years?

In the past, nearly 100% of the first interactions that anyone had with Bitcoin and Ethereum came through an exchange. You're now starting to see that changing—you’re seeing people get paid in crypto, for example. Kraken is a company where a lot of people get paid partially or even fully in Bitcoin and other cryptocurrencies. But there are other paths as well.

By and large, when you're talking about that first step it's just about buying the currencies—Bitcoin, Ethereum, and others—with whatever they have, whether that’s US Dollars or Euros or something else.

What we’re on the precipice of is a place where individuals will first get into crypto via a use case, whether that’s gaming or a decentralized virtual world. 

We're seeing more and more individuals move into crypto because of one of these use cases or something like NFTs. It’s still a small number, as most of those people have probably already bought some Bitcoin or Ethereum by the time they enter one of these use cases. But we're starting to scratch the surface where some of the use cases actually drive the purchases.