What new opportunities does frictionless identity verification unlock for private markets and investors?

We've literally seen a fund closing be so annoying for people that even though they've built relationships with fund managers, that they are excited about the opportunity of investing, they've declined to invest because of how annoying this process is. It's literally that hard to fill out some subscription documents. If you can take that process that's days or weeks long, and it's all this back and forth, and all this frustration and annoyance that's felt by everybody, and you do turn it into something that's “log in with Passthrough”, then it becomes something that looks more like “buy now”.

A different parallel we've thought about is the process of going out and investing in Apple. You sign up on Robinhood and in a couple of minutes, you can be buying Apple and any other public stock out there, whereas the process for investing in a fund is this Byzantine path through 100 pages of legal documentation.

If we can make it as simple to invest in the private markets as Robinhood did for the public markets, then you allow this consumerization of the private markets to happen. That means that institutional-grade products will be available to the masses, which is a broader trend that's been happening anyway. The exciting thing is that it’s an accelerant to what's going on—more companies will be building in this space, and they’re going to need infrastructure, and it’s going to spark this whole cycle of innovation that we've already seen.